Loading…
World's largest manufacturer of window coverings — blinds and shades — selling to home-improvement retailers and furniture brands globally.
World's largest manufacturer of window coverings — blinds and shades — selling to home-improvement retailers and furniture brands globally.
Makes window coverings to order for retailers and furniture brands, so it sells mainly on cost, quality and delivery reliability. Demand follows housing turnover and remodelling in North America and Europe, and production is mostly in Asia.
In one line: The world's biggest supplier behind Home Depot/IKEA-branded blinds.
Moat: narrow (scale, customer qualification, distribution). Global manufacturing scale and long-standing retailer relationships give a cost and reliability edge.
Headquarters: Taichung, Taiwan · Founded: 1978
Size Nien Made Enterprise (8464.TW) is a Taiwan Consumer Discretionary company (Home Furnishings) with a market value of $3.08B, the 122nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$347.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -12.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +0.4%); the operating margin is 34.5% (peer median 6.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 16.8× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 31.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$31.4B | NT$30.0B | NT$29.5B | NT$26.9B | NT$29.0B |
| Revenue growth | — | +1% | +10% | -7% | — |
| Gross profit | NT$18.1B | NT$17.2B | NT$16.5B | NT$14.6B | NT$15.6B |
| EBITDA | NT$9.14B | NT$9.98B | NT$9.42B | NT$7.92B | NT$8.33B |
| Net income | NT$6.95B | NT$6.60B | NT$6.90B | NT$5.49B | NT$6.17B |
| Free cash flow | NT$6.32B | NT$5.48B | NT$6.09B | NT$6.06B | NT$5.36B |
| Capital expenditure | NT$2.60B | NT$1.75B | NT$2.50B | NT$900M | NT$1.63B |
| Total debt | NT$2.08B | NT$1.53B | NT$1.14B | NT$244M | NT$260M |
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 |
|---|---|---|---|---|---|---|
| Nien Made Enterprise 8464.TW | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% |
| Tachikawa 7989.T | $335M | -1% | +4% | 11% | n/a | -2.1% |
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 | 8464.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | +0.9% | 5th lowest of 21 |
| 6-month return | +0.7% | -12.6% | 6th highest of 21 |
| Distance from 52-week high | -20.8% | -34.0% | 6th highest of 21 |
| Revenue growth (TTM) | +3.8% | +0.4% | 6th highest of 21 |
| Operating margin | 34.5% | 6.2% | highest of 21 |
| Forward P/E | 13.3× | 16.8× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -8.3% | -0.4% | least demanding of 15 |
| Growth delivered (Del g) | +4.2% | +7.9% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -12.4 pp | -3.4 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +31.5 pp | -2.0 pp | 3rd highest of 21 |
| EV / EBITDA | 9.6× | 9.0× | 4th most expensive of 10 |
| Net debt / EBITDA | -1.5× | 1.6× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nien Made Enterprise 8464.TW | Taiwan | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% | +4.2% |
| LIXIL 5938.T | Japan | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% | +1.9% |
| Oppein Home 603833.SS | China | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% | +3.2% |
| Asahi India Glass ASAHIINDIA.NS | India | $2.79B | +22% | +20% | 16% | 58.8× | n/a | n/a |
| Jason Furniture (Hangzhou) 603816.SS | China | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% | +9.7% |
| Patrick Industries PATK | United States | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% | +9.7% |
| Gansu Golden Solar 300093.SZ | China | $2.42B | -9% | -9% | -152% | n/a | n/a | n/a |
| Zhuzhou Kibing 601636.SS | China | $2.22B | -21% | -4% | -8% | n/a | n/a | n/a |
| Higold 001221.SZ | China | $2.05B | -40% | +17% | 21% | 17.4× | -3.4% | +33.2% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |