Employees: 485
Size Cmc Magnetics (2323.TW) is a Taiwan Information Technology company (Electronic Equipment/Instruments) with a market value of $287M, the 666th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$9.68 on 6 Nov 2026.
Performance Over six months the shares fell 5.6%, against -26.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median -5.0%); the operating margin is 1.5% (peer median 3.5%).
Valuation It trades at 0.6× enterprise value to sales against a peer median of 3.6× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$7.73B | NT$7.18B | NT$7.44B | NT$7.38B | NT$7.69B |
| Revenue growth | — | -3% | +1% | -4% | — |
| Gross profit | NT$1.80B | NT$1.60B | NT$1.41B | NT$1.46B | NT$1.23B |
| EBITDA | NT$318M | NT$163M | NT$89.6M | NT$155M | NT$95.0M |
| Net income | NT$3.30B | NT$1.73B | -NT$290M | NT$1.75B | -NT$1.08B |
| Free cash flow | NT$182M | NT$523M | NT$244M | NT$2.11B | -NT$61.9M |
| Capital expenditure | NT$112M | NT$137M | NT$145M | NT$162M | NT$183M |
| Total debt | NT$8.42B | NT$7.00B | NT$6.33B | NT$4.77B | NT$5.01B |
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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 | 2323.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -17.0% | 8th highest of 21 |
| 6-month return | -5.6% | -26.7% | 5th highest of 21 |
| Distance from 52-week high | -26.1% | -44.5% | 4th highest of 21 |
| Revenue growth (TTM) | +6.8% | -5.0% | 7th highest of 21 |
| Operating margin | 1.5% | 3.5% | 8th lowest of 21 |
| EV / Sales | 0.6× | 3.6× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 13.4% | 7.8% | 6th most demanding of 12 |
| Growth delivered (Del g) | -5.2% | +8.4% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +18.7 pp | +15.8 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -4.4 pp | -5.9 pp | 9th highest of 21 |
| Net debt / EBITDA | -15.7× | -0.0× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cmc Magnetics 2323.TW | Taiwan | $287M | -6% | +7% | 2% | 0.6× | 13.4% | -5.2% |
| UTECHZONE 3455.TWO | Taiwan | $297M | -43% | -23% | 2% | 6.9× | n/a | n/a |
| Sms Electric 002857.SZ | China | $303M | -31% | -48% | -20% | 4.0× | n/a | n/a |
| Judges Scientific JDG.L | United Kingdom | $305M | -33% | -8% | 3% | 2.1× | 31.1% | +12.8% |
| Lumax International 6192.TW | Taiwan | $311M | -12% | -4% | 16% | 0.8× | -20.6% | +4.4% |
| Zhejiang Prulde Electric Appliance 301353.SZ | China | $312M | -26% | +20% | 7% | 1.5× | n/a | n/a |
| Guangdong Fangyuan New Materials 688148.SS | China | $328M | -59% | +27% | 0% | 1.5× | n/a | n/a |
| Jiangsu Skyray Instrument 300165.SZ | China | $340M | -38% | -8% | -16% | 5.2× | 7.8% | -8.0% |
| ZheJiang Tailin Bioengineering 300813.SZ | China | $340M | -27% | +6% | 2% | 5.6× | n/a | n/a |
| INTEKPLUS 064290.KS | South Korea | $347M | +18% | -12% | -11% | 6.8× | n/a | n/a |
| Kyosan Electric Manufacturing 6742.T | Japan | $350M | +26% | +9% | 7% | 0.8× | 2.0% | +8.4% |
| Shenzhen Maxonic Automation Control 300112.SZ | China | $350M | -13% | -6% | -2% | 2.2× | n/a | n/a |
| Chongqing MAS Science & Technology 300275.SZ | China | $351M | -28% | -13% | 6% | 5.5× | 35.3% | +9.0% |
| MicroTech Medical (Hangzhou) 2235.HK | Hong Kong | $354M | -15% | +95% | 8% | 1.2× | 3.5% | +53.2% |
| Hefei Gocom Information Technology 688367.SS | China | $357M | -33% | -10% | -1% | 10.6× | 55.8% | -1.3% |
| General Oceans GENO.OL | Norway | $359M | -32% | +34% | 13% | 2.2× | -1.9% | +34.3% |
| Beijing AriTime Intelligent Control 600560.SS | China | $359M | -26% | +33% | 4% | 3.1× | n/a | n/a |
| Nagano Keiki 7715.T | Japan | $364M | +1% | +2% | 11% | 0.8× | -0.4% | +8.6% |
| Beijing Labtech Instruments 688056.SS | China | $368M | -1% | 0% | 5% | 4.9× | 34.7% | +2.8% |
| NEOSEM 253590.KS | South Korea | $369M | -37% | -31% | 5% | 7.0× | n/a | n/a |
| Hangzhou Huaxing Chuangye Communication Technology 300025.SZ | China | $373M | -15% | -16% | -24% | 4.6× | 36.0% | -6.5% |