# Wiwynn (6669.TW)

Canonical: https://gigainvestors.com/s/6669.TW

Analysis as of: 2026-10-16T07:34:15.576Z. Financial observations: FY2014–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 1,905.00 per share; close as of 2026-10-15.

Estimated value: low TWD 1,400.16 per share, central TWD 1,951.54 per share, high TWD 2,272.60 per share. Buy at or below the central value TWD 1,951.54 per share. Valuation as of 2026-10-16T07:34:15.576Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% 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: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.02×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 36.4%

- ROIC, second-lowest year: 24.8%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 8.1%

- Recent gross margin (lower of latest and 3-year median): 8.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 30.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.3%

- FY2017: 82.2%

- FY2018: 32.6%

- FY2019: 37.2%

- FY2020: 73.2%

- FY2021: 24.8%

- FY2022: 64.7%

- FY2023: 70.4%

- FY2024: 30.8%

- FY2025: 35.6%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 102B

- Net income, five-year total: TWD 109B

- Return on incremental invested capital: 31.5%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.7 pp

- Working capital / revenue, final three-year average: 14.1%

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

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: 0.64×

- FY2024: 0.93×

- FY2025: 0.98×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 32.6% vs 35.6%

- Per-share earnings: 0.55 to 13.31 (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: 13.3%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: TWD 7.56T

- Cumulative retained earnings: TWD 74B

- Diluted shares, 10-year annual growth: 13.3%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 48.9%

- Per-share value change: TWD 12.76

- Per-share value, starting three-year median: TWD 0.55

- Per-share value, ending three-year median: TWD 13.31

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 230M

- Cumulative net income, 10 years: TWD 131B

- ROIC, first three-year median: 32.6%

- ROIC, last three-year median: 35.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 0.32

- FY2017: TWD 1.09

- FY2018: TWD 4.10

- FY2019: TWD 3.95

- FY2020: TWD 5.50

- FY2021: TWD 5.50

- FY2022: TWD 8.95

- FY2023: TWD 7.67

- FY2024: TWD 13.31

- FY2025: TWD 29.58

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 15.3%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 45.1%

- FY2017: -11.6%

- FY2018: 55.8%

- FY2019: -3.6%

- FY2020: -10.0%

- FY2021: 27.0%

- FY2022: -18.6%

- FY2023: -12.4%

- FY2024: 22.4%

- FY2025: 15.3%

## Holders

## Price story

Down 73% since Aug 2026 · "Wiwynn Warns AI Supply Crunch Could Last Until 2027-2028" (finance.yahoo.com, May 2026) · sales +163.7%

Story as of 2026-10-16T09:59:59.899Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

- 2026-05-28: Wiwynn Warns AI Supply Crunch Could Last Until 2027-2028 ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/wiwynn-warns-ai-supply-crunch-221449458.html))

### Sales · FY2024–2025

sales +163.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 32B 

- FY2017: TWD 86B 

- FY2018: TWD 181B 

- FY2019: TWD 164B 

- FY2020: TWD 187B 

- FY2021: TWD 193B 

- FY2022: TWD 293B 

- FY2023: TWD 242B 

- FY2024: TWD 361B 

- FY2025: TWD 951B 

### Gross margin · FY2025

gross margin 8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 5.4% 

- FY2017: 5.0% 

- FY2018: 5.9% 

- FY2019: 6.9% 

- FY2020: 8.2% 

- FY2021: 8.1% 

- FY2022: 8.2% 

- FY2023: 9.4% 

- FY2024: 10.4% 

- FY2025: 8.2% 

## Owner memo

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

### How it makes money

Operates in computer hardware; annual sales are TWD 950.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2025: revenue 950663310000; grossProfit 77997671000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6669.TW: Wiwynn Corporation engages in the research, development, design, testing, and sales of semi products, and peripheral equipment and parts in the United States, Europe, Asia, and internationally. The company also offers computer and peripheral equipment, data storage media products, electric appliances, and software products; and provides management consulting, information software, and data processing services. In addition, it provides multi-node and storage server, storage, open rack, edge/ai platform, multi-purpose server, and rack; accessories, including OCP network mezzanine cards and cards for storage; and software and services. Further, the company is involved in the manufacture and sale of cloud data center equipment; and investment activities. Wiwynn Corporation was incorporated in 2012 and is headquartered in New Taipei City, Taiwan.

### Why customers stay

Margins ranged from 8.2% to 10.4% during 2023–25; it earns 36.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2023: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2024: grossProfit / revenue = 10.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2025: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); 10-year return on capital observations [[2016,0.07338517699502937],[2017,0.8220414936032552],[2018,0.32601700380886717],[2019,0.37217993575496217],[2020,0.732432024788656],[2021,0.24757286491199032],[2022,0.646533627914823],[2023,0.7037368808157097],[2024,0.3083771958468519],[2025,0.35635986626998517]]; median 0.3642699010124737. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 8% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); Gross margin observations: [[2021,0.08109593566582013],[2022,0.08187517490334818],[2023,0.09366343268650298]]; range within 2 percentage points.

### Where the cash goes

Spends 21.8% of cash earnings on expansion; earns 31.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2016: growth capex 1334000; upkeep 30629000; owner earnings 311272000. Growth capex / owner earnings = 0.004285640854301062.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2017: growth capex 5239000; upkeep 36460000; owner earnings 1208482000. Growth capex / owner earnings = 0.004335190759978221.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2018: growth capex 105337000; upkeep 54668000; owner earnings 5577577000. Growth capex / owner earnings = 0.018885799335446197.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2019: growth capex 0; upkeep 764452000; owner earnings 5535054000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2020: growth capex 79012096.11810982; upkeep 538511903.8818902; owner earnings 8385719696.11811. Growth capex / owner earnings = 0.009422220033742107.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2021: growth capex 27406993.281072974; upkeep 559323006.718927; owner earnings 8502266993.281073. Growth capex / owner earnings = 0.003223492428870016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2022: growth capex 685886771.2403029; upkeep 902984228.7596971; owner earnings 13830668171.240303. Growth capex / owner earnings = 0.04959173069212564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2023: growth capex 0; upkeep 4999379000; owner earnings 7742219600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2024: growth capex 2290164135.61212; upkeep 2817228864.38788; owner earnings 21161777935.61212. Growth capex / owner earnings = 0.10822172610355743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); FY2025: growth capex 10983745000; upkeep 2690360000; owner earnings 50340673600. Growth capex / owner earnings = 0.2181882802617087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); Incremental return on capital 0.31547591601894426, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); Dividend observations: [[2016,21012000],[2017,88834000],[2018,510386000],[2019,2792685000],[2020,4021131000],[2021,5594905000],[2022,4371020000],[2023,8742040000],[2024,7343313000],[2025,13752219000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6669.TW SharesStats.PercentInsiders = 44.028 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 48.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:15.576Z); Ten-year compound average after fade. Initial solved rate 0.0753506511026919. Price 1905; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5511916789261522 → FY2025 29.125924196196866. Closing-price date 2026-10-15.

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

- 2017-11: TWD 178.77 per share

- 2017-12: TWD 172.83 per share

- 2018-01: TWD 220.35 per share

- 2018-02: TWD 198.90 per share

- 2018-03: TWD 221.36 per share

- 2018-04: TWD 310.58 per share

- 2018-05: TWD 573.84 per share

- 2018-06: TWD 630.94 per share

- 2018-07: TWD 368.00 per share

- 2018-08: TWD 353.00 per share

- 2018-09: TWD 287.01 per share

- 2018-10: TWD 223.00 per share

- 2018-11: TWD 299.99 per share

- 2018-12: TWD 277.00 per share

- 2019-01: TWD 321.00 per share

- 2019-02: TWD 373.15 per share

- 2019-03: TWD 392.50 per share

- 2019-04: TWD 321.50 per share

- 2019-05: TWD 327.00 per share

- 2019-06: TWD 353.50 per share

- 2019-07: TWD 382.00 per share

- 2019-08: TWD 430.00 per share

- 2019-09: TWD 441.50 per share

- 2019-10: TWD 579.00 per share

- 2019-11: TWD 553.00 per share

- 2019-12: TWD 635.00 per share

- 2020-01: TWD 702.00 per share

- 2020-02: TWD 724.00 per share

- 2020-03: TWD 702.00 per share

- 2020-04: TWD 770.00 per share

- 2020-05: TWD 801.00 per share

- 2020-06: TWD 802.00 per share

- 2020-07: TWD 784.00 per share

- 2020-08: TWD 782.00 per share

- 2020-09: TWD 653.00 per share

- 2020-10: TWD 727.00 per share

- 2020-11: TWD 682.00 per share

- 2020-12: TWD 704.00 per share

- 2021-01: TWD 826.00 per share

- 2021-02: TWD 804.00 per share

- 2021-03: TWD 843.00 per share

- 2021-04: TWD 914.00 per share

- 2021-05: TWD 931.00 per share

- 2021-06: TWD 997.00 per share

- 2021-07: TWD 937.00 per share

- 2021-08: TWD 970.00 per share

- 2021-09: TWD 870.00 per share

- 2021-10: TWD 889.00 per share

- 2021-11: TWD 1,050.00 per share

- 2021-12: TWD 1,115.00 per share

- 2022-01: TWD 996.00 per share

- 2022-02: TWD 987.00 per share

- 2022-03: TWD 1,020.00 per share

- 2022-04: TWD 1,020.00 per share

- 2022-05: TWD 923.00 per share

- 2022-06: TWD 697.00 per share

- 2022-07: TWD 736.00 per share

- 2022-08: TWD 770.00 per share

- 2022-09: TWD 808.00 per share

- 2022-10: TWD 724.00 per share

- 2022-11: TWD 880.00 per share

- 2022-12: TWD 797.00 per share

- 2023-01: TWD 750.00 per share

- 2023-02: TWD 969.00 per share

- 2023-03: TWD 1,125.00 per share

- 2023-04: TWD 1,165.00 per share

- 2023-05: TWD 1,160.00 per share

- 2023-06: TWD 1,420.00 per share

- 2023-07: TWD 1,780.00 per share

- 2023-08: TWD 1,560.00 per share

- 2023-09: TWD 1,495.00 per share

- 2023-10: TWD 1,520.00 per share

- 2023-11: TWD 1,760.00 per share

- 2023-12: TWD 1,825.00 per share

- 2024-01: TWD 2,200.00 per share

- 2024-02: TWD 2,330.00 per share

- 2024-03: TWD 2,270.00 per share

- 2024-04: TWD 2,360.00 per share

- 2024-05: TWD 2,470.00 per share

- 2024-06: TWD 2,645.00 per share

- 2024-07: TWD 2,030.00 per share

- 2024-08: TWD 1,900.00 per share

- 2024-09: TWD 1,715.00 per share

- 2024-10: TWD 1,905.00 per share

- 2024-11: TWD 1,935.00 per share

- 2024-12: TWD 2,620.00 per share

- 2025-01: TWD 2,240.00 per share

- 2025-02: TWD 1,965.00 per share

- 2025-03: TWD 1,635.00 per share

- 2025-04: TWD 1,910.00 per share

- 2025-05: TWD 2,420.00 per share

- 2025-06: TWD 2,530.00 per share

- 2025-07: TWD 2,765.00 per share

- 2025-08: TWD 2,965.00 per share

- 2025-09: TWD 3,315.00 per share

- 2025-10: TWD 4,365.00 per share

- 2025-11: TWD 4,570.00 per share

- 2025-12: TWD 4,485.00 per share

- 2026-01: TWD 3,575.00 per share

- 2026-02: TWD 4,000.00 per share

- 2026-03: TWD 3,300.00 per share

- 2026-04: TWD 4,675.00 per share

- 2026-05: TWD 5,445.00 per share

- 2026-06: TWD 4,635.00 per share

- 2026-07: TWD 5,390.00 per share

- 2026-08: TWD 7,095.00 per share

- 2026-09: TWD 2,090.00 per share

- 2026-10: TWD 2,195.00 per share

## Annual estimated value (TWD per share)

- FY2018: low TWD 24.51 per share, central TWD 27.89 per share, high TWD 32.39 per share

- FY2019: low TWD 34.54 per share, central TWD 38.53 per share, high TWD 43.84 per share

- FY2020: low TWD 52.61 per share, central TWD 58.16 per share, high TWD 65.53 per share

- FY2021: low TWD 57.30 per share, central TWD 63.55 per share, high TWD 71.87 per share

- FY2022: low TWD 102.09 per share, central TWD 114.39 per share, high TWD 130.76 per share

- FY2023: low TWD 95.09 per share, central TWD 105.34 per share, high TWD 118.98 per share

- FY2024: low TWD 152.56 per share, central TWD 207.64 per share, high TWD 239.71 per share

- FY2025: low TWD 394.16 per share, central TWD 545.48 per share, high TWD 633.60 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.