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Taiwan memory chipmaker specializing in NOR/NAND flash and specialty DRAM for embedded and consumer electronics.
Taiwan memory chipmaker specializing in NOR/NAND flash and specialty DRAM for embedded and consumer electronics.
Designs and manufactures its own memory in its own fabs in Taiwan, selling to makers of industrial, automotive, networking and consumer electronics. It concentrates on lower-capacity memory that bigger producers have deprioritised, so prices swing with supply from a small set of suppliers. A new fab in Kaohsiung is its main capacity addition.
In one line: Taiwan's Cypress Semiconductor (legacy memory business).
Moat: narrow (scale, process know-how, customer qualification). Leading share in niche NOR flash and specialty DRAM segments where large memory makers have exited.
Headquarters: Taichung, Taiwan · Founded: 1987
Size Winbond Electronic (2344.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $16.4B, the 36th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$120.50 on 6 Nov 2026.
Performance Over six months the shares gained 22.0%, against -17.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 154.1% over the last twelve months (peer median +25.0%); the operating margin is 43.1% (peer median 17.7%).
Valuation It trades at 2.8× forward earnings against a peer median of 31.4× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.5 points above its cost of capital (11.4% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$207B | NT$89.4B | NT$81.6B | NT$75.0B | NT$94.5B |
| Revenue growth | — | +10% | +9% | -21% | — |
| Gross profit | NT$137B | NT$29.5B | NT$22.4B | NT$20.9B | NT$41.4B |
| EBITDA | n/a | NT$18.1B | NT$13.0B | NT$10.1B | NT$25.9B |
| Net income | NT$73.0B | NT$3.96B | NT$601M | -NT$1.15B | NT$12.9B |
| Free cash flow | n/a | NT$4.69B | -NT$6.29B | -NT$9.97B | -NT$26.5B |
| Capital expenditure | n/a | NT$6.87B | NT$17.5B | NT$14.1B | NT$42.5B |
| Total debt | n/a | NT$54.2B | NT$55.3B | NT$58.2B | NT$50.8B |
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 |
|---|---|---|---|---|---|---|
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
| Macronix International 2337.TW | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
| Giga Device Semiconductor 603986.SS | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% |
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 | 2344.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.4% | -19.3% | 7th lowest of 20 |
| 6-month return | +22.0% | -17.4% | 4th highest of 20 |
| Distance from 52-week high | -48.4% | -47.6% | 10th lowest of 21 |
| Revenue growth (TTM) | +154.1% | +25.0% | 2nd highest of 21 |
| Operating margin | 43.1% | 17.7% | 3rd highest of 20 |
| Forward P/E | 2.8× | 31.4× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 39.4% | least demanding of 12 |
| Growth delivered (Del g) | +8.1% | +14.6% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | -7.5 pp | +18.0 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +21.5 pp | +2.6 pp | 4th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
| MACOM Technology Solutions MTSI | United States | $16.1B | -41% | +28% | 18% | 23.2× | 49.4% | +12.8% |
| OmniVision Integrated Circuits 603501.SS | China | $16.1B | -12% | +2% | 13% | 31.4× | n/a | n/a |
| Tower Semiconductor TSEM | United States | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% | +4.4% |
| Hwatsing Technology 688120.SS | China | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% | +64.4% |
| Lattice Semiconductor LSCC | United States | $14.9B | -17% | +63% | 13% | 26.2× | n/a | n/a |
| Technoprobe TPRO.MI | Italy | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% | +14.6% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| ASPEED Technology 5274.TWO | Taiwan | $14.3B | -30% | +40% | 53% | 41.1× | 41.3% | +24.3% |
| LONGi Green Energy Technology 601012.SS | China | $14.1B | -25% | -16% | -12% | n/a | n/a | n/a |
| JCET 600584.SS | China | $14.1B | +15% | +4% | 6% | 40.2× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Rockchip Electronics 603893.SS | China | $13.4B | +16% | +39% | 27% | 49.1× | 39.3% | +18.7% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| SiTime SITM | United States | $12.5B | -30% | +83% | 0% | 23.1× | n/a | n/a |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| Shenzhen Longsys Electronics 301308.SZ | China | $12.3B | -46% | +114% | 40% | 5.1× | n/a | n/a |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | n/a | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |