Phison Electronics
ConvictionContext
Designs NAND controller ASICs (fabbed at TSMC/UMC) plus firmware, and sells turnkey controller+NAND solutions and finished SSDs to NAND makers, module brands, PC/OEMs and enterprises. Buys NAND wafers from the memory makers (esp. Kioxia) rather than fabricating memory, so gross margin swings with the NAND price cycle. Expanding from consumer/client into higher-value enterprise SSD (Pascari) and AI (aiDAPTIV+).
Revenue
TTM ~US$3.1BTWD 99.79B, +77% YoY); FY2025 ~US$2.3B (TWD 72.66B, +23% YoYRev growth
TTM +77.4% YoYQ1 2026 revenue TWD 40.97B, +196% YoY on the NAND-shortage upcycle); FY2025 +23.3%Gross margin
Record ~61.3%in Q1 2026 (gross profit ~TWD 25B on rev ~41B) as surging NAND ASPs met cheaper prior-cycle inventory; ~43% in Q4 2025 (TWD 9.5B/22B); FY2025 blended far lowerOp margin
~13%in Q2 2025, expanding sharply into Q1 2026 with the gross-margin surge (exact full-year figure not disclosed in this pass); Q1 2026 net margin ~37% (NI 15.2B / rev 40.97BCapex intensity
Relatively asset-light vs NAND fabmakersfabless controllers; capex mainly for module/test/packaging capacity); exact ratio not disclosedMarket cap
~US$15.9BTWD ~506B, Taipei Exchange, Jul 2026The read
Where our coverage leans
Coverage leans bullish
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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