1. Taiwan Stocks

  2. •

    Producer manufacturing

  3. •

    Auto parts: OEM
Iron Force Industrial Co., Ltd.

Iron Force Industrial Co., Ltd.

TTWSE:2228
69.00
TWD
-1.60
(-2.27%)
3.95EPS
21.21P/E
6.88BMarket Cap
Nov 11Next Earn
Iron Force Industrial Co., Ltd.
TWSE:2228
(Taiwan Stock Exchange)

Recent

price

69.00

P/E

ratio

21.21

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
36.64
42.09
45.99
45.61
48.3
53.91
58.49
56.61
55.26
59.87
44.79
48.13
57.23
64.59
65.65
62.23
61.22
Revenue per Share
4.14
5.02
4.39
5.03
6.7
8.47
9.02
7.2
6.57
8.59
1.29
3.12
5.92
6.78
9.52
5.25
4.06
Basic EPS, GAAP
0.86
-0.59
1.51
4
5.29
5.01
4.23
5.42
1.65
3.4
-0.8
1.75
0.63
14.44
4.3
5.76
3
Free Cash Flow per Basic Share
0.99
1.48
7.71
2.16
3.46
3.43
4.44
4.71
5.2
4.96
4.96
1.04
1.98
4
4.93
8.99
- -
Dividend per Share
20.86
24.48
23.36
31.58
35.77
43.99
47.87
49.04
49.24
51.61
48.17
49.66
54.48
57.09
65.98
63.03
62.05
Book Value per Share
19.83
24.3
23.18
31.41
35.6
43.83
47.71
48.88
49.08
51.45
48.01
49.44
54.13
56.64
65.54
62.73
61.78
Tangible Book Value per Share
61
61
63
66
73
73
76
76
76
76
76
76
76
76
77
80
80
Basic Weighted Avg Shares
2,235
2,567
2,876
3,020
3,507
3,945
4,461
4,326
4,224
4,576
3,423
3,679
4,374
4,894
5,041
4,954
4,879
Sales/Revenue/Turnover
14.24
13.44
11.79
13.14
16.24
17.86
19.73
15.04
12.49
13.52
3.95
4.19
10.68
11.2
10.41
9.11
7.83
Operating Margin (%)
63
70
87
93
102
124
139
165
199
227
216
235
218
206
208
202
213
Depreciation Expense
253
306
274
333
487
620
688
550
502
656
99
239
453
514
731
418
324
Net Income, GAAP
27.2
26.83
23.38
27.07
22.07
24.76
26.04
29.75
28.79
13.13
53.73
- -
25.27
27.12
11.15
30.45
29.91
Effective Tax Rate (%)
11.31
11.92
9.54
11.03
13.87
15.72
15.42
12.72
11.89
14.34
2.89
6.49
10.35
10.5
14.5
8.44
6.64
Profit Margin (%)
652
658
878
1,294
1,459
1,943
2,119
2,151
2,081
2,098
2,222
2,430
2,600
2,867
3,324
3,002
3,481
Working Capital
- -
- -
300
- -
- -
73
3
- -
- -
1
329
326
27
34
311
387
381
LT Debt
1,374
1,612
1,538
2,293
2,597
3,336
3,658
3,748
3,764
3,945
3,682
3,796
4,164
4,364
5,248
5,029
4,951
Total Equity
16.99
15.2
13.34
13.31
17.75
17.24
17.33
11.61
9.71
13.57
1.5
- -
7.04
8.26
8.95
5.69
5.25
Return on Invested Capital (%)
19.01
19.4
14.88
15.79
19.89
20.71
18.76
14.34
13.26
16.69
2.39
- -
9.66
10.67
14.35
7.74
6.56
Return on Capital (%)
19.18
20.5
17.41
17.39
19.9
20.9
19.67
14.86
13.37
17.03
2.59
6.38
11.37
12.05
15.21
8.14
6.9
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
20
18
18
LT Borrowings
290
289
288
LT Finance Leases
98
94
92
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
80
80
80
Market Capitalization
8,417
6,909
6,877

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,742
3,666
4,453
Cash, Cash Equivalents & STI
1,110
1,039
1,828
Accounts Receivable, Net
1,244
1,294
1,298
Inventories
1,239
1,179
1,176
Total Current Liabilities
740
620
972
Payables & Accruals
- -
- -
- -
ST Debt
20
18
18
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.44%
6.74%
-4.17%
Free Cash Flow
169.77%
353.7%
38.84%
Net Income, GAAP
17.18%
48.76%
-42.82%
Sales/Revenue/Turnover
3.04%
7.91%
-1.73%
Total Cash Common Dividend
- -
45.08%
88.91%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,235
1,205
1,359
1,242
5,041
2025
1,282
1,234
1,249
1,189
4,954
2026
1,227
1,214
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3.49
1.48
1.79
2.76
9.52
2025
1.84
1.09
1.12
1.19
5.25
2026
0.87
0.88
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
4.93
2025
- -
- -
- -
- -
8.99
2026
- -
- -
- -
- -
- -
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Business
Iron Force Industrial Co., Ltd. (2228.TW) manufactures and sells automotive safety components and display fixtures. The company operates two primary divisions: Auto Parts, which produces airbag inflators and precision metal parts for automotive safety systems; steering columns, shafts, and diesel engine cooling pipes; high-precision metal tubes for seatbelt retractor and pre-tensioner systems; buckle seatbelt pretensioners; inflatable seatbelt assemblies; electrical power steering system components; active hood lift systems; continuous damping control damper parts; heat sinks; and in-house automated machines with special surface treatments; and Display and Houseware, which provides OEM and ODM services for customized store display fixtures, display systems design, retail store design; clothes hangers; mannequins; metal fixtures; and logistic and management consulting services. Founded in 1977 and headquartered at No. 98, Sec. 1, Xintai 5th Road, Xizhi District, New Taipei City, Taiwan, the company maintains production facilities in Nan-Kang Industrial Park, Nantou, Taiwan, and Luoshe Industrial Zone, Zhejiang, China, serving top global automotive safety suppliers and retail chains in Europe, the United States, Japan, and internationally. Iron Force Industrial focuses on target markets in the automotive and retail sectors, with approximately 2,063 employees and recent trailing twelve-month revenue of TWD 5.12 billion. In recent developments, the company continues to expand production capacity in mainland China to meet customer demands from global automotive suppliers, participates in multiple 2024 and 2025 investor forums hosted by SinoPac Securities and KGI Securities, and held its 2025 shareholders' meeting, reflecting sustained operational growth amid global economic conditions.