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PixArt Imaging Inc (3227) Fair Value & Analysis

Technology · TW · Market cap 30.6B TWD

PI PixArt Imaging Inc 3227 · TWO
Price205.50 TWD
Fair Value224.35 TWD
Upside+9.2%
Quality72/100
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Healthy Growth
Solidly profitable · 18.4% net margin
Low debt · generates free cash flow
4.97% dividend yield
Ranks above peers (13/14)
Moderate moat 64/100
Evidence: High Range 174.62 TWD – 274.08 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 17 days ago

Share price −5.6% over the past month.

A solid business, 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.
  • Our model range runs from 174.62 TWD (bear) to 274.08 TWD (bull), base 224.35 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 72/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

263.68 TWD 65.92 TWD Fair Value 224.35 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 65.92 TWD – 263.68 TWD · fair‑value band 174.62 TWD – 274.08 TWD · the 205.50 TWD price screens below the 224.35 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

PixArt Imaging Inc (3227) currently trades at 205.50 TWD, while our model-based Fair Value estimate is 224.35 TWD, implying the stock looks roughly 9.2% fairly valued today. The Quality Score stands at 72/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, PixArt Imaging Inc generated revenue of 9.0B TWD at a net margin of 18.4%. Revenue declined 5.9% year over year. It earns a return on equity of 14.9%. The balance sheet holds a net cash position of 3.9B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 174.62 TWD (bear case) to 274.08 TWD (bull case); at 205.50 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 21% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 9%, 3227 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 BearBaseBull Evidence
Highest evidence
Growth DCF 241.45 TWD 376.24 TWD 596.00 TWD 80
Residual Income 81.06 TWD 99.01 TWD 185.99 TWD 76
Rev-Margin DCF 175.13 TWD 253.44 TWD 350.68 TWD 74
All 26 models by family
DCF Models
FCF DCF 240.91 TWD 382.22 TWD 615.59 TWD 38
Owner Earnings 192.90 TWD 300.41 TWD 477.98 TWD 31
5Y Revenue Exit 175.13 TWD 253.05 TWD 353.91 TWD 39
5Y EBITDA Exit 197.32 TWD 297.08 TWD 417.02 TWD 41
5Y P/E Exit 215.38 TWD 332.90 TWD 462.04 TWD 38
10Y Revenue Exit 192.73 TWD 272.35 TWD 384.34 TWD 36
10Y EBITDA Exit 210.65 TWD 303.92 TWD 435.24 TWD 37
10Y P/E Exit 222.44 TWD 329.60 TWD 471.56 TWD 35
Earnings-Based
Graham-Dodd 81.11 TWD 326.31 TWD 443.77 TWD 54
Lynch FV 81.32 TWD 116.17 TWD 151.02 TWD 50
PEG = 1.0 81.32 TWD 116.17 TWD 151.02 TWD 46
EPV 146.73 TWD 164.50 TWD 180.05 TWD 59
Dividend Discount
Gordon GGM 90.20 TWD 187.54 TWD 297.52 TWD 70
DDM Multi-Stage 90.20 TWD 158.14 TWD 196.83 TWD 61
Multiples
P/E Multiple 178.91 TWD 238.54 TWD 298.18 TWD 63
P/S Multiple 112.65 TWD 150.20 TWD 187.75 TWD 58
P/B Multiple 152.07 TWD 202.76 TWD 253.45 TWD 55
EV/EBIT 208.04 TWD 264.02 TWD 320.00 TWD 53
EV/EBITDA 189.30 TWD 239.03 TWD 288.76 TWD 54
EV/Revenue 145.25 TWD 190.31 TWD 235.37 TWD 43
Asset-Based
NCAV (Graham) 40.94 TWD 54.85 TWD 81.87 TWD 50
Growth DCF
Growth DCF 241.45 TWD 376.24 TWD 596.00 TWD 80
Rev-Margin DCF 175.13 TWD 253.44 TWD 350.68 TWD 74
Economic Profit
Residual Income 81.06 TWD 99.01 TWD 185.99 TWD 76
ROIC Compounder 158.28 TWD 193.78 TWD 237.13 TWD 72
Growth Earnings
Growth-Adj P/E 138.35 TWD 197.65 TWD 256.94 TWD 68

Widest divergence: DCF Models (300.41 TWD) versus Asset-Based (54.85 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 9.0B TWD
Revenue growth (YoY) -5.9%
Net margin 18.4%
Return on equity 14.9%
Free cash flow 2.5B TWD FY2025
P/E ratio 16.7
More key figures
Operating margin 17.3%
EPS (TTM) 12.03 TWD
Dividend yield 5.0%
EPS growth (YoY) -29.0%
Net cash 3.9B TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 74 · Market factors (momentum, volatility) 48

Profitability 63
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 74
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

PixArt Imaging Inc., together with its subsidiaries, researches, designs, produces, and sells CMOS image sensors and related ICs in Taiwan and internationally.

Full company description

PixArt Imaging Inc., together with its subsidiaries, researches, designs, produces, and sells CMOS image sensors and related ICs in Taiwan and internationally. The company offers optical mouse, tracking, and finger navigation sensors, as well as optical encoders; and multiple objects tracking, optical motion tracking, distance sensor, gesture recognition, and ambient light and proximity sensing products. It also provides health management and far infrared sensor products; Bluetooth low energy products; global shutter image sensors, and prime sensor TM image sensor and SOC; capacitive touch products; low power intelligent object detection, and pixel optical sensing products; and customized ASIC services. Its products are used in various applications, including computers and peripherals, smart homes, offices and spaces, wearables and hearables, gaming controllers, automotive, surveillance and cameras, commercial, automation navigation, industrial automation, and others. The company was incorporated in 1998 and is headquartered in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PixArt Imaging Inc reported revenue of 9.1B TWD in FY2025 versus 8.8B TWD in FY2021, a compound +0.9%/yr. Reported net income was 1.8B TWD in FY2025, compounding +3.5%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
9.1B TWD
Latest YoY
+9.1%
Avg. growth/yr (3Y)
+20.4%
Avg. growth/yr (5Y)
+2.3%
Avg. growth/yr (10Y)
+7.8%
Revenue +0.9%/yr
FY21 8.8B TWD
FY22 5.2B TWD
FY23 5.8B TWD
FY24 8.4B TWD
FY25 9.1B TWD
Net income +3.5%/yr
FY21 1.6B TWD
FY22 1.1B TWD
FY23 799M TWD
FY24 1.8B TWD
FY25 1.8B TWD

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Cite: Fair Value Calculator (2026). "PixArt Imaging Inc Fair Value". https://www.fairvalue-calculator.com/stock/3227

Peer Group

Semiconductors · 319 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 72 · Top 25%
Fair Value upside +9% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 17% · Above median
Revenue growth -6% · Bottom 25%
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 16.7× · Cheaper than 75% of peers
P/B 2.46× · Cheaper than median
P/S (TTM) 3.41× · Cheaper than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 12.2× · 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 46 · sector 0
FUTURE 0 · sector 60
PAST 59 · sector 24
HEALTH 100 · sector 97
DIVIDEND 99 · sector 22

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 Semiconductors stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $398.37 $207.49 -48%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc 1MU €784.90 €185.67 -76%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is PixArt Imaging Inc (3227) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 224.35 TWD versus a price of 205.50 TWD, about +9% (fairly valued).
What is the fair value of 3227?
Our model-based fair value for PixArt Imaging Inc is 224.35 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 205.50 TWD.
What is the quality score of 3227?
PixArt Imaging Inc has a Quality Score of 72/100. 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 PixArt Imaging Inc (3227)?
PixArt Imaging Inc reported trailing-twelve-month revenue of about 9.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3227?
The net profit margin of PixArt Imaging Inc is about 18.4%, meaning it keeps roughly 18.4% of revenue as net income. Based on the latest reported figures.
Does PixArt Imaging Inc pay a dividend?
PixArt Imaging Inc currently shows a dividend yield of about 4.74% relative to its recent price (as of Jul 23, 2026).

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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