Winmate Inc. (3416) AI Stock Analysis

Winmate Inc.

(TWSE:3416)

Select Model

Rating:70Outperform

Price Target:TWD 162.00▲(10.58% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by strong profitability, conservative leverage, and a well-capitalized balance sheet. Reasonable valuation and a 3.15% dividend yield provide additional support, while weak cash-flow consistency and clearly bearish technical trends limit the overall score.

Positive Factors

Multi-year revenue growthThe near doubling of revenue across five years indicates meaningful expansion in the company’s industrial computing business. Although annual progress was uneven, the overall trajectory supports established demand, broader market reach, and a stronger base for future growth.

Negative Factors

Volatile cash generationPositive free cash flow remains a strength, but declining year-to-year growth and the 2025 operating cash-flow drop make cash generation less predictable. Working-capital or timing effects could reduce near-term funding capacity and complicate investment or shareholder-return planning.

Winmate Inc. (3416) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.25B
Dividend Yield: 3.16%
Average Volume (3M): 365.97K
Price to Earnings (P/E): 16.3
Beta (1Y): 0.93
Revenue Growth: 31.00%
EPS Growth: 32.07%
Country: TW
Employees: 413
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Winmate Inc. Business Overview & Revenue Model

Company Description

WinMate Inc., established in 1996 and headquartered in New Taipei City, Taiwan, is a global leader in the research, development, manufacturing, and distribution of ruggedized display equipment and robust mobile computing solutions. The company serves...

Winmate Inc. Financial Statement Overview

Summary

Strong profitability and a very solid, low-leverage balance sheet support the score. Weaker operating cash flow, negative free-cash-flow growth, and declining margins are the main constraints.

Income Statement

82Very Positive

Balance Sheet

90Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.14B	3.64B	3.06B	2.60B	2.66B	2.50B
Gross Profit	1.49B	1.39B	1.22B	1.04B	942.84M	838.11M
EBITDA	867.23M	783.36M	735.68M	657.72M	610.80M	492.79M
Net Income	692.98M	591.00M	559.45M	505.95M	452.43M	364.71M
Balance Sheet
Total Assets	5.54B	4.98B	4.72B	3.88B	3.77B	3.53B
Cash, Cash Equivalents and Short-Term Investments	1.23B	1.20B	1.64B	1.28B	1.27B	1.34B
Total Debt	464.52M	464.81M	501.11M	119.78M	465.63M	497.10M
Total Liabilities	1.97B	1.45B	1.37B	814.55M	1.23B	1.24B
Stockholders Equity	3.57B	3.53B	3.35B	3.07B	2.54B	2.29B
Cash Flow
Free Cash Flow	379.72M	451.75M	352.38M	387.69M	160.00M	267.63M
Operating Cash Flow	408.55M	490.69M	664.84M	644.68M	328.94M	370.31M
Investing Cash Flow	64.78M	-129.04M	-716.17M	-75.80M	-53.31M	-449.49M
Financing Cash Flow	-489.52M	-432.67M	59.73M	-370.66M	-326.31M	210.12M

Winmate Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3416 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3147	70Outperform	TWD 15.33B	17.40	―	1.83%	105.20%	68.40%
TW:3416	70Outperform	TWD 12.38B	16.32	―	3.16%	31.00%	32.07%
TW:3088	67Neutral	TWD 12.32B	12.87	―	2.63%	35.40%	73.91%
TW:6245	64Neutral	TWD 12.61B	17.60	―	4.29%	11.74%	8.17%
TW:3022	62Neutral	TWD 12.93B	9.38	―	4.77%	26.50%	43.52%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8050	51Neutral	TWD 9.99B	12.97	―	4.15%	17.15%	104.20%

* General Sector Average

Performance Comparison

TW:3416 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3416	Winmate Inc.	146.50	10.75	7.92%
TW:3022	IEI Integration Corporation	73.30	8.15	12.51%
TW:3088	Axiomtek Co Ltd	111.50	37.40	50.48%
TW:3147	Jetwell Computer Co., Ltd.	356.00	183.17	105.98%
TW:6245	Lanner Electronics Inc.	88.50	20.51	30.17%
TW:8050	iBASE Technology Inc.	51.80	6.84	15.21%

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

Winmate Inc. AI Stock Analysis