WinWay Technology Co., Ltd. AI Stock Analysis
WinWay Technology Co., Ltd. (6515) AI Stock Analysis
WinWay Technology Co., Ltd.
(TWSE:6515)
WinWay Technology scores above average, driven primarily by outstanding financials: record revenue growth, best-in-class margins, a virtually debt-free balance sheet, ~26% ROE and strong free cash flow conversion. Offsetting this is a severely weak price trend — the stock sits well below all major moving averages with deeply negative MACD — reflecting market concerns about the durability of peak-cycle results. A still-elevated P/E of 53.5 and a modest 1.5% dividend yield limit valuation support, while high beta and demonstrated cyclicality (2023's revenue decline and negative free cash flow) add risk. The result is a financially robust company whose shares currently face significant momentum and valuation headwinds.
WinWay Technology Co., Ltd. (6515) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 147.88B
- Dividend Yield
- 1.33%
- Average Volume (3M)
- 611.93K
- Price to Earnings (P/E)
- 60.3
- Beta (1Y)
- 1.69
- Revenue Growth
- 85.60%
- EPS Growth
- 84.04%
- Country
- TW
- Employees
- 521
- Sector
- General
- Sector Strength
- 55
- Industry
- Semiconductors
WinWay Technology Co., Ltd. Business Overview & Revenue Model
Company Description
WinWay Technology Co., Ltd. is a specialized firm dedicated to the design, production, and worldwide distribution of advanced testing solutions. Their core offerings include optoelectronic product test fixtures and sophisticated interfaces for integr...
WinWay Technology Co., Ltd. Financial Statement Overview
Summary
Exceptional fundamentals across all three statements. Revenue grew ~35% to a record NT$7.86 billion on top of a 57% prior-year surge, with gross margin expanding to 45.3%, operating margin to 26.3% and net margin to 21.3%, lifting net income to NT$1.67 billion. The balance sheet is effectively debt-free (debt/equity ~1%), equity funds ~71% of assets, and ROE is ~26% and rising. Operating cash flow of NT$1.80 billion exceeds net income and free cash flow doubled to NT$1.52 billion (~84% conversion), confirming cash-backed earnings that self-fund capex. The key caveat is cyclicality: the 2023 downturn saw revenue fall 28% and free cash flow turn negative, so current peak margins should not be treated as a permanent run-rate.
Income Statement
87Very PositiveBalance Sheet
92Very PositiveCash Flow
84Very Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.54B | 7.86B | 5.80B | 3.68B | 5.12B | 2.89B |
| Gross Profit | 4.31B | 3.56B | 2.53B | 1.36B | 2.32B | 1.21B |
| EBITDA | 2.81B | 2.33B | 1.69B | 691.38M | 1.50B | 722.63M |
| Net Income | 2.23B | 1.67B | 1.19B | 464.04M | 1.10B | 486.63M |
Balance Sheet | ||||||
| Total Assets | 15.64B | 9.04B | 7.58B | 4.88B | 5.70B | 3.94B |
| Cash, Cash Equivalents and Short-Term Investments | 6.88B | 2.67B | 2.22B | 899.35M | 1.53B | 1.64B |
| Total Debt | 1.57B | 83.12M | 260.62M | 466.11M | 61.04M | 101.70M |
| Total Liabilities | 7.02B | 2.60B | 2.04B | 1.39B | 2.00B | 1.01B |
| Stockholders Equity | 8.62B | 6.45B | 5.54B | 3.49B | 3.70B | 2.93B |
Cash Flow | ||||||
| Free Cash Flow | 567.55M | 1.52B | 747.25M | -271.69M | 283.20M | 403.43M |
| Operating Cash Flow | 1.39B | 1.80B | 1.05B | 599.53M | 1.06B | 733.49M |
| Investing Cash Flow | -3.66B | 722.18M | -1.08B | -1.09B | -641.46M | -527.14M |
| Financing Cash Flow | 2.84B | -1.06B | 516.07M | -368.63M | -414.44M | 610.57M |
WinWay Technology Co., Ltd. Peers Comparison
Overall Rating
- TW:651566Neutral
TW:899661Neutral
TW:370660Neutral
TW:332459Neutral
TW:316753Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6515 | 66Neutral | TWD 135.57B | 60.29 | ― | 1.33% | 85.60% | 84.04% |
| TW:8996 | 61Neutral | TWD 131.37B | 96.53 | ― | 0.32% | 108.33% | 146.57% |
| TW:3706 | 60Neutral | TWD 102.99B | 12.88 | ― | 4.22% | 50.91% | 23.24% |
| TW:3324 | 59Neutral | TWD 112.11B | 28.20 | ― | 0.96% | 70.52% | 157.28% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:3167 | 53Neutral | TWD 71.70B | 56.60 | ― | 0.49% | 103.13% | 231.77% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6515 | WinWay Technology Co., Ltd. | 3720.00 | 1551.04 | 71.51% | |
| TW:3167 | Ta Liang Technology Co., Ltd. | 801.00 | 592.01 | 283.28% | |
| TW:3324 | AURAS Technology Co., Ltd. | 1235.00 | 231.51 | 23.07% | |
| TW:3706 | MiTAC Holdings Corp. | 71.10 | -13.92 | -16.37% | |
| TW:7711 | ASrock Rack, Inc. | 528.00 | 155.62 | 41.79% | |
| TW:8996 | Kaori Heat Treatment Co., Ltd. | 1405.00 | 852.99 | 154.53% |
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