TSRC (TPE:2103) EBIT: NT$1,491 Mil (TTM As of Dec. 2025)


TPE:2103 TSRC Corp TPE:2103
66 GF Score
Price NT$21.45
GF Value NT$26.56
Valuation Modestly Undervalued
! 11 Warning Signs
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What is TSRC EBIT?

TSRC TPE:2103 -2.28% 66 EBIT is NT$1,491 Mil as of Dec. 2025. GuruFocus rates TPE:2103 with a GF Score™ of 66/100 and a GF Value™ of NT$26.56 (Modestly Undervalued). The stock has 11 warning signs investors should review.

TSRC's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2025 was NT$520 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was NT$1,491 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TSRC's annualized ROC % for the quarter that ended in Dec. 2025 was 2.82%. TSRC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 9.19%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. TSRC's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 5.67%.


TSRC  (TPE:2103) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

TSRC's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=1259.972 * ( 1 - 27.69% )/( (31881.607 + 32795.094)/ 2 )
=911.0857532/32338.3505
=2.82 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=41341.684 - 3785.303 - ( 5674.774 - max(0, 9736.792 - 18266.214+5674.774))
=31881.607

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=43258.931 - 3777.493 - ( 6686.344 - max(0, 10542.917 - 19733.163+6686.344))
=32795.094

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

TSRC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2081.176/( ( (15368.963 + max(7041.891, 0)) + (15577.401 + max(7280.142, 0)) )/ 2 )
=2081.176/( ( 22410.854 + 22857.543 )/ 2 )
=2081.176/22634.1985
=9.19 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3379.563 + 7016.903 + 801.833) - (3785.303 + 0 + 371.105)
=7041.891

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3178.24 + 7838.195 + 621.66) - (3777.493 + 0 + 580.46)
=7280.142

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

TSRC's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=1491.332/26320.355
=5.67 %

* 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.


TSRC EBIT Related Terms


TSRC EBIT Historical Data

* Premium members only.

The historical data trend for TSRC's EBIT 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.

TSRC EBIT Chart

TSRC Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5,743.73 3,244.20 1,771.66 2,182.49 1,491.33

TSRC Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
EBIT 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 172.68 737.11 199.47 34.46 520.29

TPE:2103 vs LIN, SHW, ECL: EBIT Comparison

For the Specialty Chemicals subindustry, TSRC's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.


TSRC EV-to-EBIT vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, TSRC's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where TSRC's EV-to-EBIT falls into.


TPE:2103
66GF Score
TSRC Corp TPE:2103
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TSRC EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$1,491 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of NT$1,491 Mil mean?
TSRC (TPE:2103) has a EBIT of NT$1,491 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TSRC.
Is TSRC's EBIT too high?
TSRC's current EBIT is NT$1,491 Mil. Overall, TSRC has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TSRC's EBIT compare to LIN and SHW?
TSRC's EBIT of NT$1,491 Mil can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Chemicals company?
A good EBIT depends on the Chemicals industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TSRC. TSRC's current EBIT is NT$1,491 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSRC stock overvalued right now?
Based on GuruFocus' analysis, TSRC (TPE:2103) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$26.56, compared to a current price of NT$21.45 — trading 19.2% below its estimated fair value. The current EBIT is NT$1,491 Mil. TSRC's overall GF Score™ is 66/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For TSRC (TPE:2103), the current EBIT is NT$1,491 Mil as of Dec. 2025. 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 TSRC (TPE:2103) Overvalued in 2026?

Based on GuruFocus' analysis, TSRC stock appears to be undervalued. The current stock price of NT$21.45 is trading 19.2% below its estimated GF Value™ of NT$26.56. GuruFocus considers TSRC to be Modestly Undervalued.

Key valuation signals for TPE:2103:

  • EBIT: NT$1,491 Mil
  • GF Value™: NT$26.56 vs. price of NT$21.45 (19.2% below fair value)
  • GF Score™: 66/100 with 11 warning signs

No single metric tells the full story. See the TPE:2103 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TSRC Business Description

Address No. 2, Singgong Road, Dashe District, Kaohsiung, TWN
TSRC Corporation is a rubber manufacturer based out of Taiwan. The company offers tire products globally, with Asian markets accounting for the majority of the company's sales. Product offerings are divided into the Synthetic Rubber business and Applied polymer business. Under the Synthetic Rubber business, tires are built to improve abrasion resistance and provide low rolling resistance and wet grip resistance. Consumers of TSRC Corp tire products depend on products to deliver reduced fuel consumption and meet a host of regulations and environmental conditions. Products under the Applied Polymers business are often used in high-grade shoe soles, asphalt modification, plastic modification, adhesives, and other end markets. Its geographical segments are Asia, America, Europe, and Others.
66GF Score

Get the complete analysis for TPE:2103

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

NT$21.45
Price
NT$26.56
GF Value