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  2. •

    Non-energy minerals

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    Steel
Mayer Steel Pipe Corporation

Mayer Steel Pipe Corporation

TTWSE:2020
23.75
TWD
0.00
(0.00%)
2.08EPS
10.34P/E
5.74BMarket Cap
Mayer Steel Pipe Corporation
TWSE:2020
(Taiwan Stock Exchange)

Recent

price

23.75

P/E

ratio

10.34

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
32.36
22.94
17.67
16.92
18.19
16.41
15.76
17.37
17.58
16.79
19
24.56
24.81
26.25
19.63
17.76
17.49
Revenue per Share
1.63
-1.21
0.45
0.57
0.77
-1.37
1.38
1.22
1.12
1.64
1.47
2.93
1
4
3.09
2.13
2.08
Basic EPS, GAAP
0.83
3.91
1.81
1.55
0.3
0.53
1.63
0.64
1.21
1.46
-0.34
0.3
3.9
5.15
-1.18
-1.62
3.01
Free Cash Flow per Basic Share
0.34
0.62
- -
0.17
0.42
0.77
- -
0.68
1.21
1.17
1.54
1.42
2.5
0.83
1.67
2.2
- -
Dividend per Share
11.92
10.56
10.94
11.5
11.85
9.05
10.81
11.47
11.19
11.73
11.75
13.56
11.99
15.23
17.16
16.76
15.94
Book Value per Share
11.72
10.55
10.93
11.49
11.85
9.04
10.8
11.46
11.18
11.72
11.74
13.55
11.96
15.22
17.15
16.63
15.82
Tangible Book Value per Share
305
331
323
315
312
270
285
280
269
267
267
267
267
267
267
267
266
Basic Weighted Avg Shares
9,883
7,583
5,708
5,331
5,679
4,436
4,485
4,867
4,736
4,483
5,074
6,559
6,624
7,009
5,242
4,744
4,654
Sales/Revenue/Turnover
4.09
-2.31
1.84
4.81
5.88
0.61
10.83
7.88
3.79
5.52
4.89
8.43
2.56
7.22
9.12
12.02
14.19
Operating Margin (%)
203
160
74
105
112
94
93
84
77
103
146
154
158
148
148
150
155
Depreciation Expense
496
-399
146
178
240
-370
392
341
301
437
393
783
267
1,068
826
568
553
Net Income, GAAP
11.39
- -
4.49
24.67
17.1
- -
17.68
22.57
12.53
12.08
12.06
14.09
21.35
19.09
16.04
16.28
20.2
Effective Tax Rate (%)
5.02
-5.26
2.56
3.34
4.22
-8.35
8.74
7
6.35
9.74
7.74
11.94
4.03
15.23
15.76
11.98
11.88
Profit Margin (%)
2,366
505
289
832
938
647
669
944
936
964
1,132
1,356
806
1,971
2,084
2,208
2,004
Working Capital
167
96
27
3
9
9
- -
9
9
736
687
600
548
492
466
409
384
LT Debt
5,395
4,032
3,737
3,856
3,975
2,922
3,222
3,345
3,014
3,131
3,144
3,624
3,207
4,072
4,591
4,488
4,270
Total Equity
7.16
- -
0.66
3.2
4.76
- -
7.8
5.5
3.07
4.06
3.94
6.63
2.58
6.27
5.78
4.03
5.26
Return on Invested Capital (%)
4.6
- -
2.8
3.45
4.15
- -
7.34
5.94
6.02
8.61
7.35
12.39
4.47
17.04
12.33
7.56
6.79
Return on Capital (%)
13.31
-10.75
4.19
5.01
6.56
-11.51
13.46
10.85
9.66
14.21
12.52
23.17
7.81
29.38
19.1
12.55
13.05
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,480
3,333
3,961
LT Borrowings
9
8
- -
LT Finance Leases
400
386
384
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
267
267
267
Market Capitalization
6,355
6,542
5,741

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
6,069
6,020
6,405
Cash, Cash Equivalents & STI
951
1,014
1,121
Accounts Receivable, Net
363
399
348
Inventories
4,300
4,170
4,289
Total Current Liabilities
3,860
4,177
4,401
Payables & Accruals
- -
- -
- -
ST Debt
3,480
3,333
3,961
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.97%
8.24%
-2.25%
Free Cash Flow
109.59%
191.04%
37.15%
Net Income, GAAP
8.47%
56.02%
-31.2%
Sales/Revenue/Turnover
1.61%
0.27%
-9.51%
Total Cash Common Dividend
- -
26.74%
32%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,421
1,419
1,234
1,167
5,242
2025
1,091
1,047
1,597
1,008
4,744
2026
1,020
1,029
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.44
0.69
0.72
0.25
3.09
2025
0.59
0.48
0.59
0.47
2.13
2026
0.4
0.62
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.67
2025
- -
- -
- -
- -
2.2
2026
- -
- -
- -
- -
- -
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Business
Mayer Steel Pipe Corporation (TWSE: 2020) manufactures and sells steel pipes and related metal products in Taiwan. The company produces black and galvanized steel pipes, carbon steel pipes for mechanical structures, stainless steel pipes and coils, stainless steel plates, structural tubes, fence tubes, seamless pipes, spiral pipes and fittings, conduit pipes, heavy and light gauge pipes under the EAGLE brand, galvanized corrugated sheets and plain sheets/coils under the TRI-STAR brand, steel purlins, and deformed and angle bars through partner Continental Steel Manufacturing Corporation; it also offers hot-dip galvanizing services and custom steel pipes ranging from 125mm to 3800mm in diameter for applications including water distribution, irrigation, fire protection, gas lines, steam lines, and air lines. Mayer Steel Pipe operates through Steel, Real Estate Investment, Investment, Mineral Trade, and Hotel Services segments and serves construction, infrastructure, petroleum, and industrial markets primarily in Taiwan with additional production facilities in Vietnam and Thailand. Founded in 1959 and headquartered at No. 2-1, Minquan East Road, Taipei, Taiwan, the company listed on the Taiwan Stock Exchange in 1993. Recent developments include the 2017 investment in Diamond Steel Tube Enterprise Co., Ltd. for high-quality welded and precision drawn pipes, ongoing expansion of high-end product lines with tripled production capacity and advanced equipment, and receipt of the 2023 Taiwan Urban Renewal Team Award for its Xinyi District project presented by President Tsai Ing-wen.