T 
Thermaltake Technology Co 3540.TWO · TWD
Information Technology · Taipei Exchange · 🇹🇼 Taiwan
20.90
+2.45%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 5.14bn
FY2016FY2025
Net income
TWD 53.8m
FY2016FY2025
Free cash flow
−TWD 8.3m
FY2016FY2025
Shareholders' equity
TWD 1.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 5.14bn | TWD 3.98bn | TWD 4.38bn | TWD 3.19bn | TWD 4.24bn | TWD 5.25bn | TWD 4.03bn | TWD 3.88bn | TWD 3.48bn | TWD 3.09bn |
| Gross profit | TWD 1.84bn | TWD 1.19bn | TWD 1.36bn | TWD 972.7m | TWD 1.45bn | TWD 1.95bn | TWD 1.22bn | TWD 1.29bn | TWD 1.20bn | TWD 1.05bn |
| Research and development | TWD 156.2m | TWD 142.6m | TWD 139.8m | TWD 121.1m | TWD 127.9m | TWD 141.0m | TWD 114.9m | TWD 122.7m | TWD 126.6m | TWD 119.5m |
| Operating income | TWD 99.0m | −TWD 151.8m | TWD 92.5m | TWD 51.9m | TWD 334.6m | TWD 627.6m | TWD 92.4m | TWD 140.6m | TWD 136.5m | TWD 77.3m |
| Net income | TWD 53.8m | −TWD 97.7m | TWD 100.3m | TWD 30.7m | TWD 217.2m | TWD 457.0m | TWD 84.7m | TWD 133.3m | TWD 115.8m | TWD 81.9m |
| Diluted earnings per share | 0.74 | -1.35 | 1.39 | 0.43 | 3.05 | 6.44 | 1.17 | 1.84 | 1.60 | 1.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 5.73bn | TWD 5.21bn | TWD 4.63bn | TWD 4.31bn | TWD 4.15bn | TWD 4.54bn | TWD 3.51bn | TWD 3.20bn | TWD 2.82bn | TWD 2.63bn |
| Cash and short-term investments | — | — | — | — | — | — | — | — | — | TWD 590.6m |
| Total liabilities | TWD 3.98bn | TWD 3.44bn | TWD 2.81bn | TWD 2.57bn | TWD 2.47bn | TWD 2.80bn | TWD 2.11bn | TWD 1.75bn | TWD 1.50bn | TWD 1.33bn |
| Debt | TWD 590.0m | TWD 595.0m | TWD 6.3m | TWD 31.3m | TWD 66.7m | TWD 133.3m | TWD 170.3m | — | — | TWD 370.0m |
| Shareholders' equity | TWD 1.80bn | TWD 1.81bn | TWD 1.84bn | TWD 1.74bn | TWD 1.67bn | TWD 1.71bn | TWD 1.39bn | TWD 1.44bn | TWD 1.31bn | TWD 1.31bn |
| Shares outstanding | 72m | 72m | 72m | 71m | 71m | 71m | 72m | 72m | 72m | 70m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 29.0m | −TWD 334.5m | −TWD 47.7m | TWD 118.0m | −TWD 469.0m | TWD 800.2m | TWD 33.3m | −TWD 216.7m | TWD 313.7m | TWD 131.1m |
| Capital spending | −TWD 37.3m | −TWD 31.8m | −TWD 59.5m | −TWD 46.0m | −TWD 46.0m | −TWD 46.0m | −TWD 44.1m | −TWD 34.0m | −TWD 26.4m | −TWD 46.7m |
| Free cash flow | −TWD 8.3m | −TWD 366.3m | −TWD 107.2m | TWD 72.1m | −TWD 515.0m | TWD 754.2m | −TWD 10.8m | −TWD 250.6m | TWD 287.3m | TWD 84.4m |
| Dividends paid | — | −TWD 64.8m | −TWD 21.4m | −TWD 114.2m | −TWD 225.9m | −TWD 49.7m | −TWD 99.5m | −TWD 84.8m | −TWD 64.5m | −TWD 22.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.02bn | TWD 1.27bn | TWD 1.33bn | TWD 1.21bn | TWD 1.28bn | TWD 1.32bn | TWD 1.07bn | TWD 846.2m |
| Gross profit | TWD 312.4m | TWD 356.8m | TWD 366.1m | TWD 378.5m | TWD 455.2m | TWD 415.9m | TWD 327.6m | TWD 220.2m |
| Operating income | TWD 20.4m | TWD 24.8m | TWD 22.3m | TWD 55.8m | TWD 120.6m | TWD 61.1m | −TWD 31.9m | −TWD 79.2m |
| Net income | TWD 968,000 | TWD 10.9m | TWD 19.7m | TWD 32.4m | −TWD 41.7m | TWD 43.3m | −TWD 25.5m | −TWD 80.3m |
| Diluted earnings per share | 0.01 | 0.15 | 0.27 | 0.45 | -0.58 | 0.60 | -0.35 | -1.11 |
| Cash from operations | TWD 280.0m | −TWD 144.0m | −TWD 77.0m | −TWD 173.0m | TWD 59.0m | TWD 220.0m | −TWD 22.0m | −TWD 8.0m |
| Capital spending | −TWD 1.0m | −TWD 4.0m | −TWD 28.0m | −TWD 2.0m | −TWD 2.0m | −TWD 3.0m | −TWD 14.0m | — |
| Free cash flow | TWD 279.0m | −TWD 148.0m | −TWD 105.0m | −TWD 175.0m | TWD 57.0m | TWD 217.0m | −TWD 36.0m | — |
| Total assets | TWD 5.63bn | TWD 5.82bn | TWD 5.73bn | TWD 5.79bn | TWD 5.31bn | TWD 5.51bn | TWD 5.21bn | TWD 4.93bn |
| Debt | TWD 531.0m | TWD 590.0m | TWD 590.0m | TWD 595.0m | TWD 595.0m | TWD 595.0m | TWD 595.0m | TWD 595.0m |
| Shareholders' equity | TWD 1.98bn | TWD 1.84bn | TWD 1.80bn | TWD 1.72bn | TWD 1.65bn | TWD 1.87bn | TWD 1.81bn | TWD 1.77bn |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 31.4% | 29.9% | 31.0% | 30.5% | 34.1% | 37.1% |
| Operating margin | 2.3% | -2.0% | 3.6% | 1.9% | 7.9% | 12.0% |
| Net margin | 1.0% | -2.5% | 2.3% | 1.0% | 5.1% | 8.7% |
| Return on equity | 3.0% | -5.4% | 5.5% | 1.8% | 13.0% | 26.7% |
| Return on assets | 0.9% | -1.9% | 2.2% | 0.7% | 5.2% | 10.1% |
| Free cash flow yield | — | -16.8% | 0.7% | 9.2% | -23.9% | 47.9% |
| Revenue growth | 29.1% | -9.1% | 37.3% | -24.8% | -19.2% | 30.2% |
| Earnings growth | -155.0% | -197.3% | 226.6% | -85.9% | -52.5% | 439.3% |
| Current ratio | 1.58x | 1.74x | 1.54x | 1.57x | 1.61x | 1.61x |
| Debt to equity | 0.33x | 0.33x | 0.00x | 0.02x | 0.04x | 0.08x |
| Equity ratio | 31.3% | 34.7% | 39.6% | 40.3% | 40.2% | 37.7% |
| Interest coverage | 2.11x | -1.75x | 5.22x | 3.05x | 25.77x | 46.16x |
| R&D as a share of sales | 3.0% | 3.6% | 3.2% | 3.8% | 3.0% | 2.7% |
| Buybacks as a share of market value | — | -0.4% | -0.9% | -0.3% | -0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.2% | -0.4% | 6.9% |
| Operating income | 24.0% | -30.9% | 27.2% |
| Net income | 20.5% | -34.8% | 7.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.2% | 32.1% | 33.5% | 33.2% |
| Operating margin | -0.6% | 0.5% | 4.0% | 3.5% |
| Net margin | -0.5% | 0.5% | 2.9% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 41.8 | -27.4 | 32.1 | 64.2 | 14.1 | 8.7 | 19.6 | 13.0 | 17.0 | 17.1 |
| Price to sales | 0.4 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | 0.4 | 0.5 | 0.6 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 4 Jul 2024.
| FY2024 | FY2023 | FY2022 | |
|---|---|---|---|
| Paid in the year | 0.872 | 0.29 | 1.557 |
- 1099.768-for-1000 split · 22 Sept 2021
- 1030-for-1000 split · 11 Aug 2015
- 1030-for-1000 split · 21 Jul 2014
- 1.03-for-1 split · 12 Aug 2013
- 1029.98-for-1000 split · 22 Jul 2010
- 112.968-for-100 split · 16 Jul 2009
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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