DSWL

MKT CAP:$53M

Deswell Industries, Inc.

Market Cap

$53M

Technology·Hardware, Equipment & Parts· Macau·NASDAQ

Technology·Hardware,·NASDAQ

Stock Price

$3.46+$0.06 (+1.76%)

Apr 22, 2026

Company Details

Deswell 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...

CEO

Kin Chung So

IPO Date

Jul 19, 1995

Website

www.deswell.com

Key Metrics TTM

Revenue

$132M

-17.7% YoY

Net Income

$23M

EPS (Diluted)

$1.42

Free Cash Flow

$23M

Revenue / Share

$8.31

Gross Margin

21.1%

Operating Margin

4.0%

Net Margin

17.2%

FCF Margin

17.4%

P/S

0.4x

P/E

2.3x

Earnings Reports

Q2 2026

Nov 13, 2025

$33M-5.5%EPS $0.47

FY 2025

Jul 29, 2025

$68M-2.5%EPS $0.70

Q4 2025

Mar 31, 2025

$32M+2.5%EPS $0.31

Q2 2025

Sep 30, 2024

$35M-6.8%EPS $0.38

FY 2024

Aug 9, 2024

$69M-10.5%EPS $0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$31M	$4M	$539.0K
Q2 19	$35M	$5M	$45.0K
Q4 19	$32M	$5M	$592.0K
Q2 20	$38M	$7M	$1M
Q4 20	$28M	$5M	$502.0K
Q2 21	$28M	$6M	$875.0K
Q4 21	$37M	$8M	$2M
Q2 22	$40M	$6M	$1M
Q4 22	$46M	$8M	$2M
Q2 23	$44M	$7M	$2M
Q4 23	$33M	$6M	$510.0K
Q2 24	$38M	$7M	$2M
Q4 24	$32M	$7M	-$419.0K
Q2 25	$35M	$7M	$2M
Q4 25	$32M	$7M	$1M
Q2 26	$33M	$8M	$2M

Valuation

Quarter	P/S	P/E
Q4 18	0.5x	7.1x
Q2 19	0.4x	5.6x
Q4 19	0.4x	5.1x
Q2 20	0.4x	6.6x
Q4 20	0.4x	18.1x
Q2 21	0.4x	30.9x
Q4 21	0.4x	7.7x
Q2 22	0.4x	5.4x
Q4 22	0.4x	3.2x
Q2 23	0.3x	3.7x
Q4 23	0.3x	5.1x
Q2 24	0.3x	5.5x
Q4 24	0.4x	5.5x
Q2 25	0.4x	3.2x
Q4 25	0.4x	2.8x
Q2 26	0.4x	2.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$4M	$2M
Q2 19	-$605.0K	-$834.0K
Q4 19	$3M	$2M
Q2 20	$3M	$2M
Q4 20	$11M	$10M
Q2 21	$4M	$4M
Q4 21	-$364.0K	-$830.0K
Q2 22	$443.0K	-$379.0K
Q4 22	-$626.0K	-$1M
Q2 23	$4M	$4M
Q4 23	$9M	$9M
Q2 24	$5M	$5M
Q4 24	$8M	$8M
Q2 25	$4M	$4M
Q4 25	$10M	$10M
Q2 26	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q4 18	$1M
Q2 19	$229.0K
Q4 19	$649.0K
Q2 20	$270.0K
Q4 20	$237.0K
Q2 21	$85.0K
Q4 21	$466.0K
Q2 22	$822.0K
Q4 22	$682.0K
Q2 23	$318.0K
Q4 23	$474.0K
Q2 24	$141.0K
Q4 24	$240.0K
Q2 25	$129.0K
Q4 25	$203.0K
Q2 26	$326.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+47.7%	+28.4%
Q2 19	+68.6%	+55.5%
Q4 19	+33.1%	+31.3%
Q2 20	+26.7%	+28.2%
Q4 20	-10.5%	-10.6%
Q2 21	-20.4%	-22.8%
Q4 21	+17.0%	+12.9%
Q2 22	+5.5%	+6.4%
Q4 22	+65.3%	+61.9%
Q2 23	+60.5%	+58.1%
Q4 23	-11.0%	-7.4%
Q2 24	-5.2%	-8.0%
Q4 24	-30.8%	-27.1%
Q2 25	-20.8%	-21.3%
Q4 25	-2.0%	-5.1%
Q2 26	-11.9%	-13.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 18	$4M	—
Q2 19	$5M	—
Q4 19	$5M	—
Q2 20	$5M	—
Q4 20	$5M	—
Q2 21	—	$5M
Q4 21	$15M	—
Q2 22	—	$5M
Q4 22	—	$6M
Q2 23	—	$6M
Q4 23	—	$5M
Q2 24	—	$5M
Q4 24	—	$5M
Q2 25	—	$5M
Q4 25	—	$6M
Q2 26	—	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 18	$15M	$17M	$32M
Q2 19	$15M	$22M	$38M
Q4 19	$14M	$25M	$39M
Q2 20	$13M	$25M	$38M
Q4 20	$23M	$20M	$43M
Q2 21	$19M	$27M	$46M
Q4 21	$20M	$27M	$47M
Q2 22	$17M	$29M	$46M
Q4 22	$13M	$30M	$44M
Q2 23	$16M	$23M	$39M
Q4 23	$22M	$25M	$47M
Q2 24	$17M	$33M	$51M
Q4 24	$16M	$42M	$58M
Q2 25	$13M	$52M	$66M
Q4 25	$28M	$47M	$76M
Q2 26	$23M	$56M	$80M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	16M	+1.3%	+0.2%
Q2 19	16M	-0.7%	-0.5%
Q4 19	16M	+1.1%	+0.8%
Q2 20	16M	-1.1%	+0.6%
Q4 20	16M	-0.4%	-1.1%
Q2 21	16M	+0.3%	-0.1%
Q4 21	16M	+0.2%	-0.9%
Q2 22	16M	+0.3%	+0.4%
Q4 22	16M	-0.0%	+0.8%
Q2 23	16M	-0.6%	-0.2%
Q4 23	16M	+0.4%	+0.0%
Q2 24	16M	-0.2%	-0.4%
Q4 24	16M	+0.3%	-0.1%
Q2 25	16M	-0.6%	0.0%
Q4 25	16M	+0.1%	-0.3%
Q2 26	16M	-0.1%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$23.1K	1K
Q2 19	$26.0K	1K
Q4 19	$26.4K	1K
Q2 20	$31.3K	1K
Q4 20	$25.0K	1K
Q2 21	$25.1K	1K
Q4 21	$32.9K	1K
Q2 22	$35.2K	1K
Q4 22	$46.2K	990
Q2 23	$44.9K	990
Q4 23	$35.2K	941
Q2 24	$40.1K	941
Q4 24	$34.7K	912
Q2 25	$38.6K	912
Q4 25	$40.8K	794
Q2 26	$41.9K	794

Revenue / Employee