1. Taiwan, Province of China Stocks

  2. •

    Consumer Cyclical

  3. •

    Leisure
Merida Industry Co., Ltd.

Merida Industry Co., Ltd.

9914.TW
Merida Industry Co., Ltd.TW flagTaiwan Stock Exchange
72.80
TWD
-1.40
- -
21.77BMarket Cap
Merida Industry Co., Ltd.
9914.TW
(Taiwan Stock Exchange)

Recent

price

72.80

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
56.14
67.41
81.54
84.65
91.03
93.97
76.6
74.91
86.47
94.46
90.55
98.3
123.76
91.18
99.11
- -
89.54
Revenue per Share
4.18
6.07
7.81
9.72
11.2
10.17
6.42
2.67
5.72
8.37
13.36
15.55
11.34
5.66
-2.34
- -
4.02
Basic EPS, GAAP
3.95
1.97
9.24
5.98
8.64
5.86
5.24
0.53
2.01
3.05
5.48
2.12
5.32
-1.31
7.11
- -
7.84
Free Cash Flow per Basic Share
2.48
2.73
2.48
5.24
5.71
6.8
5.5
4
2
3.5
4.17
7
8.01
7
6
- -
- -
Dividend per Share
17.09
18.84
23.46
32.02
32.65
34.74
34.71
31.71
33.4
37.71
44.81
50.15
49.41
53.26
44.53
- -
46.74
Book Value per Share
19.78
24.01
28.87
35.35
41.95
44.67
43.59
40.28
44.27
48.02
55.94
61.95
71.65
71.94
67.67
- -
66.21
Tangible Book Value per Share
299
299
299
299
299
299
299
299
299
299
299
299
299
299
299
- -
299
Basic Weighted Avg Shares
16,784
20,156
24,378
25,309
27,217
28,094
22,901
22,396
25,853
28,243
27,072
29,391
37,003
27,261
29,633
26,757
26,757
Sales/Revenue/Turnover
5.01
7.42
9.17
10.51
9.78
10.05
6.72
4.59
5.23
6.06
5.93
6.04
11.17
10.55
10.34
5.52
5.52
Operating Margin (%)
135
138
142
146
219
238
248
253
251
271
276
285
330
335
316
283
283
Depreciation Expense
1,249
1,815
2,335
2,907
3,350
3,040
1,919
797
1,709
2,502
3,993
4,650
3,389
1,692
-699
1,200
1,200
Net Income, GAAP
15.11
22.1
24.96
25.91
20.62
21.86
21.21
22.93
33.41
21.93
21.54
22.83
23.2
34.58
- -
23.47
23.47
Effective Tax Rate (%)
7.44
9.01
9.58
11.49
12.31
10.82
8.38
3.56
6.61
8.86
14.75
15.82
9.16
6.21
-2.36
4.49
4.49
Profit Margin (%)
1,109
1,620
2,935
2,938
3,719
3,910
2,924
2,488
3,395
3,944
4,336
3,675
5,200
4,784
5,073
4,542
4,542
Working Capital
266
190
91
193
574
460
347
227
126
530
1,087
1,056
1,250
1,200
965
358
358
LT Debt
5,973
7,194
8,650
10,587
12,560
13,373
13,077
12,081
13,277
14,404
16,781
18,572
21,495
21,570
20,282
19,823
19,823
Total Equity
8.28
12.73
15.89
16.82
15.95
14.88
8.03
5.48
6.11
8.15
6.8
6.42
12.21
6.38
- -
4.03
4.03
Return on Invested Capital (%)
16.86
23.06
26.56
27.9
28.9
25.03
15.5
6.75
14.12
18.86
24.89
24.75
16.1
7.41
- -
6.13
6.13
Return on Capital (%)
25.4
33.79
36.93
35.05
34.65
30.18
18.49
8.03
17.56
23.54
32.37
32.75
22.77
11.02
-4.78
8.8
8.8
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
5,531
6,013
6,814
LT Borrowings
855
810
318
LT Finance Leases
42
48
39
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
299
299
299
Market Capitalization
30,772
30,330
24,712

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
16,183
16,717
16,007
Cash, Cash Equivalents & STI
3,823
4,129
4,158
Accounts Receivable, Net
3,345
4,062
3,031
Inventories
8,697
8,167
8,469
Total Current Liabilities
11,852
12,026
11,464
Payables & Accruals
- -
- -
- -
ST Debt
5,531
6,013
6,814
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.36%
3.71%
-2.26%
Free Cash Flow
-36.09%
-133.78%
10.19%
Net Income, GAAP
-34.88%
-94.75%
-271.68%
Sales/Revenue/Turnover
0.7%
1.43%
-9.71%
Total Cash Common Dividend
1.98%
4.42%
-33.33%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
8,387
7,459
6,688
4,727
27,261
2024
5,845
9,323
8,664
5,801
29,633
2025
7,568
7,005
7,223
4,962
26,757

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1.89
2.25
2.54
- -
5.66
2024
1.39
2.19
2.31
- -
-2.34
2025
1.4
1.32
2.09
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
7
2024
- -
- -
- -
- -
6
2025
- -
- -
- -
- -
- -
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Business
Merida Industry Co., Ltd. (9914.TW) manufactures and markets bicycles, electric bicycles, frames, and related components worldwide. The company produces a diverse range of bicycles including mountain bikes, road bikes, e-mountain bikes, e-city bikes, e-road bikes, triathlon bikes, gravel bikes, city bikes, trekking bikes, fitness bikes, and bikes for youth and kids; it also offers accessories such as handlebars, stems, grips, seatposts, saddles, pedals, backpacks, lights, apparel, helmets, and spare parts. Founded in 1972 and headquartered in Yuanlin, Changhua County, Taiwan, Merida operates production facilities in Taiwan and China, with sales segments in Taiwan, Asia (including China and Hong Kong), and Europe (including Germany and Japan); it exports to over 77 countries and maintains an R&D center in Germany. The company holds a majority stake in Japan's Miyata bike brand and a reduced 35% interest in U.S.-based Specialized Bicycle Components. In September 2024, Merida acquired an additional 39% stake in its German distributor Merida & Centurion Germany GmbH from founder Wolfgang Renner for approximately 17.3 million euros ($19 million), increasing its ownership to 90% and including the Hildburghausen factory to ensure long-term management stability amid Renner's retirement. This strategic move strengthens Merida's European operations, where it develops and distributes both Merida and Centurion brands, following years of collaboration since acquiring the Centurion brand rights in 1990. Recent financials reflect resilience, with 2024 revenue through July slightly down less than 1% year-over-year but showing sequential growth in June (up 49%) and July (up 18%), alongside Q2 2025 sales of NT$7.5 billion amid ongoing market recovery.