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Pegatron Corporation4938.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Information Technology›Computer Processing Hardware

Taiwanese ODM/EMS maker; assembles iPhones/electronics and is expanding into AI servers and networking gear (spun off from ASUS).

≈ A Taiwan EMS peer of Jabil, Apple-focusedMomentum leader 87
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$7.52B
US dollars, full cap
Free float
77%
of shares outstanding
$/day
$58.4M
20-day average traded
Fwd P/E
13.1×
forward earnings
ROIC−WACC
-0.8 pp
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
12 days
18 Nov 2026
Close · TWDNT$92.90
1D-4.4%
1W-9.4%
1M+4.7%
3M+5.1%
6M+14.0%
YTD+35.4%
1Y+23.7%
ATR %4.7%
52w lowhigh18.5% off high

What Pegatron does

Taiwanese ODM/EMS maker; assembles iPhones/electronics and is expanding into AI servers and networking gear (spun off from ASUS).

Is paid per device assembled, with component costs largely passed through, so revenue is large but margins are thin and depend on factory utilisation and yields. Apple's iPhone is its biggest customer, and the server push is partly meant to reduce that reliance. Spun out of Asus in 2008.

In one line: A Taiwan EMS peer of Jabil, Apple-focused.

Products and services

  • Smartphone assembly (Apple)
  • Networking/broadband equipment
  • AI server/data-center hardware (growing)

Customers

  • Apple
  • Microsoft/game console makers
  • Networking brands

Where it sits in the supply chain

  • Information technology
  • Electronics manufacturing services
  • Smartphone/consumer electronics…

What could go right

  • AI server ramp diversifying beyond phones

What could go wrong

  • Apple order concentration
  • Thin EMS margins

Moat: narrow (scale, switching costs). Long-qualified Apple assembly lines; EMS margins remain thin and customer-concentrated.

Headquarters: Taipei, Taiwan · Founded: 2007 · Employees: 7,493

Named competitors

Pegatron at a glance

Size Pegatron (4938.TW) is a Taiwan Information Technology company (Computer Processing Hardware) with a market value of $7.52B, the 69th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$92.90 on 6 Nov 2026.

Performance Over six months the shares gained 14.0%, against -8.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 19 in its peer set.

Growth Revenue fell 5.6% over the last twelve months (peer median +28.4%); the operating margin is 1.3% (peer median 3.8%).

Valuation It trades at 13.1× forward earnings against a peer median of 14.3× (7th cheapest of 16).

Capital Return on invested capital runs 0.8 points below its cost of capital (5.0% WACC).

Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).

Relative performance

10012011 May 202611 Aug 20266 Nov 20264938.TW 111Peer median 92
Six months, rebased to 100: Pegatron against the median of its 20 peers (local-currency closes).

Pegatron financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueNT$1.10TNT$1.12TNT$1.13TNT$1.26TNT$1.32T
Revenue growth—-1%-10%-5%—
Gross profitNT$44.0BNT$39.7BNT$41.9BNT$43.5BNT$54.7B
EBITDANT$30.1BNT$26.3BNT$28.2BNT$30.1BNT$39.8B
Net incomeNT$15.9BNT$14.4BNT$16.9BNT$15.7BNT$15.1B
Free cash flow-NT$46.3B-NT$6.04BNT$31.8BNT$69.1B-NT$4.63B
Capital expenditureNT$24.0BNT$21.9BNT$21.6BNT$21.2BNT$26.2B
Total debtNT$97.3BNT$75.1BNT$67.0BNT$98.3BNT$134B

Quarterly statements and history in the cockpit →

Pegatron competitor charts

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.

Performance: 6-month against 1-month return

-40%-20%0%+20%+40%-20%0%+20%68878123560000663008570009770028410022412324QBTSIONQ2395ZBRANATL3231603019V03SMCI4938.TW6-month return →1-month return →
Up and to the right = strong over both horizons. Pegatron is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%+150%0×25×50×75×1688235600006630085700284100224123242395NATL3231603019V03SMCI4938.TWRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Pegatron is the large dot.

Pegatron competitors and peer comparison

Head to head with its named competitors (4938.TW vs 2317.TW vs 002475.SZ vs 3231.TW)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Pegatron 4938.TW$7.52B+14%-6%1%13.1×n/a
Hon Hai Precision Industry 2317.TW$95.6B-3%+25%4%10.5×n/a
Luxshare Precision Industry 002475.SZ$57.7B-25%+27%4%18.9×n/a
Wistron 3231.TW$16.3B+13%+107%4%8.1×n/a

How Pegatron compares with its peers

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.

Pegatron against its 20 peers (data as of 6 Nov 2026)
Measure4938.TWPeer medianRank in peer set
1-month return+4.7%-13.5%3rd highest of 21
6-month return+14.0%-8.1%4th highest of 19
Distance from 52-week high-18.5%-37.3%3rd highest of 21
Revenue growth (TTM)-5.6%+28.4%2nd lowest of 20
Operating margin1.3%3.8%7th lowest of 20
Forward P/E13.1×14.3×7th cheapest of 16
ROIC minus cost of capital-0.8 pp+1.1 pp6th lowest of 20
Net debt / EBITDA-0.6×2.0×2nd least indebted of 9

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Pegatron 4938.TWTaiwan$7.52B+14%-6%1%13.1×n/an/a
SeeYA Technology 688781.SSChina$7.11B+17%n/an/an/an/an/a
Lingyi iTech (Guangdong) 1688.HKHong Kong$5.75Bn/a+14%6%12.6×n/an/a
Quantinuum QNTUnited States$9.89Bn/a+35%-644%n/an/an/a
Inventec 2356.TWTaiwan$5.71B+12%+16%2%13.2×n/an/a
China Greatwall Technology 000066.SZChina$5.40B-42%+28%-1%81.7×n/an/a
Sharetronic Data Technology 300857.SZChina$11.4B-40%+127%21%39.5×n/an/a
IEIT SYSTEMS Co., Ltd.Class A 000977.SZChina$12.1B-21%+14%3%14.3×7.7%+21.2%
Guangzhou Shiyuan Electronic Technology 002841.SZChina$4.37B+13%+35%8%11.2×-2.7%+7.3%
GoerTek 002241.SZChina$13.1B0%-3%2%25.5×n/an/a
Compal Electronics 2324.TWTaiwan$4.15B+8%-4%1%12.9×n/an/a
QBTS QBTSUnited States$4.05B-25%-44%-1,373%n/an/an/a
IonQ IONQUnited States$14.0B-34%+371%-392%n/an/an/a
RGTI RGTIUnited States$3.92B-38%+68%-728%n/an/an/a
Advantech 2395.TWTaiwan$14.5B+39%+40%19%22.5×9.5%+6.8%
Zebra Technologies ZBRAUnited States$15.2B+42%+17%17%14.9×14.8%+4.1%
NCR Atleos NATLUnited States$3.49B+7%+2%14%9.6×-9.2%+1.8%
Wistron 3231.TWTaiwan$16.3B+13%+107%4%8.1×n/an/a
Dawning Information Industry 603019.SSChina$16.8B-17%+32%13%38.4×31.2%+8.0%
Venture V03.SISingapore$3.22B-21%+1%10%16.4×-1.3%-3.4%
Supermicro SMCIUnited States$18.9B-19%+156%9%4.8×n/an/a

Questions

Who are Pegatron's main competitors?
Named competitors: Hon Hai (Foxconn) (2317.TW), Luxshare Precision (002475.SZ), Wistron (3231.TW). The cockpit's measured peer set (industry) also includes SeeYA Technology (688781.SS), Lingyi iTech (Guangdong) (1688.HK), Quantinuum (QNT), Inventec (2356.TW), China Greatwall Technology (000066.SZ), Sharetronic Data Technology (300857.SZ).
Is Pegatron expensive compared with its peers?
On forward p/e it trades at 13.1× against a peer median of 14.3×, 7th cheapest of 16 in its peer set.
How has Pegatron stock performed?
Over six months to 6 Nov 2026 the shares returned +14.0% against -8.1% for the median peer; over one year +23.7%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.