DSWLNasdaqPlastics Products, NECFiscal year ends March 31
DESWELL INDUSTRIES INC
Financials through fiscal 2026, year ended Mar 31, 2026Last filing: 20-F on Jul 30, 2026
$3.03−0.08 (-2.57%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 4.5
- Dividend yield
- 6.60%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
22.4%+2.1 pts over 5 years
Operating margin
3.2%−1.8 pts over 5 years
Net margin
17.3%+4.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -9.3% | -7.4% | -1.1% | +3.2% | |
| Gross profit | +0.6% | +2.2% | +0.8% | +11.1% | |
| Operating income | -40.2% | -11.8% | -9.5% | – | |
| Net income | -4.6% | +72.8% | +5.2% | – | |
| EPS, diluted | -4.3% | +72.7% | +5.6% | – | |
| Free cash flow | -64.3% | -27.2% | +11.4% | – | |
| Dividend per share | 0.0% | 0.0% | +2.1% | +3.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 1.8% | 9.9% | 10.0% | |
| Return on assets | 1.5% | 8.1% | 8.5% | |
| Current ratio | 3.79 | 3.71 | 5.25 | |
| Inventory turnover | 3.9× | 4.2× | 4.5× | |
| Capex to revenue | 4.8% | 0.8% | 0.8% | |
| Diluted shares | 0M | 16M | 0M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Deswell Industries generated $45.12M from operations and spent $19.43M on capital expenditure, dividends and share buybacks. 18% of that went back into the business.
Generated
$45.12M
Used
$19.43M
Capital expenditure$3.49M18%Dividends$15.94M82%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin17.3%
×Asset turnover0.49×
×Equity multiplier1.18×
=Return on equity, FY202610.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 17.3% | 0.49× | 1.18× | 10.0% |
| FY2025 | 16.5% | 0.58× | 1.18× | 11.3% |
| FY2024 | 11.1% | 0.63× | 1.20× | 8.4% |
| FY2023 | 2.7% | 0.69× | 1.25× | 2.3% |
| FY2022 | 9.6% | 0.77× | 1.27× | 9.3% |
| FY2021 | 12.7% | 0.64× | 1.22× | 9.9% |
| FY2020 | -2.0% | 0.67× | 1.19× | -1.6% |
| FY2019 | 6.4% | 0.66× | 1.21× | 5.2% |
| FY2018 | 10.2% | 0.63× | 1.22× | 7.9% |
| FY2017 | 3.1% | 0.50× | 1.17× | 1.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
4of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$10.63M
- Cash generatingOperating cash flow above zero$5.20M
- Return on assets improvedROA up on the prior year10.0% → 8.8%
- Earnings backed by cashOperating cash flow above net income$5.20M vs $10.63M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.45 → 5.25
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year20.18% → 22.37%
- More efficientAsset turnover rose0.61 → 0.51