# Evergreen Marine Corp Taiwan (2603.TW)

Canonical: https://gigainvestors.com/s/2603.TW

Analysis as of: 2026-10-16T07:34:55.883Z. Financial observations: FY2000–FY2026.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 257.00 per share; close as of 2026-10-15.

Estimated value: low TWD 629.49 per share, central TWD 704.58 per share, high TWD 804.53 per share. Buy at or below the central value TWD 704.58 per share. Valuation as of 2026-10-16T07:34:55.883Z; scenarios are not confidence intervals.

Expected annual return: 29.7% at the stated quote. About 29.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.94×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.01×

- FY2019: 0.03×

- FY2020: 0.18×

- FY2021: 0.60×

- FY2022: 0.64×

- FY2023: 0.12×

- FY2024: 0.34×

- FY2025: 0.20×

- LTM to Jun 2026: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 0.5%

- Typical minus recent gross margin: -4.4 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 24.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 12.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -6.6%

- FY2017: 4.4%

- FY2018: 0.5%

- FY2019: 2.3%

- FY2020: 16.7%

- FY2021: >100%

- FY2022: >100%

- FY2023: 5.5%

- FY2024: 27.4%

- FY2025: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 792B

- Net income, five-year total: TWD 817B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.8 pp

- Working capital / revenue, final three-year average: -1.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.98×

- FY2023: 0.99×

- FY2024: 0.96×

- FY2025: 0.98×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.5% vs 11.4%

- Per-share earnings: -2.93 to 31.55 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.8%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: TWD 396B

- Cumulative retained earnings: TWD 426B

- Diluted shares, 10-year annual growth: 3.8%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: TWD 34.48

- Per-share value, starting three-year median: TWD -2.93

- Per-share value, ending three-year median: TWD 31.55

- Average buyback yield: 9.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 2.3B

- Cumulative net income, 10 years: TWD 841B

- ROIC, first three-year median: 0.5%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD -4.41

- FY2017: TWD 4.62

- FY2018: TWD 0.17

- FY2019: TWD -0.12

- FY2020: TWD 12.65

- FY2021: TWD 112.96

- FY2022: TWD 157.91

- FY2023: TWD 16.70

- FY2024: TWD 64.45

- FY2025: TWD 31.55

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.1%

- FY2018: -1.2%

- FY2019: -6.5%

- FY2020: -8.2%

- FY2021: -10.2%

- FY2022: -9.9%

- FY2023: 6.7%

- FY2024: -5.8%

- FY2025: -3.6%

## Holders

## Price story

Price needs cash profits to shrink 15.6% a year for ten years · sales -1.3%

Story as of 2026-10-16T10:00:03.036Z; price observation 2026-10-15.

Price needs cash profits to shrink 15.6% a year for ten years

### Sales · FY2025–2026

sales -1.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 151B 

- FY2018: TWD 169B 

- FY2019: TWD 191B 

- FY2020: TWD 207B 

- FY2021: TWD 489B 

- FY2022: TWD 627B 

- FY2023: TWD 277B 

- FY2024: TWD 464B 

- FY2025: TWD 379B 

- FY2026: TWD 374B 

### Gross margin · FY2025

gross margin 24.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 7.2% 

- FY2018: 4.4% 

- FY2019: 7.6% 

- FY2020: 22.0% 

- FY2021: 61.7% 

- FY2022: 63.5% 

- FY2023: 18.0% 

- FY2024: 38.0% 

- FY2025: 24.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are TWD 379.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2025: revenue 379068627000; grossProfit 92679021000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2603.TW: Evergreen Marine Corporation (Taiwan) Ltd., together with its subsidiaries, engages in the shipping carrier and agency, container terminal operations, and commercial port area ship repair businesses in Taiwan, North America, Europe, Asia, and internationally. The company provides cargo loading and discharging, terminal, inland transportation, real estate leasing, security, computer system, terminal logistics, leasing storehouse, management consultancy and self-owned property leasing, and container shipping services; inspections of containers at the custom house; storage, repair, and cleaning for containers; agency services dealing with port formalities; and data processing and information technology consulting services. In addition, it manufactures dry steel containers and parts; distributes containers; invests in transportation-related business, and counter yards and port terminals; and invests in and leases operating machinery and equipment of port terminals. Evergreen Marine Corporation (Taiwan) Ltd. was founded in 1968 and is based in Taipei, Taiwan.

### Why customers stay

Margins ranged from 18% to 38% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2023: grossProfit / revenue = 18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2024: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2025: grossProfit / revenue = 24.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); 10-year return on capital observations [[2016,-0.0659044279087716],[2017,0.043676180572208706],[2018,0.0049578873289429035],[2019,0.022614292262263695],[2020,0.1672014778202115],[2021,1.024962688021821],[2022,1.4215936897033772],[2023,0.055488440513957744],[2024,0.273554812995072],[2025,0.11365099624121305]]; median 0.0845697183775854. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2017: growth capex 0; upkeep 1615513000; owner earnings 13091216000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2018: growth capex 1354888000; upkeep 8739908000; owner earnings 293919000. Growth capex / owner earnings = 4.609732613407095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2019: growth capex 0; upkeep 6754877000; owner earnings 1411533400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2020: growth capex 0; upkeep 5511950000; owner earnings 27103506600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2021: growth capex 0; upkeep 14968289000; owner earnings 228988958000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2022: growth capex 0; upkeep 17879964000; owner earnings 326096355600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2023: growth capex 0; upkeep 12460391000; owner earnings 35097029000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2024: growth capex 0; upkeep 22286912000; owner earnings 134152042800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); FY2025: growth capex 0; upkeep 22001635000; owner earnings 67285227400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); Dividend observations: [[2016,802471000],[2017,802471000],[2018,802471000],[2019,13156234000],[2020,13156234000],[2021,13156234000],[2022,95238884000],[2023,148149406000],[2024,21439152000],[2025,70363897000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2603.TW SharesStats.PercentInsiders = 19.878 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 15.6% yearly over ten years; actual growth was 43.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:55.883Z); Ten-year compound average after fade. Initial solved rate -0.22841415901473222. Price 257; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8436038944997051 → FY2025 30.949795769296582. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 12.08 per share

- 2016-11: TWD 12.33 per share

- 2016-12: TWD 11.36 per share

- 2017-01: TWD 13.20 per share

- 2017-02: TWD 14.89 per share

- 2017-03: TWD 14.53 per share

- 2017-04: TWD 13.61 per share

- 2017-05: TWD 15.45 per share

- 2017-06: TWD 15.81 per share

- 2017-07: TWD 16.94 per share

- 2017-08: TWD 23.54 per share

- 2017-09: TWD 18.68 per share

- 2017-10: TWD 18.47 per share

- 2017-11: TWD 17.02 per share

- 2017-12: TWD 16.52 per share

- 2018-01: TWD 17.43 per share

- 2018-02: TWD 15.61 per share

- 2018-03: TWD 15.31 per share

- 2018-04: TWD 15.26 per share

- 2018-05: TWD 15.00 per share

- 2018-06: TWD 13.13 per share

- 2018-07: TWD 13.99 per share

- 2018-08: TWD 13.18 per share

- 2018-09: TWD 12.93 per share

- 2018-10: TWD 11.48 per share

- 2018-11: TWD 11.73 per share

- 2018-12: TWD 11.99 per share

- 2019-01: TWD 12.04 per share

- 2019-02: TWD 12.54 per share

- 2019-03: TWD 12.04 per share

- 2019-04: TWD 13.65 per share

- 2019-05: TWD 12.19 per share

- 2019-06: TWD 12.54 per share

- 2019-07: TWD 14.50 per share

- 2019-08: TWD 12.94 per share

- 2019-09: TWD 13.09 per share

- 2019-10: TWD 12.59 per share

- 2019-11: TWD 12.40 per share

- 2019-12: TWD 12.40 per share

- 2020-01: TWD 11.75 per share

- 2020-02: TWD 11.55 per share

- 2020-03: TWD 9.25 per share

- 2020-04: TWD 11.10 per share

- 2020-05: TWD 10.90 per share

- 2020-06: TWD 10.75 per share

- 2020-07: TWD 11.00 per share

- 2020-08: TWD 17.40 per share

- 2020-09: TWD 15.85 per share

- 2020-10: TWD 18.90 per share

- 2020-11: TWD 24.70 per share

- 2020-12: TWD 40.70 per share

- 2021-01: TWD 31.20 per share

- 2021-02: TWD 37.95 per share

- 2021-03: TWD 45.50 per share

- 2021-04: TWD 79.00 per share

- 2021-05: TWD 98.60 per share

- 2021-06: TWD 197.00 per share

- 2021-07: TWD 132.00 per share

- 2021-08: TWD 136.00 per share

- 2021-09: TWD 126.00 per share

- 2021-10: TWD 99.50 per share

- 2021-11: TWD 124.50 per share

- 2021-12: TWD 142.50 per share

- 2022-01: TWD 113.00 per share

- 2022-02: TWD 143.50 per share

- 2022-03: TWD 135.00 per share

- 2022-04: TWD 145.00 per share

- 2022-05: TWD 140.50 per share

- 2022-06: TWD 84.60 per share

- 2022-07: TWD 95.50 per share

- 2022-08: TWD 88.30 per share

- 2022-09: TWD 146.00 per share

- 2022-10: TWD 137.50 per share

- 2022-11: TWD 163.00 per share

- 2022-12: TWD 163.00 per share

- 2023-01: TWD 152.00 per share

- 2023-02: TWD 157.00 per share

- 2023-03: TWD 158.50 per share

- 2023-04: TWD 161.50 per share

- 2023-05: TWD 153.00 per share

- 2023-06: TWD 93.50 per share

- 2023-07: TWD 104.00 per share

- 2023-08: TWD 106.50 per share

- 2023-09: TWD 116.00 per share

- 2023-10: TWD 107.50 per share

- 2023-11: TWD 112.00 per share

- 2023-12: TWD 143.50 per share

- 2024-01: TWD 150.50 per share

- 2024-02: TWD 165.50 per share

- 2024-03: TWD 172.00 per share

- 2024-04: TWD 189.50 per share

- 2024-05: TWD 210.50 per share

- 2024-06: TWD 193.00 per share

- 2024-07: TWD 170.50 per share

- 2024-08: TWD 188.00 per share

- 2024-09: TWD 201.00 per share

- 2024-10: TWD 205.50 per share

- 2024-11: TWD 217.00 per share

- 2024-12: TWD 225.00 per share

- 2025-01: TWD 204.50 per share

- 2025-02: TWD 216.00 per share

- 2025-03: TWD 220.50 per share

- 2025-04: TWD 206.50 per share

- 2025-05: TWD 244.50 per share

- 2025-06: TWD 199.00 per share

- 2025-07: TWD 198.00 per share

- 2025-08: TWD 185.50 per share

- 2025-09: TWD 179.00 per share

- 2025-10: TWD 193.50 per share

- 2025-11: TWD 179.50 per share

- 2025-12: TWD 190.00 per share

- 2026-01: TWD 186.00 per share

- 2026-02: TWD 197.00 per share

- 2026-03: TWD 199.50 per share

- 2026-04: TWD 202.00 per share

- 2026-05: TWD 213.00 per share

- 2026-06: TWD 184.50 per share

- 2026-07: TWD 204.00 per share

- 2026-08: TWD 233.50 per share

- 2026-09: TWD 239.50 per share

- 2026-10: TWD 255.50 per share

## Annual estimated value (TWD per share)

- FY2017: low TWD 33.46 per share, central TWD 34.90 per share, high TWD 36.79 per share

- FY2018: low TWD 31.49 per share, central TWD 33.45 per share, high TWD 35.54 per share

- FY2019: low TWD 29.90 per share, central TWD 33.57 per share, high TWD 35.94 per share

- FY2020: low TWD 32.97 per share, central TWD 34.17 per share, high TWD 35.76 per share

- FY2021: low TWD 310.20 per share, central TWD 340.50 per share, high TWD 380.85 per share

- FY2022: low TWD 623.54 per share, central TWD 682.01 per share, high TWD 759.83 per share

- FY2023: low TWD 275.10 per share, central TWD 300.89 per share, high TWD 335.22 per share

- FY2024: low TWD 794.47 per share, central TWD 887.91 per share, high TWD 1,012.30 per share

- FY2025: low TWD 633.57 per share, central TWD 709.62 per share, high TWD 810.85 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:42.547Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations