Insyde Software (6231) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Insyde Software TWD 248, price TWD 235, upside +5.3%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 55.75 TWD – 595.00 TWD · fair‑value band 176.00 TWD – 348.16 TWD · the 235.00 TWD price screens below the 247.50 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Insyde Software Corp. provides system firmware and software engineering services for companies in the mobile, desktop, server, and embedded systems industries worldwide. The company offers firmware solutions, including InsydeH2O, which delivers UEFI firmware, and Supervyse OpenBMC firmware solution.
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Insyde Software Corp. provides system firmware and software engineering services for companies in the mobile, desktop, server, and embedded systems industries worldwide. The company offers firmware solutions, including InsydeH2O, which delivers UEFI firmware, and Supervyse OpenBMC firmware solution. It also provides inQuire, a portal for development tools; diagnostic and validation tools; customization tools, such as the Easy BIOS Editor; development tools; provisioning tools; and end-user tools. In addition, the company offers engineering services in the areas of project planning, design, training, implementation and integration, acceptance and deployment, and maintenance and field updates; and UEFI and EFI training programs. It serves mobile computing, desktop, servers, and embedded/IoT markets. The company was founded in 1987 and is headquartered in Taipei, Taiwan.
Stock analysis
Insyde Software (6231) currently trades at 235.00 TWD, while our model-based Fair Value estimate is 247.50 TWD, implying the stock looks roughly 5.1% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 145.87 TWD per share, and 0 of the 26 models we run sit above the 235.00 TWD price.
Bear case: the Economic Profit group reads lowest at 42.06 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 176.00 TWD (bear) to 348.16 TWD (bull), the price of 235.00 TWD sits inside 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 74/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Insyde Software reported revenue of 1.7B TWD in FY2025 versus 1.3B TWD in FY2021, a compound +6.8%/yr. Reported net income was 304M TWD in FY2025, compounding +7.7%/yr from FY2021.
Key figures
Market cap 10.7B TWD (≈ $338M) · P/E ratio 35.6 · P/S ratio 6.39 · EPS (TTM) 6.61 TWD · Dividend yield 2.4% · Net margin 18.0% · Return on equity 31.1% · Return on assets (EBIT) 22.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 5%, 6231 screens cheaper than that median.
Fair Value models
Bear 176.00 TWDFair Value 247.50 TWDBull 348.16 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 (0.6682 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.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.6%
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.
+6.3%
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.
+8.4%
Start year 2020 (pandemic)
Revenue growth 8 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.
+10.0%
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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.
+13.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.7%
Dividend (yield on the price)2.4%
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.18% → 23%
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).
+18.6%
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 +16.8% a year for the price.
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.Software - Application · 720 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+5% · Above median
Profitability
Return on equity (TTM)31% · Top 25%
Return on assets15% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)22% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)2.4% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
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.
Cite: Fair Value Calculator (2026). "Insyde Software Fair Value". https://www.fairvalue-calculator.com/stock/6231
Frequently asked questions
Is Insyde Software (6231) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 247.50 TWD versus a price of 235.00 TWD, about +5% upside (fairly valued).
What is the fair value of 6231?
Our model-based fair value for Insyde Software is 247.50 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 235.00 TWD.
What is the quality score of 6231?
Insyde Software has a Quality Score of 74/100. 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 Insyde Software (6231)?
Our model-based price target is the fair value of 247.50 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 176.00 TWD, optimistic scenario 348.16 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Insyde Software stock forecast for 2026?
Our models put fair value at 247.50 TWD, about +5% upside versus a price of 235.00 TWD (fairly valued). Cautious scenario 176.00 TWD, optimistic scenario 348.16 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Insyde Software (6231)?
Insyde Software reported trailing-twelve-month revenue of about 1.7B TWD (latest available figure, as of Sep 24, 2026).
Does Insyde Software pay a dividend?
Insyde Software currently shows a dividend yield of about 2.43% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Insyde Software (6231)?
For today's price to be fair in a discounted-cash-flow model, Insyde Software would have to grow free cash flow by +18.6 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6231 use?
Our models discount Insyde Software at 10.4 %: a base by market capitalisation (small), damped by beta 0.54, 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 Insyde Software that is +18.6 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Insyde Software (6231) delivered so far?
Over the past 5 years revenue at Insyde Software grew +8.4 % a year. The price currently implies +18.6 % 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 Insyde Software (6231) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Insyde Software (+18.6 % 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 Insyde Software (6231)?
The free-cash-flow yield on the price is 3.12 %: that much free cash flow Insyde Software produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Insyde Software (6231)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Insyde Software it is 247.50 TWD per share (as of Sep 24, 2026), against a price of 235.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Insyde Software stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6231 trades below its calculated fair value: price 235.00 TWD, fair value 247.50 TWD, a gap of about +5% (fairly valued). 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 6231?
No. The price is what the market pays today (235.00 TWD); the fair value is what the company's own numbers justify (247.50 TWD). For Insyde Software the two are 12.50 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Insyde Software worth?
The market values Insyde Software at about 10.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 235.00 TWD; our models calculate a fair value of 247.50 TWD per share.
What do the bullish and bearish scenarios say about 6231?
Our models span a range for Insyde Software: cautious scenario 176.00 TWD, base 247.50 TWD, optimistic 348.16 TWD per share (as of Sep 24, 2026, price 235.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6231?
Insyde Software trades at a price-to-earnings ratio of 35.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 247.50 TWD is built from several models across several years. Other multiples: P/B 9.2, P/S 6.2, EV/EBITDA 22.5.
How solid is the balance sheet of Insyde Software (6231)?
Balance-sheet figures for Insyde Software (as of Sep 24, 2026): return on equity 31.1%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 6231 from its 52-week high?
Insyde Software trades at 235.00 TWD, about 33% below its 52-week high of 348.50 TWD and 31% above the low of 180.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 247.50 TWD is for.
Which stocks are comparable to Insyde Software?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, 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 Insyde Software stock attractive at the current price?
The data as of Sep 24, 2026: price 235.00 TWD, calculated fair value 247.50 TWD (+5%), Quality Score 74/100, 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 6231 calculated?
We run Insyde Software 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 247.50 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 13.0 % above its aggregate fair value. Insyde Software currently trades 5 % below its own fair value, and the market average says nothing about that. 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 Insyde Software (6231)?
The closing price on Sep 24, 2026 was 235.00 TWD. Our model-based fair value is 247.50 TWD, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Insyde Software right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (176.00 TWD to 348.16 TWD) leaves room in how you read the outcome.
Key figures of Insyde Software
How large is the market capitalisation of Insyde Software (6231)?
The market capitalisation of Insyde Software is 10.7B TWD (≈ $338M). 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 Insyde Software (6231)?
The price-to-sales ratio of Insyde Software is 6.39 (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 Insyde Software (6231)?
Earnings per share at Insyde Software are 6.61 TWD (price ÷ EPS = P/E 35.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Insyde Software (6231)?
The dividend yield of Insyde Software is 2.4% (payout 86.2%). 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 Insyde Software (6231)?
The net margin of Insyde Software is 18.0% (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 Insyde Software (6231)?
The return on equity (ROE) of Insyde Software is 31.1% (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 Insyde Software (6231)?
On an EBIT basis the return on assets of Insyde Software is 22.7% (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 Insyde Software (6231)?
The operating margin of Insyde Software is 22.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Insyde Software (6231)?
Revenue at Insyde Software is growing +7.8% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does Insyde Software (6231) hold?
Insyde Software holds more cash than debt, 776M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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