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Wistron Corporation (3231) Fair Value & Analysis

Technology · TW · Market cap 456B TWD

WC Wistron Corporation 3231 · TW
Price193.50 TWD
Fair Value194.10 TWD
Upside+0.3%
Quality29/100
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Expensive Growth
Thin margins · 1.2% net margin
Moderate debt · negative free cash flow
Mixed vs. peers (8/14)
Narrow moat 37/100
Evidence: Medium Range 116.79 TWD – 217.09 TWD Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated today

Share price +33.0% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (116.79 TWD to 217.09 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

197.00 TWD 22.76 TWD Fair Value 194.10 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 22.76 TWD – 197.00 TWD · fair‑value band 116.79 TWD – 217.09 TWD · the 193.50 TWD price screens below the 194.10 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Wistron Corporation (3231) currently trades at 193.50 TWD, while our model-based Fair Value estimate is 194.10 TWD, implying the stock looks roughly 0.3% fairly valued today. The Quality Score stands at 29/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Wistron Corporation generated revenue of 2.7T TWD at a net margin of 1.2%. Revenue grew 144.3% year over year. It earns a return on equity of 27.2%. Net debt stands at 202B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 116.79 TWD (bear case) to 217.09 TWD (bull case); at 193.50 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at 0%, 3231 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 59.36 TWD 76.86 TWD 216.20 TWD 76
ROIC Compounder 223.80 TWD 285.56 TWD 359.72 TWD 72
Gordon GGM 33.26 TWD 72.62 TWD 122.18 TWD 70
All 17 models by family
DCF Models
Owner Earnings 18.29 TWD 20.81 TWD 25.44 TWD 31
Earnings-Based
Graham-Dodd 58.61 TWD 278.27 TWD 382.79 TWD 54
Lynch FV 73.97 TWD 105.67 TWD 137.37 TWD 50
PEG = 1.0 73.97 TWD 105.67 TWD 137.37 TWD 46
EPV 204.32 TWD 237.66 TWD 267.29 TWD 59
Dividend Discount
Gordon GGM 33.26 TWD 72.62 TWD 122.18 TWD 70
DDM Multi-Stage 33.26 TWD 59.49 TWD 75.68 TWD 61
Multiples
P/E Multiple 180.99 TWD 241.33 TWD 301.66 TWD 63
P/S Multiple 109.89 TWD 146.52 TWD 183.15 TWD 58
P/B Multiple 109.89 TWD 146.52 TWD 183.15 TWD 55
EV/EBIT 460.07 TWD 608.28 TWD 756.49 TWD 53
EV/EBITDA 403.83 TWD 533.30 TWD 662.76 TWD 54
EV/Revenue 240.22 TWD 336.56 TWD 432.89 TWD 43
Asset-Based
NCAV (Graham) 27.92 TWD 37.41 TWD 55.84 TWD 50
Economic Profit
Residual Income 59.36 TWD 76.86 TWD 216.20 TWD 76
ROIC Compounder 223.80 TWD 285.56 TWD 359.72 TWD 72
Growth Earnings
Growth-Adj P/E 137.40 TWD 196.28 TWD 255.16 TWD 68

Widest divergence: Multiples (241.33 TWD) versus DCF Models (20.81 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.7T TWD
Revenue growth (YoY) +144%
Net margin 1.2%
Return on equity 27.2%
Free cash flow −145B TWD FY2025
P/E ratio 20.4
More key figures
Operating margin 3.4%
EPS (TTM) 9.49 TWD
EPS growth (YoY) +59.7%
Net debt 202B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 29/100

Of which business quality 30 · Market factors (momentum, volatility) 78

Profitability 46
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 96
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Wistron Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of information technology products in the United States, Europe, China, and internationally.

Full company description

Wistron Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of information technology products in the United States, Europe, China, and internationally. The company is involved in research, development, and testing of products and semi-furnished products, and its peripheral equipment, and components, including desktop and portable computers, motherboards, servers, system platforms, multiprocessor computer systems, multimedia computers, network computers, consumer and special computers, microprocessors, CD-ROMs, PDAs, tablet computer, pocket computers, and interface cards. It also provides video and internet telephones, and video conferencing and telecommunication equipment; digital satellite TV receivers, set-top boxes, digital video decoders, and multi-media home appliances; digital cameras, CD players, and digital CD players; wireless receiver products comprising mobile phones, wireless LAN cards, and Bluetooth communication modules; and LCD TVs, and other electronic audio and visual products. In addition, the company designs and merchandises computer software and programs; recycles electronic waste; and offers in vitro diagnostic devices, therapeutic equipment, intelligent assistive devices, diagnostic x-ray units, physiological signal diagnostic devices, and medical data systems. Further, it is involved in the manufacturing, processing, and selling of electronic automotive products; maintenance and cleaning of electronics products; import and export trade business; sale and maintenance of computer products and related parts and components, data storage equipment, and digital monitoring systems; internet platform development; provision and sale of application services and consultation; and repair of electronic products. Wistron Corporation was incorporated in 2001 and is headquartered in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wistron Corporation reported revenue of 2.2T TWD in FY2025 versus 862B TWD in FY2021, a compound +26.2%/yr. Reported net income was 27.4B TWD in FY2025, compounding +16.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.2T TWD
Latest YoY
+108.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+30.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.9%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.4%
Revenue +26.2%/yr
FY21 862B TWD
FY22 985B TWD
FY23 867B TWD
FY24 1.0T TWD
FY25 2.2T TWD
Net income +16.8%/yr
FY21 14.7B TWD
FY22 19.0B TWD
FY23 11.5B TWD
FY24 17.4B TWD
FY25 27.4B TWD
Character of growth · EPS growth decomposed (2014-2025) +19.1 % p.a.
Revenue per share +4.4 pp

of which total revenue +9.1 pp · buybacks/dilution −4.7 pp

EBIT margin +20.7 pp
Tax rate −0.6 pp
Residual (interest, one-offs) −5.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Wistron Corporation Fair Value". https://www.fairvalue-calculator.com/stock/3231

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Computer Hardware · 224 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 29 · Bottom 25%
Fair Value upside +0% · Above median
Return on equity (TTM) 27% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 144% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.54× · Higher than 75% of peers

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 20.4× · Cheaper than median
P/B 2.57× · Pricier than median
P/S (TTM) 0.17× · Cheaper than 75% of peers
EV/EBITDA 3.9× · Cheaper than 75% of peers
PEG 0.90× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 34 · sector 0
FUTURE 100 · sector 59
PAST 100 · sector 23
HEALTH 73 · sector 97
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Dell Technologies Inc DELL $484.50 $187.75 -61%
Arista Networks, Inc ANET $210.50 $57.72 -73%
Western Digital Corporation WDC $454.10 $90.94 -80%
Hygon Information Technology Co 688041 ¥287.66 ¥30.66 -89%
Hangzhou Hikvision Digital Technology Co 002415 ¥36.47 ¥40.44 +11%
Shenzhen Longsys Electronics Co 301308 ¥414.30 ¥91.67 -78%
Lenovo Group 0992 HK$29.04 HK$4.30 -85%
Dawning Information Industry Co 603019 ¥86.42 ¥39.38 -54%
Inspur Electronic Information Industry Co 000977 ¥75.02 ¥44.02 -41%
Lite-On Technology Corporation 2301 269.50 TWD 121.96 TWD -55%

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Frequently asked questions

Is Wistron Corporation (3231) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 194.10 TWD versus a price of 193.50 TWD, about +0% (fairly valued).
What is the fair value of 3231?
Our model-based fair value for Wistron Corporation is 194.10 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price is 193.50 TWD.
What is the quality score of 3231?
Wistron Corporation has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Wistron Corporation (3231)?
Wistron Corporation reported trailing-twelve-month revenue of about 2.7T TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3231?
The net profit margin of Wistron Corporation is about 1.2%, meaning it keeps roughly 1.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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