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Test ResearchTPE:3030 -2.80%90 Debt-to-EBITDA is 0.02 as of Mar. 2026, which is 33% below its 10-year median of 0.03. GuruFocus rates TPE:3030 with a GF Score™ of 90/100 and a GF Value™ of NT$190.78 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 1,793 Hardware companies, Test Research ranks better than 98.33% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Test Research's Debt-to-EBITDA or its related term are showing as below:
TPE:3030'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.02 Med: 0.03 Max: 0.07
Current: 0.02
During the past 13 years, the highest Debt-to-EBITDA Ratio of Test Research was 0.07. The lowest was 0.02. And the median was 0.03.
TPE:3030's Debt-to-EBITDA is ranked better than 98.33% of 1793
companies
in the Hardware industry
Industry Median: 1.7
vs TPE:3030: 0.02
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Test Research Debt-to-EBITDA Related Terms
Test Research Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Test Research's Debt-to-EBITDA 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.
TPE:3030 vs COHR, KEYS, GRMN: Debt-to-EBITDA Comparison
For the Scientific & Technical Instruments subindustry, Test Research's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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.
Test Research Debt-to-EBITDA vs Hardware Industry
For the Hardware industry and Technology sector, Test Research's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Test Research's Debt-to-EBITDA falls into.
* 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Test Research (TPE:3030) has a Debt-to-EBITDA of 0.02 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Test Research. This is 33% below median its historical median of 0.03. Over the past decade, Test Research's Debt-to-EBITDA has ranged from 0.02 to 0.07. According to the industry distribution chart, Test Research ranks #30 out of 1793 companies in the Hardware industry, placing it in the top 1.7%.
Is Test Research's Debt-to-EBITDA too high?
Test Research's current Debt-to-EBITDA of 0.02 is 33% below median its 10-year median of 0.03. Over the past 10 years, this metric has ranged from a low of 0.02 to a high of 0.07. The Hardware industry median Debt-to-EBITDA is 1.70. Test Research's value of 0.02 is 98.8% below this industry median. Based on the distribution chart, Test Research ranks #30 out of 1793 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Test Research has a GF Score™ of 90/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Test Research's Debt-to-EBITDA compare to COHR and KEYS?
According to the Hardware industry distribution chart, Test Research ranks #30 out of 1793 companies for Debt-to-EBITDA. This places Test Research in the top 2% of its industry — outperforming the majority of peers. The industry median Debt-to-EBITDA is 1.70. Test Research's value of 0.02 is 98.8% below this benchmark. Historically, Test Research's own Debt-to-EBITDA has ranged from 0.02 to 0.07 over the past decade. While the company's 10-year median is 0.03 vs. the industry median of 1.70, Test Research has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Hardware company?
The median Debt-to-EBITDA among Hardware companies is 1.70, based on 1,793 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Test Research's current Debt-to-EBITDA of 0.02 is 98.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Test Research. For the Hardware industry, the median Debt-to-EBITDA is 1.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Test Research's current Debt-to-EBITDA is 0.02, which is 33% below median its own 10-year median of 0.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Test Research stock overvalued right now?
Based on GuruFocus' analysis, Test Research (TPE:3030) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$190.78, compared to a current price of NT$295.00 — trading 54.6% above its estimated fair value. The current Debt-to-EBITDA is 0.02, which is 33% below median its 10-year median of 0.03 and 98.8% below the Hardware industry median of 1.70. Test Research's overall GF Score™ is 90/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Test Research (TPE:3030), the current Debt-to-EBITDA is 0.02 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Test Research (TPE:3030) Overvalued in 2026?
Based on GuruFocus' analysis, Test Research stock appears to be overvalued.
The current stock price of NT$295.00 is trading 54.6% above its estimated GF Value™ of NT$190.78.
GuruFocus considers Test Research to be Significantly Overvalued.
Key valuation signals for TPE:3030:
Debt-to-EBITDA: 0.02 (33% below median its 10-year median of 0.03)
GF Value™: NT$190.78 vs. price of NT$295.00 (54.6% above fair value)
Industry Position: 98.8% below the Hardware median (#30 of 1793)
No single metric tells the full story. See the TPE:3030 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Test Research Inc designs testing equipment for industrial applications. The firm focuses on designing, assembling, manufacturing, selling, repairing, and maintaining automated inspection and testing equipment. The firm receives a majority of its revenue from Asia and the rest from America, Europe, and other regions.
90GF Score
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