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Accton Technology Corporation

2345.TW
69
Communication Equipment · Technology
Price
NT$2070.00
+55.00 (+2.73%)
Market Cap
NT$1.16T
Exchange
Taiwan Stock Exchange
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Exceptional
20/20
Cash Flow
Weak
2/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

69 of 100 counted points = Winston Score 69.

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§Winston Score History

The full picture

Accton Technology is a Taiwan-based company that designs and manufactures networking equipment like switches, routers, and wireless access points. It sells mostly to other technology companies and telecom providers, who then rebrand and resell the products under their own names. Accton is one of the world's largest original design manufacturers (ODMs) for networking hardware.

The company makes money by designing and building networking gear on behalf of major brands and cloud data center operators. It is headquartered in Hsinchu, Taiwan, and serves customers globally, with significant revenue from North America. Accton's scale in ODM manufacturing and deep engineering expertise give it a strong position with large customers who prefer outsourcing hardware design. Growing demand for data center networking driven by AI workloads and cloud expansion is a key growth driver, though the business depends heavily on a concentrated set of large customers, which creates revenue concentration risk.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+57.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+119.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

16.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~10 months

NT$46.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Accton Technology Corporation is growing revenue at 58% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 562.5M (2021) → 558.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
19.7%
Thin — 19.7% gross margin
Profit after running costs
Operating Margin
15.0%
Healthy — 15.0% operating margin
Return on the money invested
ROCE
56.2%
Exceptional — 56.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+82.2%
Fast-growing sales (+82.2% YoY)
Profit growth
EPS YoY
+105.1%
Earnings growing fast (+105.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
39%
Weak — only 39% of profit becomes cash
Spare cash per sale
FCF Margin
2.2%
Thin free cash flow (2.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.10
Conservative — low debt load (0.10)
Covers its interest
Interest Cover
343.84x
Comfortably covers interest (343.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
32.5x
Pricey — P/E 32.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (32.5 → 24.2)

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Dividends

Dividend
Dividend Yield
0.72%
Small dividend — 0.72% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+91.8%
Dividend growing fast (91.8% YoY)

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