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Test ResearchTPE:3030 -2.51%92 EV-to-FCF is 47.19 as of Jul. 15, 2026, which is 221% above its 10-year median of 14.68. GuruFocus rates TPE:3030 with a GF Score™ of 92/100 and a GF Value™ of NT$176.93 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,334 Hardware companies, Test Research ranks worse than 70.61% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Test Research's Enterprise Value is NT$67,347 Mil.
Test Research's Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2025 was NT$1,427 Mil. Therefore, Test Research's EV-to-FCF for today is 47.19.
The historical rank and industry rank for Test Research's EV-to-FCF or its related term are showing as below:
TPE:3030'
s EV-to-FCF Range Over the Past 10 Years
Min: -1148.42 Med: 14.68 Max: 540.07
Current: 48.43
During the past 13 years, the highest EV-to-FCF of Test Research was 540.07. The lowest was -1148.42. And the median was 14.68.
TPE:3030's EV-to-FCF is ranked worse than 70.61% of 1334
companies
in the Hardware industry
Industry Median: 22.91
vs TPE:3030: 48.43
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Test Research's PE Ratio (TTM) for today is calculated as:
Test Research's share price for today is NT$291.50.
Test Research's Earnings per Share (Diluted) 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$10.480.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Test Research EV-to-FCF Related Terms
Test Research EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Test Research's EV-to-FCF 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: EV-to-FCF Comparison
For the Scientific & Technical Instruments subindustry, Test Research's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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 EV-to-FCF vs Hardware Industry
For the Hardware industry and Technology sector, Test Research's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Test Research's EV-to-FCF falls into.
Test Research's current Enterprise Value is NT$67,347 Mil.
Test Research's Free Cash Flow 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$1,427 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.
Test Research (TPE:3030) has a EV-to-FCF of 47.19 as of Jul. 15, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Test Research and its competitors. This is 221% above median its historical median of 14.68. According to the industry distribution chart, Test Research ranks #942 out of 1334 companies in the Hardware industry, placing it in the top 70.6%.
Is Test Research's EV-to-FCF too high?
Test Research's current EV-to-FCF of 47.19 is 221% above median its 10-year median of 14.68. The Hardware industry median EV-to-FCF is 22.91. Test Research's value of 47.19 is 106% above this industry median. Based on the distribution chart, Test Research ranks #942 out of 1334 companies in the Hardware industry, which is below the industry midpoint. Overall, Test Research has a GF Score™ of 92/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Test Research's EV-to-FCF compare to COHR and KEYS?
According to the Hardware industry distribution chart, Test Research ranks #942 out of 1334 companies for EV-to-FCF. This places Test Research in the lower half of its industry. The industry median EV-to-FCF is 22.91. Test Research's value of 47.19 is 106% above this benchmark. While the company's 10-year median is 14.68 vs. the industry median of 22.91, Test Research has consistently been above 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 EV-to-FCF for a Hardware company?
The median EV-to-FCF among Hardware companies is 22.91, based on 1,334 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Test Research's current EV-to-FCF of 47.19 is 106% above 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 EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Test Research and its competitors. For the Hardware industry, the median EV-to-FCF is 22.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Test Research's current EV-to-FCF is 47.19, which is 221% above median its own 10-year median of 14.68. 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$176.93, compared to a current price of NT$291.50 — trading 64.8% above its estimated fair value. The current EV-to-FCF is 47.19, which is 221% above median its 10-year median of 14.68 and 106% above the Hardware industry median of 22.91. Test Research's overall GF Score™ is 92/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Test Research (TPE:3030), the current EV-to-FCF is 47.19 as of Jul. 15, 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$291.50 is trading 64.8% above its estimated GF Value™ of NT$176.93.
GuruFocus considers Test Research to be Significantly Overvalued.
Key valuation signals for TPE:3030:
EV-to-FCF: 47.19 (221% above median its 10-year median of 14.68)
GF Value™: NT$176.93 vs. price of NT$291.50 (64.8% above fair value)
Industry Position: 106% above the Hardware median (#942 of 1334)
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.
92GF Score
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EV-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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