Wistron (3231) AI Stock Analysis

Wistron

(TWSE:3231)

Select Model

Rating:55Neutral

Price Target:TWD 164.00▼(-6.02% Downside)

Action:initiatedcoverage

Date:11/08/26

The score is held back primarily by weak cash conversion (negative operating and free cash flow in 2024–2025) and a meaningful increase in leverage, despite strong recent revenue growth. Technicals are also soft with the stock trading below key moving averages and bearish momentum. Valuation is the main offset, with a moderate P/E and a supportive dividend yield.

Positive Factors

Revenue GrowthThe sharp 2025 revenue rebound demonstrates renewed demand across Wistron's hardware activities and restores top-line momentum after the prior decline. Sustained growth would improve operating leverage, support customer programs, and provide a stronger base for earnings expansion over the next several quarters.

Negative Factors

Weak Cash ConversionRecent negative operating and free cash flow indicates that reported growth is consuming substantial cash through working-capital needs and/or investment. If this pattern persists, Wistron may have less internally generated funding for expansion, debt reduction, dividends, or resilience during demand swings.

Wistron (3231) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 576.45B
Dividend Yield: 3.15%
Average Volume (3M): 43.68M
Price to Earnings (P/E): 14.2
Beta (1Y): 1.06
Revenue Growth: 104.89%
EPS Growth: 95.41%
Country: TW
Employees: 3,212
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Wistron Business Overview & Revenue Model

Company Description

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 is involved in research, development, and testi...

Wistron Financial Statement Overview

Summary

Strong 2025 revenue re-acceleration (~24% YoY) supports fundamentals, but profitability is thin (net margin ~1.3%) and gross margin compressed. Balance-sheet risk increased with leverage rising (debt-to-equity ~2.0 vs ~1.0 in 2024). The biggest drag is cash generation: operating cash flow turned deeply negative in 2025 and free cash flow was negative in 2024–2025, weakening earnings quality.

Income Statement

70Positive

Balance Sheet

58Neutral

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.03T	2.19T	1.05T	867.06B	984.62B	862.08B
Gross Profit	177.23B	133.98B	84.09B	68.98B	69.73B	51.13B
EBITDA	118.49B	91.49B	58.81B	44.66B	42.17B	30.34B
Net Income	40.03B	27.41B	17.45B	11.47B	19.02B	14.73B
Balance Sheet
Total Assets	1.57T	1.10T	589.84B	452.39B	432.91B	497.30B
Cash, Cash Equivalents and Short-Term Investments	128.61B	150.75B	88.89B	80.66B	85.00B	98.47B
Total Debt	542.87B	346.92B	137.93B	132.60B	145.33B	178.47B
Total Liabilities	1.30T	844.44B	403.06B	323.63B	314.26B	404.81B
Stockholders Equity	194.00B	177.58B	132.79B	104.22B	96.38B	77.92B
Cash Flow
Free Cash Flow	-268.33B	-145.49B	-12.07B	34.45B	38.99B	-32.72B
Operating Cash Flow	-219.07B	-105.81B	5.75B	48.22B	53.44B	-21.54B
Investing Cash Flow	-71.48B	-51.74B	-20.09B	-14.66B	-16.74B	-16.60B
Financing Cash Flow	323.84B	225.42B	12.85B	-23.20B	-48.37B	44.59B

Wistron Technical Analysis

Technical Analysis SentimentNeutral

Last Price174.50

Price Trends

50DMA183.85Negative

100DMA175.12Negative

200DMA154.67Positive

Market Momentum

MACD-4.18Positive

RSI45.25Neutral

STOCH50.31Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TW:3231, the sentiment is Neutral. The current price of 174.50 is below the 20-day moving average (MA) of 181.00, below the 50-day MA of 183.85, and above the 200-day MA of 154.67, indicating a neutral trend. The MACD of -4.18 indicates Positive momentum. The RSI at 45.25 is Neutral, neither overbought nor oversold. The STOCH value of 50.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TW:3231.

Wistron Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3231 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3231	55Neutral	TWD 576.45B	14.16	22.15%	3.15%	104.89%	95.41%

* General Sector Average

Performance Comparison

TW:3231 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:3231	Wistron Corporation	174.50	35.59	25.62%

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 08, 2026

Wistron AI Stock Analysis