Test Research Inc
Test Research, Inc., together with its subsidiaries, designs, assembles, manufactures, sells, repairs, and maintains automated inspection and testing equipment in Asia, America, Europe, and internationally. The company offers optical inspection solutions, including 3D solder paste inspection; pre-reflow and post-reflow automated optical inspection; conformal coating inspection; and automated x-ra… Read more
Test Research Inc (3030) - Net Assets
Latest net assets as of December 2025: NT$9.60 Billion TWD
Based on the latest financial reports, Test Research Inc (3030) has net assets worth NT$9.60 Billion TWD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$12.16 Billion) and total liabilities (NT$2.55 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$9.60 Billion |
| % of Total Assets | 79.0% |
| Annual Growth Rate | 11.03% |
| 5-Year Change | 57.54% |
| 10-Year Change | 87.24% |
| Growth Volatility | 11.71 |
Test Research Inc - Net Assets Trend (2002–2025)
This chart illustrates how Test Research Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Test Research Inc (2002–2025)
The table below shows the annual net assets of Test Research Inc from 2002 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | NT$9.60 Billion | +15.98% |
| 2024-12-31 | NT$8.28 Billion | +15.24% |
| 2023-12-31 | NT$7.19 Billion | -1.12% |
| 2022-12-31 | NT$7.27 Billion | +19.20% |
| 2021-12-31 | NT$6.10 Billion | +6.91% |
| 2020-12-31 | NT$5.70 Billion | +5.94% |
| 2019-12-31 | NT$5.38 Billion | +0.64% |
| 2018-12-31 | NT$5.35 Billion | +6.78% |
| 2017-12-31 | NT$5.01 Billion | -2.35% |
| 2016-12-31 | NT$5.13 Billion | -9.78% |
| 2015-12-31 | NT$5.69 Billion | -0.58% |
| 2014-12-31 | NT$5.72 Billion | +9.52% |
| 2013-12-31 | NT$5.22 Billion | -0.52% |
| 2012-12-31 | NT$5.25 Billion | +18.72% |
| 2011-12-31 | NT$4.42 Billion | +13.64% |
| 2010-12-31 | NT$3.89 Billion | +25.24% |
| 2009-12-31 | NT$3.11 Billion | +2.19% |
| 2008-12-31 | NT$3.04 Billion | +10.17% |
| 2007-12-31 | NT$2.76 Billion | +28.39% |
| 2006-12-31 | NT$2.15 Billion | +28.28% |
| 2005-12-31 | NT$1.68 Billion | +17.67% |
| 2004-12-31 | NT$1.42 Billion | +39.66% |
| 2003-12-31 | NT$1.02 Billion | +17.84% |
| 2002-12-31 | NT$865.05 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Test Research Inc'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 2666.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$5.15 Billion | 53.67% |
| Common Stock | NT$2.36 Billion | 24.60% |
| Other Comprehensive Income | NT$2.02 Billion | 21.00% |
| Other Components | NT$70.74 Million | 0.74% |
| Total Equity | NT$9.60 Billion | 100.00% |
Test Research Inc Competitors by Market Cap
The table below lists competitors of Test Research Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Soulbrain Co. Ltd
KQ:357780
|
$1.10 Billion |
|
Establishment Labs Holdings Inc
NASDAQ:ESTA
|
$1.10 Billion |
|
GuoChuang Software Co Ltd
SHE:300520
|
$1.10 Billion |
|
Seojin System Co.Ltd
KQ:178320
|
$1.10 Billion |
|
SpareBank 1 Østlandet
OL:SPOL
|
$1.10 Billion |
|
Zhejiang Jingu Co Ltd
SHE:002488
|
$1.10 Billion |
|
Dlocal Ltd
NASDAQ:DLO
|
$1.10 Billion |
|
TS TECH Co., Ltd.
PINK:TTCAF
|
$1.10 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Test Research Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 8,281,006,000 to 9,603,898,000, a change of 1,322,892,000 (16.0%).
- Net income of 2,478,679,000 contributed positively to equity growth.
- Dividend payments of 1,181,080,000 reduced retained earnings.
- Other comprehensive income increased equity by 156,032,000.
- Other factors decreased equity by 130,739,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$2.48 Billion | +25.81% |
| Dividends Paid | NT$1.18 Billion | -12.3% |
| Other Comprehensive Income | NT$156.03 Million | +1.62% |
| Other Changes | NT$-130.74 Million | -1.36% |
| Total Change | NT$- | 15.98% |
Book Value vs Market Value Analysis
This analysis compares Test Research Inc'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: 6.26x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 25.61x to 6.26x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | NT$9.94 | NT$254.50 | x |
| 2007-12-31 | NT$12.50 | NT$254.50 | x |
| 2008-12-31 | NT$13.26 | NT$254.50 | x |
| 2009-12-31 | NT$13.09 | NT$254.50 | x |
| 2010-12-31 | NT$16.40 | NT$254.50 | x |
| 2011-12-31 | NT$18.56 | NT$254.50 | x |
| 2012-12-31 | NT$22.13 | NT$254.50 | x |
| 2013-12-31 | NT$22.04 | NT$254.50 | x |
| 2014-12-31 | NT$24.11 | NT$254.50 | x |
| 2015-12-31 | NT$23.97 | NT$254.50 | x |
| 2016-12-31 | NT$21.67 | NT$254.50 | x |
| 2017-12-31 | NT$21.13 | NT$254.50 | x |
| 2018-12-31 | NT$22.52 | NT$254.50 | x |
| 2019-12-31 | NT$22.73 | NT$254.50 | x |
| 2020-12-31 | NT$24.10 | NT$254.50 | x |
| 2021-12-31 | NT$25.76 | NT$254.50 | x |
| 2022-12-31 | NT$30.68 | NT$254.50 | x |
| 2023-12-31 | NT$30.37 | NT$254.50 | x |
| 2024-12-31 | NT$35.01 | NT$254.50 | x |
| 2025-12-31 | NT$40.64 | NT$254.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Test Research Inc 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): 25.81%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 29.27%
- • Asset Turnover: 0.70x
- • Equity Multiplier: 1.27x
- Recent ROE (25.81%) is above the historical average (19.92%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 21.38% | 23.82% | 0.61x | 1.46x | NT$98.44 Million |
| 2003 | 16.09% | 18.18% | 0.61x | 1.45x | NT$62.12 Million |
| 2004 | 30.39% | 27.86% | 0.82x | 1.32x | NT$290.22 Million |
| 2005 | 20.76% | 24.14% | 0.68x | 1.26x | NT$180.20 Million |
| 2006 | 27.74% | 29.25% | 0.73x | 1.30x | NT$381.20 Million |
| 2007 | 28.04% | 30.47% | 0.77x | 1.20x | NT$497.72 Million |
| 2008 | 15.45% | 22.50% | 0.60x | 1.15x | NT$165.77 Million |
| 2009 | 6.31% | 11.45% | 0.46x | 1.20x | NT$-114.70 Million |
| 2010 | 23.29% | 24.12% | 0.83x | 1.16x | NT$517.10 Million |
| 2011 | 21.80% | 24.73% | 0.76x | 1.16x | NT$521.63 Million |
| 2012 | 27.30% | 25.88% | 0.84x | 1.25x | NT$908.23 Million |
| 2013 | 15.44% | 19.74% | 0.66x | 1.19x | NT$284.18 Million |
| 2014 | 22.04% | 21.47% | 0.86x | 1.19x | NT$688.55 Million |
| 2015 | 17.57% | 21.01% | 0.72x | 1.17x | NT$430.38 Million |
| 2016 | 8.37% | 13.85% | 0.54x | 1.13x | NT$-83.71 Million |
| 2017 | 11.88% | 16.52% | 0.59x | 1.21x | NT$93.97 Million |
| 2018 | 19.90% | 21.64% | 0.76x | 1.21x | NT$529.55 Million |
| 2019 | 17.44% | 21.40% | 0.67x | 1.22x | NT$400.45 Million |
| 2020 | 19.16% | 22.07% | 0.71x | 1.23x | NT$522.44 Million |
| 2021 | 19.44% | 21.14% | 0.70x | 1.31x | NT$575.42 Million |
| 2022 | 26.44% | 28.64% | 0.73x | 1.26x | NT$1.19 Billion |
| 2023 | 13.93% | 22.58% | 0.50x | 1.24x | NT$282.70 Million |
| 2024 | 22.18% | 28.90% | 0.63x | 1.22x | NT$1.01 Billion |
| 2025 | 25.81% | 29.27% | 0.70x | 1.27x | NT$1.52 Billion |
Industry Comparison
This section compares Test Research Inc's net assets metrics with peer companies in the Scientific & Technical Instruments industry.
Industry Context
- Industry: Scientific & Technical Instruments
- Average net assets among peers: $2,520,314,889
- Average return on equity (ROE) among peers: 8.87%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Test Research Inc (3030) | NT$9.60 Billion | 21.38% | 0.27x | $1.10 Billion |
| Chroma ATE Inc (2360) | $4.96 Billion | 20.34% | 0.61x | $9.53 Billion |
| Good Will Instrument Co Ltd (2423) | $2.21 Billion | 12.83% | 0.37x | $90.45 Million |
| Altek Corp (3059) | $9.12 Billion | 3.85% | 0.74x | $322.79 Million |
| RoyalTek Co Ltd (3306) | $1.34 Billion | -3.40% | 0.20x | $39.20 Million |
| Globalsat Worldcom (3499) | $631.80 Million | 4.97% | 0.89x | $18.03 Million |
| Materials Analysis Technology (3587) | $758.04 Million | 11.20% | 0.27x | $286.53 Million |
| FineTek Co Ltd (4549) | $1.42 Billion | 16.22% | 0.35x | $70.94 Million |
| Sysgration Ltd (5309) | $1.21 Billion | 7.91% | 1.41x | $303.56 Million |
| Kingwaytek Technology Co Ltd (6516) | $1.03 Billion | 5.93% | 0.23x | $62.64 Million |