Iron Force Industrial Co Ltd
Iron Force Industrial Co., Ltd., together with its subsidiaries, manufactures and trades in airbag inflators for automotive safety systems in Taiwan and internationally. Its auto parts include airbag inflators and precision metal parts for automotive safety systems; steering columns/shafts and diesel engine cooling pipes; high precision metal tubes for seatbelt retractor/pre-tensioner systems; in… Read more
Iron Force Industrial Co Ltd (2228) - Net Assets
Latest net assets as of September 2025: NT$4.74 Billion TWD
Based on the latest financial reports, Iron Force Industrial Co Ltd (2228) has net assets worth NT$4.74 Billion TWD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$6.72 Billion) and total liabilities (NT$1.98 Billion). 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.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$4.74 Billion |
| % of Total Assets | 70.5% |
| Annual Growth Rate | 9.96% |
| 5-Year Change | 42.53% |
| 10-Year Change | 57.29% |
| Growth Volatility | 13.19 |
Iron Force Industrial Co Ltd - Net Assets Trend (2009–2024)
This chart illustrates how Iron Force Industrial Co Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Iron Force Industrial Co Ltd (2009–2024)
The table below shows the annual net assets of Iron Force Industrial Co Ltd from 2009 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$5.25 Billion | +20.26% |
| 2023-12-31 | NT$4.36 Billion | +4.80% |
| 2022-12-31 | NT$4.16 Billion | +9.70% |
| 2021-12-31 | NT$3.80 Billion | +3.10% |
| 2020-12-31 | NT$3.68 Billion | -6.67% |
| 2019-12-31 | NT$3.94 Billion | +4.81% |
| 2018-12-31 | NT$3.76 Billion | +0.42% |
| 2017-12-31 | NT$3.75 Billion | +2.47% |
| 2016-12-31 | NT$3.66 Billion | +9.64% |
| 2015-12-31 | NT$3.34 Billion | +28.46% |
| 2014-12-31 | NT$2.60 Billion | +13.26% |
| 2013-12-31 | NT$2.29 Billion | +45.97% |
| 2012-12-31 | NT$1.57 Billion | -5.07% |
| 2011-12-31 | NT$1.65 Billion | +20.46% |
| 2010-12-31 | NT$1.37 Billion | +8.81% |
| 2009-12-31 | NT$1.26 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Iron Force Industrial Co Ltd'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 grown by 499.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$2.38 Billion | 45.44% |
| Common Stock | NT$795.31 Million | 15.16% |
| Other Comprehensive Income | NT$-211.04 Million | -4.02% |
| Other Components | NT$2.28 Billion | 43.42% |
| Total Equity | NT$5.25 Billion | 100.00% |
Iron Force Industrial Co Ltd Competitors by Market Cap
The table below lists competitors of Iron Force Industrial Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Autopistas del Sol
BA:AUSO
|
$110.28 Million |
|
Silvercrest Asset Management Group Inc
NASDAQ:SAMG
|
$110.32 Million |
|
FutureFuel Corp
NYSE:FF
|
$110.32 Million |
|
Taita Chemical Co Ltd
TW:1309
|
$110.39 Million |
|
LTC Co.Ltd
KQ:170920
|
$110.24 Million |
|
PT Bank Bisnis Internasional Tbk
JK:BBSI
|
$110.21 Million |
|
Enter Air Sp. z o.o
F:10N
|
$110.21 Million |
|
Liton Technology
TWO:6175
|
$110.21 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Iron Force Industrial Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 4,363,570,000 to 5,247,574,000, a change of 884,004,000 (20.3%).
- Net income of 731,026,000 contributed positively to equity growth.
- Dividend payments of 378,901,000 reduced retained earnings.
- New share issuances of 328,900,000 increased equity.
- Other comprehensive income increased equity by 120,684,000.
- Other factors increased equity by 82,295,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$731.03 Million | +13.93% |
| Dividends Paid | NT$378.90 Million | -7.22% |
| Share Issuances | NT$328.90 Million | +6.27% |
| Other Comprehensive Income | NT$120.68 Million | +2.3% |
| Other Changes | NT$82.30 Million | +1.57% |
| Total Change | NT$- | 20.26% |
Book Value vs Market Value Analysis
This analysis compares Iron Force Industrial Co Ltd'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: 1.33x
- 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 4.30x to 1.33x 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$20.88 | NT$89.80 | x |
| 2010-12-31 | NT$22.63 | NT$89.80 | x |
| 2011-12-31 | NT$27.26 | NT$89.80 | x |
| 2012-12-31 | NT$25.29 | NT$89.80 | x |
| 2013-12-31 | NT$34.89 | NT$89.80 | x |
| 2014-12-31 | NT$36.04 | NT$89.80 | x |
| 2015-12-31 | NT$45.28 | NT$89.80 | x |
| 2016-12-31 | NT$48.27 | NT$89.80 | x |
| 2017-12-31 | NT$49.42 | NT$89.80 | x |
| 2018-12-31 | NT$49.60 | NT$89.80 | x |
| 2019-12-31 | NT$52.00 | NT$89.80 | x |
| 2020-12-31 | NT$47.06 | NT$89.80 | x |
| 2021-12-31 | NT$48.12 | NT$89.80 | x |
| 2022-12-31 | NT$52.67 | NT$89.80 | x |
| 2023-12-31 | NT$57.00 | NT$89.80 | x |
| 2024-12-31 | NT$67.28 | NT$89.80 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Iron Force Industrial Co Ltd 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): 13.93%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.50%
- • Asset Turnover: 0.74x
- • Equity Multiplier: 1.30x
- Recent ROE (13.93%) is below the historical average (14.07%), 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 | 10.13% | 13.45% | 0.61x | 1.23x | NT$1.67 Million |
| 2010 | 18.40% | 19.46% | 0.72x | 1.31x | NT$115.45 Million |
| 2011 | 18.49% | 11.92% | 1.12x | 1.38x | NT$140.55 Million |
| 2012 | 17.22% | 9.41% | 1.16x | 1.57x | NT$113.39 Million |
| 2013 | 14.53% | 11.03% | 1.06x | 1.24x | NT$103.82 Million |
| 2014 | 18.73% | 13.87% | 1.06x | 1.28x | NT$226.85 Million |
| 2015 | 18.59% | 15.72% | 0.93x | 1.27x | NT$286.43 Million |
| 2016 | 18.80% | 15.42% | 0.92x | 1.32x | NT$321.91 Million |
| 2017 | 14.68% | 12.72% | 0.91x | 1.27x | NT$175.35 Million |
| 2018 | 13.34% | 11.89% | 0.86x | 1.30x | NT$125.72 Million |
| 2019 | 16.64% | 14.34% | 0.90x | 1.29x | NT$261.88 Million |
| 2020 | 2.69% | 2.89% | 0.62x | 1.49x | NT$-269.23 Million |
| 2021 | 6.29% | 6.49% | 0.68x | 1.43x | NT$-140.99 Million |
| 2022 | 10.87% | 10.35% | 0.72x | 1.47x | NT$36.21 Million |
| 2023 | 11.78% | 10.50% | 0.80x | 1.41x | NT$77.46 Million |
| 2024 | 13.93% | 14.50% | 0.74x | 1.30x | NT$206.27 Million |
Industry Comparison
This section compares Iron Force Industrial Co Ltd's net assets metrics with peer companies in the Auto Parts industry.
Industry Context
- Industry: Auto Parts
- Average net assets among peers: $5,222,392,000
- Average return on equity (ROE) among peers: 5.04%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Iron Force Industrial Co Ltd (2228) | NT$4.74 Billion | 10.13% | 0.42x | $110.27 Million |
| Tong Yang Industry Co Ltd (1319) | $22.36 Billion | 3.67% | 0.59x | $997.47 Million |
| Taihan Precision Technology Co Ltd (1336) | $1.66 Billion | 6.42% | 0.51x | $21.32 Million |
| Hiroca Holdings Ltd (1338) | $6.57 Billion | 4.49% | 0.58x | $25.70 Million |
| Y.C.C. Parts MFG Co Ltd (1339) | $3.60 Billion | 10.46% | 0.49x | $26.07 Million |
| Right Way Industrial Co Ltd (1506) | $1.35 Billion | 0.41% | 1.38x | $45.05 Million |
| Jui Li Enterprise Co Ltd (1512) | $2.16 Billion | -2.60% | 1.73x | $15.40 Million |
| Ta Yih Industrial Co Ltd (1521) | $1.90 Billion | 18.96% | 0.91x | $18.24 Million |
| TYC Brother Industrial Co Ltd (1522) | $5.81 Billion | 1.09% | 2.29x | $174.92 Million |
| Gordon Auto Body Parts Co Ltd (1524) | $2.20 Billion | 1.66% | 1.28x | $89.59 Million |
| Kian Shen Corp (1525) | $4.62 Billion | 5.84% | 0.21x | $31.87 Million |