WinMate

3416.TW

Hardware, Equipment & Parts · Technology

Price

NT$180.50

-2.00 (-1.10%)

Market Cap

NT$14.53B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 29, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+5.8% over 4y

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

Diluted shares outstanding: 79.8M (2021) → 84.4M (2025)

Winston Score History

The full picture

WinMate is a Taiwan-based company that designs and manufactures rugged computers, displays, and embedded computing systems. Its products are built to work in harsh environments like factories, vehicles, ships, and outdoor settings where normal computers would break. Key customers include defense, marine, transportation, and industrial automation companies around the world.

WinMate earns revenue by selling specialized hardware — rugged tablets, panel PCs, vehicle-mounted computers, and marine displays — often customized for specific industry needs. The company is headquartered in Taiwan and sells globally, with a strong presence in Asia, Europe, and North America. Its competitive edge comes from deep expertise in ruggedized design and the ability to offer tailored solutions for niche industrial applications. Growth depends on expanding demand for automation and smart systems in transportation and manufacturing, though the business faces risks from economic slowdowns that can reduce industrial capital spending.

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

+42.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+108.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$251M/ year

↑ Rising (+14% vs prior year)

6.9% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

11.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

NT$1.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

WinMate grew revenue 42% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

38.1%

Modest — 38.1% gross margin

Profit after running costs

Operating Margin

19.6%

Healthy — 19.6% operating margin

Return on the money invested

ROCE

18.2%

Strong — 18.2% 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

+27.5%

Fast-growing sales (+27.5% YoY)

Profit growth

EPS YoY

+29.3%

Earnings growing fast (+29.3% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

59%

Weak — only 59% of profit becomes cash

Spare cash per sale

FCF Margin

9.2%

Modest free cash flow (9.2%)

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

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

61.05x

Comfortably covers interest (61.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

20.9x

Growth-priced — P/E 20.9

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

Cheaper or dearer next year

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

2.82%

Moderate income — 2.82% yield

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

Dividend record

Dividend Growth

+45.2%

Dividend growing fast (45.2% YoY)

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