T 
Twoway Communications 8045.TW · TWD
Information Technology · Taiwan Stock Exchange · 🇹🇼 Taiwan
42.10
-3.66%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 1.20bn
FY2016FY2025
Net income
TWD 61.0m
FY2016FY2025
Free cash flow
−TWD 231.3m
FY2016FY2025
Shareholders' equity
TWD 2.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 1.20bn | TWD 1.74bn | TWD 2.33bn | TWD 1.02bn | TWD 1.17bn | TWD 1.06bn | TWD 1.27bn | TWD 1.25bn | TWD 1.13bn | TWD 739.2m |
| Gross profit | TWD 465.7m | TWD 587.5m | TWD 1.02bn | TWD 392.0m | TWD 434.8m | TWD 411.9m | TWD 475.6m | TWD 464.3m | TWD 420.5m | TWD 291.1m |
| Research and development | TWD 123.9m | TWD 105.1m | TWD 103.9m | TWD 96.9m | TWD 99.6m | TWD 103.0m | TWD 106.5m | TWD 113.8m | TWD 117.1m | TWD 101.0m |
| Operating income | TWD 74.5m | TWD 185.1m | TWD 566.9m | TWD 29.7m | TWD 111.7m | TWD 62.4m | — | TWD 69.0m | TWD 50.1m | −TWD 32.0m |
| Net income | TWD 61.0m | TWD 201.7m | TWD 407.9m | TWD 62.3m | TWD 47.4m | TWD 16.9m | TWD 67.9m | TWD 83.9m | TWD 680,000 | −TWD 28.1m |
| Diluted earnings per share | 0.64 | 2.16 | 4.29 | 0.66 | 0.50 | 0.18 | 0.71 | 1.03 | 0.01 | -0.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 2.55bn | TWD 2.81bn | TWD 2.59bn | TWD 1.86bn | TWD 2.14bn | TWD 2.13bn | TWD 2.27bn | TWD 2.40bn | TWD 2.24bn | TWD 1.97bn |
| Cash and short-term investments | — | — | — | — | — | — | — | TWD 263.2m | TWD 200.2m | TWD 345.0m |
| Total liabilities | TWD 540.7m | TWD 673.6m | TWD 1.12bn | TWD 743.4m | TWD 1.07bn | TWD 1.05bn | TWD 1.16bn | TWD 1.31bn | TWD 1.22bn | TWD 936.5m |
| Debt | TWD 151.4m | TWD 200.6m | TWD 290.5m | TWD 378.5m | TWD 556.4m | TWD 569.3m | TWD 592.0m | TWD 770.3m | TWD 819.4m | TWD 687.3m |
| Shareholders' equity | TWD 2.01bn | TWD 2.14bn | TWD 1.47bn | TWD 1.12bn | TWD 1.07bn | TWD 1.08bn | TWD 1.11bn | TWD 1.09bn | TWD 1.02bn | TWD 1.04bn |
| Shares outstanding | 95m | 93m | 95m | 95m | 95m | 95m | 95m | 82m | 82m | 80m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −TWD 207.7m | −TWD 90.5m | TWD 338.2m | TWD 298.6m | TWD 202.3m | TWD 347.7m | TWD 213.6m | TWD 50.2m | −TWD 218.7m | TWD 152.9m |
| Capital spending | −TWD 23.7m | −TWD 41.4m | −TWD 32.4m | −TWD 93.9m | −TWD 23.0m | −TWD 42.4m | −TWD 14.3m | TWD 4.7m | −TWD 44.0m | −TWD 49.9m |
| Free cash flow | −TWD 231.3m | −TWD 131.9m | TWD 305.8m | TWD 204.8m | TWD 179.3m | TWD 305.2m | TWD 199.3m | TWD 54.9m | −TWD 262.7m | TWD 102.9m |
| Dividends paid | −TWD 186.9m | −TWD 366.8m | −TWD 57.1m | −TWD 40.8m | −TWD 40.8m | −TWD 40.8m | −TWD 48.9m | −TWD 16.3m | — | −TWD 81.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 474.3m | TWD 443.4m | TWD 196.8m | TWD 353.1m | TWD 335.2m | TWD 310.8m | TWD 349.4m | TWD 390.7m |
| Gross profit | TWD 127.4m | TWD 120.0m | TWD 121.4m | TWD 132.1m | TWD 112.6m | TWD 99.6m | TWD 140.8m | TWD 78.5m |
| Operating income | TWD 17.1m | TWD 14.7m | TWD 10.8m | TWD 43.2m | TWD 16.8m | TWD 3.8m | TWD 35.4m | TWD 8.4m |
| Net income | TWD 13.0m | TWD 10.7m | TWD 20.1m | TWD 37.6m | −TWD 2.2m | TWD 5.4m | TWD 34.2m | TWD 5.9m |
| Diluted earnings per share | 0.14 | 0.11 | 0.21 | 0.40 | -0.02 | 0.06 | 0.37 | 0.06 |
| Cash from operations | −TWD 254.0m | TWD 153.0m | −TWD 182.0m | −TWD 119.0m | −TWD 46.0m | TWD 141.0m | −TWD 188.0m | −TWD 277.0m |
| Capital spending | −TWD 16.0m | −TWD 27.0m | — | −TWD 13.0m | −TWD 5.0m | −TWD 20.0m | −TWD 5.0m | −TWD 7.0m |
| Free cash flow | −TWD 270.0m | TWD 126.0m | — | −TWD 132.0m | −TWD 51.0m | TWD 121.0m | −TWD 193.0m | −TWD 284.0m |
| Total assets | TWD 3.10bn | TWD 2.91bn | TWD 2.55bn | TWD 2.59bn | TWD 2.83bn | TWD 2.84bn | TWD 2.81bn | TWD 2.06bn |
| Debt | TWD 332.4m | TWD 147.0m | TWD 151.4m | TWD 155.8m | TWD 160.2m | TWD 177.9m | TWD 200.6m | TWD 223.2m |
| Shareholders' equity | TWD 1.94bn | TWD 1.93bn | TWD 2.01bn | TWD 1.98bn | TWD 1.93bn | TWD 1.96bn | TWD 2.14bn | TWD 1.29bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 38.9% | 33.8% | 44.0% | 38.4% | 37.0% |
| Operating margin | 7.1% | 14.2% | 24.3% | 8.2% | 9.5% |
| Net margin | 5.1% | 11.6% | 17.5% | 6.1% | 4.0% |
| Return on equity | 3.0% | 9.4% | 27.7% | 5.6% | 4.4% |
| Return on assets | 2.4% | 7.2% | 15.7% | 3.3% | 2.2% |
| Free cash flow yield | -3.4% | -0.9% | — | — | — |
| Revenue growth | -31.1% | -25.3% | 128.0% | -13.2% | — |
| Earnings growth | -69.8% | -50.6% | 555.1% | 31.3% | — |
| Current ratio | 5.90x | 5.66x | 2.54x | 3.86x | 3.22x |
| Debt to equity | 0.08x | 0.09x | 0.20x | 0.34x | 0.52x |
| Equity ratio | 78.8% | 76.0% | 56.8% | 60.1% | 49.9% |
| Interest coverage | 16.84x | 36.24x | 69.43x | 9.56x | 9.04x |
| R&D as a share of sales | 10.4% | 6.1% | 4.5% | 9.5% | 8.5% |
| Buybacks as a share of market value | -1.9% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.5% | 2.5% | -0.6% |
| Operating income | 35.9% | 3.6% | -5.3% |
| Net income | -0.7% | 29.2% | -5.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.9% | 39.3% | 38.9% | 38.4% |
| Operating margin | 8.9% | 13.6% | 12.1% | — |
| Net margin | 9.0% | 11.7% | 9.4% | 7.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 119.1 | 34.7 | 23.6 | 17.6 | 26.9 | 57.0 | 15.8 | 9.8 | — |
| Price to sales | 6.1 | 4.0 | 4.2 | 1.1 | 1.1 | 0.9 | 0.8 | 0.7 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 29 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.968 | 4.50 | 0.70 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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