V 
Visual Photonics Epitaxy Co 2455.TW · TWD
Information Technology · Taiwan Stock Exchange · 🇹🇼 Taiwan
341.50
+7.05%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 3.38bn
FY2016FY2025
Net income
TWD 547.9m
FY2016FY2025
Free cash flow
TWD 275.8m
FY2016FY2025
Shareholders' equity
TWD 3.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 3.38bn | TWD 3.24bn | TWD 2.69bn | TWD 2.60bn | TWD 3.61bn | TWD 2.65bn | TWD 2.53bn | TWD 2.06bn | TWD 2.14bn | TWD 2.18bn |
| Gross profit | TWD 1.09bn | TWD 1.28bn | TWD 1.11bn | TWD 1.09bn | TWD 1.52bn | TWD 1.11bn | TWD 1.03bn | TWD 774.4m | TWD 743.5m | TWD 809.1m |
| Research and development | TWD 262.5m | TWD 388.7m | TWD 427.5m | TWD 358.0m | TWD 281.7m | TWD 299.3m | TWD 256.6m | TWD 193.4m | TWD 126.4m | TWD 114.5m |
| Operating income | TWD 669.3m | TWD 721.2m | TWD 542.1m | TWD 674.1m | TWD 1.06bn | TWD 656.4m | TWD 636.9m | TWD 468.6m | TWD 515.1m | TWD 588.1m |
| Net income | TWD 547.9m | TWD 671.1m | TWD 450.2m | TWD 544.7m | TWD 855.1m | TWD 532.6m | TWD 514.3m | TWD 397.2m | TWD 394.4m | TWD 467.1m |
| Diluted earnings per share | 2.95 | 3.62 | 2.43 | 2.95 | 4.64 | 2.88 | 2.78 | 2.16 | 2.17 | 2.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 4.68bn | TWD 4.58bn | TWD 4.58bn | TWD 4.41bn | TWD 4.85bn | TWD 4.32bn | TWD 4.34bn | TWD 3.93bn | TWD 3.33bn | TWD 3.24bn |
| Cash and short-term investments | TWD 945.0m | TWD 1.18bn | TWD 825.8m | TWD 752.9m | TWD 1.21bn | TWD 1.07bn | TWD 874.5m | TWD 617.0m | TWD 927.3m | TWD 981.8m |
| Total liabilities | TWD 1.38bn | TWD 1.25bn | TWD 1.51bn | TWD 1.33bn | TWD 1.57bn | TWD 1.42bn | TWD 1.51bn | TWD 1.40bn | TWD 493.5m | TWD 473.2m |
| Debt | TWD 604.0m | TWD 510.7m | TWD 812.9m | TWD 800.0m | TWD 680.5m | TWD 780.9m | TWD 872.7m | TWD 880.0m | — | — |
| Shareholders' equity | TWD 3.29bn | TWD 3.33bn | TWD 3.07bn | TWD 3.08bn | TWD 3.28bn | TWD 2.90bn | TWD 2.83bn | TWD 2.54bn | TWD 2.84bn | TWD 2.77bn |
| Shares outstanding | 186m | 185m | 185m | 185m | 184m | 185m | 185m | 184m | 182m | 207m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 639.6m | TWD 1.09bn | TWD 572.2m | TWD 643.5m | TWD 1.18bn | TWD 851.2m | TWD 695.2m | TWD 777.1m | TWD 456.5m | TWD 851.9m |
| Capital spending | −TWD 363.7m | −TWD 46.7m | −TWD 71.1m | −TWD 420.1m | −TWD 469.9m | −TWD 97.2m | −TWD 195.0m | −TWD 1.27bn | −TWD 184.6m | −TWD 112.9m |
| Free cash flow | TWD 275.8m | TWD 1.04bn | TWD 501.0m | TWD 223.4m | TWD 708.7m | TWD 754.0m | TWD 500.2m | −TWD 493.2m | TWD 271.9m | TWD 739.0m |
| Dividends paid | −TWD 591.7m | −TWD 406.8m | −TWD 425.3m | −TWD 739.6m | −TWD 478.9m | −TWD 462.3m | −TWD 462.3m | −TWD 462.3m | −TWD 462.3m | −TWD 530.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 965.4m | TWD 959.3m | TWD 959.6m | TWD 912.8m | TWD 714.1m | TWD 793.7m | TWD 722.5m | TWD 805.7m |
| Gross profit | TWD 339.4m | TWD 334.1m | TWD 257.9m | TWD 271.1m | TWD 245.5m | TWD 316.7m | TWD 260.1m | TWD 330.5m |
| Operating income | TWD 223.8m | TWD 226.7m | TWD 209.0m | TWD 159.2m | TWD 122.1m | TWD 179.0m | TWD 122.1m | TWD 194.2m |
| Net income | TWD 213.6m | TWD 195.1m | TWD 193.9m | TWD 160.5m | TWD 36.3m | TWD 157.3m | TWD 132.9m | TWD 144.4m |
| Diluted earnings per share | 1.13 | 1.03 | 1.04 | 0.86 | 0.20 | 0.85 | 0.72 | 0.78 |
| Cash from operations | TWD 338.0m | TWD 295.0m | TWD 263.0m | TWD 138.0m | TWD 57.0m | TWD 180.0m | TWD 222.0m | TWD 183.0m |
| Capital spending | −TWD 138.0m | −TWD 309.0m | −TWD 184.0m | −TWD 21.0m | −TWD 57.0m | −TWD 99.0m | −TWD 9.0m | −TWD 7.0m |
| Free cash flow | TWD 200.0m | −TWD 14.0m | TWD 79.0m | TWD 117.0m | TWD 0 | TWD 81.0m | TWD 213.0m | TWD 176.0m |
| Total assets | TWD 5.72bn | TWD 5.39bn | TWD 4.68bn | TWD 4.59bn | TWD 4.51bn | TWD 4.66bn | TWD 4.58bn | TWD 4.46bn |
| Cash and short-term investments | TWD 1.65bn | TWD 1.46bn | TWD 945.0m | TWD 857.7m | TWD 1.02bn | TWD 1.16bn | TWD 1.18bn | TWD 946.9m |
| Debt | TWD 3.5m | TWD 952.3m | TWD 607.9m | TWD 3.5m | TWD 407.3m | TWD 407.4m | TWD 507.6m | TWD 506.7m |
| Shareholders' equity | TWD 3.69bn | TWD 3.67bn | TWD 3.29bn | TWD 3.10bn | TWD 2.83bn | TWD 3.49bn | TWD 3.33bn | TWD 3.20bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 32.3% | 39.5% | 41.2% | 41.8% | 42.1% | 42.1% |
| Operating margin | 19.8% | 22.3% | 20.1% | 25.9% | 29.4% | 24.8% |
| Net margin | 16.2% | 20.7% | 16.7% | 20.9% | 23.7% | 20.1% |
| Return on equity | 16.6% | 20.2% | 14.7% | 17.7% | 26.1% | 18.4% |
| Return on assets | 11.7% | 14.6% | 9.8% | 12.3% | 17.6% | 12.3% |
| Free cash flow yield | 0.9% | 1.1% | 0.6% | 1.0% | 1.6% | 0.9% |
| Revenue growth | 4.3% | 20.3% | 3.5% | -27.8% | 36.4% | 4.5% |
| Earnings growth | -18.3% | 49.0% | -17.3% | -36.3% | 60.6% | 3.6% |
| Current ratio | 2.96x | 3.06x | 2.56x | 2.21x | 1.68x | 1.94x |
| Debt to equity | 0.18x | 0.15x | 0.26x | 0.26x | 0.21x | 0.27x |
| Equity ratio | 70.4% | 72.6% | 67.0% | 69.9% | 67.6% | 67.2% |
| Interest coverage | 73.47x | 63.56x | 41.25x | 101.75x | 158.66x | 87.67x |
| R&D as a share of sales | 7.8% | 12.0% | 15.9% | 13.8% | 7.8% | 11.3% |
| Buybacks as a share of market value | -0.3% | 0.2% | -0.3% | -0.4% | 0.5% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.1% | 5.0% | 3.5% |
| Operating income | -0.2% | 0.4% | -0.0% |
| Net income | 0.2% | 0.6% | -0.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.8% | 38.3% | 39.6% | 38.9% |
| Operating margin | 21.0% | 21.9% | 23.8% | 24.4% |
| Net margin | 18.4% | 18.6% | 19.8% | 20.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 51.3 | 45.9 | 66.1 | 23.4 | 31.0 | 38.9 | 42.4 | 29.9 | 42.9 | 22.0 |
| Price to sales | 8.3 | 9.5 | 11.1 | 4.9 | 7.3 | 7.8 | 8.6 | 5.8 | 7.9 | 4.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 26 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.621 | 3.218 | 2.20 | 2.30 | 4.00 | 2.59 | 2.50 | 0.50 |
- 1000-to-750 reverse split · 7 Oct 2016
- 11-for-10 split · 25 Jul 2012
- 11-for-10 split · 20 Aug 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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