1. Taiwan, Province of China Stocks

  2. •

    Healthcare

  3. •

    Medical - Devices
Wellell Inc.

Wellell Inc.

4106.TW
Wellell Inc.TW flagTaiwan Stock Exchange
24.30
TWD
+0.25
- -
2.45BMarket Cap
Wellell Inc.
4106.TW
(Taiwan Stock Exchange)

Recent

price

24.30

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
19.92
20.97
22.14
24.19
27.14
24.18
23.87
25.06
24.11
20.18
19.86
23.53
26.4
26.23
23.65
- -
23.61
Revenue per Share
2.17
2.79
2.25
1.6
2.14
2.02
1.47
1.42
1.24
0.87
1.04
1.01
1.6
1.51
1.14
- -
1.19
Basic EPS, GAAP
2.09
3.21
2.1
1.88
2.23
2.88
2.09
1.84
-0.61
1.4
2.3
-0.45
0.34
4.2
1.51
- -
1.52
Free Cash Flow per Basic Share
1.47
1
1.75
0.5
0.7
1
1
0.8
0.76
0.65
0.45
0.55
0.55
0.85
0.8
- -
- -
Dividend per Share
12.67
14.34
14.54
17.56
16.52
15.73
15.95
14.75
16.43
14.17
14.52
14.9
15.15
15.64
15.86
- -
16.01
Book Value per Share
15.53
15.63
13.93
15.01
16.98
13.86
13.5
13.94
18.21
15.83
13.92
13.84
15.63
16.77
17.5
- -
18.34
Tangible Book Value per Share
83
83
83
83
83
83
83
83
87
101
101
101
101
101
101
- -
102
Basic Weighted Avg Shares
1,661
1,749
1,846
2,017
2,263
2,016
1,990
2,089
2,106
2,036
2,004
2,374
2,664
2,647
2,387
2,404
2,404
Sales/Revenue/Turnover
13.52
12.32
12.25
9.04
9.93
10.4
8
7.25
6.5
6.6
4.83
4.38
6.99
7.33
6.14
6.62
6.62
Operating Margin (%)
50
44
66
105
110
102
90
76
62
81
79
94
93
94
95
104
104
Depreciation Expense
181
233
187
133
178
169
123
118
108
88
105
102
161
152
115
121
121
Net Income, GAAP
19.14
13.23
23.63
28.16
21.38
22.57
24.33
22.46
27.25
30.85
15.59
25.04
19.16
27.09
21.77
26.83
26.83
Effective Tax Rate (%)
10.88
13.3
10.16
6.62
7.88
8.37
6.16
5.66
5.15
4.32
5.22
4.31
6.06
5.75
4.83
5.04
5.04
Profit Margin (%)
518
529
399
479
662
449
530
609
741
732
695
714
906
1,023
1,060
1,156
1,156
Working Capital
- -
- -
- -
- -
- -
- -
285
291
105
227
221
165
164
141
122
102
102
LT Debt
1,309
1,484
1,750
1,830
1,967
1,671
1,558
1,608
2,022
2,030
2,106
2,064
2,228
2,341
2,424
2,530
2,530
Total Equity
12.88
12.13
9.24
6.26
8.14
7.37
5.46
5.33
4.02
3.42
3.11
3
5.6
5.15
4.16
4.18
4.18
Return on Invested Capital (%)
16.01
18.49
11.93
6.65
8.56
9.22
6.82
6.73
5.82
4.71
5.6
5.4
8.29
8.15
6.47
6.91
6.91
Return on Capital (%)
17.4
20.65
15.57
9.97
12.56
12.55
9.27
9.24
8.14
6.14
7.23
6.89
10.65
9.8
7.25
7.5
7.5
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
222
214
147
LT Borrowings
100
102
94
LT Finance Leases
14
13
8
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
101
101
101
Market Capitalization
2,214
2,250
2,245

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
1,698
1,691
1,698
Cash, Cash Equivalents & STI
749
758
839
Accounts Receivable, Net
406
401
387
Inventories
476
478
424
Total Current Liabilities
704
609
542
Payables & Accruals
- -
- -
- -
ST Debt
222
214
147
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.53%
3.79%
4.4%
Free Cash Flow
30.94%
156.52%
1.43%
Net Income, GAAP
-0.84%
6.15%
5.11%
Sales/Revenue/Turnover
2.05%
4.19%
0.74%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
700
704
565
679
2,647
2024
647
584
542
614
2,387
2025
556
604
619
624
2,404

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.5
0.5
0.24
- -
1.51
2024
0.4
0.21
0.08
- -
1.14
2025
0.23
0.22
0.46
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.85
2024
- -
- -
- -
- -
0.8
2025
- -
- -
- -
- -
- -
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Business
Wellell Inc specializes in the manufacture, trading, import, and export of medical and healthcare-related equipment. The company’s core products include wound management systems such as the Serene Air and Serene Elite alternating pressure redistribution mattresses designed for patients with high to very high risk of pressure ulcers; ACS Turn, a low air lateral turning mattress; and Pro-care Optima, an alternating pressure redistribution system. Respiratory therapy products encompass nasal masks, full face masks, nasal pillows masks, portable suction units, compressor nebulizers, and advanced devices like automatic positive airway pressure (APAP) devices (iCH Auto and XT Auto), continuous positive airway pressure (CPAP) devices (XT Prime, XT Sense, and XT Fit), and heated humidifiers (XT Heated Humidifier). The company also provides a range of welfare equipment, including four-wheel walk helpers, crutches, wheelchairs, shower devices, as well as electronic medical devices like interferential stimulators, electrical muscle stimulators (EMS), and LCD massage devices. Wellell distributes its products primarily to markets in Europe, the Americas, and Asia. Founded in 1990 and headquartered in New Taipei City, Taiwan, Wellell has undergone significant developments in the past two years including a rebranding from its former name Apex Medical Corp to Wellell Inc. It has strategically expanded its digital healthcare offerings with innovations in pressure injury prevention, notably launching the Procare Auto G3 and Procare Auto Link G3 series, which enhance patient safety and improve caregiver efficiency through smart technology integration. Wellell also actively participates in global industry events such as EWMA 2025 and Medtrade 2025, furthering its international presence and partnerships. The company underscores its commitment to sustainability through a comprehensive ESG framework aligned with UN Sustainable Development Goals. Operating with a workforce of approximately 535 employees, Wellell focuses on post-acute and acute care segments within the medical equipment industry, targeting healthcare providers and patients globally. Its product portfolio combines clinical efficacy with technology-driven digital well-being solutions, reflecting its mission to improve quality of life for patients and caregivers while addressing logistics and service quality challenges in rental service operations. Wellell maintains its position as a global leader by continuously advancing its medical solutions and expanding its market reach worldwide.