Deswell Industries, Inc. (DSWL) 10-Year Financial Performance & Capital Metrics

DSWL • • Industrial / General

TechnologyTech Hardware & EquipmentElectronic Manufacturing Services (EMS)Contract Electronics Manufacturing

AboutDeswell Industries, Inc. manufactures and sells injection-molded plastic parts and components, electronic products and subassemblies, and metallic molds and accessory parts for original equipment manufacturers and contract manufacturers. It operates in two segments, Plastic Injection Molding and Electronic Products Assembling. The company produces a range of plastic parts and components that are used in the manufacture of consumer and industrial products, which include plastic components for electronic entertainment products, power tools, accessories, and outdoor equipment; cases for flashlights, telephones, printers, scanners; parts for industrial components, and indoor control switches, as well as parts for audio equipment, and cases and key tops for personal organizers and remote controls; double injection caps; parts for medical products comprising apparatus for blood tests; laser key caps; automobile components; and plastic components of automatic robot. It also provides electronic products that consist of audio equipment, including digital and analogue mixing consoles, amplifiers, signal processors, audio interfaces, network audio equipment, and speaker enclosures; consumer audio products, such as multi-channel receivers-amplifiers, and wired and wireless audio streaming products; printed circuit board assemblies; and IoT products. The company sells its products primarily in China, the United States, Hong Kong, the United Kingdom, Norway, Holland, Canada, and internationally. Deswell Industries, Inc. was founded in 1987 and is based in Macau.Show more

Revenue $68M -2.5%
EBITDA $5M -8.9%
Net Income $11M +44.5%
EPS (Diluted) 0.70 +45.8%
Gross Margin 20.18% +0.7%
EBITDA Margin 7.15% -6.6%
Operating Margin 4.9% -10.2%
Net Margin 16.47% +48.2%
ROE 11.35% +35.3%
ROIC 3.26% -16.2%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 19.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.8%
✓Healthy 5Y average net margin of 10.5%
✓Trading at only 0.5x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.91%

5Y0.68%

3Y-7.52%

TTM-15.98%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.6%

TTM80.89%

EPS CAGR

10Y-

5Y-

3Y11.13%

TTM81.45%

ROCE

10Y Avg1.02%

5Y Avg3.52%

3Y Avg3.55%

Latest3.36%

Peer Comparison

Contract Electronics Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TTMITTM Technologies, Inc.	8.05B	77.89	144.24	9.41%	4.74%	7.75%	0.64%	0.65
CLSCelestica Inc.	36.2B	314.70	87.17	21.17%	6.2%	34.36%	0.84%	0.42
PLXSPlexus Corp.	4.29B	160.37	39.99	-5.93%	4.29%	11.89%	7.95%	0.21
JBLJabil Inc.	24.35B	230.58	38.95	3.18%	2.26%	52.19%	4.81%	2.22
SANMSanmina Corporation	8.79B	161.01	36.10	7.4%	3.03%	9.68%	5.44%	0.12
FLEXFlex Ltd.	22.98B	62.14	29.45	-2.28%	3.33%	17.4%	4.64%	0.83
BHEBenchmark Electronics, Inc.	1.64B	45.98	26.73	-6.44%	1.43%	3.36%	9.51%	0.33
DSWLDeswell Industries, Inc.	55.3M	3.47	4.96	-2.53%	13.76%	18.46%	23.88%

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	44.57M	44.52M	60.67M	66.58M	65.37M	64.89M	85.49M	77.54M	69.37M	67.61M
Revenue Growth %	0.17%	-0%	0.36%	0.1%	-0.02%	-0.01%	0.32%	-0.09%	-0.11%	-0.03%
Cost of Goods Sold+	39.77M	37.07M	50.95M	56.31M	53.5M	51.72M	71.54M	64.7M	55.47M	53.97M
COGS % of Revenue	0.89%	0.83%	0.84%	0.85%	0.82%	0.8%	0.84%	0.83%	0.8%	0.8%
Gross Profit+	4.79M	7.45M	9.71M	10.27M	11.86M	13.17M	13.95M	12.84M	13.9M	13.64M
Gross Margin %	0.11%	0.17%	0.16%	0.15%	0.18%	0.2%	0.16%	0.17%	0.2%	0.2%
Gross Profit Growth %	0.39%	0.55%	0.3%	0.06%	0.16%	0.11%	0.06%	-0.08%	0.08%	-0.02%
Operating Expenses+	10.14M	9.55M	7.91M	9.63M	10.45M	9.9M	11.06M	9.95M	10.12M	10.33M
OpEx % of Revenue	0.23%	0.21%	0.13%	0.14%	0.16%	0.15%	0.13%	0.13%	0.15%	0.15%
Selling, General & Admin	9.12M	8.86M	8.81M	9.46M	10.03M	10.31M	11.14M	10.97M	10.5M	11.28M
SG&A % of Revenue	0.2%	0.2%	0.15%	0.14%	0.15%	0.16%	0.13%	0.14%	0.15%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	571K	3.69M	-894K	174K	425K	-405K	-74K	-1.01M	-383K	-951K
Operating Income+	-5.35M	-2.1M	1.8M	-1.63M	1.41M	3.26M	2.76M	2.89M	3.79M	3.31M
Operating Margin %	-0.12%	-0.05%	0.03%	-0.02%	0.02%	0.05%	0.03%	0.04%	0.05%	0.05%
Operating Income Growth %	-0.04%	0.61%	1.86%	-1.91%	1.86%	1.31%	-0.15%	0.05%	0.31%	-0.12%
EBITDA+	-2.97M	32K	3.94M	480K	3.39M	5.02M	4.5M	4.6M	5.31M	4.83M
EBITDA Margin %	-0.07%	0%	0.06%	0.01%	0.05%	0.08%	0.05%	0.06%	0.08%	0.07%
EBITDA Growth %	-0.28%	1.01%	122.13%	-0.88%	6.05%	0.48%	-0.1%	0.02%	0.15%	-0.09%
D&A (Non-Cash Add-back)	2.37M	2.13M	2.14M	2.11M	1.97M	1.75M	1.74M	1.71M	1.52M	1.52M
EBIT	-4.6M	-1.78M	1.58M	408K	1.54M	8.71M	8.07M	3.13M	7.82M	2.43M
Net Interest Income+	498K	319K	267K	184K	218K	235K	245K	282K	669K	1.05M
Interest Income	498K	319K	267K	184K	218K	235K	245K	282K	669K	1.05M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	571K	3.69M	4.39M	3.88M	-2.36M	5.45M	5.31M	-573K	4.03M	7.99M
Pretax Income+	-4.78M	1.58M	6.2M	4.42M	-947K	8.71M	8.07M	2.31M	7.82M	11.3M
Pretax Margin %	-0.11%	0.04%	0.1%	0.07%	-0.01%	0.13%	0.09%	0.03%	0.11%	0.17%
Income Tax+	158K	209K	7K	144K	373K	475K	-165K	255K	110K	162K
Effective Tax Rate %	1.03%	0.87%	1%	0.97%	1.39%	0.95%	1.02%	0.89%	0.99%	0.99%
Net Income+	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.23M	2.06M	7.71M	11.14M
Net Margin %	-0.11%	0.03%	0.1%	0.06%	-0.02%	0.13%	0.1%	0.03%	0.11%	0.16%
Net Income Growth %	-0.76%	1.28%	3.5%	-0.31%	-1.31%	7.24%	0%	-0.75%	2.74%	0.44%
Net Income (Continuing)	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.23M	2.06M	7.71M	11.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.31	0.09	0.39	0.27	-0.08	0.51	0.51	0.13	0.48	0.70
EPS Growth %	-0.82%	1.29%	3.33%	-0.31%	-1.31%	7.15%	0%	-0.75%	2.69%	0.46%
EPS (Basic)	-0.31	0.09	0.39	0.27	-0.08	0.52	0.52	0.13	0.48	0.70
Diluted Shares Outstanding	16.06M	16.04M	15.98M	16.06M	15.91M	16.05M	16.14M	16.07M	16M	15.95M
Basic Shares Outstanding	15.92M	16.04M	15.88M	15.88M	15.91M	15.91M	15.93M	15.94M	15.94M	15.94M
Dividend Payout Ratio	-	1.63%	0.18%	0.37%	-	0.35%	0.39%	1.55%	0.41%	0.29%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	50.65M	56.09M	68.91M	69.96M	65.37M	78.69M	87.95M	81.16M	83.25M	96.49M
Cash & Short-Term Investments	30.89M	29.83M	32.47M	39.19M	42.74M	45.3M	43.88M	46.98M	57.91M	75.5M
Cash Only	12M	8.08M	15.19M	14.37M	22.51M	20.22M	13.46M	22.16M	15.75M	28.13M
Short-Term Investments	18.9M	21.75M	17.28M	24.82M	20.22M	25.07M	30.42M	24.82M	42.16M	47.37M
Accounts Receivable	9.47M	13.16M	16.09M	16.16M	12.3M	15.16M	18.34M	15.7M	12.18M	10.14M
Days Sales Outstanding	77.52	107.88	96.79	88.62	68.69	85.3	78.29	73.92	64.1	54.72
Inventory	8.11M	10.69M	12.93M	13.03M	8.58M	16.19M	23.82M	17.32M	12.13M	9.46M
Days Inventory Outstanding	74.46	105.23	92.65	84.46	58.52	114.28	121.53	97.73	79.85	64
Other Current Assets	2.03M	1.76M	1.75M	809K	1.32M	1.19M	978K	720K	623K	897K
Total Non-Current Assets+	36.92M	34.89M	31.49M	30.21M	30.01M	27.66M	27.59M	29.22M	27.82M	23.72M
Property, Plant & Equipment	32.35M	31.99M	31.49M	30.21M	28.59M	27.32M	27.02M	26.05M	24.6M	23.39M
Fixed Asset Turnover	1.38x	1.39x	1.93x	2.20x	2.29x	2.37x	3.16x	2.98x	2.82x	2.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	15.7M	0	0
Long-Term Investments	4.57M	2.9M	0	0	1.42M	332K	313K	2.91M	2.8M	0
Other Non-Current Assets	0	0	0	-30.21M	0	0	572K	-28.96M	0	0
Total Assets+	87.57M	90.99M	100.4M	100.17M	95.38M	107.86M	115.54M	110.38M	111.08M	120.21M
Asset Turnover	0.51x	0.49x	0.60x	0.66x	0.69x	0.60x	0.74x	0.70x	0.62x	0.56x
Asset Growth %	-0.09%	0.04%	0.1%	-0%	-0.05%	0.13%	0.07%	-0.04%	0.01%	0.08%
Total Current Liabilities+	10.76M	14.79M	19.12M	15.55M	14.31M	21.21M	23.97M	20.25M	16.43M	17.72M
Accounts Payable	2.23M	5.15M	8.6M	6.25M	4.6M	9.52M	9.84M	6.95M	5.21M	5.74M
Days Payables Outstanding	20.45	50.72	61.58	40.53	31.41	67.2	50.2	39.2	34.29	38.82
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.21M	2.84M	0	3.62M	2.45M	0	2.95M	1.99M	0	0
Current Ratio	4.71x	3.79x	3.60x	4.50x	4.57x	3.71x	3.67x	4.01x	5.07x	5.45x
Quick Ratio	3.95x	3.07x	2.93x	3.66x	3.97x	2.95x	2.68x	3.15x	4.33x	4.91x
Cash Conversion Cycle	131.54	162.38	127.86	132.54	95.8	132.37	149.62	132.45	109.66	79.89
Total Non-Current Liabilities+	3.65M	7.3M	775K	659K	751K	957K	659K	484K	476K	371K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	775K	659K	751K	957K	659K	484K	476K	371K
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	10.76M	14.79M	19.12M	16.2M	15.06M	22.17M	24.63M	20.73M	16.91M	18.09M
Total Debt+	0	0	0	0	0	0	0	0	0	0
Net Debt	-12M	-8.08M	-15.19M	-14.37M	-22.51M	-20.22M	-13.46M	-22.16M	-15.75M	-28.13M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-252.44x	-3.86x	-29.94x	-6.65x	-4.03x	-3.00x	-4.82x	-2.97x	-5.82x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	76.81M	76.2M	81.28M	83.96M	80.32M	85.69M	90.91M	89.65M	94.17M	102.12M
Equity Growth %	-0.09%	-0.01%	0.07%	0.03%	-0.04%	0.07%	0.06%	-0.01%	0.05%	0.08%
Book Value per Share	4.78	4.75	5.08	5.23	5.05	5.34	5.63	5.58	5.89	6.40
Total Shareholders' Equity	76.81M	76.2M	81.28M	83.96M	80.32M	85.69M	90.91M	89.65M	94.17M	102.12M
Common Stock	53.06M	53.06M	53.06M	53.06M	53.14M	53.14M	53.2M	53.2M	53.2M	53.2M
Retained Earnings	12.95M	12.64M	17.72M	20.4M	16.7M	22.06M	27.24M	25.98M	30.5M	38.45M
Treasury Stock	-2.51M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M
Accumulated OCI	5.3M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	563K	-1.13M	5.7M	2.17M	13.12M	3.3M	-183K	13M	13.21M	13.53M
Operating CF Margin %	0.01%	-0.03%	0.09%	0.03%	0.2%	0.05%	-0%	0.17%	0.19%	0.2%
Operating CF Growth %	1.24%	-3%	6.05%	-0.62%	5.06%	-0.75%	-1.06%	72.03%	0.02%	0.02%
Net Income	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.36M	2.06M	7.71M	11.14M
Depreciation & Amortization	2.37M	2.09M	2.14M	2.11M	1.97M	1.75M	1.74M	1.71M	1.52M	1.52M
Stock-Based Compensation	199K	0	0	0	0	0	0	0	0	0
Deferred Taxes	21K	64K	-114K	-116K	92K	206K	-557K	-178K	-165K	-21K
Other Non-Cash Items	1.86M	-1.78M	296K	256K	6.2M	-2.66M	-1.98M	3.26M	-826K	-4.87M
Working Capital Changes	1.33M	-3.07M	-20K	-3.12M	6.18M	-4.24M	-7.75M	6.15M	4.97M	5.76M
Change in Receivables	95K	-4.32M	-2.08M	-225K	3.14M	-2.8M	-3.34M	2.72M	3.64M	2.14M
Change in Inventory	2.97M	-2.51M	-2.54M	-353K	4.03M	-7.61M	-7.6M	6.38M	5.22M	2.72M
Change in Payables	-1.12M	2.92M	3.44M	-2.34M	-1.65M	4.92M	316K	-2.89M	-1.74M	530K
Cash from Investing+	-1.21M	-234K	2.53M	-1.4M	-2.66M	-2.72M	-3.43M	-1.11M	-16.43M	2.04M
Capital Expenditures	-591K	-2.2M	-1.71M	-878K	-507K	-551K	-1.5M	-792K	-381K	-332K
CapEx % of Revenue	0.01%	0.05%	0.03%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.67M	1.52M	3M	-521K	0	0	0	0	232K	0
Cash from Financing+	-1.69M	-2.56M	-1.11M	-1.59M	-2.32M	-2.86M	-3.14M	-3.19M	-3.19M	-3.19M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.69M	-2.25M	-1.11M	-1.59M	-2.39M	-2.86M	-3.19M	-3.19M	-3.19M	-3.19M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	64K	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-28K	-3.32M	3.99M	1.29M	12.61M	2.75M	-1.69M	12.21M	12.83M	13.2M
FCF Margin %	-0%	-0.07%	0.07%	0.02%	0.19%	0.04%	-0.02%	0.16%	0.18%	0.2%
FCF Growth %	0.99%	-117.71%	2.2%	-0.68%	8.79%	-0.78%	-1.61%	8.24%	0.05%	0.03%
FCF per Share	-0.00	-0.21	0.25	0.08	0.79	0.17	-0.10	0.76	0.80	0.83
FCF Conversion (FCF/Net Income)	-0.11x	-0.82x	0.92x	0.51x	-9.94x	0.40x	-0.02x	6.31x	1.71x	1.22x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	25K	21K	85K	149K	160K	236K	68K	418K	227K	156K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-6.13%	1.8%	7.86%	5.17%	-1.61%	9.92%	9.32%	2.28%	8.39%	11.35%
Return on Invested Capital (ROIC)	-5.96%	-2.37%	2.01%	-1.81%	1.66%	3.97%	2.9%	2.99%	3.89%	3.26%
Gross Margin	10.75%	16.73%	16.01%	15.42%	18.15%	20.29%	16.32%	16.56%	20.04%	20.18%
Net Margin	-11.07%	3.09%	10.2%	6.42%	-2.02%	12.69%	9.63%	2.66%	11.11%	16.47%
FCF Conversion	-0.11x	-0.82x	0.92x	0.51x	-9.94x	0.40x	-0.02x	6.31x	1.71x	1.22x
Revenue Growth	17.05%	-0.1%	36.26%	9.75%	-1.82%	-0.74%	31.75%	-9.3%	-10.54%	-2.53%

Revenue by Segment

	2013	2014	2015	2023	2025
Segment Total Member	-	-	-	77.56M	-
Segment Total Member Growth	-	-	-	-	-
Electronic Products	26.74M	21.68M	18.41M	-	-
Electronic Products Growth	-	-18.91%	-15.10%	-	-
Metallic Parts	692K	-	1K	-	-
Metallic Parts Growth	-	-	-	-	-
Segment Total	55.21M	41.6M	-	-	-
Segment Total Growth	-	-24.64%	-	-	-
Injection Molded Plastic Parts	27.77M	19.92M	-	-	-
Injection Molded Plastic Parts Growth	-	-28.29%	-	-	-

Revenue by Geography

	2013	2014	2015	2023	2025
CHINA	22.5M	15.86M	16.12M	27.74M	22.45M
CHINA Growth	-	-29.51%	1.62%	72.10%	-19.08%
Europe	5.52M	6.2M	3.5M	13.29M	12.55M
Europe Growth	-	12.18%	-43.50%	279.61%	-5.60%
HONG KONG	3.81M	3.55M	5.5M	6.47M	6.91M
HONG KONG Growth	-	-6.90%	55.07%	17.53%	6.77%
UNITED STATES	17.15M	11.08M	9.91M	12.17M	6.08M
UNITED STATES Growth	-	-35.40%	-10.57%	22.80%	-50.03%
CANADA	-	-	-	4.7M	3.88M
CANADA Growth	-	-	-	-	-17.39%
Segments Geographical Location Other	3.17M	2.52M	2.02M	-	-
Segments Geographical Location Other Growth	-	-20.50%	-19.95%	-	-

Frequently Asked Questions

Valuation & Price

Deswell Industries, Inc. (DSWL) has a price-to-earnings (P/E) ratio of 5.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Deswell Industries, Inc. (DSWL) reported $137.0M in revenue for fiscal year 2025. This represents a 111% increase from $64.8M in 2012.

Deswell Industries, Inc. (DSWL) saw revenue decline by 2.5% over the past year.

Yes, Deswell Industries, Inc. (DSWL) is profitable, generating $18.8M in net income for fiscal year 2025 (16.5% net margin).

Dividend & Returns

Yes, Deswell Industries, Inc. (DSWL) pays a dividend with a yield of 5.76%. This makes it attractive for income-focused investors.

Deswell Industries, Inc. (DSWL) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Deswell Industries, Inc. (DSWL) generated $26.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Deswell Industries, Inc. (DSWL) 10-Year Financial Performance & Capital Metrics

DSWL • • Industrial / General

TechnologyTech Hardware & EquipmentElectronic Manufacturing Services (EMS)Contract Electronics Manufacturing

Revenue $68M -2.5%
EBITDA $5M -8.9%
Net Income $11M +44.5%
EPS (Diluted) 0.70 +45.8%
Gross Margin 20.18% +0.7%
EBITDA Margin 7.15% -6.6%
Operating Margin 4.9% -10.2%
Net Margin 16.47% +48.2%
ROE 11.35% +35.3%
ROIC 3.26% -16.2%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 19.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 5.8%
✓Healthy 5Y average net margin of 10.5%
✓Trading at only 0.5x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.91%

5Y0.68%

3Y-7.52%

TTM-15.98%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.6%

TTM80.89%

EPS CAGR

10Y-

5Y-

3Y11.13%

TTM81.45%

ROCE

10Y Avg1.02%

5Y Avg3.52%

3Y Avg3.55%

Latest3.36%

Peer Comparison

Contract Electronics Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TTMITTM Technologies, Inc.	8.05B	77.89	144.24	9.41%	4.74%	7.75%	0.64%	0.65
CLSCelestica Inc.	36.2B	314.70	87.17	21.17%	6.2%	34.36%	0.84%	0.42
PLXSPlexus Corp.	4.29B	160.37	39.99	-5.93%	4.29%	11.89%	7.95%	0.21
JBLJabil Inc.	24.35B	230.58	38.95	3.18%	2.26%	52.19%	4.81%	2.22
SANMSanmina Corporation	8.79B	161.01	36.10	7.4%	3.03%	9.68%	5.44%	0.12
FLEXFlex Ltd.	22.98B	62.14	29.45	-2.28%	3.33%	17.4%	4.64%	0.83
BHEBenchmark Electronics, Inc.	1.64B	45.98	26.73	-6.44%	1.43%	3.36%	9.51%	0.33
DSWLDeswell Industries, Inc.	55.3M	3.47	4.96	-2.53%	13.76%	18.46%	23.88%

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	44.57M	44.52M	60.67M	66.58M	65.37M	64.89M	85.49M	77.54M	69.37M	67.61M
Revenue Growth %	0.17%	-0%	0.36%	0.1%	-0.02%	-0.01%	0.32%	-0.09%	-0.11%	-0.03%
Cost of Goods Sold+	39.77M	37.07M	50.95M	56.31M	53.5M	51.72M	71.54M	64.7M	55.47M	53.97M
COGS % of Revenue	0.89%	0.83%	0.84%	0.85%	0.82%	0.8%	0.84%	0.83%	0.8%	0.8%
Gross Profit+	4.79M	7.45M	9.71M	10.27M	11.86M	13.17M	13.95M	12.84M	13.9M	13.64M
Gross Margin %	0.11%	0.17%	0.16%	0.15%	0.18%	0.2%	0.16%	0.17%	0.2%	0.2%
Gross Profit Growth %	0.39%	0.55%	0.3%	0.06%	0.16%	0.11%	0.06%	-0.08%	0.08%	-0.02%
Operating Expenses+	10.14M	9.55M	7.91M	9.63M	10.45M	9.9M	11.06M	9.95M	10.12M	10.33M
OpEx % of Revenue	0.23%	0.21%	0.13%	0.14%	0.16%	0.15%	0.13%	0.13%	0.15%	0.15%
Selling, General & Admin	9.12M	8.86M	8.81M	9.46M	10.03M	10.31M	11.14M	10.97M	10.5M	11.28M
SG&A % of Revenue	0.2%	0.2%	0.15%	0.14%	0.15%	0.16%	0.13%	0.14%	0.15%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	571K	3.69M	-894K	174K	425K	-405K	-74K	-1.01M	-383K	-951K
Operating Income+	-5.35M	-2.1M	1.8M	-1.63M	1.41M	3.26M	2.76M	2.89M	3.79M	3.31M
Operating Margin %	-0.12%	-0.05%	0.03%	-0.02%	0.02%	0.05%	0.03%	0.04%	0.05%	0.05%
Operating Income Growth %	-0.04%	0.61%	1.86%	-1.91%	1.86%	1.31%	-0.15%	0.05%	0.31%	-0.12%
EBITDA+	-2.97M	32K	3.94M	480K	3.39M	5.02M	4.5M	4.6M	5.31M	4.83M
EBITDA Margin %	-0.07%	0%	0.06%	0.01%	0.05%	0.08%	0.05%	0.06%	0.08%	0.07%
EBITDA Growth %	-0.28%	1.01%	122.13%	-0.88%	6.05%	0.48%	-0.1%	0.02%	0.15%	-0.09%
D&A (Non-Cash Add-back)	2.37M	2.13M	2.14M	2.11M	1.97M	1.75M	1.74M	1.71M	1.52M	1.52M
EBIT	-4.6M	-1.78M	1.58M	408K	1.54M	8.71M	8.07M	3.13M	7.82M	2.43M
Net Interest Income+	498K	319K	267K	184K	218K	235K	245K	282K	669K	1.05M
Interest Income	498K	319K	267K	184K	218K	235K	245K	282K	669K	1.05M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	571K	3.69M	4.39M	3.88M	-2.36M	5.45M	5.31M	-573K	4.03M	7.99M
Pretax Income+	-4.78M	1.58M	6.2M	4.42M	-947K	8.71M	8.07M	2.31M	7.82M	11.3M
Pretax Margin %	-0.11%	0.04%	0.1%	0.07%	-0.01%	0.13%	0.09%	0.03%	0.11%	0.17%
Income Tax+	158K	209K	7K	144K	373K	475K	-165K	255K	110K	162K
Effective Tax Rate %	1.03%	0.87%	1%	0.97%	1.39%	0.95%	1.02%	0.89%	0.99%	0.99%
Net Income+	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.23M	2.06M	7.71M	11.14M
Net Margin %	-0.11%	0.03%	0.1%	0.06%	-0.02%	0.13%	0.1%	0.03%	0.11%	0.16%
Net Income Growth %	-0.76%	1.28%	3.5%	-0.31%	-1.31%	7.24%	0%	-0.75%	2.74%	0.44%
Net Income (Continuing)	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.23M	2.06M	7.71M	11.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.31	0.09	0.39	0.27	-0.08	0.51	0.51	0.13	0.48	0.70
EPS Growth %	-0.82%	1.29%	3.33%	-0.31%	-1.31%	7.15%	0%	-0.75%	2.69%	0.46%
EPS (Basic)	-0.31	0.09	0.39	0.27	-0.08	0.52	0.52	0.13	0.48	0.70
Diluted Shares Outstanding	16.06M	16.04M	15.98M	16.06M	15.91M	16.05M	16.14M	16.07M	16M	15.95M
Basic Shares Outstanding	15.92M	16.04M	15.88M	15.88M	15.91M	15.91M	15.93M	15.94M	15.94M	15.94M
Dividend Payout Ratio	-	1.63%	0.18%	0.37%	-	0.35%	0.39%	1.55%	0.41%	0.29%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	50.65M	56.09M	68.91M	69.96M	65.37M	78.69M	87.95M	81.16M	83.25M	96.49M
Cash & Short-Term Investments	30.89M	29.83M	32.47M	39.19M	42.74M	45.3M	43.88M	46.98M	57.91M	75.5M
Cash Only	12M	8.08M	15.19M	14.37M	22.51M	20.22M	13.46M	22.16M	15.75M	28.13M
Short-Term Investments	18.9M	21.75M	17.28M	24.82M	20.22M	25.07M	30.42M	24.82M	42.16M	47.37M
Accounts Receivable	9.47M	13.16M	16.09M	16.16M	12.3M	15.16M	18.34M	15.7M	12.18M	10.14M
Days Sales Outstanding	77.52	107.88	96.79	88.62	68.69	85.3	78.29	73.92	64.1	54.72
Inventory	8.11M	10.69M	12.93M	13.03M	8.58M	16.19M	23.82M	17.32M	12.13M	9.46M
Days Inventory Outstanding	74.46	105.23	92.65	84.46	58.52	114.28	121.53	97.73	79.85	64
Other Current Assets	2.03M	1.76M	1.75M	809K	1.32M	1.19M	978K	720K	623K	897K
Total Non-Current Assets+	36.92M	34.89M	31.49M	30.21M	30.01M	27.66M	27.59M	29.22M	27.82M	23.72M
Property, Plant & Equipment	32.35M	31.99M	31.49M	30.21M	28.59M	27.32M	27.02M	26.05M	24.6M	23.39M
Fixed Asset Turnover	1.38x	1.39x	1.93x	2.20x	2.29x	2.37x	3.16x	2.98x	2.82x	2.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	15.7M	0	0
Long-Term Investments	4.57M	2.9M	0	0	1.42M	332K	313K	2.91M	2.8M	0
Other Non-Current Assets	0	0	0	-30.21M	0	0	572K	-28.96M	0	0
Total Assets+	87.57M	90.99M	100.4M	100.17M	95.38M	107.86M	115.54M	110.38M	111.08M	120.21M
Asset Turnover	0.51x	0.49x	0.60x	0.66x	0.69x	0.60x	0.74x	0.70x	0.62x	0.56x
Asset Growth %	-0.09%	0.04%	0.1%	-0%	-0.05%	0.13%	0.07%	-0.04%	0.01%	0.08%
Total Current Liabilities+	10.76M	14.79M	19.12M	15.55M	14.31M	21.21M	23.97M	20.25M	16.43M	17.72M
Accounts Payable	2.23M	5.15M	8.6M	6.25M	4.6M	9.52M	9.84M	6.95M	5.21M	5.74M
Days Payables Outstanding	20.45	50.72	61.58	40.53	31.41	67.2	50.2	39.2	34.29	38.82
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.21M	2.84M	0	3.62M	2.45M	0	2.95M	1.99M	0	0
Current Ratio	4.71x	3.79x	3.60x	4.50x	4.57x	3.71x	3.67x	4.01x	5.07x	5.45x
Quick Ratio	3.95x	3.07x	2.93x	3.66x	3.97x	2.95x	2.68x	3.15x	4.33x	4.91x
Cash Conversion Cycle	131.54	162.38	127.86	132.54	95.8	132.37	149.62	132.45	109.66	79.89
Total Non-Current Liabilities+	3.65M	7.3M	775K	659K	751K	957K	659K	484K	476K	371K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	775K	659K	751K	957K	659K	484K	476K	371K
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	10.76M	14.79M	19.12M	16.2M	15.06M	22.17M	24.63M	20.73M	16.91M	18.09M
Total Debt+	0	0	0	0	0	0	0	0	0	0
Net Debt	-12M	-8.08M	-15.19M	-14.37M	-22.51M	-20.22M	-13.46M	-22.16M	-15.75M	-28.13M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-252.44x	-3.86x	-29.94x	-6.65x	-4.03x	-3.00x	-4.82x	-2.97x	-5.82x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	76.81M	76.2M	81.28M	83.96M	80.32M	85.69M	90.91M	89.65M	94.17M	102.12M
Equity Growth %	-0.09%	-0.01%	0.07%	0.03%	-0.04%	0.07%	0.06%	-0.01%	0.05%	0.08%
Book Value per Share	4.78	4.75	5.08	5.23	5.05	5.34	5.63	5.58	5.89	6.40
Total Shareholders' Equity	76.81M	76.2M	81.28M	83.96M	80.32M	85.69M	90.91M	89.65M	94.17M	102.12M
Common Stock	53.06M	53.06M	53.06M	53.06M	53.14M	53.14M	53.2M	53.2M	53.2M	53.2M
Retained Earnings	12.95M	12.64M	17.72M	20.4M	16.7M	22.06M	27.24M	25.98M	30.5M	38.45M
Treasury Stock	-2.51M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M	-2.82M
Accumulated OCI	5.3M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M	5.32M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	563K	-1.13M	5.7M	2.17M	13.12M	3.3M	-183K	13M	13.21M	13.53M
Operating CF Margin %	0.01%	-0.03%	0.09%	0.03%	0.2%	0.05%	-0%	0.17%	0.19%	0.2%
Operating CF Growth %	1.24%	-3%	6.05%	-0.62%	5.06%	-0.75%	-1.06%	72.03%	0.02%	0.02%
Net Income	-4.93M	1.38M	6.19M	4.27M	-1.32M	8.23M	8.36M	2.06M	7.71M	11.14M
Depreciation & Amortization	2.37M	2.09M	2.14M	2.11M	1.97M	1.75M	1.74M	1.71M	1.52M	1.52M
Stock-Based Compensation	199K	0	0	0	0	0	0	0	0	0
Deferred Taxes	21K	64K	-114K	-116K	92K	206K	-557K	-178K	-165K	-21K
Other Non-Cash Items	1.86M	-1.78M	296K	256K	6.2M	-2.66M	-1.98M	3.26M	-826K	-4.87M
Working Capital Changes	1.33M	-3.07M	-20K	-3.12M	6.18M	-4.24M	-7.75M	6.15M	4.97M	5.76M
Change in Receivables	95K	-4.32M	-2.08M	-225K	3.14M	-2.8M	-3.34M	2.72M	3.64M	2.14M
Change in Inventory	2.97M	-2.51M	-2.54M	-353K	4.03M	-7.61M	-7.6M	6.38M	5.22M	2.72M
Change in Payables	-1.12M	2.92M	3.44M	-2.34M	-1.65M	4.92M	316K	-2.89M	-1.74M	530K
Cash from Investing+	-1.21M	-234K	2.53M	-1.4M	-2.66M	-2.72M	-3.43M	-1.11M	-16.43M	2.04M
Capital Expenditures	-591K	-2.2M	-1.71M	-878K	-507K	-551K	-1.5M	-792K	-381K	-332K
CapEx % of Revenue	0.01%	0.05%	0.03%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.67M	1.52M	3M	-521K	0	0	0	0	232K	0
Cash from Financing+	-1.69M	-2.56M	-1.11M	-1.59M	-2.32M	-2.86M	-3.14M	-3.19M	-3.19M	-3.19M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.69M	-2.25M	-1.11M	-1.59M	-2.39M	-2.86M	-3.19M	-3.19M	-3.19M	-3.19M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	64K	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-28K	-3.32M	3.99M	1.29M	12.61M	2.75M	-1.69M	12.21M	12.83M	13.2M
FCF Margin %	-0%	-0.07%	0.07%	0.02%	0.19%	0.04%	-0.02%	0.16%	0.18%	0.2%
FCF Growth %	0.99%	-117.71%	2.2%	-0.68%	8.79%	-0.78%	-1.61%	8.24%	0.05%	0.03%
FCF per Share	-0.00	-0.21	0.25	0.08	0.79	0.17	-0.10	0.76	0.80	0.83
FCF Conversion (FCF/Net Income)	-0.11x	-0.82x	0.92x	0.51x	-9.94x	0.40x	-0.02x	6.31x	1.71x	1.22x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	25K	21K	85K	149K	160K	236K	68K	418K	227K	156K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-6.13%	1.8%	7.86%	5.17%	-1.61%	9.92%	9.32%	2.28%	8.39%	11.35%
Return on Invested Capital (ROIC)	-5.96%	-2.37%	2.01%	-1.81%	1.66%	3.97%	2.9%	2.99%	3.89%	3.26%
Gross Margin	10.75%	16.73%	16.01%	15.42%	18.15%	20.29%	16.32%	16.56%	20.04%	20.18%
Net Margin	-11.07%	3.09%	10.2%	6.42%	-2.02%	12.69%	9.63%	2.66%	11.11%	16.47%
FCF Conversion	-0.11x	-0.82x	0.92x	0.51x	-9.94x	0.40x	-0.02x	6.31x	1.71x	1.22x
Revenue Growth	17.05%	-0.1%	36.26%	9.75%	-1.82%	-0.74%	31.75%	-9.3%	-10.54%	-2.53%

Revenue by Segment

	2013	2014	2015	2023	2025
Segment Total Member	-	-	-	77.56M	-
Segment Total Member Growth	-	-	-	-	-
Electronic Products	26.74M	21.68M	18.41M	-	-
Electronic Products Growth	-	-18.91%	-15.10%	-	-
Metallic Parts	692K	-	1K	-	-
Metallic Parts Growth	-	-	-	-	-
Segment Total	55.21M	41.6M	-	-	-
Segment Total Growth	-	-24.64%	-	-	-
Injection Molded Plastic Parts	27.77M	19.92M	-	-	-
Injection Molded Plastic Parts Growth	-	-28.29%	-	-	-

Revenue by Geography

	2013	2014	2015	2023	2025
CHINA	22.5M	15.86M	16.12M	27.74M	22.45M
CHINA Growth	-	-29.51%	1.62%	72.10%	-19.08%
Europe	5.52M	6.2M	3.5M	13.29M	12.55M
Europe Growth	-	12.18%	-43.50%	279.61%	-5.60%
HONG KONG	3.81M	3.55M	5.5M	6.47M	6.91M
HONG KONG Growth	-	-6.90%	55.07%	17.53%	6.77%
UNITED STATES	17.15M	11.08M	9.91M	12.17M	6.08M
UNITED STATES Growth	-	-35.40%	-10.57%	22.80%	-50.03%
CANADA	-	-	-	4.7M	3.88M
CANADA Growth	-	-	-	-	-17.39%
Segments Geographical Location Other	3.17M	2.52M	2.02M	-	-
Segments Geographical Location Other Growth	-	-20.50%	-19.95%	-	-

Frequently Asked Questions

Valuation & Price

Deswell Industries, Inc. (DSWL) has a price-to-earnings (P/E) ratio of 5.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Deswell Industries, Inc. (DSWL) reported $137.0M in revenue for fiscal year 2025. This represents a 111% increase from $64.8M in 2012.

Deswell Industries, Inc. (DSWL) saw revenue decline by 2.5% over the past year.

Yes, Deswell Industries, Inc. (DSWL) is profitable, generating $18.8M in net income for fiscal year 2025 (16.5% net margin).

Dividend & Returns

Yes, Deswell Industries, Inc. (DSWL) pays a dividend with a yield of 5.76%. This makes it attractive for income-focused investors.

Deswell Industries, Inc. (DSWL) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Deswell Industries, Inc. (DSWL) generated $26.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.