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Taiwan's leading DRAM memory chipmaker, part of the Formosa Plastics Group.
Taiwan's leading DRAM memory chipmaker, part of the Formosa Plastics Group.
Sells standard DRAM memory chips at prices that reset with the market, so earnings swing between strong profits and losses with the memory cycle. Companies of the Formosa Plastics group are its biggest shareholders. It does not make the high-bandwidth memory used in AI accelerators, and makes its chips in Taiwan.
In one line: Taiwan's Micron, but DRAM-only and smaller.
Moat: none (scale). DRAM is a commodity set by a global oligopoly (Samsung, SK hynix, Micron); Nanya is a smaller price-taker.
Headquarters: Taoyuan, Taiwan · Founded: 1995
Size Nanya Technology (2408.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $35.8B, the 13th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$343.50 on 6 Nov 2026.
Performance Over six months the shares gained 33.9%, against -20.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 585.8% over the last twelve months (peer median +22.5%); the operating margin is 71.0% (peer median 19.2%).
Valuation It trades at 2.9× forward earnings against a peer median of 28.1× (cheapest of 19).
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 +2%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 28.9 points above its cost of capital (12.0% WACC).
Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$295B | NT$66.6B | NT$34.1B | NT$29.9B | NT$57.0B |
| Revenue growth | — | +95% | +14% | -48% | — |
| Gross profit | NT$236B | NT$14.3B | -NT$1.01B | -NT$5.07B | NT$20.7B |
| EBITDA | n/a | NT$19.5B | NT$5.59B | NT$865M | NT$26.2B |
| Net income | NT$175B | NT$6.61B | -NT$5.08B | -NT$7.44B | NT$14.6B |
| Free cash flow | n/a | NT$5.33B | -NT$14.1B | -NT$18.9B | NT$724M |
| Capital expenditure | n/a | NT$13.7B | NT$16.3B | NT$13.6B | NT$20.9B |
| Total debt | n/a | NT$23.6B | NT$29.7B | NT$15.7B | NT$4.56B |
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 |
|---|---|---|---|---|---|---|
| Nanya Technology 2408.TW | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
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 | 2408.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.2% | -22.2% | 6th lowest of 21 |
| 6-month return | +33.9% | -20.5% | highest of 20 |
| Distance from 52-week high | -39.6% | -52.7% | 6th highest of 21 |
| Revenue growth (TTM) | +585.8% | +22.5% | highest of 20 |
| Operating margin | 71.0% | 19.2% | highest of 18 |
| Forward P/E | 2.9× | 28.1× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 27.0% | least demanding of 13 |
| Growth delivered (Del g) | +1.8% | +10.4% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | -1.2 pp | +10.4 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +28.9 pp | -0.2 pp | 3rd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Giga Device Semiconductor 603986.SS | China | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% | +15.4% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |