WinWay Technology Co., Ltd. (6515) AI Stock Analysis

WinWay Technology Co., Ltd.

(TWSE:6515)

Select Model

Rating:70Outperform

Price Target:TWD 3,625.00▼(-11.37% Downside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability and very low leverage are the primary positives. These are offset by bearish technical momentum, a high P/E ratio, modest dividend yield, and declining free cash flow. The weighted score is 70.35, rounded to 70.

Positive Factors

Strong ProfitabilityHigh gross, operating, and net margins indicate strong economics in the company’s semiconductor test-interface business. This profitability provides internal funding for product development and capacity needs, while giving WinWay greater resilience and competitive flexibility through the cycle.

Negative Factors

Uneven Cash ConversionOperating cash flow has consistently converted less of reported profit than ideal, which can make internally generated funding less predictable. If this pattern persists, working-capital demands or earnings growth may translate into less cash available for investment and shareholder returns.

WinWay Technology Co., Ltd. (6515) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 148.50B
Dividend Yield: 1.21%
Average Volume (3M): 618.66K
Price to Earnings (P/E): 66.4
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

Strong profitability and an exceptionally resilient balance sheet support the score. Cash flow remains solid but is reduced by the 20.8% year-over-year decline in free cash flow and historical volatility.

Income Statement

88Very Positive

Balance Sheet

94Very Positive

Cash Flow

76Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6515 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6515	70Outperform	TWD 135.57B	66.40	―	1.21%	85.60%	84.04%
TW:8996	61Neutral	TWD 131.37B	94.19	―	0.31%	108.33%	146.57%
TW:3706	60Neutral	TWD 102.99B	13.07	―	4.32%	50.91%	23.24%
TW:3324	59Neutral	TWD 112.11B	27.63	―	0.92%	70.52%	157.28%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3167	53Neutral	TWD 71.70B	63.61	―	0.44%	121.90%	250.43%

* General Sector Average

Performance Comparison

TW:6515 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6515	WinWay Technology Co., Ltd.	4090.00	1911.11	87.71%
TW:3167	Ta Liang Technology Co., Ltd.	881.00	676.99	331.84%
TW:3324	AURAS Technology Co., Ltd.	1300.00	321.22	32.82%
TW:3706	MiTAC Holdings Corp.	69.40	-12.28	-15.03%
TW:7711	ASrock Rack, Inc.	559.00	179.33	47.23%
TW:8996	Kaori Heat Treatment Co., Ltd.	1460.00	963.19	193.88%

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

WinWay Technology Co., Ltd. AI Stock Analysis