# Techtronic Industries (0669.HK)

Canonical: https://gigainvestors.com/s/0669.HK

Analysis as of: 2026-10-16T07:34:20.159Z. Financial observations: FY2018–FY2025.

Listing currency: HKD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 128.10 per share; close as of 2026-10-15.

Estimated value: low HKD 53.57 per share, central HKD 60.00 per share, high HKD 68.57 per share. Buy at or below the central value HKD 60.00 per share. Valuation as of 2026-10-16T07:34:20.159Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.04×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.06×

### moat: pass

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 13.1%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 39.1%

- Recent gross margin (lower of latest and 3-year median): 40.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 14.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 26.1%

- FY2019: 20.3%

- FY2020: 9.5%

- FY2021: 17.2%

- FY2022: 14.6%

- FY2023: 15.0%

- FY2024: 17.7%

- FY2025: 13.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.2B

- Net income, five-year total: $5.5B

- Return on incremental invested capital: 6.3%

- Working capital / revenue, annual change: 0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 0.57×

- FY2023: 0.63×

- FY2024: 0.85×

- FY2025: 0.87×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.3% vs 15.0%

- Per-share earnings: 0.34 to 0.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: $11B

- Cumulative retained earnings: $3.9B

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: $0.27

- Per-share value, starting three-year median: $0.34

- Per-share value, ending three-year median: $0.61

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 20.3%

- ROIC, last three-year median: 15.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: $0.30

- FY2019: $0.34

- FY2020: $0.44

- FY2021: $0.60

- FY2022: $0.59

- FY2023: $0.53

- FY2024: $0.61

- FY2025: $0.65

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.71×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.8%

- FY2019: -1.4%

- FY2020: -3.8%

- FY2021: 9.2%

- FY2022: -1.2%

- FY2023: -9.1%

- FY2024: -8.9%

- FY2025: -6.3%

## Holders

## Price story

Down 20% since Nov 2021 · sales +4.4%

Story as of 2026-10-16T10:00:00.132Z; price observation 2026-10-15.

Price needs cash profits to grow 11.3% a year for ten years

### Sales · FY2024–2025

sales +4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $7.0B 

- FY2019: $7.7B 

- FY2020: $9.8B 

- FY2021: $13B 

- FY2022: $13B 

- FY2023: $14B 

- FY2024: $15B 

- FY2025: $15B 

### Gross margin · FY2025

gross margin 41.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 37.2% 

- FY2019: 37.7% 

- FY2020: 38.3% 

- FY2021: 38.8% 

- FY2022: 39.3% 

- FY2023: 39.5% 

- FY2024: 40.3% 

- FY2025: 41.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in tools & accessories; annual sales are USD 15.3 billion.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2025-12-31 (filed 2026-10-16T07:34:20.159Z); FY2025: revenue 15259533000; grossProfit 6291937000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0669.HK: Techtronic Industries Company Limited engages in the manufacturing and trading of electrical and electronic products. The company operates through Power Equipment, and Floorcare & Cleaning segments. The company provides power tools, outdoor power equipment, and floorcare and cleaning products. It also offers equipment, accessories, hand tools, safety solutions, and storage products; outdoor products comprising gas, corded, and cordless equipment; and cordless cleaning products and carpet washing products. In addition, the company engages in research and development, and investment holding activities. The company provides its products under the MILWAUKEE, RYOBI, AEG, EMPIRE, and HOMELITE, as well as under the HOOVER, ORECK, VAX, and DIRT DEVIL names. It serves consumer, professional, and industrial users in the home, construction, maintenance, industrial, and infrastructure industries worldwide. Techtronic Industries Company Limited was incorporated in 1985 and is based in Kwai Chung, Hong Kong.

### Why customers stay

Margins ranged from 39.5% to 41.2% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2023-12-31 (filed 2026-10-16T07:34:20.159Z); FY2023: grossProfit / revenue = 39.5%.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2024-12-31 (filed 2026-10-16T07:34:20.159Z); FY2024: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2025-12-31 (filed 2026-10-16T07:34:20.159Z); FY2025: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.159Z); 8-year return on capital observations [[2018,0.26121510047102336],[2019,0.20282010782460236],[2020,0.09512033448887851],[2021,0.17164541908220138],[2022,0.14625219872974776],[2023,0.14986258928950727],[2024,0.17714084093061339],[2025,0.13115358563756963]]; median 0.16075400418585434. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 39% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.159Z); Gross margin observations: [[2021,0.38790809261509424],[2022,0.39328577355660216],[2023,0.39468893619162665]]; range within 2 percentage points.

### Where the cash goes

Spends 0.1% of cash earnings on expansion; paid dividends in 8 of 8 years.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2018-12-31 (filed 2026-10-16T07:34:20.159Z); FY2018: growth capex 0; upkeep 259114000; owner earnings 535319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2019-12-31 (filed 2026-10-16T07:34:20.159Z); FY2019: growth capex 92508968.43842328; upkeep 364099031.5615767; owner earnings 528610368.4384233. Growth capex / owner earnings = 0.17500407476248633.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2020-12-31 (filed 2026-10-16T07:34:20.159Z); FY2020: growth capex 282735000; upkeep 176193000; owner earnings 725878600. Growth capex / owner earnings = 0.38950728124510076.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2021-12-31 (filed 2026-10-16T07:34:20.159Z); FY2021: growth capex 545830550.4807433; upkeep 200707449.5192567; cash acquisitions 0; owner earnings 983797550.4807433. Growth capex plus acquisitions / owner earnings = 0.554819993416346.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2022-12-31 (filed 2026-10-16T07:34:20.159Z); FY2022: growth capex 8656411.356010437; upkeep 572333588.6439896; cash acquisitions 37060000; owner earnings 612588211.3560104. Growth capex plus acquisitions / owner earnings = 0.07462829109103111.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2023-12-31 (filed 2026-10-16T07:34:20.159Z); FY2023: growth capex 92770579.59420991; upkeep 781390420.4057901; cash acquisitions 4524000; owner earnings 615803179.5942099. Growth capex plus acquisitions / owner earnings = 0.1579962280453362.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2024-12-31 (filed 2026-10-16T07:34:20.159Z); FY2024: growth capex 23110000; upkeep 663298000; cash acquisitions 0; owner earnings 954990600. Growth capex plus acquisitions / owner earnings = 0.024199191070571793.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2025-12-31 (filed 2026-10-16T07:34:20.159Z); FY2025: growth capex 1114456; upkeep 288274000; owner earnings 1041972000. Growth capex / owner earnings = 0.0010695642493272373.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.159Z); Dividend observations: [[2018,183422000],[2019,223594000],[2020,261637000],[2021,394115000],[2022,460421000],[2023,436859000],[2024,486103000],[2025,573498115]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/0669.HK.json#2025-12-31 (filed 2026-10-16T07:34:20.159Z); FY2025: cash repurchases 41789727 USD.

### Are managers owners

Insiders own 22.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0669.HK SharesStats.PercentInsiders = 22.261 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.159Z); Ten-year compound average after fade. Initial solved rate 0.14968166893671475. Price 128.1; FX 7.84744565643883; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 29.20 per share

- 2016-11: HKD 30.25 per share

- 2016-12: HKD 27.80 per share

- 2017-01: HKD 26.90 per share

- 2017-02: HKD 27.80 per share

- 2017-03: HKD 31.45 per share

- 2017-04: HKD 33.40 per share

- 2017-05: HKD 36.85 per share

- 2017-06: HKD 35.90 per share

- 2017-07: HKD 34.75 per share

- 2017-08: HKD 40.50 per share

- 2017-09: HKD 41.70 per share

- 2017-10: HKD 45.75 per share

- 2017-11: HKD 45.15 per share

- 2017-12: HKD 50.95 per share

- 2018-01: HKD 52.10 per share

- 2018-02: HKD 49.10 per share

- 2018-03: HKD 45.75 per share

- 2018-04: HKD 46.40 per share

- 2018-05: HKD 47.05 per share

- 2018-06: HKD 43.75 per share

- 2018-07: HKD 43.70 per share

- 2018-08: HKD 48.00 per share

- 2018-09: HKD 50.00 per share

- 2018-10: HKD 36.70 per share

- 2018-11: HKD 42.10 per share

- 2018-12: HKD 41.60 per share

- 2019-01: HKD 45.45 per share

- 2019-02: HKD 52.45 per share

- 2019-03: HKD 52.75 per share

- 2019-04: HKD 56.70 per share

- 2019-05: HKD 50.00 per share

- 2019-06: HKD 59.80 per share

- 2019-07: HKD 58.85 per share

- 2019-08: HKD 54.20 per share

- 2019-09: HKD 54.55 per share

- 2019-10: HKD 61.50 per share

- 2019-11: HKD 58.85 per share

- 2019-12: HKD 63.55 per share

- 2020-01: HKD 62.95 per share

- 2020-02: HKD 63.05 per share

- 2020-03: HKD 50.30 per share

- 2020-04: HKD 59.05 per share

- 2020-05: HKD 66.70 per share

- 2020-06: HKD 75.80 per share

- 2020-07: HKD 80.95 per share

- 2020-08: HKD 98.40 per share

- 2020-09: HKD 101.60 per share

- 2020-10: HKD 103.40 per share

- 2020-11: HKD 99.35 per share

- 2020-12: HKD 110.60 per share

- 2021-01: HKD 116.80 per share

- 2021-02: HKD 118.40 per share

- 2021-03: HKD 133.00 per share

- 2021-04: HKD 141.60 per share

- 2021-05: HKD 143.30 per share

- 2021-06: HKD 135.60 per share

- 2021-07: HKD 138.90 per share

- 2021-08: HKD 172.50 per share

- 2021-09: HKD 155.10 per share

- 2021-10: HKD 160.10 per share

- 2021-11: HKD 160.90 per share

- 2021-12: HKD 155.20 per share

- 2022-01: HKD 128.00 per share

- 2022-02: HKD 130.50 per share

- 2022-03: HKD 126.90 per share

- 2022-04: HKD 106.40 per share

- 2022-05: HKD 102.80 per share

- 2022-06: HKD 81.85 per share

- 2022-07: HKD 87.05 per share

- 2022-08: HKD 93.20 per share

- 2022-09: HKD 75.85 per share

- 2022-10: HKD 74.35 per share

- 2022-11: HKD 92.80 per share

- 2022-12: HKD 87.10 per share

- 2023-01: HKD 100.60 per share

- 2023-02: HKD 78.05 per share

- 2023-03: HKD 84.85 per share

- 2023-04: HKD 84.40 per share

- 2023-05: HKD 72.65 per share

- 2023-06: HKD 85.15 per share

- 2023-07: HKD 88.05 per share

- 2023-08: HKD 77.50 per share

- 2023-09: HKD 76.00 per share

- 2023-10: HKD 71.30 per share

- 2023-11: HKD 79.30 per share

- 2023-12: HKD 93.05 per share

- 2024-01: HKD 83.20 per share

- 2024-02: HKD 84.75 per share

- 2024-03: HKD 106.10 per share

- 2024-04: HKD 109.40 per share

- 2024-05: HKD 95.70 per share

- 2024-06: HKD 89.20 per share

- 2024-07: HKD 100.10 per share

- 2024-08: HKD 105.10 per share

- 2024-09: HKD 118.10 per share

- 2024-10: HKD 112.20 per share

- 2024-11: HKD 109.60 per share

- 2024-12: HKD 102.50 per share

- 2025-01: HKD 104.60 per share

- 2025-02: HKD 108.40 per share

- 2025-03: HKD 93.25 per share

- 2025-04: HKD 78.40 per share

- 2025-05: HKD 87.85 per share

- 2025-06: HKD 86.30 per share

- 2025-07: HKD 94.30 per share

- 2025-08: HKD 100.40 per share

- 2025-09: HKD 99.55 per share

- 2025-10: HKD 90.80 per share

- 2025-11: HKD 91.10 per share

- 2025-12: HKD 89.90 per share

- 2026-01: HKD 106.50 per share

- 2026-02: HKD 127.60 per share

- 2026-03: HKD 102.10 per share

- 2026-04: HKD 111.90 per share

- 2026-05: HKD 116.30 per share

- 2026-06: HKD 129.50 per share

- 2026-07: HKD 132.00 per share

- 2026-08: HKD 135.50 per share

- 2026-09: HKD 129.00 per share

- 2026-10: HKD 128.10 per share

## Annual estimated value (HKD per share)

- FY2022: low HKD 51.90 per share, central HKD 58.22 per share, high HKD 66.63 per share

- FY2023: low HKD 47.24 per share, central HKD 53.34 per share, high HKD 61.45 per share

- FY2024: low HKD 48.72 per share, central HKD 54.87 per share, high HKD 63.05 per share

- FY2025: low HKD 52.68 per share, central HKD 59.11 per share, high HKD 67.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations