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Taiwan networking-equipment ODM/OEM making Ethernet switches and white-box networking hardware for data centers and telecom.
Taiwan networking-equipment ODM/OEM making Ethernet switches and white-box networking hardware for data centers and telecom.
Designs and builds Ethernet switches that others sell under their own names or that cloud operators run with their own software, paid per unit shipped, and sells its own open-networking products under the Edgecore name. Orders increasingly come from big data-centre operators.
In one line: Taiwan's version of a networking ODM supplying hardware behind brands like Arista.
Moat: narrow (scale, process know-how, customer qualification). Deep engineering relationships supplying white-box switches to hyperscalers and networking OEMs at scale.
Headquarters: Hsinchu, Taiwan · Founded: 1988
Size Accton Technology (2345.TW) is a Taiwan Information Technology company (Telecommunications Equipment) with a market value of $21.6B, the 27th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,280 on 6 Nov 2026.
Performance Over six months the shares fell 48.7%, against -21.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd lowest of 18 in its peer set.
Growth Revenue grew 82.2% over the last twelve months (peer median +8.1%); the operating margin is 13.7% (peer median 7.3%).
Valuation It trades at 12.5× forward earnings against a peer median of 20.4× (2nd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 89.7 points above its cost of capital (6.8% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$311B | NT$248B | NT$110B | NT$84.2B | NT$77.2B |
| Revenue growth | — | +125% | +31% | +9% | — |
| Gross profit | NT$57.0B | NT$44.1B | NT$22.2B | NT$18.8B | NT$16.1B |
| EBITDA | NT$44.8B | NT$33.9B | NT$14.8B | NT$12.5B | NT$10.5B |
| Net income | NT$35.6B | NT$26.3B | NT$12.0B | NT$8.92B | NT$8.17B |
| Free cash flow | NT$7.18B | NT$31.0B | NT$8.00B | NT$16.8B | NT$8.92B |
| Capital expenditure | NT$7.33B | NT$5.04B | NT$2.91B | NT$2.31B | NT$1.07B |
| Total debt | NT$9.42B | NT$3.24B | NT$2.79B | NT$2.56B | NT$4.93B |
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 |
|---|---|---|---|---|---|---|
| Accton Technology 2345.TW | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% |
| Arista Networks ANET | $215B | +20% | +41% | 44% | 30.4× | 29.8% |
| Ubiquiti UI | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% |
| Delta Electronic 2308.TW | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% |
| Alpha Networks 3380.TW | $437M | -23% | +11% | 1% | 26.9× | n/a |
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 | 2345.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.3% | -4.9% | 2nd lowest of 18 |
| 6-month return | -48.7% | -21.4% | 3rd lowest of 18 |
| Distance from 52-week high | -54.7% | -33.8% | 5th lowest of 18 |
| Revenue growth (TTM) | +82.2% | +8.1% | highest of 18 |
| Operating margin | 13.7% | 7.3% | 7th highest of 18 |
| Forward P/E | 12.5× | 20.4× | 2nd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | 17.4% | 5th least demanding of 14 |
| Growth delivered (Del g) | +35.4% | +6.9% | highest of 14 |
| Hurdle (Req g minus delivered) | -30.9 pp | +10.6 pp | least demanding of 14 |
| ROIC minus cost of capital | +89.7 pp | -0.7 pp | 2nd highest of 18 |
| EV / EBITDA | 15.2× | 17.9× | 4th cheapest of 7 |
| Net debt / EBITDA | -0.8× | 0.1× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
| ZTE 0763.HK | Hong Kong | $19.0B | -27% | +20% | 1% | 14.6× | 17.5% | +4.9% |
| ZTE 000063.SZ | China | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% | +5.6% |
| TCL Technology 000100.SZ | China | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% | +19.1% |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Huaqin 603296.SS | China | $12.7B | -13% | +28% | 2% | 17.1× | n/a | n/a |
| Shenzhen Transsion 688036.SS | China | $11.6B | +13% | -1% | 5% | 21.8× | n/a | n/a |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| China Spacesat 600118.SS | China | $9.75B | -46% | +6% | 1% | 531.4× | n/a | n/a |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |
| ViaSat VSAT | United States | $8.81B | -9% | +1% | 2% | n/a | 42.8% | +15.5% |
| Yealink Network Technology 300628.SZ | China | $7.50B | +8% | +17% | 46% | 16.2× | 4.3% | +17.0% |
| Zhejiang Dahua Technology 002236.SZ | China | $7.04B | -21% | +7% | 7% | 12.3× | n/a | n/a |
| Shenzhen Sunway Communication 300136.SZ | China | $6.14B | -54% | +2% | 9% | 47.1× | 30.6% | +6.9% |
| Fiberhome Telecommunication Technologies 600498.SS | China | $5.50B | -42% | +16% | 1% | 21.5× | 12.8% | +3.4% |
| Motorola Solutions MSI | United States | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% | +9.5% |