Stock

Giga-Byte Technology Co.

2376.TW

Computer Hardware · Technology

Price

NT$349.00

-9.50 (-2.65%)

Market Cap

NT$233.79B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 25, 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

For growth stock investors

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

Reported EPS Growth

+116.7% YoY

Quarterly reporting periods ended:

30 Jun 2025: NT$4.55

30 Jun 2026: NT$9.86

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

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)

13.1x

Attractive valuation — P/E 13.1

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

+2.4

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)

Payout Ratio

37%

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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