Pegatron
ConvictionContext
Contract design + assembly of finished electronics for global OEMs (smartphones, notebooks/AI PCs, game consoles, AI servers, automotive electronics). High-volume, low-margin (gross ~4%, operating ~1%); revenue concentrated in a few large customers (Apple the largest), with net income amplified by non-operating investment income from subsidiaries/affiliates. Shifting mix from consumer devices toward higher-value AI servers and auto to lift structural margin.
Revenue
FY2025 NT$1.117T~$34.9B USD); TTM ~NT$1.09T (~$34BRev growth
-0.7% FY2025 YoYmulti-year drift down off the 2022 peak as iPhone/PC volumes normalizedGross margin
~4%FY2025); assembler-typical thin marginOp margin
~1.0%FY2025Capex intensity
Low~1-2% of revenue (asset-light assembler); rising modestly with the new US server line + automation buildoutMarket cap
~$7.1B USDTWSE: 4938; ~NT$227B), Jul 6 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence