# Delta Electronics (2308.TW)

Canonical: https://gigainvestors.com/s/2308.TW

Analysis as of: 2026-10-16T07:33:37.408Z. Financial observations: FY2000–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## 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: TWD 1,630.00 per share; close as of 2026-10-15.

Estimated value: low TWD 335.29 per share, central TWD 446.19 per share, high TWD 513.88 per share. Buy at or below the central value TWD 446.19 per share. Valuation as of 2026-10-16T07:33:37.408Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.11×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 27.3%

- ROIC, second-lowest year: 20.8%

- Typical minus recent gross margin: -3.8 pp

- Typical gross margin (annual median): 27.7%

- Recent gross margin (lower of latest and 3-year median): 31.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 17.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.5%

- FY2017: 20.8%

- FY2018: 18.3%

- FY2019: 21.3%

- FY2020: 33.5%

- FY2021: 25.2%

- FY2022: 29.4%

- FY2023: 31.1%

- FY2024: 33.6%

- FY2025: 49.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 187B

- Net income, five-year total: TWD 196B

- Return on incremental invested capital: 30.7%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: 26.7%

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

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 0.93×

- FY2024: 0.86×

- FY2025: 0.99×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.8% vs 33.6%

- Per-share earnings: 7.23 to 13.51 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: TWD 2.42T

- Cumulative retained earnings: TWD 108B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.1%

- Per-share value change: TWD 6.28

- Per-share value, starting three-year median: TWD 7.23

- Per-share value, ending three-year median: TWD 13.51

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 63B

- Cumulative net income, 10 years: TWD 300B

- ROIC, first three-year median: 20.8%

- ROIC, last three-year median: 33.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 7.23

- FY2017: TWD 7.06

- FY2018: TWD 7.02

- FY2019: TWD 8.88

- FY2020: TWD 9.81

- FY2021: TWD 10.26

- FY2022: TWD 12.50

- FY2023: TWD 12.77

- FY2024: TWD 13.51

- FY2025: TWD 23.07

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -3.4%

- FY2018: -2.1%

- FY2019: -6.0%

- FY2020: -6.4%

- FY2021: -0.4%

- FY2022: -3.3%

- FY2023: -8.2%

- FY2024: -7.1%

- FY2025: -4.8%

## Holders

## Price story

Down 33% since May 2026 · "Taiwan's Delta Electronics warns costs rising as AI data centre demand surges" (finance.yahoo.com, Apr 2026) · sales +31.8%

Story as of 2026-10-16T09:59:56.959Z; price observation 2026-10-15.

Price needs cash profits to grow 24% a year for ten years

- 2026-04-30: Taiwan's Delta Electronics warns costs rising as AI data centre demand surges ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/taiwans-delta-electronics-warns-costs-102216489.html))

### Sales · FY2024–2025

sales +31.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 214B 

- FY2017: TWD 224B 

- FY2018: TWD 237B 

- FY2019: TWD 268B 

- FY2020: TWD 283B 

- FY2021: TWD 315B 

- FY2022: TWD 384B 

- FY2023: TWD 401B 

- FY2024: TWD 421B 

- FY2025: TWD 555B 

### Gross margin · FY2025

gross margin 34.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 26.9% 

- FY2017: 26.3% 

- FY2018: 25.9% 

- FY2019: 26.7% 

- FY2020: 29.5% 

- FY2021: 27.5% 

- FY2022: 27.8% 

- FY2023: 28.2% 

- FY2024: 31.5% 

- FY2025: 34.3% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are TWD 554.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2025: revenue 554885168000; grossProfit 190156558000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2308.TW: Delta Electronics, Inc., together with its subsidiaries, provides power and thermal management solutions in Mainland China, the United States, Taiwan, Thailand, and internationally. It operates through Power Electronics, Mobility, Automation, and Infrastructure segments. The company offers inductors, transformer components, networking products, EMI filters, solenoids, current sensing resistors, power modules, and stamping and over molding components; embedded power, adapters, industrial and medical power solutions, industrial battery charging, USB socket outlets, and hydrogen power and high voltage power solutions; and DC brushless and EC fans and blowers, automotive thermal and thermal management solutions, liquid cooling and climate thermal solutions, and indoor air quality products. It also provides EV power electronics, traction, and X-in-1 products. In addition, the company offers drive and power quality, motion, control, robot, and manufacturing equipment, as well as field devices, software, and industrial PCs; and building management and control, indoor air quality, LED lighting, smart surveillance, healthy lighting, and building solutions. Further, it provides telecom power systems, networking and rural electrification system, UPS and data center infrastructure, and power quality products; EV charging, energy storage systems, photovoltaic inverters, energy management, wind power converters, solid state transformers, medium voltage drives, high voltage power, automatic test equipment, and hydrogen energy and fuel cell solutions; and business and education multimedia and high-performance projectors, collaboration and signage solutions, and smart campus solutions, as well as DLP, LED, and LCD video walls. Additionally, it provides consulting services for building management and control solutions. Delta Electronics, Inc. was founded in 1971 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 28.2% to 34.3% during 2023–25; it earns 27.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2023: grossProfit / revenue = 28.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2024: grossProfit / revenue = 31.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2025: grossProfit / revenue = 34.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); 10-year return on capital observations [[2016,0.224517874075042],[2017,0.20780560041688625],[2018,0.1827856654046925],[2019,0.2130233366325646],[2020,0.335124741062519],[2021,0.25188604400386594],[2022,0.2941111745245363],[2023,0.3108852660911918],[2024,0.3355944560708523],[2025,0.49794778977316795]]; median 0.2729986092642011. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); Gross margin observations: [[2021,0.27515440613052633],[2022,0.27813134934319106],[2023,0.28230763600532954]]; range within 2 percentage points.

### Where the cash goes

Spends 27.1% of cash earnings on expansion; earns 30.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2016: growth capex 0; upkeep 8298822000; owner earnings 19631478000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2017: growth capex 1874799874.1193123; upkeep 11362449125.880688; owner earnings 17175418874.119312. Growth capex / owner earnings = 0.10915599135368655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2018: growth capex 701436000; upkeep 11142892000; owner earnings 18193093000. Growth capex / owner earnings = 0.03855507142188522.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2019: growth capex 4173045000; upkeep 13360108000; owner earnings 22833544000. Growth capex / owner earnings = 0.1827594087015139.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2020: growth capex 3186044141.6733303; upkeep 15337172858.32667; owner earnings 25095560741.673332. Growth capex / owner earnings = 0.1269564834382294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2021: growth capex 7476691323.382534; upkeep 16851576676.617466; owner earnings 26212546123.382534. Growth capex / owner earnings = 0.28523331110948646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2022: growth capex 3503403000; upkeep 18936175000; owner earnings 32259028814.02496. Growth capex / owner earnings = 0.1086022465275476.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2023: growth capex 4249294936.814949; upkeep 24050362063.18505; owner earnings 31064411034.333412. Growth capex / owner earnings = 0.1367898117275904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2024: growth capex 5189317584.000229; upkeep 29885063415.99977; owner earnings 30332287738.942482. Growth capex / owner earnings = 0.17108230109982306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); FY2025: growth capex 18289740000; upkeep 27801586000; owner earnings 67437111000. Growth capex / owner earnings = 0.27121179612809926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); Incremental return on capital 0.30740664761495956, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); Dividend observations: [[2016,12987717000],[2017,12987717000],[2018,12987717000],[2019,12987717000],[2020,12987717000],[2021,14286480000],[2022,14286479000],[2023,25559802000],[2024,16702171000],[2025,18182803000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2308.TW SharesStats.PercentInsiders = 25.930999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24% yearly over ten years; actual growth was 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:37.408Z); Ten-year compound average after fade. Initial solved rate 0.3373980835420768. Price 1630; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.716873101402266 → FY2025 22.901042137141825. Closing-price date 2026-10-15.

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

- 2016-10: TWD 166.50 per share

- 2016-11: TWD 160.00 per share

- 2016-12: TWD 159.50 per share

- 2017-01: TWD 174.00 per share

- 2017-02: TWD 171.00 per share

- 2017-03: TWD 162.50 per share

- 2017-04: TWD 170.00 per share

- 2017-05: TWD 166.00 per share

- 2017-06: TWD 166.50 per share

- 2017-07: TWD 160.50 per share

- 2017-08: TWD 165.50 per share

- 2017-09: TWD 156.50 per share

- 2017-10: TWD 145.00 per share

- 2017-11: TWD 136.50 per share

- 2017-12: TWD 143.50 per share

- 2018-01: TWD 147.00 per share

- 2018-02: TWD 139.00 per share

- 2018-03: TWD 130.50 per share

- 2018-04: TWD 108.00 per share

- 2018-05: TWD 111.00 per share

- 2018-06: TWD 109.50 per share

- 2018-07: TWD 106.50 per share

- 2018-08: TWD 123.00 per share

- 2018-09: TWD 131.00 per share

- 2018-10: TWD 130.00 per share

- 2018-11: TWD 130.00 per share

- 2018-12: TWD 129.50 per share

- 2019-01: TWD 151.00 per share

- 2019-02: TWD 153.50 per share

- 2019-03: TWD 159.00 per share

- 2019-04: TWD 162.50 per share

- 2019-05: TWD 142.50 per share

- 2019-06: TWD 157.50 per share

- 2019-07: TWD 151.50 per share

- 2019-08: TWD 146.50 per share

- 2019-09: TWD 132.50 per share

- 2019-10: TWD 134.00 per share

- 2019-11: TWD 140.00 per share

- 2019-12: TWD 151.50 per share

- 2020-01: TWD 143.00 per share

- 2020-02: TWD 140.00 per share

- 2020-03: TWD 120.50 per share

- 2020-04: TWD 140.00 per share

- 2020-05: TWD 138.00 per share

- 2020-06: TWD 167.50 per share

- 2020-07: TWD 200.00 per share

- 2020-08: TWD 189.00 per share

- 2020-09: TWD 189.00 per share

- 2020-10: TWD 190.00 per share

- 2020-11: TWD 224.50 per share

- 2020-12: TWD 263.00 per share

- 2021-01: TWD 282.50 per share

- 2021-02: TWD 280.50 per share

- 2021-03: TWD 288.00 per share

- 2021-04: TWD 302.50 per share

- 2021-05: TWD 296.00 per share

- 2021-06: TWD 303.00 per share

- 2021-07: TWD 287.00 per share

- 2021-08: TWD 270.50 per share

- 2021-09: TWD 252.00 per share

- 2021-10: TWD 245.00 per share

- 2021-11: TWD 256.00 per share

- 2021-12: TWD 275.00 per share

- 2022-01: TWD 268.00 per share

- 2022-02: TWD 246.50 per share

- 2022-03: TWD 268.50 per share

- 2022-04: TWD 250.00 per share

- 2022-05: TWD 241.50 per share

- 2022-06: TWD 221.50 per share

- 2022-07: TWD 258.00 per share

- 2022-08: TWD 263.00 per share

- 2022-09: TWD 253.00 per share

- 2022-10: TWD 257.50 per share

- 2022-11: TWD 302.00 per share

- 2022-12: TWD 286.50 per share

- 2023-01: TWD 289.00 per share

- 2023-02: TWD 286.50 per share

- 2023-03: TWD 301.00 per share

- 2023-04: TWD 300.00 per share

- 2023-05: TWD 316.50 per share

- 2023-06: TWD 344.50 per share

- 2023-07: TWD 365.50 per share

- 2023-08: TWD 346.00 per share

- 2023-09: TWD 324.50 per share

- 2023-10: TWD 290.50 per share

- 2023-11: TWD 316.50 per share

- 2023-12: TWD 313.50 per share

- 2024-01: TWD 280.00 per share

- 2024-02: TWD 294.50 per share

- 2024-03: TWD 341.00 per share

- 2024-04: TWD 320.50 per share

- 2024-05: TWD 325.00 per share

- 2024-06: TWD 387.50 per share

- 2024-07: TWD 414.50 per share

- 2024-08: TWD 399.50 per share

- 2024-09: TWD 380.50 per share

- 2024-10: TWD 404.00 per share

- 2024-11: TWD 381.00 per share

- 2024-12: TWD 430.50 per share

- 2025-01: TWD 437.50 per share

- 2025-02: TWD 402.00 per share

- 2025-03: TWD 360.00 per share

- 2025-04: TWD 333.50 per share

- 2025-05: TWD 374.00 per share

- 2025-06: TWD 413.00 per share

- 2025-07: TWD 567.00 per share

- 2025-08: TWD 711.00 per share

- 2025-09: TWD 854.00 per share

- 2025-10: TWD 995.00 per share

- 2025-11: TWD 932.00 per share

- 2025-12: TWD 963.00 per share

- 2026-01: TWD 1,220.00 per share

- 2026-02: TWD 1,430.00 per share

- 2026-03: TWD 1,380.00 per share

- 2026-04: TWD 2,165.00 per share

- 2026-05: TWD 2,445.00 per share

- 2026-06: TWD 1,950.00 per share

- 2026-07: TWD 1,640.00 per share

- 2026-08: TWD 1,840.00 per share

- 2026-09: TWD 1,890.00 per share

- 2026-10: TWD 1,775.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 112.43 per share, central TWD 136.92 per share, high TWD 156.54 per share

- FY2017: low TWD 108.16 per share, central TWD 120.60 per share, high TWD 136.73 per share

- FY2018: low TWD 120.88 per share, central TWD 144.65 per share, high TWD 165.16 per share

- FY2019: low TWD 118.89 per share, central TWD 142.93 per share, high TWD 164.13 per share

- FY2020: low TWD 147.80 per share, central TWD 195.27 per share, high TWD 225.36 per share

- FY2021: low TWD 162.42 per share, central TWD 228.20 per share, high TWD 265.17 per share

- FY2022: low TWD 185.42 per share, central TWD 244.52 per share, high TWD 283.34 per share

- FY2023: low TWD 191.23 per share, central TWD 236.05 per share, high TWD 271.26 per share

- FY2024: low TWD 199.72 per share, central TWD 232.87 per share, high TWD 265.29 per share

- FY2025: low TWD 249.13 per share, central TWD 332.06 per share, high TWD 382.68 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