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Torrance, California maker of compound-semiconductor wafers: gallium-arsenide and related foundry services for RF, microwave and optical chips.
Torrance, California maker of compound-semiconductor wafers: gallium-arsenide and related foundry services for RF, microwave and optical chips.
Makes other companies' RF and optical chips: customers send their designs and it manufactures the wafers on gallium arsenide and related materials, so it is paid for foundry work rather than for chips under its own brand. Operations are run from Torrance, California, and the Taiwan listing is through a holding company, GCS Holdings.
Moat: narrow (process know-how, customer qualification). Specialized compound-semiconductor processes and qualified customer designs; larger Asian foundries have more scale.
Headquarters: Torrance, United States · Founded: 1997
Size GCS (4991.TWO) is a Taiwan Information Technology company (Semiconductors) with a market value of $1.06B, the 265th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$291.00 on 6 Nov 2026.
Performance Over six months the shares fell 60.9%, against -27.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 52.2% over the last twelve months (peer median +8.1%); the operating margin is 19.5% (peer median 3.4%).
Valuation It trades at 37.8× forward earnings against a peer median of 40.5× (8th cheapest of 17).
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 +8%, so the hurdle is +31 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 0.9 points below its cost of capital (10.9% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$3.02B | NT$2.20B | NT$1.75B | NT$1.35B | NT$1.33B |
| Revenue growth | — | +25% | +30% | +1% | — |
| Gross profit | NT$1.59B | NT$1.03B | NT$663M | NT$237M | NT$315M |
| EBITDA | n/a | NT$535M | NT$338M | -NT$84.3M | -NT$5.93M |
| Net income | NT$529M | NT$17.5M | -NT$237M | -NT$792M | -NT$940M |
| Free cash flow | n/a | NT$337M | -NT$19.0M | -NT$165M | -NT$300M |
| Capital expenditure | n/a | NT$60.5M | NT$470M | NT$100M | NT$234M |
| Total debt | n/a | NT$234M | NT$196M | NT$365M | NT$417M |
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 |
|---|---|---|---|---|---|---|
| GCS 4991.TWO | $1.06B | -61% | +52% | 20% | 37.8× | 39.2% |
| Win Semiconductors 3105.TWO | $5.19B | -27% | +24% | 11% | 28.5× | 48.8% |
| Advanced Wireless Semiconductor 8086.TWO | $537M | -41% | +36% | 23% | 18.2× | 6.3% |
| Qorvo QRVO | n/a | +45% | n/a | n/a | n/a | 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 | 4991.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -44.5% | -16.3% | lowest of 21 |
| 6-month return | -60.9% | -27.4% | lowest of 21 |
| Distance from 52-week high | -67.5% | -51.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +52.2% | +8.1% | 2nd highest of 21 |
| Operating margin | 19.5% | 3.4% | 2nd highest of 21 |
| Forward P/E | 37.8× | 40.5× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 39.2% | 24.5% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +8.2% | +16.0% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +31.1 pp | +14.9 pp | most demanding of 11 |
| ROIC minus cost of capital | -0.9 pp | -6.7 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GCS 4991.TWO | Taiwan | $1.06B | -61% | +52% | 20% | 37.8× | 39.2% | +8.2% |
| Guizhou Zhenhua Fengguang Semiconductor 688439.SS | China | $1.05B | -28% | -39% | 4% | 14.9× | 18.6% | +16.1% |
| Telink Semiconductor (Shanghai) 688591.SS | China | $1.05B | -15% | +7% | 4% | 82.2× | n/a | n/a |
| Beijing Jingyuntong Technology 601908.SS | China | $1.05B | -26% | -32% | -49% | n/a | -5.1% | -5.1% |
| Scientech 3583.TW | Taiwan | $1.07B | -46% | +9% | 14% | 16.0× | 10.4% | +26.0% |
| Beijing OnMicro Electronics 688790.SS | China | $1.04B | -51% | -10% | -16% | n/a | 41.4% | +26.8% |
| Semitronix 301095.SZ | China | $1.07B | -35% | +29% | 0% | 59.8× | 58.0% | +42.7% |
| Focus Lightings Tech 300708.SZ | China | $1.07B | -14% | -38% | 9% | 28.6× | n/a | n/a |
| Shanghai Fortune Techgroup 300493.SZ | China | $1.04B | -15% | +3% | 3% | 59.6× | 35.9% | +15.8% |
| Wuxi DK Electronic Materials 300842.SZ | China | $1.03B | -48% | +36% | 4% | 34.2× | n/a | n/a |
| Eastcompeace Technology 002017.SZ | China | $1.08B | -34% | +4% | 10% | n/a | 30.4% | +4.5% |
| Wuxi Chipown Micro-electronics 688508.SS | China | $1.09B | -35% | +12% | -4% | 36.1× | n/a | n/a |
| Zhuhai Aerospace Microchips Science & Technology 300053.SZ | China | $1.10B | -40% | +10% | -114% | n/a | n/a | n/a |
| Hannstar Display 6116.TW | Taiwan | $1.01B | +43% | +4% | -25% | 18.4× | 14.9% | -10.2% |
| Suzhou Good-Ark Electronics 002079.SZ | China | $1.10B | -31% | +12% | 2% | 42.7× | 32.5% | +17.1% |
| Guangdong Fuxin Technology 688662.SS | China | $1.10B | +19% | +15% | 13% | 73.2× | n/a | n/a |
| Wafer Works (Shanghai) 688584.SS | China | $1.11B | -6% | -1% | 7% | 74.8× | n/a | n/a |
| ELAN Microelectronics 2458.TW | Taiwan | $996M | -18% | -8% | 21% | 19.1× | -2.8% | -4.0% |
| Suzhou Oriental Semiconductor 688261.SS | China | $994M | -27% | +18% | 0% | 38.3× | n/a | n/a |
| CCore Technology 688262.SS | China | $1.13B | -43% | +104% | -51% | 372.5× | n/a | n/a |
| Guangdong Leadyo IC Testing 688135.SS | China | $990M | -23% | +28% | 6% | 236.1× | n/a | n/a |