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World's largest maker of cordless phones and a major producer of educational electronic toys and learning tablets for children.
World's largest maker of cordless phones and a major producer of educational electronic toys and learning tablets for children.
Sells phones and learning toys to retail chains and to families, with North America and Europe the main regions; US phones carry the AT&T name under licence, and LeapFrog, bought in 2016, widened the toy range. Contract manufacturing for outside companies is a third arm that does not depend on consumer brands.
In one line: A HK-based Fisher-Price-plus-cordless-phone maker.
Moat: narrow (brand, scale, distribution). Global #1 cordless-phone market share and established retail distribution relationships.
Headquarters: Hong Kong · Founded: 1976 · Employees: 20,000
Size VTech (0303.HK) is a Hong Kong Consumer Discretionary company (Recreational Products) with a market value of $1.72B, the 455th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$53.25 on 6 Nov 2026.
Performance Over six months the shares fell 14.7%, against -2.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 6.8% over the last twelve months (peer median +7.7%); the operating margin is 8.7% (peer median 8.7%).
Valuation It trades at 11.9× forward earnings against a peer median of 15.8× (6th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.2 points above its cost of capital (6.4% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$15.8B | HK$15.8B | HK$17.0B | HK$16.8B | HK$17.6B |
| Revenue growth | — | -7% | +1% | -4% | — |
| Gross profit | HK$5.17B | HK$5.17B | HK$5.35B | HK$4.96B | HK$4.96B |
| EBITDA | HK$1.80B | HK$1.80B | HK$1.87B | HK$1.95B | HK$1.85B |
| Net income | HK$1.05B | HK$1.05B | HK$1.22B | HK$1.30B | HK$1.17B |
| Free cash flow | HK$722M | HK$723M | HK$1.53B | HK$2.53B | HK$1.65B |
| Capital expenditure | HK$244M | HK$244M | HK$230M | HK$431M | HK$219M |
| Total debt | n/a | HK$994M | HK$1.11B | HK$1.24B | HK$1.41B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VTech 0303.HK | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% |
| Mattel MAT | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% |
| Panasonic 6752.T | $44.5B | -6% | +4% | 8% | 13.5× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0303.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | +3.4% | 11th highest of 21 |
| 6-month return | -14.7% | -2.6% | 6th lowest of 21 |
| Distance from 52-week high | -21.6% | -18.1% | 10th lowest of 21 |
| Revenue growth (TTM) | -6.8% | +7.7% | 2nd lowest of 21 |
| Operating margin | 8.7% | 8.7% | 11th highest of 21 |
| Forward P/E | 11.9× | 15.8× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -9.7% | 2.5% | 3rd least demanding of 16 |
| Growth delivered (Del g) | -3.0% | +7.9% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -6.7 pp | -6.2 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +22.2 pp | +0.2 pp | 2nd highest of 20 |
| EV / EBITDA | 6.9× | 9.1× | 5th cheapest of 16 |
| Net debt / EBITDA | -0.6× | -0.2× | 7th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Fusheng Precision 6670.TW | Taiwan | $1.07B | -1% | +1% | 15% | 9.3× | -14.6% | +15.9% |
| GoldLok Holdings (Guangdong) 002348.SZ | China | $1.03B | -38% | +77% | -14% | n/a | n/a | n/a |
| Johnson Health Tech 1736.TW | Taiwan | $1.01B | -12% | +8% | 8% | 8.5× | -8.0% | +13.9% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Ferretti YACHT.MI | Italy | $967M | -27% | +1% | 7% | 11.6× | 3.2% | +15.9% |
| Winnebago Industries WGO | United States | $892M | -1% | -3% | 2% | 15.8× | 6.9% | -5.7% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Guangzhou Pearl River Piano 002678.SZ | China | $852M | -30% | +14% | -54% | n/a | n/a | n/a |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |