# Wan Hai Lines (2615.TW)

Canonical: https://gigainvestors.com/s/2615.TW

Analysis as of: 2026-10-16T07:35:51.375Z. 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 119.00 per share; close as of 2026-10-15.

Estimated value: low TWD 202.01 per share, central TWD 223.63 per share, high TWD 252.42 per share. Buy at or below the central value TWD 223.63 per share. Valuation as of 2026-10-16T07:35:51.375Z; scenarios are not confidence intervals.

Expected annual return: 20.5% at the stated quote. About 20.5% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.87×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.01×

- FY2019: 0.07×

- FY2020: 0.18×

- FY2021: 0.57×

- FY2022: 0.48×

- FY2023: -0.00×

- FY2024: 0.31×

- FY2025: 0.23×

- LTM to Jun 2026: 0.22×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: -11.6 pp

- Typical gross margin (annual median): 16.6%

- Recent gross margin (lower of latest and 3-year median): 28.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.4%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.5%

- FY2017: 6.7%

- FY2018: 1.4%

- FY2019: 8.5%

- FY2020: 21.1%

- FY2021: >100%

- FY2022: 78.5%

- FY2023: -0.2%

- FY2024: 19.7%

- FY2025: 13.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 215B

- Net income, five-year total: TWD 270B

- Return on incremental invested capital: 23.3%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: -0.0%

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

- FY2021: 0.97×

- FY2022: 0.96×

- FY2023: 5.76×

- FY2024: 0.95×

- FY2025: 0.42×

### 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: 3.5% vs 13.1%

- Per-share earnings: 0.91 to 11.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: TWD 168B

- Cumulative retained earnings: TWD 196B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 36.8%

- Per-share value change: TWD 10.30

- Per-share value, starting three-year median: TWD 0.91

- Per-share value, ending three-year median: TWD 11.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 178M

- Cumulative net income, 10 years: TWD 289B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 0.35

- FY2017: TWD 0.91

- FY2018: TWD 0.39

- FY2019: TWD 1.26

- FY2020: TWD 4.03

- FY2021: TWD 36.83

- FY2022: TWD 33.17

- FY2023: TWD -2.07

- FY2024: TWD 16.89

- FY2025: TWD 11.21

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -5.9%

- FY2018: -5.0%

- FY2019: -5.1%

- FY2020: -5.8%

- FY2021: -11.4%

- FY2022: -11.5%

- FY2023: -0.4%

- FY2024: -5.3%

- FY2025: -3.6%

## Holders

## Price story

Down 40% since Dec 2021 · sales +3.3%

Story as of 2026-10-16T10:00:06.219Z; price observation 2026-10-15.

Price needs cash profits to shrink 10.3% a year for ten years

### Sales · FY2025–2026

sales +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 61B 

- FY2018: TWD 67B 

- FY2019: TWD 73B 

- FY2020: TWD 82B 

- FY2021: TWD 228B 

- FY2022: TWD 259B 

- FY2023: TWD 100B 

- FY2024: TWD 162B 

- FY2025: TWD 140B 

- FY2026: TWD 145B 

### Gross margin · FY2025

gross margin 28.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 10.0% 

- FY2017: 11.7% 

- FY2018: 7.5% 

- FY2019: 9.9% 

- FY2020: 21.5% 

- FY2021: 59.1% 

- FY2022: 48.8% 

- FY2024: 34.9% 

- FY2025: 28.2% 

## Owner memo

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

### How it makes money

Operates in marine shipping; annual sales are TWD 140.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2025: revenue 140353465000; grossProfit 39516537000; margin = grossProfit / revenue.

### Why customers stay

It earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2023: grossProfit / revenue = -1.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2025: grossProfit / revenue = 28.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); 10-year return on capital observations [[2016,0.03475417241525109],[2017,0.06671914106428625],[2018,0.014225059756918458],[2019,0.08474860735979386],[2020,0.21113125564234925],[2021,1.118285891323719],[2022,0.7851345108914745],[2023,-0.0019073366338275282],[2024,0.19702006903343122],[2025,0.13109333440885704]]; median 0.10792097088432545. 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 2026-10-16T07:35:51.375Z); FY2016: growth capex 0; upkeep 2540494000; owner earnings 2765836000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2017: growth capex 467301000; upkeep 4112744000; owner earnings 2541889000. Growth capex / owner earnings = 0.18384004966385237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2018: growth capex 75000000; upkeep 4170553000; owner earnings 1117906000. Growth capex / owner earnings = 0.06708971952919118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2019: growth capex 321722000; upkeep 5338434000; owner earnings 3059985200. Growth capex / owner earnings = 0.10513841700933717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2020: growth capex 6318180057.528883; upkeep 10939748942.471117; owner earnings 5402295657.528883. Growth capex / owner earnings = 1.1695361487155154.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2021: growth capex 20547264000; upkeep 13841279000; owner earnings 100401933000. Growth capex / owner earnings = 0.2046500837787655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2022: growth capex 14390755000; upkeep 21351993000; owner earnings 89790666400. Growth capex / owner earnings = 0.16027005452762738.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2024: growth capex 19589371000; upkeep 16229193000; owner earnings 44951419000. Growth capex / owner earnings = 0.4357898245659386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); FY2025: growth capex 0; upkeep 30925957000; owner earnings 13068654800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); Dividend observations: [[2016,2661957000],[2017,887319000],[2018,1109149000],[2019,1343467000],[2020,1774638000],[2021,2218298000],[2022,25621336000],[2023,14030731000],[2024,4209219000],[2025,9821512000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2615.TW SharesStats.PercentInsiders = 44.823 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 10.3% yearly over ten years; actual growth was 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:51.375Z); Ten-year compound average after fade. Initial solved rate -0.15637111122714292. Price 119; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.424514575742924 → FY2025 4.652803469134176. Closing-price date 2026-10-15.

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

- 2016-10: TWD 15.55 per share

- 2016-11: TWD 16.55 per share

- 2016-12: TWD 16.30 per share

- 2017-01: TWD 17.40 per share

- 2017-02: TWD 18.85 per share

- 2017-03: TWD 17.60 per share

- 2017-04: TWD 16.70 per share

- 2017-05: TWD 17.00 per share

- 2017-06: TWD 17.15 per share

- 2017-07: TWD 17.30 per share

- 2017-08: TWD 21.00 per share

- 2017-09: TWD 18.50 per share

- 2017-10: TWD 18.25 per share

- 2017-11: TWD 18.95 per share

- 2017-12: TWD 19.25 per share

- 2018-01: TWD 18.60 per share

- 2018-02: TWD 18.30 per share

- 2018-03: TWD 17.90 per share

- 2018-04: TWD 17.15 per share

- 2018-05: TWD 16.65 per share

- 2018-06: TWD 16.90 per share

- 2018-07: TWD 16.60 per share

- 2018-08: TWD 16.80 per share

- 2018-09: TWD 16.70 per share

- 2018-10: TWD 15.10 per share

- 2018-11: TWD 15.90 per share

- 2018-12: TWD 15.95 per share

- 2019-01: TWD 15.75 per share

- 2019-02: TWD 15.95 per share

- 2019-03: TWD 16.05 per share

- 2019-04: TWD 16.30 per share

- 2019-05: TWD 18.85 per share

- 2019-06: TWD 18.10 per share

- 2019-07: TWD 20.75 per share

- 2019-08: TWD 19.00 per share

- 2019-09: TWD 18.25 per share

- 2019-10: TWD 18.15 per share

- 2019-11: TWD 18.15 per share

- 2019-12: TWD 18.50 per share

- 2020-01: TWD 17.00 per share

- 2020-02: TWD 17.35 per share

- 2020-03: TWD 13.75 per share

- 2020-04: TWD 16.90 per share

- 2020-05: TWD 16.30 per share

- 2020-06: TWD 16.45 per share

- 2020-07: TWD 17.40 per share

- 2020-08: TWD 21.20 per share

- 2020-09: TWD 21.25 per share

- 2020-10: TWD 26.20 per share

- 2020-11: TWD 43.70 per share

- 2020-12: TWD 52.90 per share

- 2021-01: TWD 42.80 per share

- 2021-02: TWD 47.95 per share

- 2021-03: TWD 55.10 per share

- 2021-04: TWD 94.70 per share

- 2021-05: TWD 145.00 per share

- 2021-06: TWD 321.00 per share

- 2021-07: TWD 223.50 per share

- 2021-08: TWD 248.00 per share

- 2021-09: TWD 203.50 per share

- 2021-10: TWD 160.00 per share

- 2021-11: TWD 156.50 per share

- 2021-12: TWD 198.50 per share

- 2022-01: TWD 147.50 per share

- 2022-02: TWD 187.00 per share

- 2022-03: TWD 158.50 per share

- 2022-04: TWD 146.00 per share

- 2022-05: TWD 157.00 per share

- 2022-06: TWD 119.00 per share

- 2022-07: TWD 107.00 per share

- 2022-08: TWD 86.80 per share

- 2022-09: TWD 66.80 per share

- 2022-10: TWD 67.70 per share

- 2022-11: TWD 76.10 per share

- 2022-12: TWD 80.10 per share

- 2023-01: TWD 75.90 per share

- 2023-02: TWD 79.60 per share

- 2023-03: TWD 68.50 per share

- 2023-04: TWD 65.00 per share

- 2023-05: TWD 58.00 per share

- 2023-06: TWD 59.00 per share

- 2023-07: TWD 50.40 per share

- 2023-08: TWD 45.30 per share

- 2023-09: TWD 48.30 per share

- 2023-10: TWD 46.20 per share

- 2023-11: TWD 46.70 per share

- 2023-12: TWD 55.00 per share

- 2024-01: TWD 48.90 per share

- 2024-02: TWD 50.40 per share

- 2024-03: TWD 44.25 per share

- 2024-04: TWD 50.70 per share

- 2024-05: TWD 79.70 per share

- 2024-06: TWD 88.60 per share

- 2024-07: TWD 77.90 per share

- 2024-08: TWD 82.90 per share

- 2024-09: TWD 98.00 per share

- 2024-10: TWD 85.70 per share

- 2024-11: TWD 83.00 per share

- 2024-12: TWD 81.10 per share

- 2025-01: TWD 76.10 per share

- 2025-02: TWD 84.00 per share

- 2025-03: TWD 78.20 per share

- 2025-04: TWD 82.50 per share

- 2025-05: TWD 108.00 per share

- 2025-06: TWD 89.00 per share

- 2025-07: TWD 88.70 per share

- 2025-08: TWD 82.80 per share

- 2025-09: TWD 74.30 per share

- 2025-10: TWD 82.10 per share

- 2025-11: TWD 80.60 per share

- 2025-12: TWD 78.80 per share

- 2026-01: TWD 73.50 per share

- 2026-02: TWD 76.40 per share

- 2026-03: TWD 77.10 per share

- 2026-04: TWD 74.60 per share

- 2026-05: TWD 82.00 per share

- 2026-06: TWD 79.20 per share

- 2026-07: TWD 84.70 per share

- 2026-08: TWD 114.00 per share

- 2026-09: TWD 114.00 per share

- 2026-10: TWD 121.50 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 15.88 per share, central TWD 17.14 per share, high TWD 18.82 per share

- FY2017: low TWD 19.51 per share, central TWD 21.10 per share, high TWD 23.21 per share

- FY2018: low TWD 17.31 per share, central TWD 19.00 per share, high TWD 21.25 per share

- FY2019: low TWD 19.54 per share, central TWD 23.19 per share, high TWD 26.01 per share

- FY2020: low TWD 20.14 per share, central TWD 21.99 per share, high TWD 24.45 per share

- FY2021: low TWD 83.68 per share, central TWD 103.54 per share, high TWD 115.10 per share

- FY2022: low TWD 144.44 per share, central TWD 179.91 per share, high TWD 200.56 per share

- FY2023: low TWD 70.21 per share, central TWD 73.76 per share, high TWD 78.49 per share

- FY2024: low TWD 226.90 per share, central TWD 251.04 per share, high TWD 283.18 per share

- FY2025: low TWD 196.47 per share, central TWD 217.39 per share, high TWD 245.24 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 2026-10-15T06:41:28.266Z 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