# Asustek Computer (2357.TW)

Canonical: https://gigainvestors.com/s/2357.TW

Analysis as of: 2026-10-16T07:34:38.965Z. Financial observations: FY2001–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 975.00 per share; close as of 2026-10-15.

Estimated value: low TWD 851.65 per share, central TWD 1,047.22 per share, high TWD 1,205.83 per share. Buy at or below the central value TWD 1,047.22 per share. Valuation as of 2026-10-16T07:34:38.965Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.03×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.08×

- FY2021: 0.11×

- FY2022: 0.04×

- FY2023: 0.02×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: 9.3%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 15.1%

- Recent gross margin (lower of latest and 3-year median): 15.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 14.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.8%

- FY2017: 10.3%

- FY2018: 14.6%

- FY2019: 15.9%

- FY2020: 20.1%

- FY2021: 27.8%

- FY2022: 9.3%

- FY2023: 5.2%

- FY2024: 12.4%

- FY2025: 18.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 154B

- Net income, five-year total: TWD 151B

- Return on incremental invested capital: 19.3%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 4.9 pp

- Working capital / revenue, final three-year average: 31.1%

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

- FY2021: 1.02×

- FY2022: 1.06×

- FY2023: 1.03×

- FY2024: 1.00×

- FY2025: 1.01×

### management: pass

- 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: 14.6% vs 12.4%

- Per-share earnings: 22.85 to 42.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: TWD 248B

- Cumulative retained earnings: TWD 62B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.0%

- Per-share value change: TWD 19.42

- Per-share value, starting three-year median: TWD 22.85

- Per-share value, ending three-year median: TWD 42.27

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 13B

- Cumulative net income, 10 years: TWD 229B

- ROIC, first three-year median: 14.6%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 25.69

- FY2017: TWD 20.86

- FY2018: TWD 5.69

- FY2019: TWD 16.25

- FY2020: TWD 35.44

- FY2021: TWD 59.41

- FY2022: TWD 19.78

- FY2023: TWD 21.40

- FY2024: TWD 42.27

- FY2025: TWD 54.78

### accounting: pass

- Sloan accruals: 1.9%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.3%

- FY2017: 4.9%

- FY2018: -0.3%

- FY2019: -6.6%

- FY2020: 7.2%

- FY2021: 2.4%

- FY2022: 6.5%

- FY2023: -7.5%

- FY2024: 4.2%

- FY2025: 1.9%

## Holders

## Price story

Price needs cash profits to grow 2.4% a year for ten years · sales +25.9%

Story as of 2026-10-16T10:00:01.717Z; price observation 2026-10-15.

Price needs cash profits to grow 2.4% a year for ten years

### Sales · FY2024–2025

sales +25.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 467B 

- FY2017: TWD 434B 

- FY2018: TWD 354B 

- FY2019: TWD 351B 

- FY2020: TWD 413B 

- FY2021: TWD 535B 

- FY2022: TWD 537B 

- FY2023: TWD 482B 

- FY2024: TWD 587B 

- FY2025: TWD 739B 

### Gross margin · FY2025

gross margin 15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.2% 

- FY2017: 13.7% 

- FY2018: 14.7% 

- FY2019: 15.2% 

- FY2020: 17.7% 

- FY2021: 20.6% 

- FY2022: 13.8% 

- FY2023: 15.0% 

- FY2024: 17.6% 

- FY2025: 15.1% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 738.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: revenue 738904787000; grossProfit 111614345000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2357.TW: ASUSTeK Computer Inc. researches and develops, designs, manufactures, sells, and repairs 3C information products in Taiwan, China, Singapore, Europe, the United States, and internationally. The company provides phone and accessories; laptops for home, work, creators, students, gaming, and accessories; monitors, projectors, all-in-one PCs, tower PCs, gaming tower PCs, NUCs, mini-PCs, and accessories; and motherboards, graphics cards, cases, cooling, power supply units, sound cards, optical drives, data storage, and external graphics docks. It offers networking/IoT/ servers, such as Wifi 7, 6, and routers, whole home mesh Wifi system, and business network solutions. In addition, the company provides wired networking, intelligent robots, AloT and industrial solutions, servers, and smart home; accessories, which include keyboards, mice and mouse pads, headsets and audio, streaming kits, apparel bags and gear, cases and protection, adapters and chargers, docks dongles and cable, power banks, controllers, and gimbal. Further, it offers Internet information services; maintenance and operating services for information hardware; information technology services; communication products; and leases real estate property. Additionally, the company provides ink-jet print heads and digital image output technology, high-speed analog circuits, industrial and medical computers, interface cards, and medical robots; invests in computer peripheral, Internet service, and automotive electronics businesses; and research, develops, sells, and consults information system software; provides marketing support and repair services for medical computers and peripherals. ASUSTeK Computer Inc. was founded in 1989 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 15% to 17.6% during 2023–25; it earns 15.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2023: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2024: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); 10-year return on capital observations [[2016,0.16755047856788055],[2017,0.10260322960366886],[2018,0.14599540345319426],[2019,0.15855332587422874],[2020,0.2006730372132392],[2021,0.27756480870497285],[2022,0.09328574680426371],[2023,0.05191144285224717],[2024,0.1242762145889201],[2025,0.1810567780380849]]; median 0.1522743646637115. 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 2026-10-16T07:34:38.965Z); FY2016: growth capex 0; upkeep 5737571000; owner earnings 15068947000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2017: growth capex 0; upkeep 2438019000; owner earnings 14760068000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2018: growth capex 0; upkeep 3580891000; owner earnings 2331510000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2019: growth capex 0; upkeep 7685489000; owner earnings 6799995400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2020: growth capex 0; upkeep 3015775000; owner earnings 26756455400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2021: growth capex 0; upkeep 2397476000; owner earnings 45449772600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2022: growth capex 0; upkeep 1523747000; owner earnings 15511941200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2023: growth capex 0; upkeep 2032247000; owner earnings 16360439400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2024: growth capex 0; upkeep 2562438000; owner earnings 31246108400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); FY2025: growth capex 0; upkeep 2244752000; owner earnings 44944912200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); Dividend observations: [[2016,11141404000],[2017,12626925000],[2018,11141404000],[2019,11141404000],[2020,10398644000],[2021,19311767000],[2022,31195932000],[2023,11141404000],[2024,12626925000],[2025,25253849000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2357.TW SharesStats.PercentInsiders = 9.464 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.4% yearly over ten years; actual growth was 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.965Z); Ten-year compound average after fade. Initial solved rate 0.021478901106336656. Price 975; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 23.847175555787217 → FY2025 55.25180489172125. Closing-price date 2026-10-15.

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

- 2016-10: TWD 276.50 per share

- 2016-11: TWD 264.00 per share

- 2016-12: TWD 265.00 per share

- 2017-01: TWD 273.00 per share

- 2017-02: TWD 277.50 per share

- 2017-03: TWD 300.00 per share

- 2017-04: TWD 296.50 per share

- 2017-05: TWD 285.00 per share

- 2017-06: TWD 287.50 per share

- 2017-07: TWD 281.00 per share

- 2017-08: TWD 250.00 per share

- 2017-09: TWD 248.00 per share

- 2017-10: TWD 261.00 per share

- 2017-11: TWD 276.00 per share

- 2017-12: TWD 279.50 per share

- 2018-01: TWD 281.00 per share

- 2018-02: TWD 277.00 per share

- 2018-03: TWD 276.00 per share

- 2018-04: TWD 278.00 per share

- 2018-05: TWD 271.50 per share

- 2018-06: TWD 278.50 per share

- 2018-07: TWD 263.50 per share

- 2018-08: TWD 261.50 per share

- 2018-09: TWD 264.00 per share

- 2018-10: TWD 229.00 per share

- 2018-11: TWD 218.00 per share

- 2018-12: TWD 201.50 per share

- 2019-01: TWD 236.00 per share

- 2019-02: TWD 219.50 per share

- 2019-03: TWD 223.00 per share

- 2019-04: TWD 236.00 per share

- 2019-05: TWD 217.00 per share

- 2019-06: TWD 223.00 per share

- 2019-07: TWD 222.00 per share

- 2019-08: TWD 204.00 per share

- 2019-09: TWD 206.50 per share

- 2019-10: TWD 206.50 per share

- 2019-11: TWD 230.50 per share

- 2019-12: TWD 231.50 per share

- 2020-01: TWD 224.00 per share

- 2020-02: TWD 206.00 per share

- 2020-03: TWD 204.50 per share

- 2020-04: TWD 202.50 per share

- 2020-05: TWD 210.50 per share

- 2020-06: TWD 216.00 per share

- 2020-07: TWD 216.50 per share

- 2020-08: TWD 243.00 per share

- 2020-09: TWD 253.50 per share

- 2020-10: TWD 242.50 per share

- 2020-11: TWD 249.00 per share

- 2020-12: TWD 250.50 per share

- 2021-01: TWD 286.50 per share

- 2021-02: TWD 304.00 per share

- 2021-03: TWD 372.50 per share

- 2021-04: TWD 376.00 per share

- 2021-05: TWD 395.00 per share

- 2021-06: TWD 371.50 per share

- 2021-07: TWD 351.00 per share

- 2021-08: TWD 324.00 per share

- 2021-09: TWD 325.50 per share

- 2021-10: TWD 353.00 per share

- 2021-11: TWD 352.50 per share

- 2021-12: TWD 376.00 per share

- 2022-01: TWD 359.50 per share

- 2022-02: TWD 371.50 per share

- 2022-03: TWD 373.50 per share

- 2022-04: TWD 357.00 per share

- 2022-05: TWD 341.50 per share

- 2022-06: TWD 310.50 per share

- 2022-07: TWD 281.50 per share

- 2022-08: TWD 255.00 per share

- 2022-09: TWD 234.00 per share

- 2022-10: TWD 236.00 per share

- 2022-11: TWD 266.00 per share

- 2022-12: TWD 268.50 per share

- 2023-01: TWD 272.00 per share

- 2023-02: TWD 278.00 per share

- 2023-03: TWD 272.50 per share

- 2023-04: TWD 282.50 per share

- 2023-05: TWD 305.00 per share

- 2023-06: TWD 314.50 per share

- 2023-07: TWD 364.00 per share

- 2023-08: TWD 402.50 per share

- 2023-09: TWD 367.00 per share

- 2023-10: TWD 338.00 per share

- 2023-11: TWD 393.50 per share

- 2023-12: TWD 489.50 per share

- 2024-01: TWD 445.50 per share

- 2024-02: TWD 455.00 per share

- 2024-03: TWD 425.50 per share

- 2024-04: TWD 430.00 per share

- 2024-05: TWD 513.00 per share

- 2024-06: TWD 498.00 per share

- 2024-07: TWD 456.00 per share

- 2024-08: TWD 537.00 per share

- 2024-09: TWD 553.00 per share

- 2024-10: TWD 575.00 per share

- 2024-11: TWD 588.00 per share

- 2024-12: TWD 616.00 per share

- 2025-01: TWD 607.00 per share

- 2025-02: TWD 682.00 per share

- 2025-03: TWD 609.00 per share

- 2025-04: TWD 580.00 per share

- 2025-05: TWD 625.00 per share

- 2025-06: TWD 644.00 per share

- 2025-07: TWD 662.00 per share

- 2025-08: TWD 632.00 per share

- 2025-09: TWD 671.00 per share

- 2025-10: TWD 697.00 per share

- 2025-11: TWD 601.00 per share

- 2025-12: TWD 548.00 per share

- 2026-01: TWD 496.00 per share

- 2026-02: TWD 532.00 per share

- 2026-03: TWD 549.00 per share

- 2026-04: TWD 581.00 per share

- 2026-05: TWD 761.00 per share

- 2026-06: TWD 700.00 per share

- 2026-07: TWD 810.00 per share

- 2026-08: TWD 999.00 per share

- 2026-09: TWD 961.00 per share

- 2026-10: TWD 966.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 412.36 per share, central TWD 453.57 per share, high TWD 508.43 per share

- FY2017: low TWD 337.55 per share, central TWD 370.70 per share, high TWD 414.83 per share

- FY2018: low TWD 263.04 per share, central TWD 287.42 per share, high TWD 319.88 per share

- FY2019: low TWD 271.16 per share, central TWD 294.03 per share, high TWD 324.48 per share

- FY2020: low TWD 287.68 per share, central TWD 314.48 per share, high TWD 350.15 per share

- FY2021: low TWD 375.53 per share, central TWD 449.92 per share, high TWD 511.14 per share

- FY2022: low TWD 314.61 per share, central TWD 346.09 per share, high TWD 387.98 per share

- FY2023: low TWD 337.81 per share, central TWD 370.93 per share, high TWD 415.02 per share

- FY2024: low TWD 609.21 per share, central TWD 711.19 per share, high TWD 808.49 per share

- FY2025: low TWD 686.30 per share, central TWD 838.08 per share, high TWD 961.18 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 2026-10-15T06:40:22.829Z 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.

## Reported holder observations