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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
Headway Advanced Materials Inc.
TWSE:1776
(Taiwan Stock Exchange)

Recent

price

18.80

P/E

ratio

22.09

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
51.72
48.52
46.62
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
Revenue per Share
2.09
1.36
2.69
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
Basic EPS, GAAP
2.98
-1.49
0.79
-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
Free Cash Flow per Basic Share
1.94
1.2
0.58
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
- -
Dividend per Share
14.97
15.95
17.26
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
Book Value per Share
14.97
15.9
17.22
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
Tangible Book Value per Share
52
52
52
52
52
52
57
59
59
59
59
59
70
66
60
60
59
Basic Weighted Avg Shares
2,680
2,518
2,424
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
Sales/Revenue/Turnover
6.26
4.32
5.88
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
Operating Margin (%)
43
40
39
34
35
46
63
61
65
65
60
61
63
64
58
49
48
Depreciation Expense
108
71
140
92
85
129
108
94
-34
60
45
143
19
26
47
17
55
Net Income, GAAP
18.12
21.61
19.53
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
Effective Tax Rate (%)
4.03
2.8
5.77
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
Profit Margin (%)
527
676
868
831
730
692
760
716
565
792
874
926
862
813
899
713
751
Working Capital
39
200
270
253
238
225
115
142
151
110
207
179
175
275
294
192
190
LT Debt
911
967
1,041
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
Total Equity
9.77
5.89
7.39
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 Invested Capital (%)
6.07
3.58
7.73
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 Capital (%)
13.7
8.8
16.21
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
Return on Common Equity (%)

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
- -
- -
- -
- -
- -
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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.