Hwa Fong Rubber Ind. Co., Ltd.

Hwa Fong Rubber Ind. Co., Ltd.

TTWSE:2109
14.25
TWD
-0.05
(-0.35%)
1.70EPS
10.53P/E
4.06BMarket Cap
Nov 18Next Earn
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
29.33
23.86
23.13
21.6
20.56
18.82
22.42
17.48
19.84
19.38
16.73
17.69
15.95
15.76
Basic EPS, GAAP
1.28
2.75
0.37
0.15
-3.49
-0.91
0.05
1.33
1.3
1.05
1.51
1.61
1.16
1.38
Free Cash Flow per Basic Share
3.13
-0.98
2.39
1.02
-2.1
-1.27
0.51
1.7
0.52
2.83
1.5
1.14
1.98
-1.91
Dividend per Share
0.1
0.49
1.56
0.46
0.34
0.21
0.2
0.16
0.83
1.43
1.19
2.13
1.31
1.27
Book Value per Share
13.04
15.08
14.44
14.19
10.13
9.54
9.8
10.79
10.9
11.5
12.35
12.5
12.53
12.68
Tangible Book Value per Share
13.04
15.08
14.44
14.19
10.13
9.54
9.79
10.79
10.89
11.5
12.34
12.5
12.53
12.67
Basic Weighted Avg Shares
255
288
279
279
279
279
235
279
279
279
279
279
279
278
Sales/Revenue/Turnover
7,475
6,861
6,462
6,034
5,743
5,256
5,265
4,883
5,541
5,414
4,674
4,941
4,456
4,382
Operating Margin (%)
7.82
7.72
10.53
7.91
1.56
1.38
7.98
12.21
12.41
10.49
10.02
13.85
10.86
9.24
Depreciation Expense
321
354
337
325
293
203
226
215
210
212
198
169
171
179
Net Income, GAAP
326
791
105
43
-976
-253
11
372
362
294
422
450
325
384
Effective Tax Rate (%)
22.53
17.51
43.92
35.92
- -
- -
49.34
24.66
26.44
28.24
32.21
17.46
17.04
20.24
Profit Margin (%)
4.36
11.53
1.62
0.71
-17
-4.82
0.21
7.61
6.53
5.44
9.04
9.11
7.29
8.77
Working Capital
1,231
2,613
2,392
2,155
868
645
1,679
1,627
1,906
2,088
2,790
3,139
2,971
1,599
LT Debt
427
1,237
1,095
773
- -
492
1,259
1,239
1,556
1,310
1,001
1,024
925
900
Total Equity
4,587
5,311
5,073
5,087
4,038
3,963
4,180
4,525
4,472
4,779
5,031
5,252
5,228
4,986
Return on Invested Capital (%)
6.86
6.15
5.3
4.39
- -
- -
3.31
7.15
7.47
5.86
4.47
8.16
5.54
4.55
Return on Capital (%)
3.66
10.06
-0.76
-1.2
- -
- -
-1.69
3.45
2.91
2.67
5.11
4.59
3.68
4.65
Return on Common Equity (%)
10.03
19.49
2.5
1.07
-28.74
-9.23
0.4
12.92
11.95
9.41
12.68
12.96
9.29
11.22

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,352
1,452
1,642
LT Borrowings
923
924
899
LT Finance Leases
1
1
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
279
279
279
Market Capitalization
4,176
4,092
4,065

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
4,989
3,848
4,101
Cash, Cash Equivalents & STI
3,389
2,333
2,302
Accounts Receivable, Net
621
591
710
Inventories
888
825
958
Total Current Liabilities
2,018
2,286
2,502
Payables & Accruals
- -
- -
- -
ST Debt
1,352
1,452
1,642
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.64%
2.98%
-0.45%
Free Cash Flow
13.69%
75.34%
73.82%
Net Income, GAAP
69.95%
0.19%
-27.8%
Sales/Revenue/Turnover
-3.36%
-1.32%
-9.82%
Total Cash Common Dividend
35.05%
101.75%
-38.68%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,154
1,214
1,259
1,314
4,941
2025
1,220
1,140
966
1,129
4,456
2026
1,088
1,199
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.48
0.44
0.21
0.48
1.61
2025
0.37
0.14
0.27
0.38
1.16
2026
0.41
0.32
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
0.81
0.31
0.7
2.13
2025
- -
- -
0.01
0.5
1.31
2026
0.26
0.5
- -
- -
- -

Company Description

CEO
Jiaw Chyi Wang
Full Time Employees
2,243
Sector
Consumer durables
Industry
Recreational products
Address
No. 300, Zhongshan Rd. Changhua CHQ Taiwan 515002
IPO Date
Jun 4, 1998
Business
Hwa Fong Rubber Industrial Co., Ltd. is a Taiwan-based manufacturer specializing in a comprehensive range of rubber products, focusing primarily on tires and tubes for motorcycles, bicycles, all-terrain vehicles (ATVs), industrial, agricultural, and small logistics vehicles. The company markets its products under well-known brands including DURO and QUICK, producing tires for various segments such as sport, scooter, vintage motorcycles, big bikes, motocross, mountain bikes, road racing, city and touring bicycles, BMX, freestyle, and electric bikes. It operates manufacturing facilities in Taiwan, Thailand, China, and the United States, serving markets in Asia, Europe, and North America. Founded originally in 1945 and incorporated in 1959, Hwa Fong is headquartered in Taiwan. Recently, Hwa Fong Rubber Industrial announced a strategic expansion with the acquisition of the former Sumitomo Rubber USA manufacturing plant in Tonawanda, New York. This acquisition, completed in late 2025, marks the company's first production base in the United States and is part of a major initiative to transform the site into the HF Tonawanda Industrial Park. The park is planned to accommodate various manufacturing, assembly, logistics, and technology operations aimed at creating 100 to 250 jobs initially, with potential for further local employment growth. This move supports Hwa Fong’s strategic goals to enhance supply resilience for North American customers and to expand its industrial footprint internationally. The acquisition also signals a shift towards developing an industrial hub that attracts diverse automotive-related manufacturing and promotes regional economic growth. Hwa Fong Rubber Industrial also maintains significant operations through its subsidiary, Hwa Fong Rubber (Thailand) Public Company Limited, which furthers the company's reach in the production and distribution of tire and tube products. The group steadily focuses on research and development to innovate tire technologies and improve product quality for global markets, leveraging long-standing expertise in rubber manufacturing. Hwa Fong continues to invest in sustainable practices in both manufacturing and product development processes as part of its business strategy. The company serves original equipment manufacturers (OEMs) and aftermarket sectors globally, targeting diverse markets from consumer motorcycles and bicycles to industrial and agricultural applications. Its recent operational changes and industrial asset acquisition underline its commitment to growth and market adaptation in a competitive global tire industry landscape.