Headway (1776) - Net Assets
Based on the latest financial reports, Headway (1776) has net assets worth NT$924.06 Million TWD (≈ $29.11 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$1.48 Billion ≈ $46.48 Million USD) and total liabilities (NT$551.10 Million ≈ $17.36 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Headway (1776) strategic investment index to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$924.06 Million |
| % of Total Assets | 62.64% |
| Annual Growth Rate | 0.05% |
| 5-Year Change | -20.81% |
| 10-Year Change | -30.0% |
| Growth Volatility | 6.73 |
Headway - Net Assets Trend (2009–2025)
This chart illustrates how Headway's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see 1776 company net worth.
Annual Net Assets for Headway (2009–2025)
The table below shows the annual net assets of Headway from 2009 to 2025. Also explore 1776 net assets growth trend to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | NT$925.64 Million ≈ $29.16 Million |
-9.48% |
| 2024-12-31 | NT$1.02 Billion ≈ $32.22 Million |
+3.37% |
| 2023-12-31 | NT$989.22 Million ≈ $31.17 Million |
-11.20% |
| 2022-12-31 | NT$1.11 Billion ≈ $35.10 Million |
-4.69% |
| 2021-12-31 | NT$1.17 Billion ≈ $36.82 Million |
+6.37% |
| 2020-12-31 | NT$1.10 Billion ≈ $34.62 Million |
-1.27% |
| 2019-12-31 | NT$1.11 Billion ≈ $35.07 Million |
-1.16% |
| 2018-12-31 | NT$1.13 Billion ≈ $35.48 Million |
-12.35% |
| 2017-12-31 | NT$1.28 Billion ≈ $40.48 Million |
-2.84% |
| 2016-12-31 | NT$1.32 Billion ≈ $41.66 Million |
+8.47% |
| 2015-12-31 | NT$1.22 Billion ≈ $38.41 Million |
+2.10% |
| 2014-12-31 | NT$1.19 Billion ≈ $37.62 Million |
+6.65% |
| 2013-12-31 | NT$1.12 Billion ≈ $35.27 Million |
+6.46% |
| 2012-12-31 | NT$1.05 Billion ≈ $33.13 Million |
+6.66% |
| 2011-12-31 | NT$985.97 Million ≈ $31.06 Million |
+8.20% |
| 2010-12-31 | NT$911.25 Million ≈ $28.71 Million |
-0.71% |
| 2009-12-31 | NT$917.80 Million ≈ $28.92 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Headway's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 80.6% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$49.86 Million | 5.76% |
| Common Stock | NT$601.07 Million | 69.43% |
| Other Comprehensive Income | NT$201.64 Million | 23.29% |
| Other Components | NT$13.10 Million | 1.51% |
| Total Equity | NT$865.68 Million | 100.00% |
Headway Competitors by Market Cap
The table below lists competitors of Headway ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Singtex Industrial Co Ltd
TWO:4433
|
$34.75 Million |
|
Korea Circuit Co Ltd
KO:007815
|
$34.76 Million |
|
Essar Shipping Limited
NSE:ESSARSHPNG
|
$34.76 Million |
|
Star Equity Holdings Inc
NASDAQ:STRR
|
$34.77 Million |
|
Vertoz Advertising Limited
NSE:VERTOZ
|
$34.74 Million |
|
Corentec Co Ltd
KQ:104540
|
$34.70 Million |
|
Willowglen MSC Bhd
KLSE:0008
|
$34.65 Million |
|
Jinli Group Holdings Ltd
TW:8429
|
$34.64 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Headway's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 918,854,000 to 865,681,000, a change of -53,173,000 (-5.8%).
- Net income of 16,534,000 contributed positively to equity growth.
- Dividend payments of 48,086,000 reduced retained earnings.
- Other comprehensive income decreased equity by 43,527,001.
- Other factors increased equity by 21,906,001.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$16.53 Million | +1.91% |
| Dividends Paid | NT$48.09 Million | -5.55% |
| Other Comprehensive Income | NT$-43.53 Million | -5.03% |
| Other Changes | NT$21.91 Million | +2.53% |
| Total Change | NT$- | -5.79% |
Book Value vs Market Value Analysis
This analysis compares Headway's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.00x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 1.40x to 1.00x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | NT$13.10 | NT$18.35 | x |
| 2010-12-31 | NT$12.69 | NT$18.35 | x |
| 2011-12-31 | NT$13.80 | NT$18.35 | x |
| 2012-12-31 | NT$14.80 | NT$18.35 | x |
| 2013-12-31 | NT$15.89 | NT$18.35 | x |
| 2014-12-31 | NT$16.88 | NT$18.35 | x |
| 2015-12-31 | NT$17.36 | NT$18.35 | x |
| 2016-12-31 | NT$17.77 | NT$18.35 | x |
| 2017-12-31 | NT$16.64 | NT$18.35 | x |
| 2018-12-31 | NT$14.62 | NT$18.35 | x |
| 2019-12-31 | NT$16.72 | NT$18.35 | x |
| 2020-12-31 | NT$16.43 | NT$18.35 | x |
| 2021-12-31 | NT$17.40 | NT$18.35 | x |
| 2022-12-31 | NT$16.71 | NT$18.35 | x |
| 2023-12-31 | NT$13.22 | NT$18.35 | x |
| 2024-12-31 | NT$15.25 | NT$18.35 | x |
| 2025-12-31 | NT$18.29 | NT$18.35 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Headway utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.91%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.60%
- • Asset Turnover: 0.70x
- • Equity Multiplier: 1.69x
- Recent ROE (1.91%) is below the historical average (7.44%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 19.04% | 7.53% | 1.22x | 2.08x | NT$72.37 Million |
| 2010 | 13.91% | 4.32% | 1.36x | 2.37x | NT$30.39 Million |
| 2011 | 8.34% | 2.80% | 1.34x | 2.22x | NT$-14.02 Million |
| 2012 | 15.24% | 5.72% | 1.18x | 2.26x | NT$47.66 Million |
| 2013 | 9.36% | 3.81% | 1.17x | 2.10x | NT$-6.24 Million |
| 2014 | 8.12% | 3.44% | 1.13x | 2.10x | NT$-19.61 Million |
| 2015 | 11.95% | 5.62% | 1.08x | 1.97x | NT$20.98 Million |
| 2016 | 9.02% | 5.63% | 0.91x | 1.77x | NT$-11.65 Million |
| 2017 | 8.04% | 4.42% | 0.98x | 1.85x | NT$-22.87 Million |
| 2018 | -3.38% | -1.79% | 0.97x | 1.94x | NT$-136.05 Million |
| 2019 | 5.96% | 3.69% | 0.86x | 1.88x | NT$-40.33 Million |
| 2020 | 4.59% | 3.27% | 0.73x | 1.92x | NT$-53.21 Million |
| 2021 | 4.48% | 3.19% | 0.81x | 1.74x | NT$-58.01 Million |
| 2022 | 1.85% | 1.29% | 0.81x | 1.78x | NT$-82.13 Million |
| 2023 | 2.96% | 2.16% | 0.72x | 1.91x | NT$-61.99 Million |
| 2024 | 5.08% | 3.76% | 0.74x | 1.83x | NT$-45.21 Million |
| 2025 | 1.91% | 1.60% | 0.70x | 1.69x | NT$-70.03 Million |
Industry Comparison
This section compares Headway's net assets metrics with peer companies in the Chemicals industry.
Industry Context
- Industry: Chemicals
- Average net assets among peers: $43,697,611,200
- Average return on equity (ROE) among peers: 1.23%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Headway (1776) | NT$924.06 Million | 19.04% | 0.60x | $34.75 Million |
| Taiwan Styrene Monomer Corp (1310) | $7.52 Billion | -5.07% | 0.33x | $2.52K |
| Grand Pacific Petrochemical Corp (1312) | $8.40 Billion | -27.35% | 1.69x | $516.00 Million |
| Grand Pacific Petrochemical Corp Pref (1312A) | $36.52 Billion | -3.94% | 0.70x | $13.09 Million |
| UPC Technology Corp (1313) | $18.76 Billion | 14.35% | 0.95x | $501.05 Million |
| Formosa Chemicals & Fibre Corp (1326) | $321.87 Billion | 14.69% | 0.52x | $12.13 Billion |
| Sesoda Corp (1708) | $7.38 Billion | 11.08% | 0.69x | $386.75 Million |
| Formosan Union Chemical Corp (1709) | $4.37 Billion | 7.33% | 0.55x | $586.87 Million |
| Oriental Union Chemical Corp (1710) | $15.96 Billion | -3.52% | 1.20x | $433.81 Million |
| Ho Tung Chemical Corp (1714) | $15.41 Billion | 3.79% | 1.39x | $482.48 Million |
| Sunko Ink Co Ltd (1721) | $780.02 Million | 0.95% | 0.58x | $126.98 Million |
About Headway
Headway Advanced Materials Inc. manufactures and sells polyurethane resin and thermoplastic polyurethane pellet products in the Asia-Pacific region. The company provides products, such as solvent and water borne polyurethane, PU solventless, polyisocynate, polyol, and thermoplastic polyurethane, as well as polyaspartate resin, and hardener for polyaspartate resin. Its products are used in various… Read more