Winbond Electronics Corp (2344) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Winbond Electronics Corp TWD 17.46, price TWD 173, upside -89.9%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value 17.46 TWD · Strongly overvalued (−90%)
!Quality 56/100
✓Healthy Growth(revenue 5y +8.1 %/yr)
✓Solidly profitable · 14.1% net margin (TTM)
✓Low debt · generates free cash flow
·0.29% dividend yield
!Mixed vs. peers(6/14)
✓Wide moat68/100
!Evidence only low, so the estimate is less certain
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Winbond Electronics Corporation engages in the research, development, production and sales of integrated circuits, various semiconductor components and other system products.
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Winbond Electronics Corporation engages in the research, development, production and sales of integrated circuits, various semiconductor components and other system products. The company offers customized memory solutions, including CUBE(3DCaaS), pseudo static random access memory, DDR/SDR, LPDDR/LPSDR, Known Good Die wafer products; electrical simulation, wafer-level speed testing, and other services; redistribution layers; and failure analysis services, as well as low power SDR, DDR, DDR2, DDR3, and DDR4/4X SDRAM products. It also provides specialty DRAM products, such as SDRAM, DDR SDRAM, DDR2 SDRAM, DDR3 SDRAM, and DDR4 SDRAM products; code storage flash memory products comprising serial NOR, 1.2V serial NOR, octal NOR, QspiNAND, OctalNAND, SLC NAND, NAND based MCP, SpiStack, and authentication flash products; TrustME secure flash memory, such as secure flash memory, and secure memory elements; and logic IC products. In addition, the company is involved in the research, development, design, sale, and after-sales service of semiconductors and 6-inch wafer fab production, testing, and foundry services; E-commerce and investment business; semiconductor component design and marketing services; smart factory solutions; semiconductor-related hardware and software system integration design; design, research, testing, sales, and service of integrated circuits and auxiliary equipment; develops automotive and industrial control software and services; customer service and technical support; computer software services; computers and peripherals, and software wholesale; repair, testing, and related technical consulting services; and rental of semiconductor-related equipment. It markets its products through distributors and online. The company's products are used in computer, communication, consumer, automotive, and industrial electronics. Winbond Electronics Corporation was incorporated in 1987 and is headquartered in Taichung, Taiwan.
Stock analysis
Winbond Electronics Corp (2344) currently trades at 172.50 TWD, while our model-based Fair Value estimate is 17.46 TWD, implying the stock looks roughly 888.1% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 21.97 TWD per share, and 0 of the 26 models we run sit above the 172.50 TWD price.
Bear case: the Earnings-Based group reads lowest at 6.30 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 10.35 TWD (bear) to 26.29 TWD (bull), the price of 172.50 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Winbond Electronics Corp reported revenue of 89.4B TWD in FY2025 versus 99.6B TWD in FY2021, a compound −2.7%/yr. Reported net income was 4.0B TWD in FY2025, compounding −26.5%/yr from FY2021.
Key figures
Market cap 777B TWD (≈ $24.4B) · P/E ratio 198.3 · P/S ratio 8.79 · EPS (TTM) 0.8700 TWD · Dividend yield 0.3% · Net margin 4.4% · Return on equity 12.9% · Return on assets (EBIT) 5.0%.
What moves the price
The share trades about 11% below its 52-week high, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −90%, 2344 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (6.30 TWD to 70.99 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 10.35 TWDFair Value 17.46 TWDBull 26.29 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.2707 TWD per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Start year 2020 (pandemic). Over 10 years: +8.8% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.1%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22% vs 1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 6%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+62.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +59.7% a year for the price.
Compare Winbond Electronics Corp with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Semiconductors · 335 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−90% · Bottom 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets6% · Above median
Net margin (TTM)14% · Above median
Operating margin (TTM)33% · Top 25%
Growth and dividend
Revenue growth91% · Top 25%
Dividend yield (TTM)0.3% · Bottom 25%
Balance sheet
Debt / equity0.25× · Above median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)198.3× · Priciest 25%
P/B7.20× · Priciest 25%
P/S (TTM)7.21× · Pricier than median
P/FCF5.7× · Pricier than median
EV/EBITDA25.4× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 64
PAST (return on equity)52· sector 24
HEALTH (low debt)88· sector 95
DIVIDEND (yield)6· sector 19
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Winbond Electronics Corp (2344) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 17.46 TWD versus a price of 172.50 TWD, about −90% upside (overvalued).
What is the fair value of 2344?
Our model-based fair value for Winbond Electronics Corp is 17.46 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 172.50 TWD.
What is the quality score of 2344?
Winbond Electronics Corp has a Quality Score of 56/100. 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 price target for Winbond Electronics Corp (2344)?
Our model-based price target is the fair value of 17.46 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 10.35 TWD, optimistic scenario 26.29 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Winbond Electronics Corp stock forecast for 2026?
Our models put fair value at 17.46 TWD, about −90% upside versus a price of 172.50 TWD (overvalued). Cautious scenario 10.35 TWD, optimistic scenario 26.29 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Winbond Electronics Corp (2344)?
Winbond Electronics Corp reported trailing-twelve-month revenue of about 108B TWD (latest available figure, as of Sep 23, 2026).
Does Winbond Electronics Corp pay a dividend?
Winbond Electronics Corp currently shows a dividend yield of about 0.29% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Winbond Electronics Corp (2344)?
For today's price to be fair in a discounted-cash-flow model, Winbond Electronics Corp would have to grow free cash flow by +62.2 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2344 use?
Our models discount Winbond Electronics Corp at 11.9 %: a base by market capitalisation (large), damped by beta 1.88, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Winbond Electronics Corp that is +62.2 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Winbond Electronics Corp (2344) delivered so far?
Over the past 5 years revenue at Winbond Electronics Corp grew +8.1 % a year. The price currently implies +62.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Winbond Electronics Corp (2344) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Winbond Electronics Corp (+62.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Winbond Electronics Corp (2344)?
The free-cash-flow yield on the price is 0.56 %: that much free cash flow Winbond Electronics Corp produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Winbond Electronics Corp (2344)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Winbond Electronics Corp it is 17.46 TWD per share (as of Sep 23, 2026), against a price of 172.50 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Winbond Electronics Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2344 trades above its calculated fair value: price 172.50 TWD, fair value 17.46 TWD, a gap of about −90% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2344?
No. The price is what the market pays today (172.50 TWD); the fair value is what the company's own numbers justify (17.46 TWD). For Winbond Electronics Corp the two are 155.04 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Winbond Electronics Corp worth?
The market values Winbond Electronics Corp at about 777B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 172.50 TWD; our models calculate a fair value of 17.46 TWD per share.
What do the bullish and bearish scenarios say about 2344?
Our models span a range for Winbond Electronics Corp: cautious scenario 10.35 TWD, base 17.46 TWD, optimistic 26.29 TWD per share (as of Sep 23, 2026, price 172.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2344?
Winbond Electronics Corp trades at a price-to-earnings ratio of 198.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17.46 TWD is built from several models across several years. Other multiples: P/B 7.2, P/S 7.2, EV/EBITDA 25.4.
How solid is the balance sheet of Winbond Electronics Corp (2344)?
Balance-sheet figures for Winbond Electronics Corp (as of Sep 23, 2026): return on equity 12.9%, debt of 0.25 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 2344 from its 52-week high?
Winbond Electronics Corp trades at 172.50 TWD, about 11% below its 52-week high of 193.00 TWD and 951% above the low of 16.41 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 17.46 TWD is for.
Which stocks are comparable to Winbond Electronics Corp?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, SK hynix Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Winbond Electronics Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 172.50 TWD, calculated fair value 17.46 TWD (−90%), Quality Score 56/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2344 calculated?
We run Winbond Electronics Corp through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 17.46 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Winbond Electronics Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Winbond Electronics Corp (2344)?
The closing price on Sep 23, 2026 was 172.50 TWD. Our model-based fair value is 17.46 TWD, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Winbond Electronics Corp right now?
The price sits above even our optimistic bull case (26.29 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (10.35 TWD to 26.29 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Winbond Electronics Corp (2344) come from?
Earnings per share at Winbond Electronics Corp grew −5.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.4 %, EBIT margin −10.2 %, tax rate −1.4 %, residual (interest, one-offs) +0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Winbond Electronics Corp
How large is the market capitalisation of Winbond Electronics Corp (2344)?
The market capitalisation of Winbond Electronics Corp is 777B TWD (≈ $24.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Winbond Electronics Corp (2344)?
The price-to-sales ratio of Winbond Electronics Corp is 8.79 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Winbond Electronics Corp (2344)?
Earnings per share at Winbond Electronics Corp are 0.8700 TWD (price ÷ EPS = P/E 198.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Winbond Electronics Corp (2344)?
The dividend yield of Winbond Electronics Corp is 0.3% (payout 57.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Winbond Electronics Corp (2344)?
The net margin of Winbond Electronics Corp is 4.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Winbond Electronics Corp (2344)?
The return on equity (ROE) of Winbond Electronics Corp is 12.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Winbond Electronics Corp (2344)?
On an EBIT basis the return on assets of Winbond Electronics Corp is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Winbond Electronics Corp (2344)?
The operating margin of Winbond Electronics Corp is 32.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Winbond Electronics Corp (2344)?
Revenue at Winbond Electronics Corp is growing +91.3% versus a year earlier (3y avg −1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Winbond Electronics Corp (2344)?
Earnings per share at Winbond Electronics Corp are growing +361% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Winbond Electronics Corp (2344) carry?
The net debt of Winbond Electronics Corp is 38.5B TWD (fiscal year 2025, ≈ 8.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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