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Taiwanese ODM/EMS maker; assembles laptops, AI servers and other electronics for global brands (spun off from Acer).
Taiwanese ODM/EMS maker; assembles laptops, AI servers and other electronics for global brands (spun off from Acer).
Assembles devices to customers' designs and is paid per unit, so profit depends on volume and the mix of higher-value products such as servers. Its listed subsidiary Wiwynn builds servers for cloud operators. It sold its Indian iPhone plant to Tata in 2023.
In one line: A Taiwan EMS peer of Jabil/Flex.
Moat: narrow (scale, switching costs). Long-run ODM relationships and qualified manufacturing lines; EMS margins remain thin.
Headquarters: Taipei, Taiwan · Founded: 2001 · Employees: 16,905
Size Wistron (3231.TW) is a Taiwan Information Technology company (Computer Processing Hardware) with a market value of $16.3B, the 37th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$160.00 on 6 Nov 2026.
Performance Over six months the shares gained 12.7%, against +9.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 106.5% over the last twelve months (peer median +27.5%); the operating margin is 3.8% (peer median 5.2%).
Valuation It trades at 8.1× forward earnings against a peer median of 13.8× (2nd cheapest of 17).
Capital Return on invested capital runs 6.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$3.03T | NT$2.19T | NT$1.05T | NT$867B | NT$985B |
| Revenue growth | — | +108% | +21% | -12% | — |
| Gross profit | NT$175B | NT$132B | NT$82.0B | NT$67.0B | NT$68.0B |
| EBITDA | NT$131B | NT$91.5B | NT$50.3B | NT$39.7B | NT$38.9B |
| Net income | NT$40.0B | NT$27.4B | NT$17.4B | NT$11.5B | NT$11.2B |
| Free cash flow | -NT$268B | -NT$145B | -NT$10.8B | NT$35.3B | NT$39.8B |
| Capital expenditure | NT$56.4B | NT$41.7B | NT$21.3B | NT$17.4B | NT$16.9B |
| Total debt | NT$606B | NT$347B | NT$138B | NT$133B | NT$145B |
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 |
|---|---|---|---|---|---|---|
| Wistron 3231.TW | $16.3B | +13% | +107% | 4% | 8.1× | n/a |
| Quanta Computer 2382.TW | $36.0B | -10% | +63% | 3% | 10.1× | n/a |
| Compal Electronics 2324.TW | $4.15B | +8% | -4% | 1% | 12.9× | n/a |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
| Inventec 2356.TW | $5.71B | +12% | +16% | 2% | 13.2× | 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 | 3231.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.6% | -13.7% | 9th lowest of 20 |
| 6-month return | +12.7% | +9.8% | 9th highest of 19 |
| Distance from 52-week high | -22.3% | -38.2% | 4th highest of 20 |
| Revenue growth (TTM) | +106.5% | +27.5% | 4th highest of 19 |
| Operating margin | 3.8% | 5.2% | 9th lowest of 19 |
| Forward P/E | 8.1× | 13.8× | 2nd cheapest of 17 |
| ROIC minus cost of capital | +6.0 pp | +1.1 pp | 5th highest of 19 |
| Net debt / EBITDA | 3.6× | 0.4× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
| 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 |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | n/a | n/a | n/a |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 25.5× | n/a | n/a |
| 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 |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | n/a | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| 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 |
| 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 |
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% | +5.0% |
| 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 |