# Yuanta Financial Holdings (2885.TW)

Canonical: https://gigainvestors.com/s/2885.TW

Analysis as of: 2026-10-16T07:34:18.228Z. Financial observations: FY2002–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 72.70 per share; close as of 2026-10-15.

Estimated value: low TWD 63.17 per share, central TWD 90.25 per share, high TWD 106.01 per share. Buy at or below the central value TWD 90.25 per share. Valuation as of 2026-10-16T07:34:18.228Z; scenarios are not confidence intervals.

Expected annual return: 11.6% at the stated quote. About 11.6% 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: 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: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.20×

- FY2018: 0.21×

- FY2019: 0.21×

- FY2020: 0.24×

- FY2021: 0.35×

- FY2022: 0.31×

- FY2023: 0.35×

- FY2024: 0.38×

- FY2025: 0.24×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 11.5 pp

- Typical gross margin (annual median): 90.3%

- Recent gross margin (lower of latest and 3-year median): 78.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.7%

- FY2017: 7.3%

- FY2018: 8.5%

- FY2019: 8.5%

- FY2020: 9.9%

- FY2021: 13.4%

- FY2022: 8.2%

- FY2023: 64.9%

- FY2024: 33.2%

- FY2025: 4.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 157B

- Net income, five-year total: TWD 160B

- Return on incremental invested capital: 8.2%

- Working capital / revenue, annual change: 77.6 pp

- Working capital / revenue, change between three-year averages: 620.0 pp

- Working capital / revenue, final three-year average: 70.5%

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

- FY2021: 1.03×

- FY2022: 0.98×

- FY2023: 0.96×

- FY2024: 0.97×

- FY2025: 0.97×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.5% vs 33.2%

- Per-share earnings: 1.06 to 2.74 (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: 1.3%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: TWD 375B

- Cumulative retained earnings: TWD 90B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.6%

- Per-share value change: TWD 1.68

- Per-share value, starting three-year median: TWD 1.06

- Per-share value, ending three-year median: TWD 2.74

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.8%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: TWD 10B

- Cumulative net income, 10 years: TWD 253B

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 33.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 1.06

- FY2017: TWD 1.27

- FY2018: TWD 1.48

- FY2019: TWD 1.63

- FY2020: TWD 1.93

- FY2021: TWD 2.78

- FY2022: TWD 1.69

- FY2023: TWD 2.25

- FY2024: TWD 2.96

- FY2025: TWD 2.74

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: 5.8%

- FY2018: 0.4%

- FY2019: -1.1%

- FY2020: -0.1%

- FY2021: -0.1%

- FY2022: 0.4%

- FY2023: 1.9%

- FY2024: 3.9%

- FY2025: -2.2%

## Holders

## Price story

Price needs cash profits to grow 3.8% a year for ten years · sales +63.4%

Story as of 2026-10-16T10:00:00.025Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2024–2025

sales +63.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 93B 

- FY2017: TWD 104B 

- FY2018: TWD 116B 

- FY2019: TWD 122B 

- FY2020: TWD 126B 

- FY2021: TWD 126B 

- FY2022: TWD 92B 

- FY2023: TWD 98B 

- FY2024: TWD 121B 

- FY2025: TWD 197B 

### Gross margin · FY2025

gross margin 78.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 88.0% 

- FY2017: 88.2% 

- FY2018: 87.7% 

- FY2019: 87.8% 

- FY2020: 92.5% 

- FY2021: 94.4% 

- FY2022: 96.2% 

- FY2023: 96.2% 

- FY2024: 95.1% 

- FY2025: 78.8% 

## Owner memo

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

### How it makes money

Operates in financial conglomerates; annual sales are TWD 197.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2025: revenue 197378125000; grossProfit 155611291000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2885.TW: Yuanta Financial Holding Co., Ltd., together with its subsidiaries, provides financial services in Taiwan. The company offers brokerage, investment banking, derivative products, fixed income, institutional brokerage, international finance, strategic trading, overseas business, digital finance, reg and transfer, and wealth management services; corporate, consumer, and digital finance products and services; and life, health, accident, and investment-linked insurance products. It also provides future brokerage; futures introducing broker; leverage transaction merchant; superior services to foreign institutional investors, including domestic agent services, manual order placement, electronic order placement platforms, and customized report; and domestic and overseas equity, bond, balanced, real estate securitization, index, index stock, futures trust, and discretionary trust investment, as well as ETF products. In addition, the company offers margin trading, security lending, refinancing, and negotiable securities secured loans; and individual stock investment analysis reports, industry development trends, general economic topics, and news analysis. Further, it engages in the provision of capital to investment targets, operational and management consulting, and advisory services; loan acquisition from financial institutions; assessment, management, and sale of bad loans and accounts receivable factoring; and management of overdue accounts receivables. Yuanta Financial Holding Co., Ltd. was founded in 1961 and is based in Taipei, Taiwan.

### Why customers stay

Margins ranged from 78.8% to 96.2% during 2023–25; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2023: grossProfit / revenue = 96.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2024: grossProfit / revenue = 95.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2025: grossProfit / revenue = 78.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); 10-year return on capital observations [[2016,0.12683345262927148],[2017,0.07328377942830507],[2018,0.08462364732437277],[2019,0.0849234574091405],[2020,0.09868476606868443],[2021,0.13397161657170198],[2022,0.08235395286387552],[2023,0.6491532933384608],[2024,0.3317705434438502],[2025,0.04880989798429266]]; median 0.09180411173891245. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 96% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); Gross margin observations: [[2021,0.944364139824781],[2022,0.961986231420402],[2023,0.9618591129500004]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2016: growth capex 0; upkeep 1549092000; owner earnings 14166828000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2017: growth capex 1040581000; upkeep 2326720000; owner earnings 16204948000. Growth capex / owner earnings = 0.06421378211148841.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2018: growth capex 0; upkeep 1415652000; owner earnings 19599248000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2019: growth capex 0; upkeep 1514608000; owner earnings 22204630000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2020: growth capex 936524883.492382; upkeep 6951743116.507618; owner earnings 20290333883.492382. Growth capex / owner earnings = 0.046156208609968274.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2021: growth capex 0; upkeep 1926645000; owner earnings 36046512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2022: growth capex 0; upkeep 2676495000; owner earnings 20999498400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2023: growth capex 38539000; upkeep 3269205000; owner earnings 27289978400. Growth capex / owner earnings = 0.0014122033896516385.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2024: growth capex 2067460000; upkeep 3736255000; owner earnings 37124159200. Growth capex / owner earnings = 0.05569041951527888.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); FY2025: growth capex 0; upkeep 3715251000; owner earnings 35395829000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); Dividend observations: [[2016,4325818000],[2017,5365642000],[2018,6492536000],[2019,10503550000],[2020,7585898000],[2021,14564923000],[2022,18206154000],[2023,10001247000],[2024,13957991000],[2025,20061439000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2885.TW SharesStats.PercentInsiders = 19.704 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 11.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.228Z); Ten-year compound average after fade. Initial solved rate 0.04099184013720046. Price 72.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9249049725006053 → FY2025 2.6551219512195123. Closing-price date 2026-10-15.

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

- 2016-10: TWD 11.57 per share

- 2016-11: TWD 11.32 per share

- 2016-12: TWD 11.76 per share

- 2017-01: TWD 12.16 per share

- 2017-02: TWD 12.75 per share

- 2017-03: TWD 12.55 per share

- 2017-04: TWD 12.65 per share

- 2017-05: TWD 12.79 per share

- 2017-06: TWD 13.14 per share

- 2017-07: TWD 12.70 per share

- 2017-08: TWD 12.84 per share

- 2017-09: TWD 12.79 per share

- 2017-10: TWD 13.14 per share

- 2017-11: TWD 13.63 per share

- 2017-12: TWD 13.53 per share

- 2018-01: TWD 13.73 per share

- 2018-02: TWD 12.89 per share

- 2018-03: TWD 13.09 per share

- 2018-04: TWD 13.92 per share

- 2018-05: TWD 13.82 per share

- 2018-06: TWD 13.63 per share

- 2018-07: TWD 13.82 per share

- 2018-08: TWD 15.25 per share

- 2018-09: TWD 15.78 per share

- 2018-10: TWD 14.71 per share

- 2018-11: TWD 15.39 per share

- 2018-12: TWD 15.15 per share

- 2019-01: TWD 16.67 per share

- 2019-02: TWD 17.11 per share

- 2019-03: TWD 17.21 per share

- 2019-04: TWD 17.55 per share

- 2019-05: TWD 17.40 per share

- 2019-06: TWD 18.28 per share

- 2019-07: TWD 17.16 per share

- 2019-08: TWD 17.70 per share

- 2019-09: TWD 18.14 per share

- 2019-10: TWD 18.68 per share

- 2019-11: TWD 19.36 per share

- 2019-12: TWD 19.80 per share

- 2020-01: TWD 19.31 per share

- 2020-02: TWD 18.82 per share

- 2020-03: TWD 15.25 per share

- 2020-04: TWD 16.76 per share

- 2020-05: TWD 15.93 per share

- 2020-06: TWD 17.11 per share

- 2020-07: TWD 17.65 per share

- 2020-08: TWD 18.04 per share

- 2020-09: TWD 17.45 per share

- 2020-10: TWD 17.40 per share

- 2020-11: TWD 18.73 per share

- 2020-12: TWD 20.15 per share

- 2021-01: TWD 19.51 per share

- 2021-02: TWD 20.83 per share

- 2021-03: TWD 22.06 per share

- 2021-04: TWD 25.49 per share

- 2021-05: TWD 25.10 per share

- 2021-06: TWD 26.32 per share

- 2021-07: TWD 24.90 per share

- 2021-08: TWD 24.51 per share

- 2021-09: TWD 24.22 per share

- 2021-10: TWD 24.22 per share

- 2021-11: TWD 23.24 per share

- 2021-12: TWD 24.80 per share

- 2022-01: TWD 24.75 per share

- 2022-02: TWD 24.36 per share

- 2022-03: TWD 25.88 per share

- 2022-04: TWD 25.64 per share

- 2022-05: TWD 23.87 per share

- 2022-06: TWD 19.31 per share

- 2022-07: TWD 19.61 per share

- 2022-08: TWD 19.90 per share

- 2022-09: TWD 19.17 per share

- 2022-10: TWD 19.31 per share

- 2022-11: TWD 22.16 per share

- 2022-12: TWD 21.27 per share

- 2023-01: TWD 22.06 per share

- 2023-02: TWD 22.30 per share

- 2023-03: TWD 21.91 per share

- 2023-04: TWD 22.16 per share

- 2023-05: TWD 23.38 per share

- 2023-06: TWD 22.65 per share

- 2023-07: TWD 23.92 per share

- 2023-08: TWD 23.92 per share

- 2023-09: TWD 24.56 per share

- 2023-10: TWD 23.82 per share

- 2023-11: TWD 25.49 per share

- 2023-12: TWD 27.06 per share

- 2024-01: TWD 26.52 per share

- 2024-02: TWD 26.91 per share

- 2024-03: TWD 29.71 per share

- 2024-04: TWD 30.05 per share

- 2024-05: TWD 31.03 per share

- 2024-06: TWD 31.42 per share

- 2024-07: TWD 32.16 per share

- 2024-08: TWD 31.90 per share

- 2024-09: TWD 31.70 per share

- 2024-10: TWD 32.45 per share

- 2024-11: TWD 33.25 per share

- 2024-12: TWD 34.00 per share

- 2025-01: TWD 34.60 per share

- 2025-02: TWD 36.65 per share

- 2025-03: TWD 33.45 per share

- 2025-04: TWD 31.10 per share

- 2025-05: TWD 31.35 per share

- 2025-06: TWD 34.15 per share

- 2025-07: TWD 31.20 per share

- 2025-08: TWD 32.50 per share

- 2025-09: TWD 34.85 per share

- 2025-10: TWD 34.50 per share

- 2025-11: TWD 36.10 per share

- 2025-12: TWD 39.30 per share

- 2026-01: TWD 43.05 per share

- 2026-02: TWD 49.15 per share

- 2026-03: TWD 44.75 per share

- 2026-04: TWD 52.20 per share

- 2026-05: TWD 59.60 per share

- 2026-06: TWD 65.70 per share

- 2026-07: TWD 68.10 per share

- 2026-08: TWD 65.40 per share

- 2026-09: TWD 68.50 per share

- 2026-10: TWD 70.60 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 17.03 per share, central TWD 19.37 per share, high TWD 22.50 per share

- FY2017: low TWD 13.87 per share, central TWD 15.78 per share, high TWD 18.33 per share

- FY2018: low TWD 15.65 per share, central TWD 17.81 per share, high TWD 20.68 per share

- FY2019: low TWD 16.57 per share, central TWD 18.86 per share, high TWD 21.90 per share

- FY2020: low TWD 17.72 per share, central TWD 20.16 per share, high TWD 23.41 per share

- FY2021: low TWD 18.58 per share, central TWD 21.14 per share, high TWD 24.55 per share

- FY2022: low TWD 14.31 per share, central TWD 16.28 per share, high TWD 18.91 per share

- FY2023: low TWD 19.38 per share, central TWD 22.06 per share, high TWD 25.61 per share

- FY2024: low TWD 28.37 per share, central TWD 32.29 per share, high TWD 37.49 per share

- FY2025: low TWD 55.99 per share, central TWD 79.99 per share, high TWD 93.96 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 2026-10-15T06:40:05.071Z 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.