Iron Force Industrial Co (TPE:2228) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:2228 Iron Force Industrial Co Ltd TPE:2228
90 GF Score
Price NT$73.40
GF Value NT$89.89
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Iron Force Industrial Co Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Iron Force Industrial Co  (TPE:2228) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Iron Force Industrial Co Cyclically Adjusted PB Ratio Related Terms


Iron Force Industrial Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Iron Force Industrial Co's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Iron Force Industrial Co Cyclically Adjusted PB Ratio Chart

Iron Force Industrial Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.45 1.34 1.59 1.63 1.69

Iron Force Industrial Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.58 1.72 1.72 1.39 1.37

TPE:2228 vs ORLY, AZO, GPC: Cyclically Adjusted PB Ratio Comparison

For the Auto Parts subindustry, Iron Force Industrial Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Iron Force Industrial Co Cyclically Adjusted PB Ratio vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Iron Force Industrial Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Iron Force Industrial Co's Cyclically Adjusted PB Ratio falls into.


TPE:2228
90GF Score
Iron Force Industrial Co Ltd TPE:2228
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Iron Force Industrial Co Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Iron Force Industrial Co's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Iron Force Industrial Co's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=62.054/333.9520*333.9520
=62.054

Current CPI (Jun. 2026) = 333.9520.

Iron Force Industrial Co Quarterly Data

Book Value per Share CPI Adj_Book
201609 46.249 241.428 63.973
201612 47.688 241.432 65.963
201703 48.013 243.801 65.767
201706 45.125 244.955 61.520
201709 47.224 246.819 63.895
201712 49.039 246.524 66.430
201803 50.340 249.554 67.365
201806 46.486 251.989 61.606
201809 47.548 252.439 62.901
201812 49.244 251.233 65.458
201903 51.307 254.202 67.403
201906 48.429 256.143 63.140
201909 49.116 256.759 63.882
201912 51.611 256.974 67.071
202003 51.824 258.115 67.050
202006 45.529 257.797 58.979
202009 46.055 260.280 59.091
202012 48.170 260.474 61.758
202103 48.889 264.877 61.638
202106 49.015 271.696 60.246
202109 49.118 274.310 59.798
202112 49.662 278.802 59.486
202203 51.841 287.504 60.216
202206 50.353 296.311 56.749
202209 53.058 296.808 59.698
202212 54.478 296.797 61.298
202303 55.962 301.836 61.916
202306 52.691 305.109 57.672
202309 55.519 307.789 60.238
202312 57.091 306.746 62.155
202403 61.578 312.332 65.841
202406 58.480 314.175 62.161
202409 66.350 315.301 70.275
202412 65.981 315.605 69.817
202503 69.464 319.799 72.538
202506 55.843 322.561 57.815
202509 59.372 324.800 61.045
202512 63.030 324.054 64.955
202603 65.208 330.213 65.946
202606 62.054 333.952 62.054

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Iron Force Industrial Co (TPE:2228) Overvalued in 2026?

Based on GuruFocus' analysis, Iron Force Industrial Co stock appears to be undervalued. The current stock price of NT$73.40 is trading 18.3% below its estimated GF Value™ of NT$89.89. GuruFocus considers Iron Force Industrial Co to be Modestly Undervalued.

Key valuation signals for TPE:2228:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: NT$89.89 vs. price of NT$73.40 (18.3% below fair value)
  • GF Score™: 90/100 with 2 warning signs

No single metric tells the full story. See the TPE:2228 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Iron Force Industrial Co Business Description

Address Xintai 5th Road, Section 1, 19 Floor, No. 98, Xizhi District, New Taipei City, TWN, 221
Iron Force Industrial Co Ltd is a Taiwan-based company mainly engaged in manufacturing and trading airbag inflators for automotive safety systems, high-precision metal tubes for seatbelt retractor/pretensioner systems, and trading display fixtures and other metal parts. The majority of its revenue is generated from the manufacturing and sales of automotive safety components. Geographically, the company generates maximum revenue from Mainland China and the rest from Taiwan and Europe.
90GF Score

Get the complete analysis for TPE:2228

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$73.40
Price
NT$89.89
GF Value