# Quanta Computer (2382.TW)

Canonical: https://gigainvestors.com/s/2382.TW

Analysis as of: 2026-10-16T07:34:05.394Z. Financial observations: FY2001–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 316.50 per share; close as of 2026-10-15.

Estimated value: low TWD 401.18 per share, central TWD 536.53 per share, high TWD 618.39 per share. Buy at or below the central value TWD 536.53 per share. Valuation as of 2026-10-16T07:34:05.394Z; scenarios are not confidence intervals.

Expected annual return: 15.7% at the stated quote. About 15.7% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.01×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.04×

- LTM to Jun 2026: 0.03×

### moat: fail

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

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 5.7%

- Recent gross margin (lower of latest and 3-year median): 6.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 15.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.5%

- FY2017: 9.8%

- FY2018: 8.0%

- FY2019: 11.0%

- FY2020: 22.0%

- FY2021: 17.2%

- FY2022: 10.9%

- FY2023: 25.2%

- FY2024: 19.8%

- FY2025: 19.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 233B

- Net income, five-year total: TWD 237B

- Return on incremental invested capital: 15.8%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: 22.4%

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

- FY2021: 0.93×

- FY2022: 0.97×

- FY2023: 1.05×

- FY2024: 0.98×

- FY2025: 0.98×

### 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: 9.8% vs 19.8%

- Per-share earnings: 3.88 to 15.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: TWD 870B

- Cumulative retained earnings: TWD 101B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.8%

- Per-share value change: TWD 11.48

- Per-share value, starting three-year median: TWD 3.88

- Per-share value, ending three-year median: TWD 15.36

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 264M

- Cumulative net income, 10 years: TWD 323B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 19.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 3.88

- FY2017: TWD 3.67

- FY2018: TWD 3.88

- FY2019: TWD 4.10

- FY2020: TWD 6.47

- FY2021: TWD 8.62

- FY2022: TWD 7.35

- FY2023: TWD 10.21

- FY2024: TWD 15.36

- FY2025: TWD 18.45

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.2%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: 3.7%

- FY2018: -0.3%

- FY2019: -3.5%

- FY2020: -7.9%

- FY2021: 8.0%

- FY2022: 2.1%

- FY2023: -12.3%

- FY2024: 10.2%

- FY2025: 6.2%

## Holders

## Price story

Price needs cash profits to shrink 1.9% a year for ten years · sales +40.3%

Story as of 2026-10-16T09:59:59.078Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2025–2026

sales +40.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 1.02T 

- FY2018: TWD 1.03T 

- FY2019: TWD 1.03T 

- FY2020: TWD 1.09T 

- FY2021: TWD 1.13T 

- FY2022: TWD 1.28T 

- FY2023: TWD 1.09T 

- FY2024: TWD 1.41T 

- FY2025: TWD 2.12T 

- FY2026: TWD 2.98T 

### Gross margin · FY2025

gross margin 6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 5.2% 

- FY2017: 4.5% 

- FY2018: 4.3% 

- FY2019: 4.8% 

- FY2020: 5.9% 

- FY2021: 6.4% 

- FY2022: 5.5% 

- FY2023: 7.8% 

- FY2024: 7.9% 

- FY2025: 6.9% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 2.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2025: revenue 2123689447000; grossProfit 146110610000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2382.TW: Quanta Computer Inc. manufactures, processes, and sells laptop computers and cloud-computing server related products in the United States, Mainland China, the Netherlands, Japan, and internationally. The company provides notebook PCs; servers, storage devices, and network switches; cameras, including automotive cameras, camera module, and AI dash-camera and AI body-worn camera; and smart healthcare solutions. It also offers mobile computing solutions for the wireless communication of notebook PCs, wireless local area network peripherals, wireless multimedia devices, and wireless information home appliances; and cloud computing and enterprise network solutions for private or hybrid clouds, as well as home entertainment and smart home solutions, including home media centers; smart touch input systems for laptops, desktops, and thin client terminals; smart IoT controllers and sensors; smart speakers; and private servers for home. In addition, the company provides IoT solutions; telco infrastructures and solutions; smart manufacturing and factory solutions; and AR/VR display and smart glasses solutions. The company was incorporated in 1988 and is based in Taoyuan City, Taiwan.

### Why customers stay

Margins ranged from 6.9% to 7.9% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2023: grossProfit / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2024: grossProfit / revenue = 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2025: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); 10-year return on capital observations [[2016,0.1453978083657586],[2017,0.09772740721925095],[2018,0.0796311346102937],[2019,0.10978600603327812],[2020,0.2196667519264793],[2021,0.1719479881569589],[2022,0.10903458752235462],[2023,0.2520483914005959],[2024,0.1979585854450017],[2025,0.19128197555084997]]; median 0.15867289826135875. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3.2% of cash earnings on expansion; earns 15.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2016: growth capex 0; upkeep 4989904000; owner earnings 17475265000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2017: growth capex 0; upkeep 5956582000; owner earnings 15275650000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2018: growth capex 332692867.2480717; upkeep 13004552132.751928; owner earnings 9544884867.248072. Growth capex / owner earnings = 0.03485561867693768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2019: growth capex 0; upkeep 7326485000; owner earnings 17517704200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2020: growth capex 2716795000; upkeep 8115621000; owner earnings 24965838400. Growth capex / owner earnings = 0.1088204992947483.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2021: growth capex 1801271172.4412212; upkeep 10048811827.558779; owner earnings 31288485372.441223. Growth capex / owner earnings = 0.05756977849837928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2022: growth capex 7202253000; upkeep 10102976000; owner earnings 28170554200. Growth capex / owner earnings = 0.2556660031913749.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2023: growth capex 0; upkeep 8832411000; owner earnings 41676342400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2024: growth capex 1824863000; upkeep 11678476000; owner earnings 58748917800. Growth capex / owner earnings = 0.03106207004888863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); FY2025: growth capex 2316878000; upkeep 12440450000; owner earnings 73469702800. Growth capex / owner earnings = 0.03153514866266752.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); Incremental return on capital 0.15756492060521932, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); Dividend observations: [[2016,14947083000],[2017,13784655000],[2018,13382134000],[2019,13977189000],[2020,14685910000],[2021,20253559000],[2022,26009039000],[2023,23764557000],[2024,34690667000],[2025,50214156000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 29.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2382.TW SharesStats.PercentInsiders = 29.725 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years; actual growth was 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.394Z); Ten-year compound average after fade. Initial solved rate -0.03886098804573207. Price 316.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.092489718730798 → FY2025 18.075270582753312. Closing-price date 2026-10-15.

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

- 2016-10: TWD 64.00 per share

- 2016-11: TWD 59.40 per share

- 2016-12: TWD 60.30 per share

- 2017-01: TWD 63.60 per share

- 2017-02: TWD 63.70 per share

- 2017-03: TWD 61.70 per share

- 2017-04: TWD 62.50 per share

- 2017-05: TWD 68.80 per share

- 2017-06: TWD 72.00 per share

- 2017-07: TWD 71.60 per share

- 2017-08: TWD 68.70 per share

- 2017-09: TWD 69.90 per share

- 2017-10: TWD 71.00 per share

- 2017-11: TWD 61.50 per share

- 2017-12: TWD 61.90 per share

- 2018-01: TWD 63.50 per share

- 2018-02: TWD 59.60 per share

- 2018-03: TWD 59.10 per share

- 2018-04: TWD 54.10 per share

- 2018-05: TWD 53.00 per share

- 2018-06: TWD 53.50 per share

- 2018-07: TWD 52.90 per share

- 2018-08: TWD 52.80 per share

- 2018-09: TWD 53.20 per share

- 2018-10: TWD 48.85 per share

- 2018-11: TWD 49.95 per share

- 2018-12: TWD 52.70 per share

- 2019-01: TWD 55.90 per share

- 2019-02: TWD 57.20 per share

- 2019-03: TWD 57.80 per share

- 2019-04: TWD 59.20 per share

- 2019-05: TWD 58.90 per share

- 2019-06: TWD 60.40 per share

- 2019-07: TWD 57.50 per share

- 2019-08: TWD 56.50 per share

- 2019-09: TWD 56.60 per share

- 2019-10: TWD 58.50 per share

- 2019-11: TWD 60.30 per share

- 2019-12: TWD 64.30 per share

- 2020-01: TWD 62.00 per share

- 2020-02: TWD 62.00 per share

- 2020-03: TWD 60.20 per share

- 2020-04: TWD 64.90 per share

- 2020-05: TWD 70.00 per share

- 2020-06: TWD 71.00 per share

- 2020-07: TWD 81.80 per share

- 2020-08: TWD 77.00 per share

- 2020-09: TWD 75.60 per share

- 2020-10: TWD 72.00 per share

- 2020-11: TWD 77.00 per share

- 2020-12: TWD 80.90 per share

- 2021-01: TWD 80.70 per share

- 2021-02: TWD 85.00 per share

- 2021-03: TWD 98.00 per share

- 2021-04: TWD 98.40 per share

- 2021-05: TWD 89.70 per share

- 2021-06: TWD 87.50 per share

- 2021-07: TWD 77.30 per share

- 2021-08: TWD 78.40 per share

- 2021-09: TWD 77.50 per share

- 2021-10: TWD 78.00 per share

- 2021-11: TWD 85.90 per share

- 2021-12: TWD 94.70 per share

- 2022-01: TWD 92.90 per share

- 2022-02: TWD 92.90 per share

- 2022-03: TWD 88.30 per share

- 2022-04: TWD 83.80 per share

- 2022-05: TWD 79.60 per share

- 2022-06: TWD 79.80 per share

- 2022-07: TWD 84.60 per share

- 2022-08: TWD 79.30 per share

- 2022-09: TWD 77.00 per share

- 2022-10: TWD 68.40 per share

- 2022-11: TWD 71.60 per share

- 2022-12: TWD 72.30 per share

- 2023-01: TWD 74.70 per share

- 2023-02: TWD 80.10 per share

- 2023-03: TWD 89.10 per share

- 2023-04: TWD 85.90 per share

- 2023-05: TWD 116.50 per share

- 2023-06: TWD 152.00 per share

- 2023-07: TWD 238.50 per share

- 2023-08: TWD 253.50 per share

- 2023-09: TWD 239.50 per share

- 2023-10: TWD 189.00 per share

- 2023-11: TWD 203.00 per share

- 2023-12: TWD 224.50 per share

- 2024-01: TWD 247.00 per share

- 2024-02: TWD 232.00 per share

- 2024-03: TWD 286.50 per share

- 2024-04: TWD 260.00 per share

- 2024-05: TWD 274.00 per share

- 2024-06: TWD 312.00 per share

- 2024-07: TWD 272.50 per share

- 2024-08: TWD 268.00 per share

- 2024-09: TWD 264.00 per share

- 2024-10: TWD 303.50 per share

- 2024-11: TWD 291.00 per share

- 2024-12: TWD 287.00 per share

- 2025-01: TWD 269.50 per share

- 2025-02: TWD 250.50 per share

- 2025-03: TWD 224.50 per share

- 2025-04: TWD 238.50 per share

- 2025-05: TWD 271.50 per share

- 2025-06: TWD 274.50 per share

- 2025-07: TWD 281.50 per share

- 2025-08: TWD 262.50 per share

- 2025-09: TWD 290.00 per share

- 2025-10: TWD 300.50 per share

- 2025-11: TWD 282.00 per share

- 2025-12: TWD 272.00 per share

- 2026-01: TWD 280.00 per share

- 2026-02: TWD 291.50 per share

- 2026-03: TWD 278.50 per share

- 2026-04: TWD 312.50 per share

- 2026-05: TWD 339.00 per share

- 2026-06: TWD 368.00 per share

- 2026-07: TWD 291.50 per share

- 2026-08: TWD 338.50 per share

- 2026-09: TWD 333.50 per share

- 2026-10: TWD 323.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 110.22 per share, central TWD 121.91 per share, high TWD 132.83 per share

- FY2017: low TWD 115.56 per share, central TWD 123.36 per share, high TWD 133.73 per share

- FY2018: low TWD 116.14 per share, central TWD 123.90 per share, high TWD 134.24 per share

- FY2019: low TWD 101.32 per share, central TWD 108.11 per share, high TWD 117.14 per share

- FY2020: low TWD 107.39 per share, central TWD 114.54 per share, high TWD 124.05 per share

- FY2021: low TWD 94.73 per share, central TWD 102.30 per share, high TWD 112.24 per share

- FY2022: low TWD 130.12 per share, central TWD 145.18 per share, high TWD 160.97 per share

- FY2023: low TWD 120.54 per share, central TWD 130.17 per share, high TWD 143.00 per share

- FY2024: low TWD 168.04 per share, central TWD 203.43 per share, high TWD 230.27 per share

- FY2025: low TWD 280.86 per share, central TWD 378.15 per share, high TWD 436.99 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 2026-10-15T06:39:50.388Z 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.