Winbond Electronics: quarterly revenue up 184.7%, EBITDA margin at 56.2% — how sustainable is it?

25 августа Winbond Electronics раскрыла результаты за второй квартал 2026 года. Выручка выросла на 184,7% год к году, до 59,8 млрд TWD, EBITDA — на 1832,1%, а чистая прибыль составила 24,3 млрд TWD против убытка годом ранее. Акции торгуются по мультипликатору EV/EBITDA 13,6 против среднего за три года 20,7, что делает их привлекательными, если рост спроса на память сохранится.

Key takeaways

— Выручка второго квартала 2026 года выросла на 184,7% год к году, до 59,8 млрд TWD, благодаря восстановлению рынка памяти

— EBITDA-маржа достигла 56,2% против 8,3% годом ранее, что отражает операционный леверидж при загрузке мощностей

— Чистая прибыль за квартал составила 24,3 млрд TWD, а рентабельность по чистой прибыли — 40,6%

— Долговая нагрузка по чистой прибыли за последние 12 месяцев — 0,58, что оставляет запас для инвестиций и дивидендов

— Дивидендная доходность за последние 12 месяцев — 0,27%, что ниже ключевой ставки, но компания растёт быстрее

— По модели портала, потенциал роста акций составляет +72% от текущей цены

Attractiveness

Key figures, TWD bn

Q2 2026 revenue grew 184.7% YoY to TWD 59.8 billion, driven by memory market recovery

In Q2 2026, Winbond Electronics' revenue reached TWD 59.8 billion, up 184.7% from the same quarter a year earlier. This continues the acceleration: Q1 2026 saw 91.3% YoY growth. The company operates in the memory segment, and the recovery in demand and prices for DRAM and NOR Flash chips was the main driver.

Sequential dynamics show a sharp rise: revenue increased from TWD 38.3 billion in Q1 to TWD 59.8 billion in Q2. This is the highest quarterly level in two years, confirming the strength of the cycle.

EBITDA margin reached 56.2% versus 8.3% a year earlier, reflecting operating leverage at higher utilization

EBITDA for Q2 2026 reached TWD 32.5 billion, with an EBITDA margin of 56.2% versus 8.3% a year earlier. Revenue growth with relatively fixed costs provides strong operating leverage: each additional sales volume directly improves profitability.

Sequential dynamics confirm this: EBITDA grew from TWD 15.8 billion in Q1 to TWD 32.5 billion in Q2. The margin is likely to remain high as long as memory prices stay at current levels.

Net profit for the quarter was TWD 24.3 billion, with a net margin of 40.6%

Net profit in Q2 2026 reached TWD 24.3 billion versus a loss of TWD 1.3 billion a year earlier. Net margin was 40.6% – a high level made possible by operating leverage and likely the absence of major one-off write-offs.

Over the trailing twelve months, net profit was TWD 40.8 billion, implying a margin of about 28% of revenue. This confirms the company has moved into a sustainable profitability zone after a loss-making 2025.

Net debt/EBITDA LTM is 0.58, leaving room for investments and dividends

At the end of Q2 2026, net debt stood at TWD 36.4 billion, with a net debt/EBITDA ratio of 0.58 over the trailing twelve months. This is a moderate level, allowing the company to fund capital expenditures and pay dividends without excessive risk.

During the quarter, net debt decreased by TWD 23.2 billion, and over the last twelve months by TWD 15.4 billion, reflecting strong operating cash flow. In Q2, operating cash flow was TWD 23.3 billion, well above capex of TWD 5.4 billion.

Trailing dividend yield is 0.27%, below the key rate, but the company is growing faster

Over the trailing twelve months, Winbond paid dividends yielding 0.27% on the current share price. This is modest, especially against the key rate, which in Taiwan is around 2%. However, the company is in a phase of active growth, and reinvesting profits in capacity expansion may create more long-term value.

Our dividend forecast for the current year is based on trailing net profit of TWD 40.8 billion and a historical payout ratio of about 50%. At the current market cap of TWD 823.5 billion, this would imply a yield of about 2.5%, closer to a fair level. The payout will depend on whether high margins persist and whether funds are needed for capex.

On the portal's model, the stock has +72% upside from the current price

Our value model, based on EBITDA growth and a target multiple, values the shares 72% above the current price. This suggests the market has not fully priced in the improvement in operating performance and the reduction in debt.

At the current EV/EBITDA of 13.6 versus the three-year average of 20.7, the stock trades at a discount to its own history. If the company maintains EBITDA at recent levels, the re-rating potential is significant.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report shows impressive growth: revenue doubled, EBITDA margin reached 56.2%, and net profit was TWD 24.3 billion. Debt is moderate, and operating cash flow comfortably covers capex. However, the key question is the sustainability of the cycle: if memory prices stabilize or decline, margins could shrink quickly. Meanwhile, the stock trades at a discount to its own history, and the portal's model implies +72% upside, making it attractive for long-term investors willing to tolerate volatility.