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Winbond Electronics (2344) TWD

At a glance: strengths & risks
✓Revenue growing (+185% y/y, Q2 2026)✓Margins improving (8%→56%, Q2 2026)✓Cheaper than own history (EV/EBITDA 11.9 vs avg 20.7)

Sector: Memory semiconductors

TW_2344

Price chart

159.5 TWDDay 2.57%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
159.5 TWD · 2.57%
Market cap
717.8 bn TWD

Growth

Δ revenue y/y
184.7%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
17.6x
3y avg: 126.7x
P/B (FY)
6.6x
P/E (ann.)
7.4x
EV/EBITDA (LTM)
11.9x
3y avg: 20.7x
EV/EBITDA (ann.)
5.7x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
5.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+91.7%
↓ details

Liquidity

Daily turnover (listing)
6.7 bln TWD

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B TWD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB TWDOperating profitB TWDD&AB TWDEBITDAB TWDNet profitB TWDOperating CFB TWDCapex + M&AB TWDAssetsB TWDEquityB TWDROE (annualized)Net debtB TWDSource
2026-06-30Q2 2026 (3M)OK59.8
y/y 184.7%
29.3
y/y —
3.2
y/y -0.1%
32.5
y/y 1575.4%
24.3
y/y —
23.3-5.4293.0
y/y 63.2%
165.0
y/y 88.2%
69.1%25.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK38.3
y/y 91.3%
12.7
y/y —
3.1
y/y -5.1%
15.8
y/y 582.8%
10.1
y/y —
12.4-3.0229.8
y/y 26.8%
116.7
y/y 29.0%
36.0%48.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK26.6
y/y —
4.1
y/y —
3.1
y/y —
7.2
y/y —
3.4
y/y —
5.5-2.3192.2
y/y 8.1%
107.9
y/y 17.8%
—36.4Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL21.8
y/y —
3.7
y/y —
3.1
y/y —
6.9
y/y —
2.9
y/y —
2.8-1.6—
y/y —
—
y/y —
—≈ 41.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK21.0
y/y —
-1.3
y/y —
3.2
y/y —
1.9
y/y —
-1.3
y/y —
2.4-1.5179.6
y/y —
87.7
y/y —
-5.9%41.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK20.0
y/y —
-0.9
y/y —
3.3
y/y —
2.3
y/y —
-1.1
y/y —
0.4-1.6181.3
y/y —
90.4
y/y —
-4.8%40.5Yahoo Finance
2024-12-31FY 2024 (12M)OK81.6
y/y 8.8%
0.5
y/y —
12.7
y/y 7.0%
13.2
y/y 28.8%
0.6
y/y —
11.1-17.5177.8
y/y -6.8%
91.7
y/y -0.7%
0.7%39.1Yahoo Finance
2023-12-31FY 2023 (12M)OK75.0
y/y —
-1.6
y/y —
11.9
y/y —
10.3
y/y —
-1.1
y/y —
3.6-14.1190.8
y/y —
92.3
y/y —
—39.1Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (TWD mln)

020 00040 00060 00080 000100 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%200%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (TWD mln)

-20 000020 00040 00060 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (TWD mln)

010 00020 00030 00040 00050 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.82x of reported net profit; after capex, -2.07x. Loss years (2023) are left out of the ratio.
year2022202320242025
cash flow / profit1.22x—18.51x2.82x
accruals, % of assets-1.5%-2.5%-5.9%-3.8%
Last twelve months (to 2026-06-30): 1.08x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · capex 1.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Memory cycle indicator

Composite +4 from 6 active signals as of 2026-10: upcycle intact. Each signal scores +1 / 0 / −1 by the rules below; every input enters only from the month it was actually published.
SignalValueScoreSource
Nanya revenue, 3m vs prior 3m+61.9%+1TWSE, monthly
Nanya revenue, 3m yoy+611.7%+1TWSE, monthly
DRAM spot basket, 1m+1.8%0DRAMeXchange, daily
Micron gross margin, qoq change (pp)+2.2+1SEC 10-Q
Micron inventory days, qoq change+20−1SEC 10-Q
Micron capex / revenue, 4q avg vs 3y median26%+1SEC 10-Q
SK hynix inventory days, qoq change-11+1DART
DRAM spot basket (DDR5 16Gb, DDR4 16Gb, DDR4 8Gb) as of 2026-10-21: 61.858 $, days of history 48
Backtest since 2006, Micron next 6 months, median (share positive, n): composite > 0 16.6% (58.0%, n=115), = 0 1.5% (62.0%, n=32), < 0 11.5% (56.0%, n=96).
2023-11 … 2026-10
Rules: Nanya ±3% over 3 months and yoy sign; spot ±2% per month; Micron gross margin ±1pp; inventory days ±5 (a build scores minus); capex below median = plus, 10pp above = minus. The index is fundamental: it dates the cycle phase, not the share price; in past cycles the stocks turned 1–2 quarters ahead of the fundamentals. Built 2026-10-21.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +91.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (32 512 − 1 941) × 1.92
58 641
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (717 750 + 25 626) ÷ 62 363
11.9x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (11.9 + 10) ÷ 2
11.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 15 355 + 0 + 0 − 0
15 355
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (58 641 × 11.0 + 15 355) ÷ 717 750
+91.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +10% vs +9% the year before — a +0.7 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -21% · 2024 +9% · 2025 +10%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-270.5 TWDEx-dividend: 0.5 TWD per sharePaidYahoo Finance (ex-div)
2023-09-200.9812 TWDEx-dividend: 0.9812 TWD per sharePaidYahoo Finance (ex-div)
2022-06-160.9812 TWDEx-dividend: 0.9812 TWD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Winbond Electronics (2344) — from primary filings.

Frequently asked questions

What is Winbond Electronics (2344)'s P/E ratio?
Winbond Electronics (2344) trades at a P/E of 17.6x (price to trailing 12-month earnings).
What is Winbond Electronics (2344)'s EV/EBITDA?
Winbond Electronics (2344) trades at 11.9x EV/EBITDA.
What is Winbond Electronics (2344)'s P/B ratio?
Winbond Electronics (2344) trades at a P/B of 6.6x.
What is Winbond Electronics (2344)'s dividend yield?
Winbond Electronics (2344)'s trailing 12-month dividend yield is 0.3%.
What is Winbond Electronics (2344)'s return on equity (ROE)?
Winbond Electronics (2344)'s ROE is 69.1%.
What is Winbond Electronics (2344)'s market capitalization?
Winbond Electronics (2344)'s market cap is 717.8 bn TWD.

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