# Advantech (2395.TW)

Canonical: https://gigainvestors.com/s/2395.TW

Analysis as of: 2026-10-16T07:34:50.035Z. 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 698.00 per share; close as of 2026-10-15.

Estimated value: low TWD 189.86 per share, central TWD 241.77 per share, high TWD 279.45 per share. Buy at or below the central value TWD 241.77 per share. Valuation as of 2026-10-16T07:34:50.035Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.18×

- FY2020: 0.18×

- FY2021: 0.18×

- FY2022: 0.20×

- FY2023: 0.19×

- FY2024: 0.15×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 35.4%

- ROIC, second-lowest year: 27.0%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 39.5%

- Recent gross margin (lower of latest and 3-year median): 39.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 30.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 35.1%

- FY2017: 33.7%

- FY2018: 33.3%

- FY2019: 37.3%

- FY2020: 39.0%

- FY2021: 35.7%

- FY2022: 39.7%

- FY2023: 36.5%

- FY2024: 23.9%

- FY2025: 27.0%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 48B

- Net income, five-year total: TWD 49B

- Return on incremental invested capital: 47.8%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 21.4%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.95×

- FY2024: 0.90×

- FY2025: 0.97×

### 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: 33.7% vs 27.0%

- Per-share earnings: 7.40 to 12.27 (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: 1.2%

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: TWD 54B

- Cumulative retained earnings: TWD 14B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.5%

- Per-share value change: TWD 4.87

- Per-share value, starting three-year median: TWD 7.40

- Per-share value, ending three-year median: TWD 12.27

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 3.1B

- Cumulative net income, 10 years: TWD 82B

- ROIC, first three-year median: 33.7%

- ROIC, last three-year median: 27.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 7.40

- FY2017: TWD 8.02

- FY2018: TWD 8.18

- FY2019: TWD 9.56

- FY2020: TWD 9.41

- FY2021: TWD 10.70

- FY2022: TWD 12.41

- FY2023: TWD 12.50

- FY2024: TWD 10.41

- FY2025: TWD 12.27

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: 7.7%

- FY2018: -2.6%

- FY2019: 2.4%

- FY2020: -1.7%

- FY2021: -1.5%

- FY2022: 1.5%

- FY2023: 1.7%

- FY2024: -2.1%

- FY2025: -0.8%

## Holders

## Price story

Price needs cash profits to grow 18.5% a year for ten years · sales +18.6%

Story as of 2026-10-16T10:00:02.713Z; price observation 2026-10-15.

Price needs cash profits to grow 18.5% a year for ten years

### Sales · FY2024–2025

sales +18.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 42B 

- FY2017: TWD 44B 

- FY2018: TWD 49B 

- FY2019: TWD 54B 

- FY2020: TWD 51B 

- FY2021: TWD 59B 

- FY2022: TWD 69B 

- FY2023: TWD 65B 

- FY2024: TWD 60B 

- FY2025: TWD 71B 

### Gross margin · FY2025

gross margin 39.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.8% 

- FY2017: 39.2% 

- FY2018: 38.3% 

- FY2019: 39.0% 

- FY2020: 39.9% 

- FY2021: 37.8% 

- FY2022: 38.0% 

- FY2023: 40.5% 

- FY2024: 40.8% 

- FY2025: 39.8% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 70.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2025: revenue 70882362000; grossProfit 28197604000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2395.TW: Advantech Co., Ltd. engages in the research and development, design, manufacturing, and marketing of embedded computing boards, industrial automation products, and applied and industrial computers. The company operates through Intelligent Systems; Embedded Design-In; IoT Automation; Intelligent Service; and Advantech Service Plus and Others segments. It offers AIOT software, distribution, and services, application focus embedded, arm-based computing platforms, computer on modules, digital signage players, edge AI and intelligence solutions, embedded PCs and single board computers, fan less embedded computers, gaming platform solutions, industrial display systems, industrial flash and memory, industrial motherboards and wireless solutions, and wireless e-paper display solutions. The company also provides automation controllers and I/O, certified solutions, embedded automation computers, gateways and remote terminal units, human machine interfaces, certified, class I division 2 and ATEX, panel PCs, power and energy, and remote I/O and wireless sensing modules, as well as web access software and edge solution ready platform. In addition, it offers data acquisition, box and modular IPC, transportation systems, and rackmount IPC; and industrial computer peripherals, GPU, and motherboards and slot SBC. Further, the company provides intelligent connectivity solutions; cloud, networking, and servers solutions; intelligent healthcare, mobile solutions, logistics, city services, and retail solutions; and industrial mounting. It also offers, edge computing and WISE-edge, embedded solutions and design-in, energy and utilities, iFactory, iHealthcare, industrial and edge servers, industrial equipment builder, intelligent transport, iRetail and iCity services; and design and manufacturing, industrial display, gaming, iLogistics, video solutions, and IoT edge intelligence solutions and services. Advantech Co., Ltd. was incorporated in 1981 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 39.8% to 40.8% during 2023–25; it earns 35.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2023: grossProfit / revenue = 40.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2024: grossProfit / revenue = 40.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2025: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); 10-year return on capital observations [[2016,0.3512239902175578],[2017,0.33728759925638185],[2018,0.3330373538635072],[2019,0.37288173086216664],[2020,0.38998837852409907],[2021,0.3565716662100427],[2022,0.3974739915372483],[2023,0.3646840340973777],[2024,0.23904404231477297],[2025,0.2698622880643575]]; median 0.3538978282138002. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 15.9% of cash earnings on expansion; earns 47.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2016: growth capex 655171000; upkeep 820088000; owner earnings 5666862000. Growth capex / owner earnings = 0.11561442646741707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2017: growth capex 0; upkeep 609908000; owner earnings 6361963000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2018: growth capex 43115000; upkeep 759188000; owner earnings 6294657000. Growth capex / owner earnings = 0.00684945978788042.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2019: growth capex 97503000; upkeep 1017792000; owner earnings 7262868800. Growth capex / owner earnings = 0.013424860435314486.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2020: growth capex 0; upkeep 732398000; owner earnings 7421952800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2021: growth capex 125095000; upkeep 1096871000; owner earnings 8186742800. Growth capex / owner earnings = 0.015280191775415248.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2022: growth capex 420385000; upkeep 1057080000; owner earnings 10688305400. Growth capex / owner earnings = 0.039331305035501696.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2023: growth capex 0; upkeep 1235669000; owner earnings 10344614800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2024: growth capex 0; upkeep 1637660000; owner earnings 8085180600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); FY2025: growth capex 1626905000; upkeep 1209661000; owner earnings 10239117400. Growth capex / owner earnings = 0.15889113645674185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); Incremental return on capital 0.4777264884504423, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); Dividend observations: [[2016,3791118000],[2017,3988367000],[2018,4600414000],[2019,4751129000],[2020,5463198000],[2021,5480813000],[2022,6195710000],[2023,7779770000],[2024,8155269000],[2025,7254151000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2395.TW SharesStats.PercentInsiders = 48.302 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.5% yearly over ten years; actual growth was 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.035Z); Ten-year compound average after fade. Initial solved rate 0.2557929901761701. Price 698; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.3987184880518075 → FY2025 11.861030260976742. Closing-price date 2026-10-15.

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

- 2016-10: TWD 257.00 per share

- 2016-11: TWD 256.50 per share

- 2016-12: TWD 254.50 per share

- 2017-01: TWD 265.00 per share

- 2017-02: TWD 261.50 per share

- 2017-03: TWD 254.00 per share

- 2017-04: TWD 244.00 per share

- 2017-05: TWD 244.00 per share

- 2017-06: TWD 215.50 per share

- 2017-07: TWD 228.50 per share

- 2017-08: TWD 222.50 per share

- 2017-09: TWD 216.00 per share

- 2017-10: TWD 206.00 per share

- 2017-11: TWD 200.00 per share

- 2017-12: TWD 210.50 per share

- 2018-01: TWD 228.00 per share

- 2018-02: TWD 217.50 per share

- 2018-03: TWD 209.00 per share

- 2018-04: TWD 204.50 per share

- 2018-05: TWD 203.00 per share

- 2018-06: TWD 201.00 per share

- 2018-07: TWD 202.50 per share

- 2018-08: TWD 209.00 per share

- 2018-09: TWD 227.50 per share

- 2018-10: TWD 213.00 per share

- 2018-11: TWD 233.50 per share

- 2018-12: TWD 210.50 per share

- 2019-01: TWD 228.50 per share

- 2019-02: TWD 235.00 per share

- 2019-03: TWD 256.00 per share

- 2019-04: TWD 250.00 per share

- 2019-05: TWD 265.00 per share

- 2019-06: TWD 264.00 per share

- 2019-07: TWD 263.00 per share

- 2019-08: TWD 267.00 per share

- 2019-09: TWD 273.00 per share

- 2019-10: TWD 301.50 per share

- 2019-11: TWD 299.50 per share

- 2019-12: TWD 302.00 per share

- 2020-01: TWD 291.00 per share

- 2020-02: TWD 294.50 per share

- 2020-03: TWD 249.50 per share

- 2020-04: TWD 284.00 per share

- 2020-05: TWD 297.00 per share

- 2020-06: TWD 295.50 per share

- 2020-07: TWD 309.00 per share

- 2020-08: TWD 303.50 per share

- 2020-09: TWD 291.00 per share

- 2020-10: TWD 289.00 per share

- 2020-11: TWD 307.00 per share

- 2020-12: TWD 350.00 per share

- 2021-01: TWD 346.00 per share

- 2021-02: TWD 362.50 per share

- 2021-03: TWD 354.00 per share

- 2021-04: TWD 356.00 per share

- 2021-05: TWD 329.50 per share

- 2021-06: TWD 345.00 per share

- 2021-07: TWD 364.00 per share

- 2021-08: TWD 386.00 per share

- 2021-09: TWD 365.00 per share

- 2021-10: TWD 363.00 per share

- 2021-11: TWD 382.00 per share

- 2021-12: TWD 396.50 per share

- 2022-01: TWD 380.50 per share

- 2022-02: TWD 366.50 per share

- 2022-03: TWD 369.50 per share

- 2022-04: TWD 369.50 per share

- 2022-05: TWD 361.00 per share

- 2022-06: TWD 346.00 per share

- 2022-07: TWD 342.50 per share

- 2022-08: TWD 327.50 per share

- 2022-09: TWD 293.50 per share

- 2022-10: TWD 293.00 per share

- 2022-11: TWD 333.00 per share

- 2022-12: TWD 331.00 per share

- 2023-01: TWD 341.00 per share

- 2023-02: TWD 357.00 per share

- 2023-03: TWD 371.00 per share

- 2023-04: TWD 371.00 per share

- 2023-05: TWD 407.00 per share

- 2023-06: TWD 409.50 per share

- 2023-07: TWD 391.50 per share

- 2023-08: TWD 344.00 per share

- 2023-09: TWD 345.00 per share

- 2023-10: TWD 331.50 per share

- 2023-11: TWD 353.50 per share

- 2023-12: TWD 372.00 per share

- 2024-01: TWD 337.50 per share

- 2024-02: TWD 390.00 per share

- 2024-03: TWD 403.00 per share

- 2024-04: TWD 380.00 per share

- 2024-05: TWD 353.00 per share

- 2024-06: TWD 370.00 per share

- 2024-07: TWD 346.50 per share

- 2024-08: TWD 349.00 per share

- 2024-09: TWD 321.50 per share

- 2024-10: TWD 320.00 per share

- 2024-11: TWD 335.50 per share

- 2024-12: TWD 346.50 per share

- 2025-01: TWD 379.00 per share

- 2025-02: TWD 406.00 per share

- 2025-03: TWD 375.00 per share

- 2025-04: TWD 337.00 per share

- 2025-05: TWD 342.00 per share

- 2025-06: TWD 340.00 per share

- 2025-07: TWD 335.50 per share

- 2025-08: TWD 344.00 per share

- 2025-09: TWD 319.00 per share

- 2025-10: TWD 313.50 per share

- 2025-11: TWD 288.00 per share

- 2025-12: TWD 288.00 per share

- 2026-01: TWD 299.50 per share

- 2026-02: TWD 336.50 per share

- 2026-03: TWD 318.50 per share

- 2026-04: TWD 359.50 per share

- 2026-05: TWD 495.00 per share

- 2026-06: TWD 492.00 per share

- 2026-07: TWD 563.00 per share

- 2026-08: TWD 677.00 per share

- 2026-09: TWD 726.00 per share

- 2026-10: TWD 718.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 98.28 per share, central TWD 122.07 per share, high TWD 141.15 per share

- FY2017: low TWD 110.49 per share, central TWD 139.97 per share, high TWD 162.04 per share

- FY2018: low TWD 126.90 per share, central TWD 170.09 per share, high TWD 197.66 per share

- FY2019: low TWD 148.79 per share, central TWD 211.70 per share, high TWD 246.78 per share

- FY2020: low TWD 141.41 per share, central TWD 192.95 per share, high TWD 223.75 per share

- FY2021: low TWD 168.15 per share, central TWD 236.30 per share, high TWD 274.98 per share

- FY2022: low TWD 163.64 per share, central TWD 222.37 per share, high TWD 258.15 per share

- FY2023: low TWD 161.26 per share, central TWD 208.55 per share, high TWD 240.34 per share

- FY2024: low TWD 143.40 per share, central TWD 175.25 per share, high TWD 200.91 per share

- FY2025: low TWD 168.33 per share, central TWD 213.39 per share, high TWD 246.10 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 2026-10-15T06:40:34.104Z 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.