Visual Photonics Epitaxy Co.

2455.TW

Semiconductors · Technology

Price

NT$528.00

+3.00 (+0.57%)

Market Cap

NT$97.63B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 4, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Visual Photonics Epitaxy (VPEC) makes thin crystal layers called epitaxial wafers, which are key building blocks for compound semiconductors. These wafers go into products like LEDs, laser diodes, solar cells, and high-speed communication chips. Based in Taiwan, VPEC is one of the leading independent epitaxy foundries in the world.

The company earns revenue by manufacturing and selling epitaxial wafers to chip designers and device makers, primarily in Asia. It uses specialized metal-organic chemical vapor deposition (MOCVD) technology, and its long experience with gallium arsenide and indium phosphide materials gives it a technical edge over newer competitors. Growth is tied to rising demand for 5G infrastructure, data center optical components, and advanced sensing applications, but the business faces risk from customer concentration and cyclical swings in semiconductor demand.

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

+35.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+475.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$263M/ year

↓ Declining (-32% vs prior year)

7.8% of revenue

Below sector average (15%)

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

Insider Activity

6.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

NT$1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Visual Photonics Epitaxy Co. grew revenue 35% 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

−0.4% over 4y

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

Diluted shares outstanding: 185.9M (2021) → 185.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.2%

Modest — 35.2% gross margin

Profit after running costs

Operating Margin

23.2%

Excellent — 23.2% operating margin

Return on the money invested

ROCE

18.8%

Strong — 18.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+25.1%

Fast-growing sales (+25.1% YoY)

Profit growth

EPS YoY

+61.6%

Earnings growing fast (+61.6% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

136%

Turns 136% of profit into real cash

Spare cash per sale

FCF Margin

10.0%

Modest free cash flow (10.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

57.42x

Comfortably covers interest (57.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

128.2x

Expensive — P/E 128.2

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

Cheaper or dearer next year

P/E vs Forward

+31.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (128.2 → 96.3)

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Dividends

Dividend

Dividend Yield

0.50%

Small dividend — 0.50% yield

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

Dividend record

Dividend Growth

-10.8%

Dividend cut (-10.8% YoY) — warning sign

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