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Giga-Byte Technology Co.

2376.TW
54
Computer Hardware · Technology
Price
NT$363.00
-2.50 (-0.68%)
Market Cap
NT$243.17B
Exchange
Taiwan Stock Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
8/30
Growth
Exceptional
19/20
Cash Flow
Weak
0/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Strong
4/5

54 of 100 counted points = Winston Score 54.

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Share count rising — dilution

+12.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 647.4M (2021) → 729.9M (2025)

§Winston Score History

The full picture

Gigabyte Technology is a Taiwan-based company that makes computer hardware, including motherboards, graphics cards, laptops, monitors, and servers. Its products serve PC gamers, content creators, and businesses that need computing power. Gigabyte is one of the world's largest motherboard and graphics card manufacturers, competing directly with brands like ASUS and MSI.

The company earns revenue by selling hardware through retailers, distributors, and direct enterprise channels worldwide. With a market cap around NT$242 billion, Gigabyte has built a strong position through its AORUS gaming brand and long-standing partnerships with chip makers like NVIDIA, AMD, and Intel. A key growth driver is rising demand for AI servers and GPU-based computing infrastructure, though the business operates on thin margins — around 10% gross margin — which means profitability is sensitive to component costs and shifts in demand cycles.

Growth Profile

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

Revenue Growth

+41.0% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+116.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$4.3B/ year

→ Flat (+4% vs prior year)

1.3% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

13.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

NT$42.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Giga-Byte Technology Co. is growing revenue at 41% 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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
9.6%
Thin — 9.6% gross margin
Profit after running costs
Operating Margin
5.6%
Thin — 5.6% operating margin
Return on the money invested
ROCE
12.4%
Good — 12.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+37.5%
Fast-growing sales (+37.5% YoY)
Profit growth
EPS YoY
+62.9%
Earnings growing fast (+62.9% YoY)

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

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
-441%
Weak — only -441% of profit becomes cash
Spare cash per sale
FCF Margin
-19.5%
Burning cash (-19.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.77
Elevated debt (1.77)
Covers its interest
Interest Cover
11.09x
Comfortably covers interest (11.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
13.6x
Attractive valuation — P/E 13.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.32%
Moderate income — 3.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+36.1%
Dividend growing fast (36.1% YoY)

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