# Yageo (2327.TW)

Canonical: https://gigainvestors.com/s/2327.TW

Analysis as of: 2026-10-16T07:34:09.371Z. Financial observations: FY2000–FY2026.

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 573.00 per share; close as of 2026-10-15.

Estimated value: low TWD 282.16 per share, central TWD 361.92 per share, high TWD 408.37 per share. Buy at or below the central value TWD 361.92 per share. Valuation as of 2026-10-16T07:34:09.371Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.24×

- FY2018: 0.50×

- FY2019: 0.22×

- FY2020: 0.25×

- FY2021: 0.29×

- FY2022: 0.26×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.22×

- LTM to Jun 2026: 0.25×

### moat: pass

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 12.4%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 36.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.4%

- ROIC including acquisitions, ten-year median: 12.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.1%

- FY2018: 75.5%

- FY2019: 19.4%

- FY2020: 24.6%

- FY2021: 29.1%

- FY2022: 20.5%

- FY2023: 11.2%

- FY2024: 12.4%

- FY2025: 15.7%

- LTM to Jun 2026: 20.2%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 102B

- Net income, five-year total: TWD 106B

- Return on incremental invested capital: 36.2%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 25.1%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.51×

- FY2024: 1.12×

- FY2025: 1.13×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.1% vs 12.4%

- Per-share earnings: 2.88 to 10.17 (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: 3.9%

- Ordinary dilution, 5-year annual growth: 5.8%

- Market cap gain: TWD 458B

- Cumulative retained earnings: TWD 80B

- Diluted shares, 10-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 5.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.1%

- Per-share value change: TWD 7.29

- Per-share value, starting three-year median: TWD 2.88

- Per-share value, ending three-year median: TWD 10.17

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 3.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 107B

- Cumulative net income, 10 years: TWD 170B

- ROIC, first three-year median: 18.1%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 2.88

- FY2017: TWD 5.11

- FY2018: TWD 25.20

- FY2019: TWD 5.14

- FY2020: TWD 7.67

- FY2021: TWD 14.32

- FY2022: TWD 12.94

- FY2023: TWD 10.17

- FY2024: TWD 9.36

- FY2025: TWD 11.41

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.7%

- FY2017: -1.7%

- FY2018: -6.5%

- FY2019: -5.0%

- FY2020: -3.1%

- FY2021: -0.3%

- FY2022: -3.7%

- FY2023: -4.1%

- FY2024: -3.2%

- FY2025: -1.8%

## Holders

## Price story

Down 50% since Jun 2026 · sales +14.1%

Story as of 2026-10-16T09:59:59.357Z; price observation 2026-10-15.

Price needs cash profits to grow 13.9% a year for ten years

### Sales · FY2025–2026

sales +14.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 32B 

- FY2018: TWD 77B 

- FY2019: TWD 41B 

- FY2020: TWD 68B 

- FY2021: TWD 107B 

- FY2022: TWD 121B 

- FY2023: TWD 108B 

- FY2024: TWD 122B 

- FY2025: TWD 133B 

- FY2026: TWD 152B 

### Gross margin · FY2026

gross margin 37.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 32.5% 

- FY2018: 63.3% 

- FY2019: 35.8% 

- FY2020: 39.4% 

- FY2021: 40.4% 

- FY2022: 38.0% 

- FY2023: 33.5% 

- FY2024: 34.4% 

- FY2025: 36.2% 

- FY2026: 37.6% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are TWD 132.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2025: revenue 132930016000; grossProfit 48129822000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2327.TW: Yageo Corporation, together with its subsidiaries, manufactures and sells electronic components in China, Europe, the United States, and the rest of Asia. It offers antennas, radio frequency, and microwave; capacitors; circuit protection; custom products; electromechanical devices; EMC; engineering kits; inductors; piezoelectric devices; power supplies; resistors; semiconductors; sensors; signal magnetics and connectors; and transformers. The company's products are used for various applications, including aerospace, defense, and medical; automotive; computing and enterprise systems; consumer; industrial; and telecommunications. Yageo Corporation was founded in 1977 and is headquartered in New Taipei City, Taiwan.

### Why customers stay

Margins ranged from 33.5% to 36.2% during 2023–25; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2023: grossProfit / revenue = 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2024: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2025: grossProfit / revenue = 36.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); 10-year return on capital observations [[2017,0.18099956487961494],[2018,0.7548828989761328],[2019,0.1940060299692345],[2020,0.24557452389438886],[2021,0.29082437660983396],[2022,0.20530344807498394],[2023,0.1123322143529743],[2024,0.12445389957121583],[2025,0.15677359194573132],[2026,0.20175765447955946]]; median 0.19788184222439698. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2016: growth capex 0; upkeep 1423584000; owner earnings 4544004000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2017: growth capex 1385101279.3093586; upkeep 3576900720.6906414; owner earnings 5115628279.309359. Growth capex / owner earnings = 0.2707587814602424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2018: growth capex 1498839000; upkeep 7586083000; owner earnings 33839293000. Growth capex / owner earnings = 0.044292858009769884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2019: growth capex 0; upkeep 5740083000; owner earnings 4141126000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2020: growth capex 3275614000; upkeep 4341119000; owner earnings 11815892600. Growth capex / owner earnings = 0.2772210370293989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2021: growth capex 2304677000; upkeep 7573736000; owner earnings 22654483800. Growth capex / owner earnings = 0.10173160511386271.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2022: growth capex 6202796000; upkeep 7688018000; owner earnings 22498574000. Growth capex / owner earnings = 0.27569729530413795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2023: growth capex 0; upkeep 16856777000; owner earnings 8950287000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2024: growth capex 0; upkeep 6926174000; owner earnings 21616240800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); FY2025: growth capex 0; upkeep 6306857000; owner earnings 26639296200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); Dividend observations: [[2016,1285637000],[2017,1500626000],[2018,5262730000],[2019,19087051000],[2020,6409333000],[2021,4959147000],[2022,5400494000],[2023,4178580000],[2024,8369074000],[2025,10265174000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2327.TW SharesStats.PercentInsiders = 23.429 percentage points; cache date 2026-10-16.

### What could break it

The company has reported the operation of risk management to the board of directors on October 30, 2025.

- Source: https://doc.twse.com.tw/server-java/t57sb01?step=9&kind=F&co_id=2327&filename=2025_2327_20260527FE4.pdf (filed ); 40 Deviations from “the Corporate Social Responsibility BestPractice Principles for TWSE/TPEx Listed Companies” and Reasons None None None Implementation Status Evaluation Item Yes (2) Is the Company committed to improving resource efficiency and to the use of renewable materials with low environmental impact?  (3) Does the Company evaluate current and future climate change potential risks and opportunities and take measures related to climate related top [Noncontiguous filing excerpt] ulfill our long-term commitment in ESG initiatives in purposeful, systematic and organizational manners, and also established risk management related policy. The company has reported the operation of risk management to the board of directors on October 30, 2025. The content of the report is mainly about risk assessment items (such as: supply chain and raw material risks, information security risks and climate change risks, and the risk control measures and strategies adopted).

### What the price says

The price assumes cash profits grow 13.9% yearly over ten years; actual growth was 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.371Z); Ten-year compound average after fade. Initial solved rate 0.1880112562852957. Price 573; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.9132790778949422 → FY2025 12.866254169327084. Closing-price date 2026-10-15.

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

- 2016-10: TWD 15.90 per share

- 2016-11: TWD 14.88 per share

- 2016-12: TWD 14.65 per share

- 2017-01: TWD 19.00 per share

- 2017-02: TWD 18.90 per share

- 2017-03: TWD 20.68 per share

- 2017-04: TWD 26.63 per share

- 2017-05: TWD 25.50 per share

- 2017-06: TWD 26.50 per share

- 2017-07: TWD 28.75 per share

- 2017-08: TWD 48.50 per share

- 2017-09: TWD 53.00 per share

- 2017-10: TWD 59.88 per share

- 2017-11: TWD 84.00 per share

- 2017-12: TWD 88.25 per share

- 2018-01: TWD 96.75 per share

- 2018-02: TWD 82.63 per share

- 2018-03: TWD 130.50 per share

- 2018-04: TWD 156.75 per share

- 2018-05: TWD 237.75 per share

- 2018-06: TWD 281.25 per share

- 2018-07: TWD 195.25 per share

- 2018-08: TWD 174.50 per share

- 2018-09: TWD 114.75 per share

- 2018-10: TWD 78.88 per share

- 2018-11: TWD 92.50 per share

- 2018-12: TWD 79.75 per share

- 2019-01: TWD 80.38 per share

- 2019-02: TWD 86.50 per share

- 2019-03: TWD 80.75 per share

- 2019-04: TWD 76.13 per share

- 2019-05: TWD 65.25 per share

- 2019-06: TWD 66.00 per share

- 2019-07: TWD 66.50 per share

- 2019-08: TWD 56.75 per share

- 2019-09: TWD 61.63 per share

- 2019-10: TWD 78.50 per share

- 2019-11: TWD 82.50 per share

- 2019-12: TWD 109.25 per share

- 2020-01: TWD 96.63 per share

- 2020-02: TWD 102.50 per share

- 2020-03: TWD 68.63 per share

- 2020-04: TWD 97.75 per share

- 2020-05: TWD 92.63 per share

- 2020-06: TWD 95.25 per share

- 2020-07: TWD 97.25 per share

- 2020-08: TWD 83.25 per share

- 2020-09: TWD 87.88 per share

- 2020-10: TWD 88.88 per share

- 2020-11: TWD 110.50 per share

- 2020-12: TWD 129.50 per share

- 2021-01: TWD 143.50 per share

- 2021-02: TWD 148.25 per share

- 2021-03: TWD 138.25 per share

- 2021-04: TWD 135.75 per share

- 2021-05: TWD 126.25 per share

- 2021-06: TWD 138.75 per share

- 2021-07: TWD 140.00 per share

- 2021-08: TWD 119.88 per share

- 2021-09: TWD 110.63 per share

- 2021-10: TWD 108.50 per share

- 2021-11: TWD 114.13 per share

- 2021-12: TWD 119.88 per share

- 2022-01: TWD 114.75 per share

- 2022-02: TWD 112.88 per share

- 2022-03: TWD 108.50 per share

- 2022-04: TWD 101.13 per share

- 2022-05: TWD 101.25 per share

- 2022-06: TWD 77.00 per share

- 2022-07: TWD 85.50 per share

- 2022-08: TWD 82.13 per share

- 2022-09: TWD 67.25 per share

- 2022-10: TWD 91.75 per share

- 2022-11: TWD 115.75 per share

- 2022-12: TWD 112.75 per share

- 2023-01: TWD 135.00 per share

- 2023-02: TWD 134.50 per share

- 2023-03: TWD 132.25 per share

- 2023-04: TWD 124.00 per share

- 2023-05: TWD 127.00 per share

- 2023-06: TWD 122.88 per share

- 2023-07: TWD 114.88 per share

- 2023-08: TWD 121.25 per share

- 2023-09: TWD 131.25 per share

- 2023-10: TWD 131.50 per share

- 2023-11: TWD 150.25 per share

- 2023-12: TWD 149.25 per share

- 2024-01: TWD 138.00 per share

- 2024-02: TWD 139.50 per share

- 2024-03: TWD 147.75 per share

- 2024-04: TWD 156.25 per share

- 2024-05: TWD 165.50 per share

- 2024-06: TWD 182.50 per share

- 2024-07: TWD 198.00 per share

- 2024-08: TWD 164.25 per share

- 2024-09: TWD 155.75 per share

- 2024-10: TWD 139.50 per share

- 2024-11: TWD 128.50 per share

- 2024-12: TWD 135.25 per share

- 2025-01: TWD 134.25 per share

- 2025-02: TWD 141.50 per share

- 2025-03: TWD 120.25 per share

- 2025-04: TWD 114.75 per share

- 2025-05: TWD 122.50 per share

- 2025-06: TWD 121.25 per share

- 2025-07: TWD 132.50 per share

- 2025-08: TWD 139.50 per share

- 2025-09: TWD 170.00 per share

- 2025-10: TWD 249.00 per share

- 2025-11: TWD 235.00 per share

- 2025-12: TWD 231.00 per share

- 2026-01: TWD 277.50 per share

- 2026-02: TWD 298.00 per share

- 2026-03: TWD 243.50 per share

- 2026-04: TWD 317.00 per share

- 2026-05: TWD 738.00 per share

- 2026-06: TWD 1,140.00 per share

- 2026-07: TWD 502.00 per share

- 2026-08: TWD 545.00 per share

- 2026-09: TWD 548.00 per share

- 2026-10: TWD 636.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 47.11 per share, central TWD 51.96 per share, high TWD 58.42 per share

- FY2017: low TWD 54.02 per share, central TWD 61.02 per share, high TWD 68.91 per share

- FY2018: low TWD 138.22 per share, central TWD 180.06 per share, high TWD 207.48 per share

- FY2019: low TWD 65.89 per share, central TWD 72.96 per share, high TWD 82.36 per share

- FY2020: low TWD 105.83 per share, central TWD 125.85 per share, high TWD 142.82 per share

- FY2021: low TWD 184.28 per share, central TWD 247.15 per share, high TWD 285.09 per share

- FY2022: low TWD 205.29 per share, central TWD 279.92 per share, high TWD 323.37 per share

- FY2023: low TWD 191.71 per share, central TWD 255.46 per share, high TWD 292.57 per share

- FY2024: low TWD 190.26 per share, central TWD 251.18 per share, high TWD 286.66 per share

- FY2025: low TWD 208.28 per share, central TWD 277.77 per share, high TWD 318.24 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 2026-10-15T06:39:51.822Z 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.