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Taiwan merchant foundry that grows compound-semiconductor epitaxial wafers (GaAs, InP, GaN) for RF chips, lasers and photodetectors.
Taiwan merchant foundry that grows compound-semiconductor epitaxial wafers (GaAs, InP, GaN) for RF chips, lasers and photodetectors.
Grows thin crystal layers on wafers to customers' specifications and sells the finished epi wafers, so it takes no chip-design or end-device risk, but its orders follow its customers' chip volumes.
In one line: A merchant epi-wafer foundry, in the same niche as UK's IQE.
Moat: narrow (process know-how, scale). Epitaxial growth needs tight process control; one of few merchant epi foundries at this scale.
Headquarters: Taoyuan, Taiwan · Founded: 1996 · Employees: 302
Size Visual Photonics Epitaxy (2455.TW) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $1.80B, the 180th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$319.00 on 6 Nov 2026.
Performance Over six months the shares fell 17.5%, against -27.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 34.5% over the last twelve months (peer median +11.0%); the operating margin is 25.5% (peer median 6.5%).
Valuation It trades at 34.1× forward earnings against a peer median of 28.2× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +34 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 13.9 points above its cost of capital (11.4% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$4.23B | NT$3.38B | NT$3.24B | NT$2.69B | NT$2.60B |
| Revenue growth | — | +4% | +20% | +3% | — |
| Gross profit | NT$1.57B | NT$1.09B | NT$1.12B | NT$918M | NT$943M |
| EBITDA | NT$1.38B | NT$960M | NT$1.01B | NT$826M | NT$823M |
| Net income | NT$941M | NT$548M | NT$671M | NT$450M | NT$545M |
| Free cash flow | NT$390M | NT$278M | NT$1.04B | NT$501M | NT$226M |
| Capital expenditure | NT$832M | NT$364M | NT$46.7M | NT$74.0M | NT$420M |
| Total debt | NT$389M | NT$608M | NT$511M | NT$813M | NT$800M |
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 |
|---|---|---|---|---|---|---|
| Visual Photonics Epitaxy 2455.TW | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% |
| IQE IQE.L | $514M | -39% | +20% | -11% | n/a | n/a |
| AXT AXTI | $2.55B | -67% | +89% | 20% | 16.2× | n/a |
| IntelliEPI Inc. (Cayman) 4971.TWO | $452M | -60% | +31% | 19% | 41.6× | n/a |
| Episil-Precision 3016.TW | $865M | -10% | +30% | 14% | 35.7× | 40.5% |
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 | 2455.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -47.4% | -16.4% | lowest of 21 |
| 6-month return | -17.5% | -27.2% | 7th highest of 20 |
| Distance from 52-week high | -48.0% | -50.8% | 9th highest of 21 |
| Revenue growth (TTM) | +34.5% | +11.0% | 5th highest of 21 |
| Operating margin | 25.5% | 6.5% | 2nd highest of 21 |
| Forward P/E | 34.1× | 28.2× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 38.7% | 7.7% | most demanding of 11 |
| Growth delivered (Del g) | +5.0% | +9.6% | lowest of 11 |
| Hurdle (Req g minus delivered) | +33.7 pp | -3.4 pp | most demanding of 11 |
| ROIC minus cost of capital | +13.9 pp | -2.0 pp | highest of 21 |
| EV / EBITDA | 42.5× | 12.4× | 3rd most expensive of 8 |
| Net debt / EBITDA | -0.7× | -0.8× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |
| Photronics PLAB | United States | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% | +6.9% |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Shenzhen Sinexcel Electric 300693.SZ | China | $1.57B | -28% | +27% | 15% | 17.2× | 13.1% | +35.0% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Suzhou Betely Polymer Materials 301697.SZ | China | $1.44B | n/a | +45% | 5% | n/a | n/a | n/a |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |