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Legacy x86 chipmaker now focused on embedded computing SoCs and, via a subsidiary, USB/Type-C controller chips.
Legacy x86 chipmaker now focused on embedded computing SoCs and, via a subsidiary, USB/Type-C controller chips.
Earns from chips that equipment makers design into their products, so sales follow design wins in industrial and embedded systems rather than consumer PC cycles. The USB controller business runs through a separate subsidiary, VIA Labs, while the PC chipset line the company was once known for has faded.
Moat: narrow (IP / patents, process know-how). x86 architecture licence and USB controller IP built over two decades.
Headquarters: Taipei, Taiwan · Founded: 1987
Size VIA Technologies (2388.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $874M, the 295th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$52.00 on 6 Nov 2026.
Performance Over six months the shares fell 34.9%, against -13.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 2.8% over the last twelve months (peer median +6.3%); the operating margin is -11.7% (peer median -1.5%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 5.3× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +10 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 12.5 points below its cost of capital (7.4% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$11.7B | NT$9.55B | NT$15.9B | NT$12.6B | NT$9.30B |
| Revenue growth | — | -40% | +26% | +36% | — |
| Gross profit | NT$2.76B | NT$1.83B | NT$3.61B | NT$2.96B | NT$3.09B |
| EBITDA | n/a | -NT$874M | NT$797M | NT$279M | NT$314M |
| Net income | NT$961M | NT$69.1M | NT$1.07B | NT$411M | -NT$83.6M |
| Free cash flow | n/a | NT$719M | NT$5.63B | NT$1.76B | NT$272M |
| Capital expenditure | n/a | NT$2.44B | NT$3.32B | NT$264M | NT$244M |
| Total debt | n/a | NT$1.29B | NT$1.88B | NT$2.41B | NT$3.58B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| VIA Technologies 2388.TW | $874M | -35% | -3% | -12% | 2.5× | 17.9% |
| Intel INTC | $299B | -55% | +12% | 11% | 5.2× | 46.1% |
| Advanced Micro Devices AMD | $733B | -1% | +42% | 18% | 16.0× | 60.9% |
| Asmedia Technology 5269.TW | $2.60B | -14% | +38% | 25% | 5.7× | 12.3% |
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 | 2388.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.6% | -17.1% | 7th lowest of 21 |
| 6-month return | -34.9% | -13.8% | 6th lowest of 21 |
| Distance from 52-week high | -43.0% | -41.7% | 10th lowest of 21 |
| Revenue growth (TTM) | -2.8% | +6.3% | 10th lowest of 21 |
| Operating margin | -11.7% | -1.5% | 7th lowest of 21 |
| EV / Sales | 2.5× | 5.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.9% | 11.0% | 5th most demanding of 10 |
| Growth delivered (Del g) | +8.0% | +4.7% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | +10.0 pp | +1.3 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -12.5 pp | -4.6 pp | 8th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VIA Technologies 2388.TW | Taiwan | $874M | -35% | -3% | -12% | 2.5× | 17.9% | +8.0% |
| Arteris AIP | United States | $875M | -44% | +34% | -44% | 9.0× | 55.4% | +17.3% |
| United Renewable Energy 3576.TW | Taiwan | $876M | +15% | -43% | -62% | 12.2× | n/a | n/a |
| Netac Technology 300042.SZ | China | $872M | -44% | +103% | 10% | 2.7× | n/a | n/a |
| Episil-Precision 3016.TW | Taiwan | $865M | -10% | +30% | 14% | 5.8× | 40.5% | -0.7% |
| Shenzhen Baoming Technology 002992.SZ | China | $887M | -38% | -20% | -1% | 5.8× | n/a | n/a |
| Taiwan Speciality Chemicals 4772.TWO | Taiwan | $862M | -38% | +164% | 40% | 7.8× | 11.0% | +36.7% |
| Sitronix Technology 8016.TW | Taiwan | $894M | +5% | +18% | 13% | 1.0× | -9.1% | +6.6% |
| Zhejiang Chenfeng Science and Technology 603685.SS | China | $896M | -28% | -14% | 4% | 6.9× | n/a | n/a |
| Parade Technologies 4966.TWO | Taiwan | $915M | -31% | -3% | 14% | 1.9× | 3.8% | +1.6% |
| Smarter Microelectronics (Guangzhou) 688512.SS | China | $835M | -11% | +43% | -30% | 5.0× | n/a | n/a |
| Etron Technology 5351.TWO | Taiwan | $835M | +13% | +246% | 21% | 2.6× | 3.3% | +2.6% |
| General Interface Solution (GIS) 6456.TW | Taiwan | $824M | 0% | -19% | -3% | 0.3× | n/a | n/a |
| Ambiq Micro AMBQ | United States | $933M | -13% | +32% | -43% | 5.8× | n/a | n/a |
| Hangzhou Star Shuaier Electric Appliance 002860.SZ | China | $810M | +16% | -14% | 7% | 2.5× | 19.8% | +18.4% |
| Everlight Electronics 2393.TW | Taiwan | $807M | -17% | -3% | 10% | 0.8× | -11.7% | -1.9% |
| Dioo Microcircuits Co., Ltd. Jiangsu 688381.SS | China | $948M | -15% | -18% | -46% | 11.1× | n/a | n/a |
| Wuxi ETEK Microelectronics 688601.SS | China | $799M | -25% | +15% | -5% | 5.7× | n/a | n/a |
| Henan Ancai Hi-Tech 600207.SS | China | $797M | -13% | -41% | -39% | 4.0× | n/a | n/a |
| Jiangsu Zongyi 600770.SS | China | $961M | -35% | +64% | -4% | 9.7× | 43.6% | +4.7% |
| Foshan Electrical and Lighting 000541.SZ | China | $967M | -8% | -3% | -2% | 1.1× | n/a | n/a |