1. Taiwan Stocks

  2. •

    Process industries

  3. •

    Industrial specialties
Headway Advanced Materials Inc.

Headway Advanced Materials Inc.

TTWSE:1776
18.80
TWD
+0.15
(+0.80%)
1.02EPS
22.09P/E
1.23BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
46.17
47.16
43.63
33.47
35.64
32.26
27.14
23.22
24.82
20.78
18.19
20.39
17.18
17.65
Basic EPS, GAAP
1.76
1.62
2.45
1.89
1.58
-0.58
1
0.76
2.4
0.27
0.39
0.78
0.28
0.93
Free Cash Flow per Basic Share
-0.75
-1.2
1.99
4.31
0.55
-3.22
2.5
1.11
1.4
0.65
1.17
1.88
2.68
1.16
Dividend per Share
0.92
0.97
1.4
1.94
1.87
1.75
0.94
1
1.18
1.51
0.64
0.5
0.8
- -
Book Value per Share
18.75
19.9
20.51
20.06
19.6
17.1
16.68
16.37
17.47
16.76
14.64
15.29
14.4
14.74
Tangible Book Value per Share
18.72
19.87
20.49
20.04
19.59
17.09
16.68
16.26
17.43
16.73
14.6
15.24
14.27
14.62
Basic Weighted Avg Shares
52
52
52
57
59
59
59
59
59
70
66
60
60
59
Sales/Revenue/Turnover
2,409
2,470
2,290
1,911
2,120
1,919
1,614
1,381
1,476
1,448
1,207
1,226
1,032
1,041
Operating Margin (%)
5.61
4.87
7.81
6.96
2.98
-0.55
5.17
7.83
5.86
1.35
0.93
3.54
3.32
7.02
Depreciation Expense
34
35
46
63
61
65
65
60
61
63
64
58
49
48
Net Income, GAAP
92
85
129
108
94
-34
60
45
143
19
26
47
17
55
Effective Tax Rate (%)
21.12
23.64
17.22
20.35
27.23
- -
18.68
22.88
51.86
29.82
21.64
9.6
70.36
42.86
Profit Margin (%)
3.81
3.44
5.62
5.63
4.42
-1.79
3.69
3.27
9.66
1.29
2.16
3.81
1.6
5.25
Working Capital
831
730
692
760
716
565
792
874
926
862
813
899
713
751
LT Debt
253
238
225
115
142
151
110
207
179
175
275
294
192
190
Total Equity
1,120
1,194
1,219
1,322
1,285
1,126
1,113
1,099
1,169
1,114
989
1,023
926
949
Return on Invested Capital (%)
6.51
5.49
8.79
6.16
2.02
- -
3.95
4.88
2.62
0.67
0.65
1.65
0.67
3.67
Return on Capital (%)
4.71
4.09
5.94
5.19
4.71
- -
2.93
2.34
8.02
1.27
1.91
4.07
1.57
4.03
Return on Common Equity (%)
9.77
8.38
12.13
9.49
7.94
-3.15
5.91
4.56
14.02
1.81
2.76
5.19
1.85
6.44

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
190
113
144
LT Borrowings
180
180
180
LT Finance Leases
12
11
10
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
60
60
60
Market Capitalization
920
959
1,229

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,036
1,060
1,042
Cash, Cash Equivalents & STI
593
587
543
Accounts Receivable, Net
199
200
207
Inventories
203
228
243
Total Current Liabilities
323
333
292
Payables & Accruals
- -
- -
- -
ST Debt
190
113
144
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-2.48%
-3.13%
-9.48%
Free Cash Flow
-73.22%
27.92%
42.88%
Net Income, GAAP
-28.01%
36.62%
-64.57%
Sales/Revenue/Turnover
-7.13%
-5.18%
-15.76%
Total Cash Common Dividend
4.42%
7.89%
60%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
281
295
317
344
1,226
2025
277
243
249
264
1,032
2026
275
253
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.24
0.18
0.23
0.13
0.78
2025
0.14
-0.12
0.02
0.23
0.28
2026
0.35
0.31
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.5
2025
- -
- -
- -
- -
0.8
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Wei-Chun Chao
Full Time Employees
193
Sector
Process industries
Industry
Industrial specialties
Address
No. 71, Guangfu Road Hsinchu Taiwan 30351
IPO Date
Mar 29, 2004
Website
headway.com.tw
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Business
Headway Advanced Materials Inc. manufactures and sells polyurethane resin and thermoplastic polyurethane pellet products primarily in the Asia-Pacific region. The company offers solvent and water borne polyurethane, solvent free PU, polyisocyanate hardener, polyol, thermoplastic polyurethane (TPU), and other related resins; these products serve applications in textile, leather, furniture, footwear, building materials, electronics, food packaging, transportation, medical care, and various other industries. Founded in 1976 and headquartered at No. 71, Guangfu Road, Hsinchu Industrial Park, Hsinchu City, Taiwan, Headway Advanced Materials operates within the chemicals sector, focusing on commodity chemicals for diverse industrial customers across domestic and overseas markets. In its fiscal year 2024, the company reported revenue of NT$1.24 billion, up 2.7% from the prior year, with net income rising 79% to NT$46.7 million and earnings per share increasing to NT$0.78, reflecting improved profitability amid steady revenue growth.