# Wistron (3231.TW)

Canonical: https://gigainvestors.com/s/3231.TW

Analysis as of: 2026-10-16T07:34:50.938Z. 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 176.00 per share; close as of 2026-10-15.

Estimated value: low TWD 170.68 per share, central TWD 215.49 per share, high TWD 250.20 per share. Buy at or below the central value TWD 215.49 per share. Valuation as of 2026-10-16T07:34:50.938Z; 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2018: 0.01×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.4%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 5.7%

- Recent gross margin (lower of latest and 3-year median): 6.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.9%

- FY2017: 4.7%

- FY2018: 7.7%

- FY2019: 14.9%

- FY2020: 13.5%

- FY2021: 10.3%

- FY2022: 15.2%

- FY2023: 13.2%

- FY2024: 16.5%

- FY2025: 16.0%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 84B

- Net income, five-year total: TWD 90B

- Return on incremental invested capital: 14.1%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 11.5 pp

- Working capital / revenue, final three-year average: 17.8%

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

- FY2021: 0.88×

- FY2022: 0.95×

- FY2023: 0.86×

- FY2024: 0.95×

- FY2025: 0.96×

### 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: 5.9% vs 16.0%

- Per-share earnings: 1.15 to 4.38 (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: 8.9%

- Ordinary dilution, 5-year annual growth: 17.6%

- Market cap gain: TWD 877B

- Cumulative retained earnings: TWD 56B

- Diluted shares, 10-year annual growth: 8.9%

- Diluted shares, 5-year annual growth: 17.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.2%

- Per-share value change: TWD 3.24

- Per-share value, starting three-year median: TWD 1.15

- Per-share value, ending three-year median: TWD 4.38

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: TWD 3.4B

- Cumulative net income, 10 years: TWD 124B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 16.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 1.15

- FY2017: TWD 1.44

- FY2018: TWD 1.74

- FY2019: TWD 3.45

- FY2020: TWD 4.64

- FY2021: TWD 5.34

- FY2022: TWD 6.45

- FY2023: TWD 3.96

- FY2024: TWD 5.93

- FY2025: TWD 4.38

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 12.1%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -3.86×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.0%

- FY2017: 5.2%

- FY2018: 0.2%

- FY2019: -2.6%

- FY2020: 5.5%

- FY2021: 7.3%

- FY2022: -8.0%

- FY2023: -8.1%

- FY2024: 2.0%

- FY2025: 12.1%

## Holders

## Price story

Price needs cash profits to grow 1.1% a year for ten years · sales +108.4%

Story as of 2026-10-16T10:00:02.776Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

- 2026-08-04: Taiwan's Wistron says AI server demand remains strong, quarterly profit up 128% ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/taiwans-wistron-says-ai-server-123337624.html))

### Sales · FY2024–2025

sales +108.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 660B 

- FY2017: TWD 836B 

- FY2018: TWD 890B 

- FY2019: TWD 878B 

- FY2020: TWD 845B 

- FY2021: TWD 862B 

- FY2022: TWD 985B 

- FY2023: TWD 867B 

- FY2024: TWD 1.05T 

- FY2025: TWD 2.19T 

### Gross margin · FY2025

gross margin 6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 4.8% 

- FY2017: 3.8% 

- FY2018: 4.2% 

- FY2019: 4.8% 

- FY2020: 5.5% 

- FY2021: 5.9% 

- FY2022: 7.1% 

- FY2023: 8.0% 

- FY2024: 8.0% 

- FY2025: 6.1% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 2.2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2025: revenue 2186522636000; grossProfit 133983373000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3231.TW: Wistron Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of information technology products in the United States, Europe, China, and internationally. The company develops and produces desktop computers, notebook computers, motherboards, servers, system platforms, multi-CPU computer systems, multimedia computers, network computers, consumer computers, micro-processors, CD-ROMs, PDAs, panel PCs, pocket computers, and interface cards. It also offers professional display systems, industrial PCs, and data storage equipment. The company provides video and internet telephones, video conferencing equipment, telecommunication equipment, VoIP systems, wireless receiver products including mobile phones, wireless LAN cards, and Bluetooth communication modules, as well as networking and communication products. Its consumer electronics offerings include digital satellite TV receivers, set-top boxes, digital video decoders, multimedia appliance products, LCD TVs, electronic audio and visual products, digital cameras, and CD-ROM and DVD-ROM drives. The company also manufactures, processes, and sells automotive electronics and telematics products. In addition, the company designs and merchandises computer software and programs; recycles electronic waste; and offers in vitro diagnostic devices, therapeutic equipment, intelligent assistive devices, diagnostic x-ray units, physiological signal diagnostic devices, and medical data systems. Further, it is involved in the maintenance and cleaning of electronics products; import and export trade business; sale and maintenance of computer products and related parts and components, data storage equipment, and digital monitoring systems; internet platform development; provision and sale of application services and consultation; and repair of electronic products. Wistron Corporation was incorporated in 2001 and is headquartered in Taipei, Taiwan.

### Why customers stay

Margins ranged from 6.1% to 8% during 2023–25; it earns 13.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2023: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2024: grossProfit / revenue = 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2025: grossProfit / revenue = 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); 10-year return on capital observations [[2016,0.05947696796528782],[2017,0.046804362478225815],[2018,0.07656113466573107],[2019,0.14914041749550405],[2020,0.1350439356828959],[2021,0.10290962005150033],[2022,0.15154288752928283],[2023,0.1324445478157371],[2024,0.1650053014670092],[2025,0.1595368735315461]]; median 0.1337442417493165. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 14.1% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2016: growth capex 0; upkeep 6936110000; owner earnings 4074512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2017: growth capex 0; upkeep 7538376000; owner earnings 4254929000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2018: growth capex 646462000; upkeep 8249461000; owner earnings 4908472000. Growth capex / owner earnings = 0.1317033080763219.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2019: growth capex 0; upkeep 6795847000; owner earnings 12700669200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2020: growth capex 0; upkeep 10309022000; owner earnings 12099273800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2021: growth capex 852701589.2181702; upkeep 10327593410.78183; owner earnings 12890122189.21817. Growth capex / owner earnings = 0.06615155207228407.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2022: growth capex 2977602000; upkeep 11475111000; owner earnings 17990280000. Growth capex / owner earnings = 0.16551170965654788.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2023: growth capex 0; upkeep 13764113000; owner earnings 9872172348.781637. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2024: growth capex 6577221000; upkeep 11246365000; owner earnings 16488383193.89186. Growth capex / owner earnings = 0.39890029984483494.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); FY2025: growth capex 26746384000; upkeep 12937854000; owner earnings 26344958546.564278. Growth capex / owner earnings = 1.0152372778543648.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); Incremental return on capital 0.14098381995945664, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); Dividend observations: [[2016,2903716000],[2017,3040820000],[2018,3208199000],[2019,4226640000],[2020,5681224000],[2021,6258127000],[2022,6257467000],[2023,7400801000],[2024,7461546000],[2025,10996666000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3231.TW SharesStats.PercentInsiders = 4.7669999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual growth was 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.938Z); Ten-year compound average after fade. Initial solved rate 0.002453489552753818. Price 176; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0549865415553357 → FY2025 4.212981046842966. Closing-price date 2026-10-15.

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

- 2016-10: TWD 23.80 per share

- 2016-11: TWD 22.80 per share

- 2016-12: TWD 24.95 per share

- 2017-01: TWD 26.65 per share

- 2017-02: TWD 25.75 per share

- 2017-03: TWD 27.80 per share

- 2017-04: TWD 28.50 per share

- 2017-05: TWD 27.80 per share

- 2017-06: TWD 30.95 per share

- 2017-07: TWD 30.50 per share

- 2017-08: TWD 28.50 per share

- 2017-09: TWD 24.25 per share

- 2017-10: TWD 25.15 per share

- 2017-11: TWD 23.10 per share

- 2017-12: TWD 23.95 per share

- 2018-01: TWD 24.50 per share

- 2018-02: TWD 24.50 per share

- 2018-03: TWD 25.05 per share

- 2018-04: TWD 23.70 per share

- 2018-05: TWD 22.55 per share

- 2018-06: TWD 22.65 per share

- 2018-07: TWD 23.65 per share

- 2018-08: TWD 21.75 per share

- 2018-09: TWD 19.90 per share

- 2018-10: TWD 18.90 per share

- 2018-11: TWD 19.55 per share

- 2018-12: TWD 19.10 per share

- 2019-01: TWD 21.10 per share

- 2019-02: TWD 21.35 per share

- 2019-03: TWD 23.70 per share

- 2019-04: TWD 25.60 per share

- 2019-05: TWD 22.50 per share

- 2019-06: TWD 24.20 per share

- 2019-07: TWD 23.30 per share

- 2019-08: TWD 24.90 per share

- 2019-09: TWD 25.05 per share

- 2019-10: TWD 27.95 per share

- 2019-11: TWD 27.70 per share

- 2019-12: TWD 28.35 per share

- 2020-01: TWD 27.25 per share

- 2020-02: TWD 27.05 per share

- 2020-03: TWD 24.50 per share

- 2020-04: TWD 28.25 per share

- 2020-05: TWD 28.60 per share

- 2020-06: TWD 35.80 per share

- 2020-07: TWD 34.50 per share

- 2020-08: TWD 31.90 per share

- 2020-09: TWD 29.80 per share

- 2020-10: TWD 28.50 per share

- 2020-11: TWD 29.85 per share

- 2020-12: TWD 31.00 per share

- 2021-01: TWD 31.25 per share

- 2021-02: TWD 32.00 per share

- 2021-03: TWD 33.50 per share

- 2021-04: TWD 32.70 per share

- 2021-05: TWD 30.75 per share

- 2021-06: TWD 31.00 per share

- 2021-07: TWD 27.75 per share

- 2021-08: TWD 27.40 per share

- 2021-09: TWD 27.50 per share

- 2021-10: TWD 29.20 per share

- 2021-11: TWD 28.60 per share

- 2021-12: TWD 29.15 per share

- 2022-01: TWD 31.35 per share

- 2022-02: TWD 29.40 per share

- 2022-03: TWD 29.75 per share

- 2022-04: TWD 28.50 per share

- 2022-05: TWD 28.40 per share

- 2022-06: TWD 26.70 per share

- 2022-07: TWD 26.50 per share

- 2022-08: TWD 27.70 per share

- 2022-09: TWD 26.55 per share

- 2022-10: TWD 26.05 per share

- 2022-11: TWD 27.65 per share

- 2022-12: TWD 29.40 per share

- 2023-01: TWD 31.50 per share

- 2023-02: TWD 33.15 per share

- 2023-03: TWD 41.85 per share

- 2023-04: TWD 46.50 per share

- 2023-05: TWD 66.70 per share

- 2023-06: TWD 90.80 per share

- 2023-07: TWD 141.50 per share

- 2023-08: TWD 117.00 per share

- 2023-09: TWD 101.50 per share

- 2023-10: TWD 89.40 per share

- 2023-11: TWD 91.50 per share

- 2023-12: TWD 98.60 per share

- 2024-01: TWD 114.50 per share

- 2024-02: TWD 115.50 per share

- 2024-03: TWD 124.50 per share

- 2024-04: TWD 113.50 per share

- 2024-05: TWD 112.00 per share

- 2024-06: TWD 106.00 per share

- 2024-07: TWD 96.80 per share

- 2024-08: TWD 101.50 per share

- 2024-09: TWD 101.00 per share

- 2024-10: TWD 111.00 per share

- 2024-11: TWD 113.50 per share

- 2024-12: TWD 104.00 per share

- 2025-01: TWD 110.00 per share

- 2025-02: TWD 112.00 per share

- 2025-03: TWD 95.30 per share

- 2025-04: TWD 101.50 per share

- 2025-05: TWD 116.50 per share

- 2025-06: TWD 122.50 per share

- 2025-07: TWD 123.00 per share

- 2025-08: TWD 113.00 per share

- 2025-09: TWD 140.50 per share

- 2025-10: TWD 150.50 per share

- 2025-11: TWD 144.50 per share

- 2025-12: TWD 150.50 per share

- 2026-01: TWD 130.50 per share

- 2026-02: TWD 136.00 per share

- 2026-03: TWD 122.50 per share

- 2026-04: TWD 137.00 per share

- 2026-05: TWD 158.50 per share

- 2026-06: TWD 158.50 per share

- 2026-07: TWD 176.00 per share

- 2026-08: TWD 178.00 per share

- 2026-09: TWD 184.50 per share

- 2026-10: TWD 187.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 42.12 per share, central TWD 45.49 per share, high TWD 49.98 per share

- FY2017: low TWD 48.05 per share, central TWD 52.13 per share, high TWD 57.56 per share

- FY2018: low TWD 30.42 per share, central TWD 33.36 per share, high TWD 37.26 per share

- FY2019: low TWD 37.77 per share, central TWD 42.78 per share, high TWD 47.34 per share

- FY2020: low TWD 49.03 per share, central TWD 53.97 per share, high TWD 58.43 per share

- FY2021: low TWD 78.39 per share, central TWD 85.13 per share, high TWD 94.11 per share

- FY2022: low TWD 75.14 per share, central TWD 88.60 per share, high TWD 100.35 per share

- FY2023: low TWD 61.90 per share, central TWD 69.68 per share, high TWD 78.77 per share

- FY2024: low TWD 79.62 per share, central TWD 99.98 per share, high TWD 114.72 per share

- FY2025: low TWD 71.94 per share, central TWD 89.67 per share, high TWD 103.41 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

## 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.