Forest Water Environmental Engineering Co.

8473.TW

Waste Management · Industrials

Price

NT$45.90

-0.50 (-1.08%)

Market Cap

NT$8.31B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 30, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+38.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 161.2M (2021) → 223.6M (2025)

Winston Score History

The full picture

Forest Water Environmental Engineering Co., Ltd., founded in 1993 and headquartered in Taipei City, Taiwan, is actively engaged in the environmental engineering industry throughout Taiwan. The company specializes in the operation and comprehensive management of various vital facilities, including sewage treatment plants, recycling centers, and desalination plants. Their extensive service offerings span the entire project lifecycle, from initial design and construction to ongoing operation and maintenance. This includes advanced solutions for seawater desalination technology and equipment, as well as the processing of various organic waste materials such as livestock manure and kitchen waste. Furthermore, Forest Water provides integrated services for sludge treatment and recycling systems, alongside sophisticated wastewater recycling and reclaimed water technologies. Beyond plant management, the company addresses crucial environmental issues through services like soil pollution investigation and assessment, both on-site and off-site remediation efforts, brownfield development, and the off-site restoration of contaminated soil. They also provide waste treatment and incineration services.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+103.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

NT$6M/ year

0.1% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

NT$10.1B cash & investments at current burn rate

Growth context

Forest Water Environmental Engineering Co. is growing revenue at 13% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.6%

Modest — 32.6% gross margin

Profit after running costs

Operating Margin

26.1%

Excellent — 26.1% operating margin

Return on the money invested

ROCE

8.0%

Weak — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+31.2%

Fast-growing sales (+31.2% YoY)

Profit growth

EPS YoY

+126.1%

Earnings growing fast (+126.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

246%

Turns 246% of profit into real cash

Spare cash per sale

FCF Margin

28.1%

Converts sales into free cash efficiently (28.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.89

Moderate — manageable debt (0.89)

Covers its interest

Interest Cover

6.37x

Adequate interest coverage (6.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.2x

Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.70%

Small dividend — 1.70% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-67.2%

Dividend cut (-67.2% YoY) — warning sign

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