1. Taiwan, Province of China Stocks

  2. •

    Industrials

  3. •

    Industrial - Machinery
Test Research, Inc.

Test Research, Inc.

3030.TW
Test Research, Inc.TW flagTaiwan Stock Exchange
304.50
TWD
+8.50
- -
71.93BMarket Cap
Test Research, Inc.
3030.TW
(Taiwan Stock Exchange)

Recent

price

304.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
15.9
16.5
23.45
17.29
24.85
20.13
13.12
15.25
20.83
18.57
20.96
23.74
28.4
18.78
26.91
- -
31.47
Revenue per Share
3.84
4.08
6.03
3.41
5.34
4.23
1.82
2.52
4.51
3.97
4.63
5.02
8.13
4.24
7.78
- -
8.52
Basic EPS, GAAP
2.57
3.76
5.92
4.57
4.76
2.72
2.2
0.88
2.44
5.52
4.52
1.85
3.33
4.24
3.26
- -
5.72
Free Cash Flow per Basic Share
0.41
1.97
2.47
3.49
3.3
4.3
4
3
3
3.7
3.3
3.3
3.3
4.5
3.3
- -
- -
Dividend per Share
14.64
16.37
19.5
21.85
20.53
19.9
17.29
16.56
17.78
17.53
18.34
19.64
23.96
22.96
26.95
- -
25.96
Book Value per Share
16.44
18.57
22.02
22.07
24.17
24.02
21.68
21.17
22.57
22.7
24.03
25.69
30.66
30.3
34.94
- -
34.19
Tangible Book Value per Share
236
236
236
236
236
236
236
236
236
236
236
236
236
236
236
- -
236
Basic Weighted Avg Shares
3,756
3,898
5,538
4,084
5,870
4,754
3,100
3,601
4,919
4,387
4,951
5,607
6,709
4,435
6,356
8,467
7,437
Sales/Revenue/Turnover
29.91
28.85
33.09
22.34
23.1
24.2
17.57
21.04
26.11
26.81
29.1
27.74
32.19
27.1
32.03
35.4
35.23
Operating Margin (%)
100
116
90
90
97
105
101
96
99
126
129
138
141
143
188
197
196
Depreciation Expense
906
964
1,424
806
1,260
999
429
595
1,064
939
1,093
1,185
1,921
1,001
1,837
2,479
2,014
Net Income, GAAP
12.58
19.05
21.14
17.73
14.65
19.85
19.22
16.94
20.24
19.14
20.43
23.91
21.7
20.23
15.66
17.28
15.78
Effective Tax Rate (%)
24.12
24.73
25.71
19.74
21.47
21.01
13.85
16.52
21.64
21.4
22.07
21.14
28.64
22.58
28.9
29.27
27.09
Profit Margin (%)
1,681
2,188
3,026
3,032
3,534
3,536
2,986
2,888
3,257
3,317
3,691
4,017
4,399
3,538
4,353
5,494
4,136
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
41
26
32
27
21
13
23
13
LT Debt
3,890
4,392
5,207
5,221
5,718
5,685
5,129
5,009
5,348
5,382
5,702
6,096
7,267
7,186
8,281
9,604
8,101
Total Equity
27.44
21.38
28.69
13.87
20.67
15.75
8.02
12.23
19.17
17.06
19.96
19.29
24.09
12.53
21.12
26.6
27.1
Return on Invested Capital (%)
29.28
26.21
33.52
16.48
25.09
20.82
9.73
14.77
26.02
22.23
25.37
26.02
36.81
17.9
30.9
35.44
34.45
Return on Capital (%)
29.58
26.32
33.61
16.51
25.19
20.92
9.77
14.88
26.24
22.51
25.79
26.42
37.31
18.07
31.15
35.71
34.79
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
33
33
48
LT Borrowings
- -
- -
- -
LT Finance Leases
13
13
13
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
236
236
236
Market Capitalization
28,856
25,899
34,500

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
5,942
6,921
7,703
Cash, Cash Equivalents & STI
1,318
2,302
2,170
Accounts Receivable, Net
1,649
1,265
1,510
Inventories
1,407
1,478
1,649
Total Current Liabilities
1,588
1,972
3,567
Payables & Accruals
- -
- -
- -
ST Debt
33
33
48
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.74%
11.24%
15.98%
Free Cash Flow
31.79%
22.13%
85.19%
Net Income, GAAP
20.62%
28.22%
34.96%
Sales/Revenue/Turnover
9.56%
15.11%
33.22%
Total Cash Common Dividend
- -
- -
51.52%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1,167
936
1,027
1,305
4,435
2024
1,511
1,727
1,626
1,492
6,356
2025
1,941
2,378
2,081
- -
8,467

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1.15
0.87
1.04
- -
4.24
2024
1.93
1.97
1.64
- -
7.78
2025
2.45
2.21
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
4.5
2024
- -
- -
- -
- -
3.3
2025
- -
- -
- -
- -
- -
Similar Companies
Shanthi Gears Limited (SHANTIGEAR.BO)
Jiangsu Liba Enterprise Joint-Stock Co., Ltd. (603519.SS)
Morgan Advanced Materials plc (MGAM.L)
Starrag Group Holding AG (0QQA.L)
Guangzhou KDT Machinery Co.,Ltd. (002833.SZ)
Kitazawa Sangyo Co., Ltd. (9930.T)
Business
Test Research, Inc. is a Taiwan-based company specializing in the design, assembly, manufacture, sale, repair, and maintenance of automated inspection and testing equipment primarily for the electronics industry. Founded in 1989 and headquartered in Taipei, it provides a comprehensive portfolio of products including solder paste inspection (SPI) systems, automated optical inspection (AOI), automated X-ray inspection (AXI), in-circuit testing (ICT), and manual diagnostic assistance (MDA) equipment. The company serves global markets including Taiwan, the United States, Europe, China, and South Asia, with products and services tailored to printed circuit board assembly (PCBA) testing and validation. Test Research's product offerings encompass both hardware and software solutions for quality control and automated fault detection in electronics manufacturing, supported by after-sales services such as trouble shooting, failure analysis, system maintenance, periodic calibration, and parts warranty. Services involve on-site installation and testing supported by a network of field application engineers and authorized distributors worldwide. In the last 1-2 years, Test Research has actively expanded its market presence through strategic partnerships and increased order pull-in for networking and server applications. It continues to innovate its testing equipment lines focusing on automation and accuracy enhancements to meet evolving industry demands. The company maintains its ISO 9001 certification and is publicly listed on the Taiwan Stock Exchange under the ticker 3030.TW, having reported growing revenue and net profits driven by strong demand in semiconductor and electronics manufacturing testing solutions.