Win Semiconductors Corp. (3105) AI Stock Analysis

Win Semiconductors Corp.

(TPEx:3105)

Select Model

Rating:57Neutral

Price Target:TWD 420.00▼(-19.39% Downside)

Action:initiatedcoverage

Date:11/09/26

Win Semiconductors scores in the mid-range. The foundation is a low-leverage, cash-generative balance sheet — debt cut 40% in a year, debt-to-equity of just 0.31, and three consecutive years of positive free cash flow — which gives the company resilience through the compound-semiconductor cycle. Offsetting this, earnings power remains a fraction of prior-cycle levels, revenue dipped year-over-year and sits well below the 2021 peak, and recent net profit was helped by non-operating gains. Technicals are a drag: the share price trades below every major moving average with a negative MACD, though oversold RSI and stochastic readings suggest downside may be near-term extended. Valuation is the final constraint, with a ~52x P/E and a sub-0.5% yield pricing in a recovery that has yet to show up in revenue, while a beta of 1.90 means elevated volatility.

Positive Factors

Profitability RecoveryThe sharp rebound in net margin shows that profitability has recovered meaningfully from the 2023 downcycle. If maintained, stronger earnings generation can support investment in compound-semiconductor capacity, improve resilience through industry cycles, and enhance the company’s ability to fund growth internally.

Negative Factors

Margins Below Prior PeaksAlthough margins have rebounded, profitability remains materially below the company’s prior-cycle highs, indicating that pricing power or capacity utilization has not fully recovered. This limits current earnings strength and leaves results more exposed to continued industry cyclicality if operating conditions weaken.

Win Semiconductors Corp. (3105) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 219.60B
Dividend Yield: 0.38%
Average Volume (3M): 27.21M
Price to Earnings (P/E): 65.2
Beta (1Y): 1.93
Revenue Growth: 31.84%
EPS Growth: 1329.89%
Country: TW
Employees: 3,349
Sector: General
Sector Strength: 55
Industry: Semiconductors

Win Semiconductors Corp. Business Overview & Revenue Model

Company Description

WIN Semiconductors Corp., established in 1999 and headquartered in Taoyuan City, Taiwan, is primarily engaged in the research, development, manufacturing, and global distribution of gallium arsenide (GaAs) wafers. The company serves markets across Ta...

Win Semiconductors Corp. Financial Statement Overview

Summary

A mixed but improving picture. The balance sheet is the standout strength: total debt was cut roughly 40% in a single year to NT$12.8bn, debt-to-equity fell to a conservative 0.31, and equity funds about 68% of assets — a solid cushion against another downcycle. Cash generation is also reliable, with operating cash flow of NT$4.95bn comfortably covering reduced capex and free cash flow up ~16% to NT$3.19bn, nearly twice reported net profit. The weak link is the income statement: revenue of NT$16.6bn slipped year-over-year and sits about 36% below the 2021 peak, net margin of 10.2% and ROE of 4.1% remain far below prior-cycle levels, and net profit exceeding operating profit points to non-core gains flattering earnings quality.

Income Statement

52Neutral

Balance Sheet

76Positive

Cash Flow

73Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.13B	16.64B	17.46B	15.84B	18.33B	26.18B
Gross Profit	5.20B	4.03B	4.04B	3.47B	4.72B	9.76B
EBITDA	6.85B	6.06B	5.83B	4.69B	6.47B	10.88B
Net Income	3.61B	1.69B	768.13M	-79.66M	1.80B	5.45B
Balance Sheet
Total Assets	63.49B	60.73B	64.26B	69.17B	69.13B	74.89B
Cash, Cash Equivalents and Short-Term Investments	5.61B	7.39B	5.69B	10.47B	10.50B	16.39B
Total Debt	12.44B	12.78B	21.17B	28.75B	29.30B	30.44B
Total Liabilities	19.24B	18.74B	25.12B	33.82B	33.94B	37.77B
Stockholders Equity	43.81B	41.55B	38.12B	33.96B	33.33B	34.94B
Cash Flow
Free Cash Flow	179.06M	3.19B	3.62B	970.70M	-1.22B	-411.77M
Operating Cash Flow	2.51B	4.95B	4.90B	4.27B	5.97B	7.81B
Investing Cash Flow	4.53B	5.11B	-1.06B	-2.75B	-7.08B	-14.59B
Financing Cash Flow	-7.15B	-8.28B	-8.94B	-1.68B	-5.02B	14.83B

Win Semiconductors Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3105 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2455	62Neutral	TWD 69.09B	75.99	―	0.68%	34.47%	92.24%
TW:3081	62Neutral	TWD 214.99B	144.98	―	0.14%	134.16%	529.15%
TW:3105	57Neutral	TWD 204.76B	65.22	―	0.38%	31.84%	1329.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3374	55Neutral	TWD 115.19B	80.66	―	0.54%	16.99%	21.12%
TW:5483	42Neutral	TWD 102.92B	17.56	―	2.17%	2.81%	90.57%
TW:6770	37Underperform	TWD 278.96B	11.23	―	0.39%	42.62%	―

* General Sector Average

Performance Comparison

TW:3105 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3105	Win Semiconductors Corp.	521.00	392.04	304.01%
TW:2455	Visual Photonics Epitaxy Co., Ltd.	384.50	229.06	147.36%
TW:3081	LandMark Optoelectronics Corp.	2215.00	1821.98	463.58%
TW:3374	Xintec Inc.	466.50	328.15	237.19%
TW:5483	Sino-American Silicon Products Inc.	161.00	58.45	57.00%
TW:6770	Powerchip Semiconductor Manufacturing Corp.	58.50	22.97	64.64%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Win Semiconductors Corp. AI Stock Analysis