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Taiwanese PC hardware maker known for motherboards, graphics cards, laptops and gaming peripherals under the MSI brand.
Taiwanese PC hardware maker known for motherboards, graphics cards, laptops and gaming peripherals under the MSI brand.
Sells under the MSI brand mainly through distributors, retailers and online stores, with laptops and component products for gamers. It also builds motherboards and server boards for other companies and has been adding server and industrial computers to reduce dependence on consumer cycles.
In one line: Taiwan's Razer-meets-ASUS for gaming PCs.
Moat: narrow (brand, distribution). Strong gaming-hardware brand with global retail and e-commerce distribution.
Headquarters: New Taipei City, Taiwan · Founded: 1986 · Employees: 3,534
Size Micro-Star International (2377.TW) is a Taiwan Information Technology company (Computer Peripherals) with a market value of $3.50B, the 111th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$137.00 on 6 Nov 2026.
Performance Over six months the shares gained 43.2%, against -10.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +12.7%); the operating margin is 4.7% (peer median 10.5%).
Valuation It trades at 11.6× forward earnings against a peer median of 16.2× (5th cheapest of 17).
Capital Return on invested capital runs 15.4 points above its cost of capital (6.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$222B | NT$230B | NT$198B | NT$183B | NT$180B |
| Revenue growth | — | +16% | +8% | +1% | — |
| Gross profit | NT$29.3B | NT$25.2B | NT$24.2B | NT$22.8B | NT$25.7B |
| EBITDA | NT$11.8B | NT$7.78B | NT$8.46B | NT$10.2B | NT$12.1B |
| Net income | NT$9.74B | NT$5.75B | NT$6.79B | NT$7.53B | NT$9.96B |
| Free cash flow | -NT$283M | NT$448M | NT$2.72B | NT$4.28B | NT$14.9B |
| Capital expenditure | NT$2.03B | NT$3.55B | NT$2.31B | NT$644M | NT$821M |
| Total debt | NT$7.09B | NT$11.7B | NT$900M | NT$672M | NT$581M |
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 |
|---|---|---|---|---|---|---|
| Micro-Star International 2377.TW | $3.50B | +43% | +1% | 5% | 11.6× | n/a |
| Asustek Computer 2357.TW | $19.3B | +55% | +32% | 6% | 11.4× | n/a |
| Gigabyte Technology 2376.TW | $6.01B | +7% | +38% | 5% | 8.1× | n/a |
| Acer 2353.TW | $2.63B | +4% | +15% | 2% | 16.4× | 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 | 2377.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.6% | -14.2% | 10th highest of 21 |
| 6-month return | +43.2% | -10.5% | 2nd highest of 21 |
| Distance from 52-week high | -21.0% | -38.1% | 4th highest of 21 |
| Revenue growth (TTM) | +1.4% | +12.7% | 6th lowest of 21 |
| Operating margin | 4.7% | 10.5% | 6th lowest of 21 |
| Forward P/E | 11.6× | 16.2× | 5th cheapest of 17 |
| ROIC minus cost of capital | +15.4 pp | +11.3 pp | 8th highest of 21 |
| EV / EBITDA | 8.2× | 11.9× | 5th cheapest of 12 |
| Net debt / EBITDA | -1.6× | -0.1× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Micro-Star International 2377.TW | Taiwan | $3.50B | +43% | +1% | 5% | 11.6× | n/a | n/a |
| Hangzhou EZVIZ Network 688475.SS | China | $3.53B | -4% | +8% | 12% | 30.1× | 15.7% | +13.8% |
| Sichuan Changhong Electric 600839.SS | China | $3.55B | -41% | +4% | 0% | n/a | n/a | n/a |
| Transcend Information 2451.TW | Taiwan | $3.22B | -13% | +286% | 67% | 3.2× | n/a | n/a |
| ADATA Technology 3260.TWO | Taiwan | $3.16B | -33% | +125% | 34% | 4.5× | n/a | n/a |
| Extreme Networks EXTR | United States | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% | +4.9% |
| AURAS Technology 3324.TWO | Taiwan | $2.90B | -10% | +71% | 16% | 15.1× | n/a | n/a |
| Innodisk 5289.TWO | Taiwan | $2.76B | -35% | +334% | 49% | 2.5× | n/a | n/a |
| VusionGroup VU.PA | France | $2.61B | +11% | +45% | 10% | 16.5× | n/a | n/a |
| Venustech 002439.SZ | China | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% | -8.6% |
| Newland Digital Technology 000997.SZ | China | $2.56B | -14% | +29% | 11% | 16.0× | n/a | n/a |
| Societe Industrielle & Financiere de l'Artois ARTO.PA | France | $2.55B | -26% | -6% | -8% | n/a | n/a | n/a |
| E Ink 8069.TWO | Taiwan | $4.98B | +2% | -3% | 29% | 12.4× | -0.3% | +18.6% |
| Netweb Technologies India NETWEB.NS | India | $2.37B | -12% | +175% | 13% | 55.9× | 46.1% | +72.5% |
| Kardex KARN.SW | Switzerland | $2.35B | -9% | +3% | 9% | 30.3× | 11.8% | +12.5% |
| Seiko Epson 6724.T | Japan | $5.39B | +27% | +8% | 6% | 11.9× | 0.8% | +7.2% |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 29.5× | -6.2% | +4.4% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | n/a | 7.4% | +29.2% |
| Gigabyte Technology 2376.TW | Taiwan | $6.01B | +7% | +38% | 5% | 8.1× | n/a | n/a |
| AUO 2409.TW | Taiwan | $6.02B | +49% | -1% | -2% | n/a | n/a | n/a |
| Shenzhen Kaifa Technology 000021.SZ | China | $6.13B | -11% | +14% | 11% | 29.2× | n/a | n/a |