TopkeyTPE:4536 +0.91%85 Gross Margin % is 32.65% as of Dec. 2025, which is 1% below its 10-year median of 32.92. GuruFocus rates TPE:4536 with a GF Score™ of 85/100 and a GF Value™ of NT$175.89 (Fairly Valued). The stock has 4 warning signs investors should review. Among 792 Travel & Leisure companies, Topkey ranks worse than 63.51% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Topkey's Gross Profit for the
three
months ended in Dec. 2025 was NT$610 Mil. Topkey's Revenue for the
three
months ended in Dec. 2025 was NT$1,869 Mil. Therefore, Topkey's Gross Margin % for the quarter that ended in Dec. 2025 was 32.65%.
The historical rank and industry rank for Topkey's Gross Margin % or its related term are showing as below:
TPE:4536'
s Gross Margin % Range Over the Past 10 Years
Min: 27.15 Med: 32.92 Max: 35.4
Current: 35.31
During the past 13 years, the highestGross Margin % of Topkey was 35.40%. The lowest was 27.15%. And the median was 32.92%.
TPE:4536's Gross Margin % is ranked worse than 63.51% of 792
companies
in the Travel & Leisure industry
Industry Median: 43.79
vs TPE:4536: 35.31
Topkey had a gross margin of 32.65% for the quarter that ended in Dec. 2025 => Competition eroding margins
The 5-Year average Growth Rate of Gross Margin for Topkey was 1.20% per year.
Topkey (TPE:4536) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Topkey had a gross margin of 32.65% for the quarter that ended in Dec. 2025 => Competition eroding margins
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Topkey Gross Margin % Related Terms
Topkey Gross Margin % Historical Data
* Premium members only.
The historical data trend for Topkey's Gross Margin % 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:4536 vs AS, HAS, LTH: Gross Margin % Comparison
For the Leisure subindustry, Topkey's Gross Margin %, along with its competitors' market caps and Gross Margin % 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.
Topkey Gross Margin % vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Topkey's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Topkey's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Topkey (TPE:4536) has a Gross Margin % of 32.65% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on Topkey and its competitors. This is near median its historical median of 32.92. Over the past decade, Topkey's Gross Margin % has ranged from 27.15 to 35.40. According to the industry distribution chart, Topkey ranks #503 out of 792 companies in the Travel & Leisure industry, placing it in the top 63.5%.
Is Topkey's Gross Margin % too high?
Topkey's current Gross Margin % of 32.65% is near median its 10-year median of 32.92. Over the past 10 years, this metric has ranged from a low of 27.15 to a high of 35.40. The Travel & Leisure industry median Gross Margin % is 43.79. Topkey's value of 32.65% is 25.4% below this industry median. Based on the distribution chart, Topkey ranks #503 out of 792 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Topkey has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Topkey's Gross Margin % compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Topkey ranks #503 out of 792 companies for Gross Margin %. This places Topkey in the lower half of its industry. The industry median Gross Margin % is 43.79. Topkey's value of 32.65% is 25.4% below this benchmark. Historically, Topkey's own Gross Margin % has ranged from 27.15 to 35.40 over the past decade. While the company's 10-year median is 32.92 vs. the industry median of 43.79, Topkey 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 Gross Margin % for a Travel & Leisure company?
The median Gross Margin % among Travel & Leisure companies is 43.79, based on 792 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Topkey's current Gross Margin % of 32.65% is 25.4% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Topkey and its competitors. For the Travel & Leisure industry, the median Gross Margin % is 43.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Topkey's current Gross Margin % is 32.65%, which is near median its own 10-year median of 32.92. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Topkey stock overvalued right now?
Based on GuruFocus' analysis, Topkey (TPE:4536) is currently considered Fairly Valued. The stock's GF Value™ is NT$175.89, compared to a current price of NT$167.00 — trading 5.1% below its estimated fair value. The current Gross Margin % is 32.65%, which is near median its 10-year median of 32.92 and 25.4% below the Travel & Leisure industry median of 43.79. Topkey's overall GF Score™ is 85/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Topkey (TPE:4536), the current Gross Margin % is 32.65% 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 Topkey (TPE:4536) Overvalued in 2026?
Based on GuruFocus' analysis, Topkey stock appears to be undervalued.
The current stock price of NT$167.00 is trading 5.1% below its estimated GF Value™ of NT$175.89.
GuruFocus considers Topkey to be Fairly Valued.
Key valuation signals for TPE:4536:
Gross Margin %: 32.65% (near median its 10-year median of 32.92)
GF Value™: NT$175.89 vs. price of NT$167.00 (5.1% below fair value)
Industry Position: 25.4% below the Travel & Leisure median (#503 of 792)
No single metric tells the full story. See the TPE:4536 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Topkey Corp is mainly engaged in the production, processing, sale, international trading, and agency services of sporting goods, carbon fiber products, glass fiber products, and composite materials. Revenue from the sales of goods comes from the sales of sporting goods which accounts for the majority of the company's revenue, aviation products, and medical products. Revenue from the rendering of services comes from professional labor services. The company operates in Asia which is also its key revenue-generating market, Europe, America, and other regions.
85GF Score
Get the complete analysis for TPE:4536
Gross Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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