United Renewable Energy Co.

3576.TW

Solar · Technology

Price

16.95 TWD

-0.45 (-2.59%)

Market Cap

27.57B TWD

Exchange

Taiwan Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+6.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.53B (2021) → 1.62B (2025)

United Renewable Energy Co., Ltd. (URE) is a Taiwanese company that makes solar panels and related equipment. It was formed in 2018 through the merger of three major Taiwanese solar firms — Neo Solar Power, Gintech Energy, and Solartech Energy — making it one of the largest solar manufacturers in Taiwan. Its products include solar cells and modules, which it sells to utility companies, businesses, and solar project developers around the world.

URE earns money by selling solar panels and cells directly to customers, competing in a global market dominated by low-cost Chinese manufacturers. The company operates primarily out of Taiwan and sells into markets across Asia, Europe, and the Americas. Its negative gross and operating margins show it is currently losing money on each sale, which is a serious challenge. The key risk is intense price competition from Chinese rivals, which keeps panel prices low and makes it very hard for URE to turn a profit without significant cost reductions or government support.

Winston Score History

Score breakdown

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Quality

Gross Margin

-6.8%

Thin — -6.8% gross margin

Operating Margin

-34.7%

Losing money on operations — -34.7%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-42.7%

Shrinking sales (-42.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

-51%

Weak — only -51% of profit becomes cash

FCF Margin

-36.9%

Burning cash (-36.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

31.4x

Pricey — P/E 31.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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