WinWay Technology Co. Ltd (6515) fair value: what the stock is really worth
We calculate from audited financials what WinWay Technology Co. Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 18, 2026.
How to read this chart
60‑month range 194.56 TWD – 10,716 TWD · fair‑value band 1,704 TWD – 4,062 TWD · the 5,795 TWD price screens above the 2,465 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
WinWay Technology Co., Ltd. designs, processes, and sells optoelectronic product test fixtures, integrated circuit test interfaces, and fixtures and their components in Taiwan, the Americas, China, Asia, Europe, and Canada.
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WinWay Technology Co., Ltd. designs, processes, and sells optoelectronic product test fixtures, integrated circuit test interfaces, and fixtures and their components in Taiwan, the Americas, China, Asia, Europe, and Canada. Its products include test sockets, HyperSocket, coaxial sockets, burn-in sockets, PoP sockets, and CRS sockets; heatsink and manual lid; vertical and WLCSP probe cards; i-Bump interposers; and thermal control products, including ATC, E-Flux 4.0, HEATCon Titan, and chiller, as well as changeover kit and plunger products. The company also provides mechanical, electrical, and thermal simulation services; and technical support and B2B services. The company serves the semiconductor, optical, information technology, and optoelectronics industries. WinWay Technology Co., Ltd. was incorporated in 2001 and is based in Kaohsiung, Taiwan.
Stock analysis
WinWay Technology Co. Ltd (6515) currently trades at 5,795 TWD, while our model-based Fair Value estimate is 2,465 TWD, implying the stock looks roughly 135.1% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 1,832 TWD per share, and 0 of the 26 models we run sit above the 5,795 TWD price.
Bear case: the Economic Profit group reads lowest at 394.81 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,704 TWD (bear) to 4,062 TWD (bull), the price of 5,795 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 77/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
WinWay Technology Co. Ltd reported revenue of 7.9B TWD in FY2025 versus 2.9B TWD in FY2021, a compound +28.4%/yr. Reported net income was 1.7B TWD in FY2025, compounding +36.2%/yr from FY2021.
Key figures
Market cap 207B TWD (≈ $6.5B) · P/E ratio 124.3 · P/S ratio 26.5 · EPS (TTM) 46.62 TWD · Dividend yield 0.4% · Net margin 21.3% · Return on equity 29.8% · Return on assets (EBIT) 18.4%.
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 50% below its 52-week high, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −64% fair-value upside, at −57%, 6515 screens cheaper than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (119.83 TWD to 2,278 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 1,704 TWDFair Value 2,465 TWDBull 4,062 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 (15.44 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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+35.5%
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.
+15.3%
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.
+22.0%
Revenue growth 13 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.
+19.9%
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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.
+23.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.6%
Dividend (yield on the price)0.4%
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.23% vs 20%, steady
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.21% → 26%
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
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).
+53.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+63.8%
Yearly sales growth analysts expect, extended to five years.
Compare WinWay Technology Co. Ltd 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 · 327 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside−83% · Bottom 25%
Profitability
Return on equity (TTM)30% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)21% · Top 25%
Operating margin (TTM)26% · Top 25%
Growth and dividend
Revenue growth30% · Above median
Dividend yield (TTM)0.4% · Below median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)124.3× · Priciest 25%
P/B34.05× · Priciest 25%
P/S (TTM)25.70× · Priciest 25%
P/FCF4.6× · Pricier than median
EV/EBITDA92.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 63
PAST (return on equity)100· sector 25
HEALTH (low debt)100· sector 96
DIVIDEND (yield)9· 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 WinWay Technology Co. Ltd (6515) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 2,465 TWD versus a price of 5,795 TWD, about −57% upside (overvalued).
What is the fair value of 6515?
Our model-based fair value for WinWay Technology Co. Ltd is 2,465 TWD (as of Sep 18, 2026), built from audited fundamentals. The current price: 5,795 TWD.
What is the quality score of 6515?
WinWay Technology Co. Ltd has a Quality Score of 77/100. 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 WinWay Technology Co. Ltd (6515)?
Our model-based price target is the fair value of 2,465 TWD (as of Sep 18, 2026) from 26 valuation models. Cautious scenario 1,704 TWD, optimistic scenario 4,062 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the WinWay Technology Co. Ltd stock forecast for 2026?
Our models put fair value at 2,465 TWD, about −57% upside versus a price of 5,795 TWD (overvalued). Cautious scenario 1,704 TWD, optimistic scenario 4,062 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of WinWay Technology Co. Ltd (6515)?
WinWay Technology Co. Ltd reported trailing-twelve-month revenue of about 8.5B TWD (latest available figure, as of Sep 18, 2026).
Does WinWay Technology Co. Ltd pay a dividend?
WinWay Technology Co. Ltd currently shows a dividend yield of about 0.43% relative to its recent price (as of Sep 18, 2026).
What growth is priced into WinWay Technology Co. Ltd (6515)?
For today's price to be fair in a discounted-cash-flow model, WinWay Technology Co. Ltd would have to grow free cash flow by +53.7 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 6515 use?
Our models discount WinWay Technology Co. Ltd at 10.9 %: a base by market capitalisation (mid), damped by beta 1.24, 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 WinWay Technology Co. Ltd that is +53.7 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has WinWay Technology Co. Ltd (6515) delivered so far?
Over the past 5 years revenue at WinWay Technology Co. Ltd grew +22.0 % a year. The price currently implies +53.7 % 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 WinWay Technology Co. Ltd (6515) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into WinWay Technology Co. Ltd (+53.7 % 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 WinWay Technology Co. Ltd (6515)?
The free-cash-flow yield on the price is 0.66 %: that much free cash flow WinWay Technology Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of WinWay Technology Co. Ltd (6515)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For WinWay Technology Co. Ltd it is 2,465 TWD per share (as of Sep 18, 2026), against a price of 5,795 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is WinWay Technology Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 6515 trades above its calculated fair value: price 5,795 TWD, fair value 2,465 TWD, a gap of about −57% (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 6515?
No. The price is what the market pays today (5,795 TWD); the fair value is what the company's own numbers justify (2,465 TWD). For WinWay Technology Co. Ltd the two are 3,330 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is WinWay Technology Co. Ltd worth?
The market values WinWay Technology Co. Ltd at about 207B TWD (market capitalisation, as of Sep 18, 2026). Per share that is 5,795 TWD; our models calculate a fair value of 2,465 TWD per share.
What do the bullish and bearish scenarios say about 6515?
Our models span a range for WinWay Technology Co. Ltd: cautious scenario 1,704 TWD, base 2,465 TWD, optimistic 4,062 TWD per share (as of Sep 18, 2026, price 5,795 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6515?
WinWay Technology Co. Ltd trades at a price-to-earnings ratio of 124.3 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,465 TWD is built from several models across several years. Other multiples: P/B 34.1, P/S 25.7, EV/EBITDA 92.4.
How solid is the balance sheet of WinWay Technology Co. Ltd (6515)?
Balance-sheet figures for WinWay Technology Co. Ltd (as of Sep 18, 2026): return on equity 29.8%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is 6515 from its 52-week high?
WinWay Technology Co. Ltd trades at 5,795 TWD, about 50% below its 52-week high of 11,490 TWD and 480% above the low of 1,000 TWD (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 2,465 TWD is for.
Which stocks are comparable to WinWay Technology Co. Ltd?
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 WinWay Technology Co. Ltd stock attractive at the current price?
The data as of Sep 18, 2026: price 5,795 TWD, calculated fair value 2,465 TWD (−57%), Quality Score 77/100, 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 6515 calculated?
We run WinWay Technology Co. Ltd 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 2,465 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 16.1 % above its aggregate fair value. WinWay Technology Co. Ltd 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 WinWay Technology Co. Ltd (6515)?
The closing price on Sep 21, 2026 was 5,795 TWD. Our model-based fair value is 2,465 TWD, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with WinWay Technology Co. Ltd right now?
A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (4,062 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. A fairly wide model range (1,704 TWD to 4,062 TWD) leaves room in how you read the outcome.
Where does the earnings growth of WinWay Technology Co. Ltd (6515) come from?
Earnings per share at WinWay Technology Co. Ltd grew +16.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.5 %, EBIT margin +3.7 %, tax rate −0.3 %, residual (interest, one-offs) −0.7 %. 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 WinWay Technology Co. Ltd
How large is the market capitalisation of WinWay Technology Co. Ltd (6515)?
The market capitalisation of WinWay Technology Co. Ltd is 207B TWD (≈ $6.5B). 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 WinWay Technology Co. Ltd (6515)?
The price-to-sales ratio of WinWay Technology Co. Ltd is 26.5 (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 WinWay Technology Co. Ltd (6515)?
Earnings per share at WinWay Technology Co. Ltd are 46.62 TWD (price ÷ EPS = P/E 124.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of WinWay Technology Co. Ltd (6515)?
The dividend yield of WinWay Technology Co. Ltd is 0.4% (payout 53.6%). 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 WinWay Technology Co. Ltd (6515)?
The net margin of WinWay Technology Co. Ltd is 21.3% (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 WinWay Technology Co. Ltd (6515)?
The return on equity (ROE) of WinWay Technology Co. Ltd is 29.8% (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 WinWay Technology Co. Ltd (6515)?
On an EBIT basis the return on assets of WinWay Technology Co. Ltd is 18.4% (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 WinWay Technology Co. Ltd (6515)?
The operating margin of WinWay Technology Co. Ltd is 26.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at WinWay Technology Co. Ltd (6515)?
Revenue at WinWay Technology Co. Ltd is growing +29.7% versus a year earlier (3y avg +15.3%). 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 WinWay Technology Co. Ltd (6515)?
Earnings per share at WinWay Technology Co. Ltd are growing +13.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does WinWay Technology Co. Ltd (6515) hold?
WinWay Technology Co. Ltd holds more cash than debt, 2.5B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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