1. Taiwan, Province of China Stocks

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    Industrial - Machinery
Kaori Heat Treatment Co., Ltd.

Kaori Heat Treatment Co., Ltd.

8996.TW
Kaori Heat Treatment Co., Ltd.TW flagTaiwan Stock Exchange
1,590.00
TWD
+75.00
- -
147.69BMarket Cap
Kaori Heat Treatment Co., Ltd.
8996.TW
(Taiwan Stock Exchange)

Recent

price

1,590.00

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
14.88
18.46
21.6
26.92
26.12
24.37
30.29
19.91
21.61
23.31
23.23
24.96
31.81
48.39
44.27
- -
72.12
Revenue per Share
0.5
1.29
1.64
1.8
2.22
2.07
3.48
0.63
2.57
1.77
1.26
1.67
3.37
6.45
6.56
- -
9.09
Basic EPS, GAAP
-1.56
-0.18
0.78
1.45
1.63
0.7
1.92
2.06
5
2.17
-5.88
2.19
-5.31
3.66
9.32
- -
3
Free Cash Flow per Basic Share
- -
0.39
0.79
0.81
1.04
1.09
1.5
3
1
2
2
1.7
1.5
1.5
3.95
- -
- -
Dividend per Share
8.52
9
9.77
11.23
11.47
12.16
13.91
11.16
12.61
11.78
11.86
12.35
14.11
18.7
20.69
- -
26.03
Book Value per Share
14.63
15.13
16.03
19.34
19.9
20.72
22.45
20.02
20.69
20.41
21.5
21.09
23.04
30.22
37.91
- -
45.61
Tangible Book Value per Share
83
86
85
86
89
89
89
89
89
89
89
89
89
89
90
- -
91
Basic Weighted Avg Shares
1,235
1,583
1,831
2,324
2,335
2,178
2,707
1,779
1,932
2,083
2,076
2,231
2,844
4,326
4,003
6,581
6,581
Sales/Revenue/Turnover
3.96
7.42
7.88
7.57
9.8
9.47
13.67
8.16
9.76
9.81
8.24
10.28
12.31
16.49
16.11
15.87
15.87
Operating Margin (%)
99
90
95
95
111
115
112
118
124
121
115
113
114
129
159
195
195
Depreciation Expense
42
111
139
155
199
185
311
56
230
158
113
149
301
577
593
830
830
Net Income, GAAP
3.83
16.14
12.39
16.39
16.75
14.01
13.65
24.07
19.07
20.57
27.25
23.71
22.79
20.99
20.92
21.13
21.13
Effective Tax Rate (%)
3.38
7
7.59
6.69
8.52
8.51
11.5
3.16
11.89
7.59
5.42
6.68
10.59
13.33
14.81
12.61
12.61
Profit Margin (%)
448
452
395
801
829
1,021
1,187
701
806
656
637
472
779
1,706
1,979
2,005
2,005
Working Capital
169
208
55
191
205
387
497
327
216
106
502
397
596
1,095
741
253
253
LT Debt
1,217
1,300
1,362
1,670
1,779
1,852
2,007
1,789
1,850
1,825
1,922
1,885
2,059
2,704
3,437
4,177
4,177
Total Equity
2.85
5.16
6.16
6.61
7.7
6.22
10.59
3.47
5.18
6.61
4.41
5.62
8.24
14.57
10.85
14.9
14.9
Return on Invested Capital (%)
4.11
8.41
9.68
10.22
12.01
9.5
14.5
2.84
11.04
9.62
6.02
6.93
12.7
21.06
18.5
23.06
23.06
Return on Capital (%)
6.71
14.98
17.39
17.3
19.94
17.55
26.73
5.01
21.62
14.51
10.65
13.78
25.45
39.31
33.48
39.07
39.07
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
948
1,075
1,197
LT Borrowings
721
540
224
LT Finance Leases
6
35
30
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
91
92
92
Market Capitalization
23,437
30,156
52,922

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
3,968
4,585
5,580
Cash, Cash Equivalents & STI
1,510
1,942
1,747
Accounts Receivable, Net
1,015
1,110
1,803
Inventories
1,318
1,426
1,853
Total Current Liabilities
2,334
2,603
3,575
Payables & Accruals
- -
- -
- -
ST Debt
948
1,075
1,197
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.22%
17.46%
21.53%
Free Cash Flow
-66.1%
-111.7%
-67.53%
Net Income, GAAP
50.39%
53.73%
39.88%
Sales/Revenue/Turnover
15%
28.79%
64.37%
Total Cash Common Dividend
- -
- -
2.33%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
971
1,308
1,148
900
4,326
2024
798
1,000
1,210
996
4,003
2025
1,014
1,488
1,786
2,293
6,581

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1.42
2.32
2.31
- -
6.45
2024
1.44
1.84
2.27
- -
6.56
2025
1.46
1.34
2.83
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
1.5
2024
- -
- -
- -
- -
3.95
2025
- -
- -
- -
- -
- -
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Business
Kaori Heat Treatment Co., Ltd. is a Taiwan-based industrial machinery company specializing in the research, development, manufacture, and sale of heat exchanger solutions. Founded in 1970 and headquartered in Taoyuan City, Taiwan, the company offers a comprehensive range of products including brazed plate heat exchangers (BPHE) and gasketed plate heat exchangers, serving residential, commercial, and industrial applications such as HVAC, refrigeration, heating, heat recovery, and green energy systems. It also manufactures accessories like connectors, flanges, insulation foams, and stud bolts. Kaori extends its product portfolio to advanced thermal energy products like methanol fuel cells, hydrogen generators, automatic methanol mixers, and liquid cooling systems designed for data centers, leveraging OEM/ODM design and manufacturing capabilities through its wholly owned subsidiary Kaori Thermal Technology Co., Ltd. Geographically, Kaori operates in Taiwan and across Asia, with expanding business in the United States, Europe, and globally. It caters to a diverse range of industries including refrigeration, semiconductor and electronics, energy, machinery and manufacturing, marine and transportation, healthcare, and data centers. The company is recognized for its innovations in vacuum brazing technology, energy-efficient heating solutions, and pioneering refrigerated air dryers used in compressed air drying systems. Recent major company developments include a strategic focus on expanding production capacity for manifolds and coolant distribution units for the semiconductor and data center markets, with shipments expected to commence by late 2024. Kaori is actively pursuing growth in liquid cooling revenue and plans a spin-off of its liquid cooling business as a wholly owned subsidiary with an eventual IPO as part of its long-term strategy. The company anticipates accelerated revenue growth fueled by increasing demand for clean energy products such as fuel cells supported by partnerships with firms like Bloom Energy, which is broadening applications into solid oxide electrolyzer cells and carbon capture technologies. Kaori also projects a strong growth trajectory in heat pump markets through penetration of new tier-1 clients and expansion of market share amid shifting industry trends toward natural refrigerants and energy-efficient thermal management solutions. Kaori remains committed to innovation and sustainability, with ongoing advancements in high-performance cooling solutions for data centers, reaching heat dissipation capacities exceeding 2,000 kW. Its product range includes standard and heavy-duty brazed plate heat exchangers tailored for demanding industrial uses such as oil cooling, laser cutting, power generation, and next-generation refrigerant systems. The company emphasizes cost competitiveness and reliability, aiming to maintain its leadership position in thermal transfer technology globally. Overall, Kaori Heat Treatment Co., Ltd. stands as a comprehensive provider of advanced heat exchanger technologies and thermal energy products, supported by recent strategic expansions in liquid cooling and green energy, with a solid foundation since its establishment over five decades ago in Taiwan. This positions Kaori well within the global energy transition and high-tech industrial sectors.