1. Taiwan Stocks

  2. •

    Consumer durables

  3. •

    Motor vehicles
Giant Manufacturing Co., Ltd.

Giant Manufacturing Co., Ltd.

85.40
TWD
-5.00
(-5.53%)
2.11EPS
51.38P/E
30.55BMarket Cap
Nov 16Next Earn
Giant Manufacturing Co., Ltd.
TWSE:9921
(Taiwan Stock Exchange)

Recent

price

85.40

P/E

ratio

51.38

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
121.84
125.36
143.2
143.9
158.85
159.84
151.38
146.07
159.37
167.86
185.22
216.51
244.26
196.28
181.8
153.68
144.88
Revenue per Share
7.11
7.98
7.94
9.27
10.88
10.17
8.11
5.43
7.58
8.93
13.09
15.69
15.51
8.68
3.22
1.84
1.53
Basic EPS, GAAP
-0.34
1.54
1.2
10.83
7.23
3.31
1.7
2.85
0.13
-3.94
22.59
-19.41
-5.81
21.11
24.57
23.83
17.64
Free Cash Flow per Basic Share
4.4
4.96
5.46
5.46
5.95
6.55
6.15
4.96
3.47
4.56
4.56
7.94
9.95
7.8
5
2.2
- -
Dividend per Share
34.19
39.13
40.32
46
51.27
53.86
54.09
51.9
55.04
57.79
66.6
72.69
85.08
85.91
86.1
86.88
87.75
Book Value per Share
32.03
38.75
39.9
45.52
50.8
53.37
53.58
51.34
54.49
56.54
65.4
71.2
83.85
84.89
83.75
84.52
85.48
Tangible Book Value per Share
363
378
378
378
378
378
378
378
378
378
378
378
377
392
392
392
392
Basic Weighted Avg Shares
44,224
47,384
54,127
54,392
60,045
60,418
57,221
55,212
60,239
63,450
70,011
81,840
92,044
76,954
71,279
60,254
56,837
Sales/Revenue/Turnover
9.24
7.58
7.34
7.63
8.2
8.04
6.64
5.34
6.7
7.65
9.83
10.65
9.23
6.8
2.61
1.63
1.57
Operating Margin (%)
674
865
901
984
1,054
1,040
1,153
1,232
1,320
1,652
1,769
1,946
2,144
2,423
2,536
2,554
2,530
Depreciation Expense
2,581
3,015
3,003
3,505
4,112
3,843
3,065
2,054
2,864
3,375
4,949
5,930
5,844
3,401
1,264
723
601
Net Income, GAAP
33.05
23.95
24.64
23.57
26.37
24.06
27.34
28.44
30.07
25.26
24.25
27.74
29.31
25.69
37.2
37.42
39.2
Effective Tax Rate (%)
5.84
6.36
5.55
6.44
6.85
6.36
5.36
3.72
4.75
5.32
7.07
7.25
6.35
4.42
1.77
1.2
1.06
Profit Margin (%)
9,114
9,131
8,840
9,936
11,595
12,225
11,770
11,855
11,943
12,221
17,361
17,612
25,994
28,142
19,378
20,948
24,332
Working Capital
1,163
1,057
385
119
75
10
231
597
1,013
2,662
4,954
4,090
7,383
8,408
4,206
4,805
3,983
LT Debt
13,219
15,125
15,514
17,570
19,542
20,406
20,495
21,008
22,269
23,464
26,961
29,653
35,900
36,325
36,738
37,017
37,260
Total Equity
13.46
11.78
11.42
10.83
11.66
11.14
8.25
6.09
7.34
8.35
11.44
12.14
8.69
5.04
1.81
1.19
1.16
Return on Invested Capital (%)
13.49
13.59
12.2
13.07
13.9
12.25
9.43
6.39
8.1
8.14
10.92
11.33
9.31
6.06
2.75
1.76
1.23
Return on Capital (%)
21.64
21.76
20
21.48
22.37
19.35
15.03
10.26
14.17
15.83
21.05
22.53
19.21
10.15
3.75
2.13
1.82
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
10,151
13,504
12,759
LT Borrowings
3,746
1,864
2,989
LT Finance Leases
1,059
1,077
994
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
392
392
388
Market Capitalization
36,305
28,189
30,545

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
45,623
48,201
53,223
Cash, Cash Equivalents & STI
13,021
14,933
20,593
Accounts Receivable, Net
9,190
9,385
8,728
Inventories
20,242
20,421
20,435
Total Current Liabilities
24,675
28,731
28,891
Payables & Accruals
- -
- -
- -
ST Debt
10,151
13,504
12,759
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.33%
6.83%
0.76%
Free Cash Flow
-463%
-144.17%
-3%
Net Income, GAAP
-7.84%
-25.81%
-42.78%
Sales/Revenue/Turnover
0.61%
-1.97%
-15.47%
Total Cash Common Dividend
- -
-2.29%
-56%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
16,063
21,166
20,458
13,592
71,279
2025
16,851
15,754
15,355
12,294
60,254
2026
12,524
16,665
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.33
2.94
1.27
-2.31
3.22
2025
0.94
0.48
0.89
-0.47
1.84
2026
-0.51
1.62
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
5
2025
- -
- -
- -
- -
2.2
2026
- -
- -
- -
- -
- -
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Business
Giant Manufacturing Co., Ltd. (9921.TW) manufactures and sells bicycles, electric bicycles, and related components worldwide. The company produces a range of bicycles including road, mountain, gravel, hybrid, city, youth, and e-bikes under its primary Giant brand for performance cycling; it also offers products under Liv for women-specific bicycles, Momentum for urban mobility, and CADEX for high-end cycling components such as wheels and drivetrains. Giant provides advanced technologies like the Maestro suspension system for optimized off-road performance, Hybrid Cycling Technology for e-bikes with multiple power assist modes, and a Customize service for tailored bike builds based on rider specifications. Founded in 1972 and headquartered in Taichung City, Taiwan, Giant operates nine manufacturing facilities across Taiwan, the Netherlands, China, Hungary, and other locations, with sales in over 50 countries through more than 12,000 retail stores and 14 subsidiaries. The company serves athletic riders, urban commuters, and fitness enthusiasts, emphasizing ecosystems that integrate bikes, gear, services, data-driven training insights, and rider communities. It maintains vertical integration from research and development of frames and parts to global distribution. In September 2024, Giant acquired the bankrupt Stages Cycling for $20.1 million to bolster its indoor/outdoor cycling ecosystem, enhance data capabilities, and expand into commercial fitness markets where it has prior manufacturing experience. The company continues shifting U.S. production orders to its Taiwan facilities amid strategic operational adjustments. Giant focuses on e-bike innovations and partnerships to strengthen its position amid market challenges reflected in recent revenue trends.