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Advantech Co.

2395.TW
68
Computer Hardware · Technology
Price
NT$721.00
-6.00 (-0.83%)
Market Cap
NT$626.01B
Exchange
Taiwan Stock Exchange
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
20/30
Growth
Exceptional
17/20
Cash Flow
Mixed
3/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

68 of 100 counted points = Winston Score 68.

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§Winston Score History

The full picture

Advantech is a Taiwan-based company that makes industrial computers and embedded systems — specialized computing hardware designed for factories, hospitals, transportation, and smart city infrastructure. Its products include rugged computers, touchscreen panels, IoT gateways, and edge computing platforms used by businesses that need reliable technology in demanding environments. It is one of the world's largest manufacturers of industrial PCs.

Advantech earns revenue primarily by selling hardware and related software solutions to industrial customers across Asia, Europe, and North America. The company benefits from a broad product portfolio and long-standing relationships with equipment makers who build Advantech components into their own systems, creating meaningful switching costs. Growth is tied to expanding adoption of industrial IoT and factory automation, though the business faces risks from cyclical demand in manufacturing and increasing competition from both local and global hardware makers.

Growth Profile

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

Revenue Growth

+46.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+126.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$5.8B/ year

↑ Rising (+7% vs prior year)

8.2% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

42.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NT$28.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Advantech Co. grew revenue 46% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

−0.7% over 4y

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

Diluted shares outstanding: 863.0M (2021) → 857.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
37.7%
Modest — 37.7% gross margin
Profit after running costs
Operating Margin
19.6%
Healthy — 19.6% operating margin
Return on the money invested
ROCE
25.9%
Exceptional — 25.9% 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
+23.7%
Fast-growing sales (+23.7% YoY)
Profit growth
EPS YoY
+42.0%
Earnings growing fast (+42.0% YoY)

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

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
45%
Weak — only 45% of profit becomes cash
Spare cash per sale
FCF Margin
4.0%
Thin free cash flow (4.0%)

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
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
162.90x
Comfortably covers interest (162.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
45.5x
Expensive — P/E 45.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+8.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (45.5 → 36.6)

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Dividends

Dividend
Dividend Yield
1.51%
Small dividend — 1.51% yield

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

Dividend record
Dividend Growth
+41.1%
Dividend growing fast (41.1% YoY)
Payout Ratio
53%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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