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World-leading maker of industrial PCs and embedded computing hardware for factory automation and IoT.
World-leading maker of industrial PCs and embedded computing hardware for factory automation and IoT.
Sells boards and systems that customers design into their own machines, paid per unit, often for products that stay in service for years, so it keeps supplying the same part. Sales are spread worldwide through system integrators and a large channel network.
In one line: The Cisco of industrial computing.
Moat: narrow (brand, distribution, installed base). Largest global distribution/support network in industrial computing; segment leadership sustained over decades.
Headquarters: Taipei, Taiwan · Founded: 1983
Size Advantech (2395.TW) is a Taiwan Information Technology company (Computer Processing Hardware) with a market value of $14.5B, the 41st largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$552.00 on 6 Nov 2026.
Performance Over six months the shares gained 39.2%, against +0.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 39.8% over the last twelve months (peer median +28.4%); the operating margin is 19.1% (peer median 2.6%).
Valuation It trades at 22.5× forward earnings against a peer median of 13.2× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +3 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 22.3 points above its cost of capital (6.1% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$96.9B | NT$70.9B | NT$59.8B | NT$64.6B | NT$68.7B |
| Revenue growth | — | +19% | -7% | -6% | — |
| Gross profit | NT$35.9B | NT$27.3B | NT$23.5B | NT$25.3B | NT$25.3B |
| EBITDA | NT$19.7B | NT$12.8B | NT$10.1B | NT$13.2B | NT$13.6B |
| Net income | NT$17.2B | NT$10.6B | NT$9.01B | NT$10.8B | NT$10.8B |
| Free cash flow | NT$7.33B | NT$8.38B | NT$6.29B | NT$14.0B | NT$10.00B |
| Capital expenditure | NT$3.09B | NT$3.01B | NT$1.64B | NT$1.29B | NT$1.48B |
| Total debt | NT$7.17B | NT$1.99B | NT$2.15B | NT$2.07B | NT$997M |
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 |
|---|---|---|---|---|---|---|
| Advantech 2395.TW | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% |
| IEI Integration 3022.TW | $405M | +1% | +3% | 6% | 10.8× | n/a |
| Kontron KTN.DE | $1.31B | -19% | -7% | 7% | 11.5× | 4.2% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
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 | 2395.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.4% | -14.1% | 5th lowest of 21 |
| 6-month return | +39.2% | +0.5% | 4th highest of 20 |
| Distance from 52-week high | -26.8% | -39.4% | 6th highest of 21 |
| Revenue growth (TTM) | +39.8% | +28.4% | 6th highest of 20 |
| Operating margin | 19.1% | 2.6% | 2nd highest of 20 |
| Forward P/E | 22.5× | 13.2× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 9.5% | 7.7% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +6.8% | +7.3% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | +2.7 pp | -10.1 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +22.3 pp | +1.1 pp | 2nd highest of 20 |
| EV / EBITDA | 23.8× | 8.9× | most expensive of 5 |
| Net debt / EBITDA | -0.6× | 1.1× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 22.5× | 9.5% | +6.8% |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 30.9× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 14.3× | 7.7% | +21.2% |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 39.5× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 13.1× | n/a | n/a |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 13.2× | n/a | n/a |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 81.7× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 12.9× | n/a | n/a |
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | n/a | n/a | n/a |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | n/a | n/a | n/a |