GlobalWafers
ConvictionContext
Capital-intensive upstream materials manufacturer selling silicon wafers under a mix of long-term agreements (LTAs, often with customer prepayments) and spot; cyclical, commodity-plus-specialty economics where scale, yield and 300mm mix drive margin
Revenue
TWD 60.6B FY2025~$1.9B USD); Q1 FY2026 TWD 13.98B; revenue ttm ~TWD 59.0BRev growth
-3.2% FY2025 YoYTWD ~62.6B -> 60.6B); Q1 FY2026 -10.3% YoY, -3.6% QoQ; FY2026 guided flat-to-slightly-higherGross margin
24.1% FY2025down from ~31.6% FY2024); Q1 FY2026 20.8%; Q3 FY2025 dipped to ~18.4% on trial-production costs; Q4 FY2025 rebounded, aided by a one-time Italian government subsidyOp margin
14.3% FY2025down from ~22.5% FY2024); Q1 FY2026 ~10.5%Capex intensity
Very high through 2024-2025capex a large share of revenue during the build-out); management says capex has peaked and declines into 2026Market cap
~TWD 576-640B~$18-20B USD), Taipei Exchange (TPEX/OTC) ticker 6488; ~TWD 638B at the recent ~1,335 level, ~TWD 576B after the Jul 7 2026 pullback to ~1,205 (Jul 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