# Caliway Biopharmaceuticals Co L (6919.TW)

Canonical: https://gigainvestors.com/s/6919.TW

Analysis as of: 2026-10-16T07:38:33.943Z. Financial observations: FY2019–FY2026.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

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

Share price: TWD 75.30 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 8

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2019: -6.55×

- FY2020: -10.20×

- FY2021: -18.70×

- FY2022: -24.93×

- FY2023: -13.19×

- FY2024: -16.14×

- FY2025: -18.59×

- LTM to Jun 2026: -28.29×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -309.2%

- ROIC, second-lowest year: -812.6%

- Typical minus recent gross margin: -5.2 pp

- Typical gross margin (annual median): 64.5%

- Recent gross margin (lower of latest and 3-year median): 69.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 45.1%

- ROIC including acquisitions, ten-year median: -264.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -77.5%

- FY2020: -99.6%

- FY2021: -210.6%

- FY2022: -309.2%

- FY2023: -812.6%

- FY2024: -1421.3%

- FY2025: -384.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD -1.9B

- Net income, five-year total: TWD -1.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 23.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: TWD -229M

- FY2022: TWD -281M

- FY2023: TWD -474M

- FY2024: TWD -572M

- FY2025: TWD -338M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -99.6% vs -812.6%

- Per-share earnings: -0.17 to -0.39 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 15.7%

- Diluted shares, 5-year annual growth: 15.7%

- Per-share value change: TWD -0.22

- Per-share value, starting three-year median: TWD -0.17

- Per-share value, ending three-year median: TWD -0.39

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -99.6%

- ROIC, last three-year median: -812.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: TWD -0.17

- FY2020: TWD -0.13

- FY2021: TWD -0.23

- FY2022: TWD -0.24

- FY2023: TWD -0.39

- FY2024: TWD -0.41

- FY2025: TWD -0.23

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 24.7%

- Receivables to sales index (DSRI): 0.05×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -9.0%

- FY2020: -22.6%

- FY2021: -15.9%

- FY2022: -3.5%

- FY2023: -1.7%

- FY2024: -0.7%

- FY2025: 24.7%

## Holders

## Price story

Down 63% since Aug 2025 · sales -22.7%

Story as of 2026-10-16T10:00:10.063Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -22.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: TWD 19M 

- FY2020: TWD 10M 

- FY2021: TWD 12M 

- FY2022: TWD 13M 

- FY2023: TWD 39M 

- FY2024: TWD 44M 

- FY2025: TWD 38M 

- FY2026: TWD 29M 

### Gross margin · FY2025

gross margin 69.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 58.0% 

- FY2020: 64.5% 

- FY2021: 74.8% 

- FY2023: 70.6% 

- FY2024: 2.8% 

- FY2025: 69.7% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are TWD 38 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); FY2025: revenue 37975919; grossProfit 26477388; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6919.TW: Caliway Biopharmaceuticals Co., Ltd., together with its subsidiaries, engages in the development of drugs for aesthetic medicine and chronic inflammation. The company develops CBL-514, an investigational drug, which is in Phase 2 clinical trial for non-surgical fat reduction and Dercum's disease, as well as for cellulite treatment. It is also developing CBA-539, which is in preclinical stage for central obesity, hyperpigmentation, and skin aging, as well as offers dietary supplements. The company was incorporated in 2012 and is based in New Taipei City, Taiwan.

### Why customers stay

Margins ranged from 2.8% to 70.6% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); FY2023: grossProfit / revenue = 70.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); FY2024: grossProfit / revenue = 2.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); FY2025: grossProfit / revenue = 69.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); 7-year return on capital observations [[2019,-0.7752109217762825],[2020,-0.9955461005542059],[2021,-2.10646901800509],[2022,-3.0919736960166433],[2023,-8.126201864971117],[2024,-14.212609382852548],[2025,-3.8445746955402367]]; median -3.0919736960166433. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years; bought back TWD 130.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); FY2025: cash repurchases 130521000 TWD.

### Are managers owners

Insiders own 30.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6919.TW SharesStats.PercentInsiders = 30.189 percentage points; cache date 2026-10-16.

### What the price says

The price is 3059.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:33.943Z); Closing price 75.3 TWD; reporting-to-trading FX 1; FY2025 annual sales per share 0.024609669308483406; price multiple 3059.7729313673753. FY2025 cash earnings/share -0.21931883898310578. Closing-price date 2026-10-15.

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

- 2023-01: TWD 18.96 per share

- 2023-02: TWD 22.71 per share

- 2023-03: TWD 23.06 per share

- 2023-04: TWD 26.40 per share

- 2023-05: TWD 32.54 per share

- 2023-06: TWD 34.93 per share

- 2023-07: TWD 35.98 per share

- 2023-08: TWD 35.78 per share

- 2023-09: TWD 45.26 per share

- 2023-10: TWD 37.30 per share

- 2023-11: TWD 38.95 per share

- 2023-12: TWD 38.55 per share

- 2024-01: TWD 44.30 per share

- 2024-02: TWD 51.20 per share

- 2024-03: TWD 25.80 per share

- 2024-04: TWD 38.40 per share

- 2024-05: TWD 41.60 per share

- 2024-06: TWD 61.80 per share

- 2024-07: TWD 60.40 per share

- 2024-08: TWD 63.00 per share

- 2024-09: TWD 59.10 per share

- 2024-10: TWD 48.35 per share

- 2024-11: TWD 60.10 per share

- 2024-12: TWD 61.50 per share

- 2025-01: TWD 69.80 per share

- 2025-02: TWD 93.80 per share

- 2025-03: TWD 78.80 per share

- 2025-04: TWD 66.80 per share

- 2025-05: TWD 87.70 per share

- 2025-06: TWD 134.50 per share

- 2025-07: TWD 123.50 per share

- 2025-08: TWD 202.00 per share

- 2025-09: TWD 185.50 per share

- 2025-10: TWD 150.50 per share

- 2025-11: TWD 157.00 per share

- 2025-12: TWD 155.00 per share

- 2026-01: TWD 165.50 per share

- 2026-02: TWD 164.50 per share

- 2026-03: TWD 86.30 per share

- 2026-04: TWD 104.00 per share

- 2026-05: TWD 100.50 per share

- 2026-06: TWD 99.80 per share

- 2026-07: TWD 103.00 per share

- 2026-08: TWD 94.80 per share

- 2026-09: TWD 79.00 per share

- 2026-10: TWD 78.50 per share

## Annual estimated value (TWD 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

## 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.