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Taiwanese maker of UPS (uninterruptible power supply) systems and power converters, sold as OEM/private-label products to global power-brand companies.
Taiwanese maker of UPS (uninterruptible power supply) systems and power converters, sold as OEM/private-label products to global power-brand companies.
Designs and builds UPS and inverter products that other companies sell under their own brand, so it earns a design and manufacturing margin while the brand owners handle sales channels and end customers. A small number of brand customers account for much of its output, so their programmes matter.
In one line: A hidden OEM behind APC/CyberPower-branded UPS units.
Moat: narrow (process know-how, customer qualification). Deep OEM design relationships with major global power-equipment brands.
Headquarters: Taipei, Taiwan · Employees: 2,780
Size Voltronic Power Technology (6409.TW) is a Taiwan Industrials company (Electrical Products) with a market value of $2.10B, the 164th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$791.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.9%, against -21.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue fell 12.6% over the last twelve months (peer median +10.4%); the operating margin is 19.8% (peer median 7.5%).
Valuation It trades at 21.5× forward earnings against a peer median of 22.1× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -2 pp: the price already allows for a slowdown.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$19.6B | NT$20.5B | NT$22.8B | NT$19.0B | NT$22.7B |
| Revenue growth | — | -10% | +20% | -17% | — |
| Gross profit | NT$5.26B | NT$5.86B | NT$6.91B | NT$5.84B | NT$7.00B |
| EBITDA | NT$4.18B | NT$4.64B | NT$5.46B | NT$4.50B | NT$5.61B |
| Net income | NT$2.28B | NT$3.52B | NT$4.20B | NT$3.62B | NT$4.43B |
| Free cash flow | NT$1.41B | NT$4.24B | NT$4.32B | NT$3.90B | NT$3.64B |
| Capital expenditure | NT$79.8M | NT$66.2M | NT$93.0M | NT$194M | NT$1.99B |
| Total debt | NT$1.22B | NT$1.12B | NT$897M | NT$1.07B | NT$1.26B |
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 |
|---|---|---|---|---|---|---|
| Voltronic Power Technology 6409.TW | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% |
| Delta Electronic 2308.TW | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% |
| Eaton ETN | $133B | -15% | +20% | 19% | 21.4× | 19.1% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
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 | 6409.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -14.3% | 10th highest of 21 |
| 6-month return | +0.9% | -21.4% | highest of 19 |
| Distance from 52-week high | -42.7% | -44.8% | 9th highest of 21 |
| Revenue growth (TTM) | -12.6% | +10.4% | 3rd lowest of 21 |
| Operating margin | 19.8% | 7.5% | 3rd highest of 21 |
| Forward P/E | 21.5× | 22.1× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 5.1% | 4th most demanding of 8 |
| Growth delivered (Del g) | +8.5% | +8.1% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | -2.2 pp | -2.0 pp | 4th least demanding of 8 |
| EV / EBITDA | 15.1× | 9.3× | 4th most expensive of 9 |
| Net debt / EBITDA | -1.6× | 0.1× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Voltronic Power Technology 6409.TW | Taiwan | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% | +8.5% |
| Chengdu Jiachi Electronic Technology 688708.SS | China | $2.11B | -33% | -7% | 26% | n/a | n/a | n/a |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 8.5× | -12.5% | -2.4% |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 14.7× | -2.2% | +12.3% |
| Ligent Technologies 9856.HK | Hong Kong | $2.07B | n/a | +33% | 12% | n/a | n/a | n/a |
| Titan Wind Energy (Suzhou) 002531.SZ | China | $2.05B | -37% | -1% | 5% | 29.4× | n/a | n/a |
| Zhejiang E-P Equipment 603194.SS | China | $2.04B | -3% | +17% | 13% | 14.8× | n/a | n/a |
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% | +13.5% |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 10.6× | n/a | n/a |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | n/a | n/a |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 23.8× | n/a | n/a |
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 22.1× | n/a | n/a |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% | +8.1% |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | n/a | n/a | n/a |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 47.1× | 40.6% | +25.6% |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 11.0× | 5.1% | +7.1% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | n/a | 48.7% | +1.2% |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 28.5× | n/a | n/a |