T 
Twinhead International 2364.TW · TWD
Information Technology · Taiwan Stock Exchange · 🇹🇼 Taiwan
51.00
+2.00%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.51bn
FY2016FY2025
Net income
TWD 220.0m
FY2016FY2025
Free cash flow
TWD 204.6m
FY2016FY2025
Shareholders' equity
TWD 839.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.51bn | TWD 1.25bn | TWD 1.08bn | TWD 934.1m | TWD 867.9m | TWD 863.4m | TWD 829.0m | TWD 919.5m | TWD 601.9m | TWD 845.9m |
| Gross profit | TWD 599.4m | TWD 470.4m | TWD 396.8m | TWD 298.9m | TWD 259.7m | TWD 257.2m | TWD 226.7m | TWD 234.2m | TWD 102.3m | TWD 168.1m |
| Research and development | TWD 121.4m | TWD 111.0m | TWD 103.4m | TWD 89.8m | TWD 77.0m | TWD 86.1m | TWD 105.3m | TWD 81.2m | TWD 71.3m | TWD 87.7m |
| Operating income | TWD 199.8m | TWD 113.9m | TWD 72.2m | TWD 90.0m | TWD 36.9m | TWD 26.6m | −TWD 69.2m | −TWD 74.4m | −TWD 173.9m | −TWD 165.7m |
| Net income | TWD 220.0m | TWD 164.7m | TWD 108.8m | TWD 79.6m | TWD 28.2m | TWD 15.4m | −TWD 82.2m | −TWD 69.3m | −TWD 191.7m | −TWD 178.7m |
| Diluted earnings per share | 4.28 | 4.06 | 3.49 | 2.56 | 1.13 | 0.64 | -3.40 | -2.81 | -10.32 | -15.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 1.52bn | TWD 1.48bn | TWD 1.31bn | TWD 1.16bn | TWD 1.13bn | TWD 1.17bn | TWD 1.14bn | TWD 1.13bn | TWD 1.15bn | TWD 1.18bn |
| Cash and short-term investments | TWD 505.5m | TWD 490.3m | TWD 364.9m | TWD 230.4m | TWD 236.5m | TWD 252.6m | TWD 153.5m | TWD 154.3m | TWD 150.1m | TWD 133.1m |
| Total liabilities | TWD 707.0m | TWD 889.9m | TWD 878.8m | TWD 830.6m | TWD 841.3m | TWD 912.2m | TWD 890.6m | TWD 798.8m | TWD 744.0m | TWD 741.3m |
| Debt | TWD 372.4m | TWD 533.7m | TWD 637.4m | TWD 600.1m | TWD 654.1m | TWD 670.7m | TWD 657.2m | TWD 590.6m | TWD 520.2m | TWD 535.2m |
| Shareholders' equity | TWD 839.9m | TWD 621.6m | TWD 453.2m | TWD 345.4m | TWD 301.4m | TWD 270.2m | TWD 274.8m | TWD 328.9m | TWD 408.2m | TWD 435.6m |
| Shares outstanding | 51m | 41m | 31m | 31m | 25m | 24m | 24m | 25m | 19m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 216.4m | TWD 254.7m | TWD 179.5m | TWD 104.5m | TWD 785,000 | TWD 91.7m | TWD 33.6m | −TWD 69.0m | −TWD 115.6m | −TWD 145.4m |
| Capital spending | −TWD 11.9m | −TWD 6.7m | −TWD 3.7m | −TWD 2.9m | −TWD 1.7m | −TWD 2.1m | −TWD 7.4m | −TWD 7.2m | −TWD 4.8m | −TWD 3.2m |
| Free cash flow | TWD 204.6m | TWD 248.0m | TWD 175.8m | TWD 101.6m | −TWD 943,000 | TWD 89.5m | TWD 26.2m | −TWD 76.1m | −TWD 120.4m | −TWD 148.6m |
| Dividends paid | −TWD 2,000 | −TWD 2,000 | −TWD 2,000 | −TWD 25.2m | −TWD 25.2m | −TWD 25.2m | −TWD 25.2m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 519.3m | TWD 338.9m | TWD 342.0m | TWD 399.8m | TWD 384.8m | TWD 379.1m | TWD 325.2m | TWD 367.3m |
| Gross profit | TWD 227.0m | TWD 130.3m | TWD 136.4m | TWD 167.7m | TWD 154.4m | TWD 140.8m | TWD 114.3m | TWD 148.9m |
| Operating income | TWD 111.2m | TWD 30.6m | TWD 26.8m | TWD 65.8m | TWD 64.7m | TWD 42.5m | TWD 12.3m | TWD 59.4m |
| Net income | TWD 116.8m | TWD 43.6m | TWD 55.4m | TWD 94.7m | TWD 11.3m | TWD 58.6m | TWD 31.7m | TWD 58.8m |
| Diluted earnings per share | 2.23 | 0.83 | 1.08 | 1.84 | 0.22 | 1.14 | 0.78 | 1.45 |
| Cash from operations | TWD 47.0m | TWD 67.0m | TWD 35.0m | TWD 108.0m | TWD 23.0m | TWD 48.0m | TWD 97.0m | TWD 84.0m |
| Capital spending | −TWD 5.0m | −TWD 3.0m | −TWD 1.0m | −TWD 3.0m | −TWD 5.0m | −TWD 1.0m | −TWD 2.0m | — |
| Free cash flow | TWD 42.0m | TWD 64.0m | TWD 34.0m | TWD 105.0m | TWD 18.0m | TWD 47.0m | TWD 95.0m | — |
| Total assets | TWD 1.96bn | TWD 1.76bn | TWD 1.52bn | TWD 1.67bn | TWD 1.57bn | TWD 1.50bn | TWD 1.48bn | TWD 1.45bn |
| Cash and short-term investments | TWD 638.8m | TWD 602.9m | TWD 505.5m | TWD 644.5m | TWD 534.7m | TWD 488.8m | TWD 490.3m | TWD 444.9m |
| Debt | TWD 383.1m | TWD 376.1m | TWD 355.9m | TWD 492.9m | TWD 473.5m | TWD 444.6m | TWD 485.5m | TWD 525.2m |
| Shareholders' equity | TWD 897.4m | TWD 781.2m | TWD 839.9m | TWD 782.9m | TWD 685.5m | TWD 680.7m | TWD 621.6m | TWD 589.3m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 39.8% | 37.6% | 36.7% | 32.0% | 29.9% | 29.8% |
| Operating margin | 13.3% | 14.3% | 11.4% | 9.6% | 1.1% | 3.2% |
| Net margin | 14.6% | 13.2% | 10.1% | 8.5% | 3.2% | 1.8% |
| Return on equity | 26.2% | 26.5% | 24.0% | 23.0% | 9.4% | 5.7% |
| Return on assets | 14.5% | 11.1% | 8.3% | 6.9% | 2.5% | 1.3% |
| Free cash flow yield | 7.4% | 10.7% | 9.8% | 5.7% | 0.2% | 6.5% |
| Revenue growth | 20.5% | 15.6% | 15.7% | 7.6% | 0.5% | 4.1% |
| Earnings growth | 33.6% | 51.4% | 36.7% | 182.4% | 82.6% | -118.8% |
| Current ratio | 1.42x | 1.07x | 0.86x | 0.72x | 0.66x | 0.62x |
| Debt to equity | 0.40x | 0.78x | 1.26x | 1.73x | 2.11x | 2.36x |
| Equity ratio | 55.3% | 41.9% | 34.7% | 29.9% | 26.7% | 23.1% |
| Interest coverage | 17.75x | 13.48x | 9.69x | 7.86x | 0.86x | 2.35x |
| R&D as a share of sales | 8.1% | 8.9% | 9.6% | 9.6% | 8.9% | 10.0% |
| Buybacks as a share of market value | -26.9% | -30.1% | -0.2% | -24.4% | -4.1% | 0.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.2% | 11.8% | 6.2% |
| Operating income | 30.5% | 49.7% | — |
| Net income | 40.3% | 70.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.8% | 37.0% | 35.1% | 30.1% |
| Operating margin | 11.4% | 10.0% | 8.3% | -1.2% |
| Net margin | 14.0% | 12.0% | 9.5% | -0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.1 | 13.9 | 17.5 | 16.6 | 7.1 | 18.2 | -2.1 | -5.3 | -0.8 | -0.6 |
| Price to sales | 2.1 | 1.8 | 1.8 | 1.4 | 0.2 | 0.3 | 0.2 | 0.4 | 0.3 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 6 Sept 2022.
| FY2022 | |
|---|---|
| Paid in the year | 0.43 |
- 1300-for-1000 split · 28 Aug 2025
- 13-for-10 split · 29 Aug 2024
- 5-for-4 split · 16 Oct 2023
- 1000-to-126.576 reverse split · 8 Oct 2021
- 1000-to-494 reverse split · 7 Oct 2016
- 1000-to-743.203 reverse split · 16 Oct 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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