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Size HIWIN Mikrosystem (4576.TW) is a Taiwan Information Technology company (Electronic Equipment/Instruments) with a market value of $605M, the 388th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$167.00 on 6 Nov 2026.
Performance Over six months the shares fell 29.4%, against -20.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 33.6% over the last twelve months (peer median +0.6%); the operating margin is 14.6% (peer median 0.2%).
Valuation It trades at 26.5× forward earnings against a peer median of 27.9× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +24 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 1.2 points below its cost of capital (8.8% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$3.32B | NT$2.71B | NT$2.25B | NT$2.17B | NT$3.23B |
| Revenue growth | — | +20% | +4% | -33% | — |
| Gross profit | NT$1.15B | NT$917M | NT$631M | NT$601M | NT$1.04B |
| EBITDA | NT$670M | NT$480M | NT$211M | NT$192M | NT$543M |
| Net income | NT$393M | NT$241M | NT$60.7M | NT$5.10M | NT$327M |
| Free cash flow | NT$442M | NT$359M | -NT$38.2M | -NT$77.9M | NT$353M |
| Capital expenditure | NT$106M | NT$89.7M | NT$559M | NT$303M | NT$70.0M |
| Total debt | NT$1.29B | NT$1.30B | NT$1.44B | NT$1.09B | NT$820M |
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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 | 4576.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.9% | -7.8% | 3rd lowest of 21 |
| 6-month return | -29.4% | -20.8% | 6th lowest of 21 |
| Distance from 52-week high | -42.6% | -45.9% | 9th highest of 21 |
| Revenue growth (TTM) | +33.6% | +0.6% | 4th highest of 21 |
| Operating margin | 14.6% | 0.2% | 4th highest of 21 |
| Forward P/E | 26.5× | 27.9× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 26.1% | 24.1% | 5th most demanding of 13 |
| Growth delivered (Del g) | +2.1% | +3.8% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | +24.1 pp | +15.4 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -1.2 pp | -6.8 pp | 6th highest of 21 |
| EV / EBITDA | 30.4× | 19.9× | 2nd most expensive of 5 |
| Net debt / EBITDA | 0.0× | 0.2× | 3rd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HIWIN Mikrosystem 4576.TW | Taiwan | $605M | -29% | +34% | 15% | 26.5× | 26.1% | +2.1% |
| Ningbo Techmation 603015.SS | China | $601M | -16% | +5% | 0% | n/a | 50.6% | +2.0% |
| Shenzhen Liande Automatic Equipment 300545.SZ | China | $600M | -37% | -18% | 7% | n/a | n/a | n/a |
| Rongcheer Industrial Technology (Suzhou) 301360.SZ | China | $598M | -13% | +101% | 12% | n/a | 28.4% | +11.7% |
| Phenix Optics 600071.SS | China | $614M | -25% | +7% | 2% | n/a | 23.0% | +4.7% |
| Shanghai Holystar Information Technology 688330.SS | China | $615M | -28% | -5% | 21% | 13.7× | -2.1% | -6.5% |
| Adlink Technology 6166.TW | Taiwan | $593M | +14% | +27% | 10% | 15.3× | 5.0% | +4.1% |
| Unusual Machines UMAC | United States | $618M | -11% | +314% | -94% | n/a | n/a | n/a |
| Uroica Precision Information Engineering 300099.SZ | China | $618M | -39% | -16% | 15% | 20.7× | n/a | n/a |
| Guangzhou KingTeller Technology 002177.SZ | China | $590M | -31% | -9% | -17% | n/a | n/a | n/a |
| NanJing GOVA Technology 688539.SS | China | $589M | -43% | -9% | -18% | 49.1× | n/a | n/a |
| Shenzhen Vapel Power Supply Technology 301516.SZ | China | $622M | -26% | +32% | -5% | n/a | n/a | n/a |
| Hangzhou Shenhao Technology 300853.SZ | China | $623M | -5% | +125% | -21% | 403.6× | 53.7% | -12.4% |
| Wecome Intelligent Manufacturing 603070.SS | China | $624M | -24% | -8% | 0% | n/a | 25.6% | +2.3% |
| Shanghai W-Ibeda High Tech.Group 688071.SS | China | $586M | +39% | +10% | -6% | 87.0× | 25.1% | +11.0% |
| Saimo Technology 300466.SZ | China | $631M | -14% | -6% | 0% | n/a | 57.8% | -2.8% |
| OPTEX 6914.T | Japan | $632M | -6% | +14% | 14% | 12.0× | 1.9% | +13.6% |
| Donghua Testing Technology 300354.SZ | China | $574M | -23% | -7% | 18% | 35.0× | 22.6% | +20.9% |
| Shanghai Aohua Photoelectricity Endoscope 688212.SS | China | $572M | -19% | +21% | -4% | 647.1× | n/a | n/a |
| Hebei Sailhero Environmental Protection High-Tech 300137.SZ | China | $569M | -56% | -17% | -13% | n/a | n/a | n/a |
| COSCO SHIPPING Technology 002401.SZ | China | $646M | -16% | -4% | -2% | 17.4× | 12.2% | +3.5% |