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    Recreational products
Topkey Corporation

Topkey Corporation

TTWSE:4536
153.50
TWD
-0.50
(-0.32%)
14.30EPS
12.61P/E
15.17BMarket Cap
Nov 16Next Earn
Topkey Corporation
TWSE:4536
(Taiwan Stock Exchange)

Recent

price

153.50

P/E

ratio

12.61

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
66.98
71.73
76.56
72.04
72.19
73.23
68.45
69.54
81.45
79.55
79.66
95.7
120.74
102.03
104.36
101.33
100.78
Revenue per Share
4.87
6.18
5.42
6.31
6.07
6.73
8.58
5.32
9.31
9.53
7.48
9.16
24.89
15.58
18.86
14.92
13.24
Basic EPS, GAAP
-4.72
0.3
12.33
2.54
1.33
5.62
8.98
-0.21
8.38
10.98
9.48
4.23
8
22.14
13.96
19.2
13.9
Free Cash Flow per Basic Share
- -
0.74
3.46
2.93
5
4.5
5
6
3
5.5
6
5
6
11
8.5
11
- -
Dividend per Share
24.43
31.75
33.32
47.8
51.25
53.09
52.3
50.06
55.71
57.97
58.74
62.27
84.34
88.45
101.38
103.77
103.91
Book Value per Share
22.89
31.74
33.31
47.79
51.24
53.08
52.3
49.87
55.54
57.83
58.61
62.27
84.34
88.45
101.38
103.77
103.91
Tangible Book Value per Share
82
82
82
84
91
91
91
91
91
91
91
91
91
91
91
91
91
Basic Weighted Avg Shares
5,487
5,875
6,270
6,048
6,557
6,651
6,216
6,316
7,398
7,225
7,234
8,692
10,965
9,267
9,478
9,203
9,158
Sales/Revenue/Turnover
10.25
9
9.34
11.12
10.02
7.98
9.27
9.22
13.25
16.68
19.56
16.57
23.22
18.44
19.84
18.83
16.17
Operating Margin (%)
261
323
357
360
353
432
422
388
422
488
446
436
409
399
414
432
460
Depreciation Expense
399
506
444
529
551
611
779
483
845
866
679
832
2,260
1,415
1,713
1,355
1,204
Net Income, GAAP
19.73
25.61
30.17
28.69
17.99
22.27
17.65
14.43
26.82
29.95
34.11
36.39
23.38
25.71
26.18
22.49
22.4
Effective Tax Rate (%)
7.27
8.62
7.08
8.75
8.4
9.19
12.53
7.65
11.43
11.98
9.39
9.57
20.61
15.27
18.07
14.72
13.14
Profit Margin (%)
547
1,734
1,162
2,398
2,427
2,366
2,674
2,456
3,158
3,523
3,689
4,471
5,247
4,931
6,009
6,160
6,141
Working Capital
200
968
116
- -
61
13
- -
154
111
394
389
329
333
819
1,180
1,064
948
LT Debt
2,246
2,919
2,926
4,606
4,991
5,162
5,109
4,768
5,264
5,430
5,590
5,990
8,123
8,445
9,611
9,863
9,933
Total Equity
12.79
8.55
8.51
9.45
9.05
6.12
7.44
6.46
8.34
8.9
11.22
9.98
17.05
10.11
10.99
10.55
9.6
Return on Invested Capital (%)
12.15
12.85
10.46
9.92
8.98
10.31
10.78
7.22
11.14
11.02
7.22
8.95
19.9
11.54
13.7
10.33
9.64
Return on Capital (%)
21.5
22.01
16.67
14.97
12.25
12.89
16.28
10.39
17.6
16.77
12.81
15.13
33.95
18.04
19.87
14.54
13.42
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
588
665
868
LT Borrowings
858
785
739
LT Finance Leases
205
212
209
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
91
91
91
Market Capitalization
14,667
13,532
15,167

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
8,729
9,168
9,854
Cash, Cash Equivalents & STI
5,502
5,715
6,242
Accounts Receivable, Net
1,562
1,795
1,901
Inventories
1,363
1,381
1,393
Total Current Liabilities
2,568
3,277
3,713
Payables & Accruals
- -
- -
- -
ST Debt
588
665
868
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.19%
12.63%
2.63%
Free Cash Flow
-381.19%
42.24%
37.57%
Net Income, GAAP
20.23%
31.39%
-20.91%
Sales/Revenue/Turnover
4.02%
6.04%
-2.91%
Total Cash Common Dividend
16.69%
18.67%
29.41%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,900
2,321
2,600
2,657
9,478
2025
2,402
2,514
2,418
1,869
9,203
2026
2,317
2,554
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4.3
4.33
3.52
6.71
18.86
2025
5.11
3.11
3.86
2.83
14.92
2026
3.61
2.94
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8.5
2025
- -
- -
- -
- -
11
2026
- -
- -
- -
- -
- -
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Business
Topkey Corporation (4536.TW) manufactures and sells composite materials and products primarily for sporting goods, aviation, and medical applications. The company produces carbon bicycle frames and rims, tennis and badminton rackets, composite helmets, aviation composite components, medical cradles and headholders for CT machines, thermoplastic resin and fiber-reinforced thermoplastic products, glass and carbon fiber materials, precision molds, plastic and rubber products, lenses, and building insulations; it also offers agency services and engages in international trade and investment. Topkey operates through Sporting Products, Aviation and Medical Products, and Other segments, serving customers in Asia, Europe, America, and other international markets with production bases in Taichung and Xiamen, Taiwan, Vietnam, and elsewhere. Founded in 1980 and headquartered at No. 18, 20th Road, Taichung Industrial Park, Taichung, Taiwan, the company maintains an annual capacity exceeding 250,000 bicycle frames, 2 million rackets, and 500,000 helmets while focusing on innovations in materials and manufacturing processes. In recent developments, Topkey reported steady revenue growth to approximately NT$9.5 billion in 2024 with net income reflecting operational resilience amid market fluctuations, alongside a dividend yield of 5.38% and ongoing expansions in composite production capabilities.