# Lite-On Technology (2301.TW)

Canonical: https://gigainvestors.com/s/2301.TW

Analysis as of: 2026-10-16T07:34:48.759Z. Financial observations: FY2000–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 268.00 per share; close as of 2026-10-15.

Estimated value: low TWD 108.84 per share, central TWD 119.41 per share, high TWD 133.48 per share. Buy at or below the central value TWD 119.41 per share. Valuation as of 2026-10-16T07:34:48.759Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.09×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 44.1%

- ROIC, second-lowest year: 20.0%

- Typical minus recent gross margin: -4.1 pp

- Typical gross margin (annual median): 18.0%

- Recent gross margin (lower of latest and 3-year median): 22.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 36.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.9%

- FY2017: 20.0%

- FY2018: 17.4%

- FY2019: 33.7%

- FY2020: 52.2%

- FY2021: 44.7%

- FY2022: 60.6%

- FY2023: 75.8%

- FY2024: 47.5%

- FY2025: 43.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 69B

- Net income, five-year total: TWD 70B

- Return on incremental invested capital: 240.8%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.0 pp

- Working capital / revenue, final three-year average: 14.5%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 1.02×

- FY2024: 0.99×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.0% vs 47.5%

- Per-share earnings: 3.11 to 6.22 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: TWD 259B

- Cumulative retained earnings: TWD 16B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.0%

- Per-share value change: TWD 3.11

- Per-share value, starting three-year median: TWD 3.11

- Per-share value, ending three-year median: TWD 6.22

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.7%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: TWD 370M

- Cumulative net income, 10 years: TWD 109B

- ROIC, first three-year median: 20.0%

- ROIC, last three-year median: 47.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 4.06

- FY2017: TWD 1.13

- FY2018: TWD 3.44

- FY2019: TWD 4.04

- FY2020: TWD 4.32

- FY2021: TWD 6.00

- FY2022: TWD 6.04

- FY2023: TWD 6.22

- FY2024: TWD 5.13

- FY2025: TWD 6.66

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -4.5%

- FY2018: -2.8%

- FY2019: -5.6%

- FY2020: -4.3%

- FY2021: 0.9%

- FY2022: -5.4%

- FY2023: -6.7%

- FY2024: -0.2%

- FY2025: 0.2%

## Holders

## Price story

Price needs cash profits to grow 13.5% a year for ten years · sales +21.1%

Story as of 2026-10-16T10:00:02.604Z; price observation 2026-10-15.

Price needs cash profits to grow 13.5% a year for ten years

### Sales · FY2024–2025

sales +21.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 230B 

- FY2017: TWD 215B 

- FY2018: TWD 207B 

- FY2019: TWD 178B 

- FY2020: TWD 157B 

- FY2021: TWD 165B 

- FY2022: TWD 173B 

- FY2023: TWD 148B 

- FY2024: TWD 137B 

- FY2025: TWD 166B 

### Gross margin · FY2025

gross margin 22.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.6% 

- FY2017: 12.9% 

- FY2018: 13.1% 

- FY2019: 15.4% 

- FY2020: 17.4% 

- FY2021: 18.5% 

- FY2022: 19.2% 

- FY2023: 22.0% 

- FY2024: 21.6% 

- FY2025: 22.9% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 166.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2025: revenue 166084859000; grossProfit 38039258000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2301.TW: Lite-On Technology Corporation, together with its subsidiaries, engages in the research, design, manufacturing, and sale of optoelectronic semiconductor components and power managements modules in Asia, the Americas, Europe, and internationally. The company offers optoelectronic semiconductors, including visible, UV, and automotive LEDs, couplers, optical sensors, and IR emitters and detectors; energy management solutions, such as data center power supply systems, cloud server chassis, power supply modules, and magnetic components; and consumer electronics comprising 3C accessories and PC power supply, as well as networking adapter. It also provides networking and surveillance products, which include video surveillance products, access control and alarms, networking solutions, and server and motherboard; automotive electronics, such as ADAS, AC charging, and DC charging solutions; and roadway intellimation system comprising roadway lighting intellimation products, intelligent traffic signal systems, and AI predictive maintenance solutions. In addition, the company offers green data center, smart life, clean mobility, and infrastructure solutions. Further, it is involved in general investment; market information collection and after-sales service; manufacturing and sales of mobile phone molds and assembly lines; CD player sale; software development and applications; IT consultation; and solar system engineering. The company was founded in 1975 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 21.6% to 22.9% during 2023–25; it earns 44.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2023: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2024: grossProfit / revenue = 21.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2025: grossProfit / revenue = 22.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); 10-year return on capital observations [[2016,0.3189629357773151],[2017,0.2000302050365941],[2018,0.17350451376306464],[2019,0.33738270674205095],[2020,0.5222338493098329],[2021,0.4468038765425214],[2022,0.6060570161119587],[2023,0.7581988798326004],[2024,0.4754472030263408],[2025,0.4344575680655599]]; median 0.44063072230404066. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 21.5% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2016: growth capex 0; upkeep 3929676000; owner earnings 12294070000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2017: growth capex 0; upkeep 4433380000; owner earnings 4292941000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2018: growth capex 0; upkeep 5812746000; owner earnings 7148844000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2019: growth capex 0; upkeep 5456208000; owner earnings 8342625800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2020: growth capex 0; upkeep 3502961000; owner earnings 10396101400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2021: growth capex 0; upkeep 3917200000; owner earnings 13878027400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2022: growth capex 0; upkeep 4414500000; owner earnings 14040691000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2023: growth capex 0; upkeep 3808592000; owner earnings 14857918800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2024: growth capex 0; upkeep 3978669000; owner earnings 11774752600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2025: growth capex 3185939000; upkeep 3668375000; owner earnings 14851744400. Growth capex / owner earnings = 0.2145161480155826.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); Incremental return on capital 2.408091523582121, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); Dividend observations: [[2016,5154394000],[2017,6793003000],[2018,6787163000],[2019,6793345000],[2020,7443283000],[2021,12560540000],[2022,9144103000],[2023,11519737000],[2024,10372392000],[2025,10296738000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); FY2025: cash repurchases 2295585000 TWD.

### Are managers owners

Insiders own 13.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2301.TW SharesStats.PercentInsiders = 13.913 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.5% yearly over ten years; actual growth was 5.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:48.759Z); Ten-year compound average after fade. Initial solved rate 0.18132051727821497. Price 268; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.9258525972588316 → FY2025 6.5413421081260354. Closing-price date 2026-10-15.

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

- 2016-10: TWD 45.30 per share

- 2016-11: TWD 50.30 per share

- 2016-12: TWD 48.60 per share

- 2017-01: TWD 47.20 per share

- 2017-02: TWD 51.50 per share

- 2017-03: TWD 52.30 per share

- 2017-04: TWD 52.60 per share

- 2017-05: TWD 50.50 per share

- 2017-06: TWD 50.00 per share

- 2017-07: TWD 48.85 per share

- 2017-08: TWD 44.65 per share

- 2017-09: TWD 43.30 per share

- 2017-10: TWD 42.55 per share

- 2017-11: TWD 36.85 per share

- 2017-12: TWD 40.60 per share

- 2018-01: TWD 42.80 per share

- 2018-02: TWD 42.00 per share

- 2018-03: TWD 40.65 per share

- 2018-04: TWD 39.25 per share

- 2018-05: TWD 39.10 per share

- 2018-06: TWD 36.90 per share

- 2018-07: TWD 40.20 per share

- 2018-08: TWD 36.95 per share

- 2018-09: TWD 38.40 per share

- 2018-10: TWD 35.50 per share

- 2018-11: TWD 40.90 per share

- 2018-12: TWD 40.60 per share

- 2019-01: TWD 45.25 per share

- 2019-02: TWD 44.55 per share

- 2019-03: TWD 44.85 per share

- 2019-04: TWD 43.55 per share

- 2019-05: TWD 45.10 per share

- 2019-06: TWD 45.50 per share

- 2019-07: TWD 44.30 per share

- 2019-08: TWD 50.00 per share

- 2019-09: TWD 49.30 per share

- 2019-10: TWD 50.20 per share

- 2019-11: TWD 48.40 per share

- 2019-12: TWD 49.35 per share

- 2020-01: TWD 47.20 per share

- 2020-02: TWD 43.85 per share

- 2020-03: TWD 41.30 per share

- 2020-04: TWD 46.50 per share

- 2020-05: TWD 48.10 per share

- 2020-06: TWD 46.30 per share

- 2020-07: TWD 49.60 per share

- 2020-08: TWD 46.40 per share

- 2020-09: TWD 46.10 per share

- 2020-10: TWD 46.55 per share

- 2020-11: TWD 48.05 per share

- 2020-12: TWD 49.80 per share

- 2021-01: TWD 54.90 per share

- 2021-02: TWD 59.40 per share

- 2021-03: TWD 62.80 per share

- 2021-04: TWD 63.90 per share

- 2021-05: TWD 66.20 per share

- 2021-06: TWD 57.60 per share

- 2021-07: TWD 64.10 per share

- 2021-08: TWD 61.20 per share

- 2021-09: TWD 62.50 per share

- 2021-10: TWD 61.30 per share

- 2021-11: TWD 60.30 per share

- 2021-12: TWD 63.80 per share

- 2022-01: TWD 63.50 per share

- 2022-02: TWD 68.40 per share

- 2022-03: TWD 68.10 per share

- 2022-04: TWD 65.00 per share

- 2022-05: TWD 63.20 per share

- 2022-06: TWD 57.90 per share

- 2022-07: TWD 65.30 per share

- 2022-08: TWD 65.80 per share

- 2022-09: TWD 63.80 per share

- 2022-10: TWD 64.00 per share

- 2022-11: TWD 65.60 per share

- 2022-12: TWD 63.80 per share

- 2023-01: TWD 66.40 per share

- 2023-02: TWD 69.50 per share

- 2023-03: TWD 73.30 per share

- 2023-04: TWD 73.50 per share

- 2023-05: TWD 89.00 per share

- 2023-06: TWD 103.50 per share

- 2023-07: TWD 150.50 per share

- 2023-08: TWD 137.00 per share

- 2023-09: TWD 121.50 per share

- 2023-10: TWD 100.00 per share

- 2023-11: TWD 110.00 per share

- 2023-12: TWD 117.00 per share

- 2024-01: TWD 108.50 per share

- 2024-02: TWD 109.50 per share

- 2024-03: TWD 100.50 per share

- 2024-04: TWD 100.00 per share

- 2024-05: TWD 107.50 per share

- 2024-06: TWD 106.00 per share

- 2024-07: TWD 99.10 per share

- 2024-08: TWD 107.00 per share

- 2024-09: TWD 99.50 per share

- 2024-10: TWD 102.50 per share

- 2024-11: TWD 104.00 per share

- 2024-12: TWD 99.50 per share

- 2025-01: TWD 109.00 per share

- 2025-02: TWD 107.00 per share

- 2025-03: TWD 90.90 per share

- 2025-04: TWD 96.00 per share

- 2025-05: TWD 101.50 per share

- 2025-06: TWD 110.50 per share

- 2025-07: TWD 119.00 per share

- 2025-08: TWD 130.00 per share

- 2025-09: TWD 172.50 per share

- 2025-10: TWD 179.50 per share

- 2025-11: TWD 159.00 per share

- 2025-12: TWD 163.50 per share

- 2026-01: TWD 164.00 per share

- 2026-02: TWD 173.00 per share

- 2026-03: TWD 140.50 per share

- 2026-04: TWD 166.00 per share

- 2026-05: TWD 234.50 per share

- 2026-06: TWD 222.00 per share

- 2026-07: TWD 209.00 per share

- 2026-08: TWD 305.00 per share

- 2026-09: TWD 279.50 per share

- 2026-10: TWD 276.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 75.54 per share, central TWD 83.75 per share, high TWD 93.07 per share

- FY2017: low TWD 65.77 per share, central TWD 71.60 per share, high TWD 79.37 per share

- FY2018: low TWD 59.46 per share, central TWD 64.11 per share, high TWD 70.31 per share

- FY2019: low TWD 63.03 per share, central TWD 67.88 per share, high TWD 74.34 per share

- FY2020: low TWD 64.81 per share, central TWD 69.60 per share, high TWD 75.97 per share

- FY2021: low TWD 64.88 per share, central TWD 69.91 per share, high TWD 76.60 per share

- FY2022: low TWD 92.14 per share, central TWD 99.52 per share, high TWD 109.35 per share

- FY2023: low TWD 94.61 per share, central TWD 102.33 per share, high TWD 112.61 per share

- FY2024: low TWD 96.65 per share, central TWD 104.12 per share, high TWD 114.07 per share

- FY2025: low TWD 103.30 per share, central TWD 112.76 per share, high TWD 125.36 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

Prior published observations retained from 2026-10-15T06:40:34.301Z where newer inputs omit a numeric field or fiscal period.

## 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.