Tearsheet

Deswell Industries (DSWL)

Market Price (3/30/2026): $3.14 | Market Cap: $50.4 Mil
Sector: Materials | Industry: Paper & Plastic Packaging Products & Materials

Deswell Industries (DSWL)

Market Price (3/30/2026): $3.14
Market Cap: $50.4 Mil
Sector: Materials
Industry: Paper & Plastic Packaging Products & Materials

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -62%	Weak multi-year price returns 3Y Excs Rtn is -19%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -4.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10%
1	Attractive yield Dividend Yield is 3.4%		Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 89x
2	Low stock price volatility Vol 12M is 45%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%
3	Megatrend and thematic drivers Megatrends include Smart Buildings & Proptech, and 5G & Advanced Connectivity. Themes include IoT for Buildings, and Network Equipment.		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
4			Key risks DSWL key risks include [1] its significant operational exposure to political and economic uncertainties in China, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -62%
1	Attractive yield Dividend Yield is 3.4%
2	Low stock price volatility Vol 12M is 45%
3	Megatrend and thematic drivers Megatrends include Smart Buildings & Proptech, and 5G & Advanced Connectivity. Themes include IoT for Buildings, and Network Equipment.
4	Weak multi-year price returns 3Y Excs Rtn is -19%
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -4.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -10%
6	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 89x
7	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
9	Key risks DSWL key risks include [1] its significant operational exposure to political and economic uncertainties in China, Show more.

Valuation, Metrics & Events

	3/30/26	2025	2024	2023	2022
Share Price CYE	$3.14	$3.46	$2.38	$2.65	$3.11
Market Cap CYE ($ Mil)	50.4	55.6	38.2	42.5	51.1
Total Debt ($ Mil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Mil)	30.9	30.9	35.7	41.5	48.5
Enterprise Value ($ Mil)	19.5	55.6	38.2	42.5	51.1
Valuation Ratios
P/S TTM	1.1	1.2	1.0	1.0	1.0
P/EBIT TTM	-11.0	-12.1	-7.7	-6.4	-13.8
P/E TTM	-10.2	-11.3	-13.6	-5.7	-25.7
P/FCF TTM	-1,800.6	-1,984.1	-11.7	-15.6	6.9
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4	1.4	1.1
P/EBIT TTM (Sector)	5.5	5.8	6.6	6.7	5.4
P/E TTM (Sector)	-0.6	-0.7	4.1	7.5	4.8
P/FCF TTM (Sector)	5.0	4.8	6.1	4.8	1.8

	3/30/26	2025	2024
Share Price CYE	$3.14	$3.46	$2.38
Market Cap CYE ($ Mil)	50.4	55.6	38.2
Total Debt ($ Mil)	0.0	0.0	0.0
Total Cash ($ Mil)	30.9	30.9	35.7
Enterprise Value ($ Mil)	19.5	55.6	38.2
Valuation Ratios
P/S TTM	1.1	1.2	1.0
P/EBIT TTM	-11.0	-12.1	-7.7
P/E TTM	-10.2	-11.3	-13.6
P/FCF TTM	-1,800.6	-1,984.1	-11.7
Sector Ratios
P/S TTM (Sector)	1.8	1.5	1.4
P/EBIT TTM (Sector)	5.5	5.8	6.6
P/E TTM (Sector)	-0.6	-0.7	4.1
P/FCF TTM (Sector)	5.0	4.8	6.1

	DSWL	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	3.5%	7.3%
Rev Chg LTM	17.1%	6.7%
Rev Chg 3Y Avg	-4.4%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-10.3%	18.6%
CFO/Rev LTM	1.3%	20.7%
Net Inc Mgn	-11.1%	12.8%
VALUATION	LOW
P/S	1.1	3.1
P/CFO	89.5	14.8
P/FCF	-1,800.6	19.4
P/E	-10.2	23.7
STABILITY	VERY GOOD
Debt/Equity	0.00	0.22
Cash/Assets	0.35	0.07

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Metric

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Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Deswell Industries (DSWL) stock has lost about 15% since 11/30/2025 because of the following key factors:

1. Declining Sales Amid Softened Global Demand.

Deswell Industries reported a 5.5% decrease in net sales, reaching $33.2 million for the first half of fiscal 2026 (ended September 30, 2025), a decline from $35.2 million in the corresponding prior-year period. This reduction was notably driven by a 13.8% decrease in net sales within the plastic segment and a 3.9% decrease in the electronic segment. The company's CEO attributed this overall sales decline primarily to "softened worldwide demand" within a "challenging global economic landscape."

2. Negative Technical Outlook and Increased Short Interest.

The stock has exhibited several negative technical signals and is currently in a falling trend, leading to a "Strong Sell candidate" evaluation as of March 2026. Analysis indicates a general sell signal from its long-term moving average. Additionally, investor sentiment appears to have decreased, evidenced by a recent 10.39% increase in short interest in Deswell Industries.

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Stock Movement Drivers

Fundamental Drivers

The -14.3% change in DSWL stock from 11/30/2025 to 3/29/2026 was primarily driven by a -14.3% change in the company's P/S Multiple.

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	3.63	3.11	-14.3%
Change Contribution By:
Total Revenues ($ Mil)	45	45	0.0%
P/S Multiple	1.3	1.1	-14.3%
Shares Outstanding (Mil)	16	16	0.0%
Cumulative Contribution			-14.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
DSWL	-14.3%
Market (SPY)	-5.3%	9.6%
Sector (XLB)	10.0%	2.0%

Fundamental Drivers

The -15.9% change in DSWL stock from 8/31/2025 to 3/29/2026 was primarily driven by a -15.9% change in the company's P/S Multiple.

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	3.70	3.11	-15.9%
Change Contribution By:
Total Revenues ($ Mil)	45	45	0.0%
P/S Multiple	1.3	1.1	-15.9%
Shares Outstanding (Mil)	16	16	0.0%
Cumulative Contribution			-15.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
DSWL	-15.9%
Market (SPY)	0.6%	13.2%
Sector (XLB)	7.1%	4.0%

Fundamental Drivers

The 39.6% change in DSWL stock from 2/28/2025 to 3/29/2026 was primarily driven by a 39.6% change in the company's P/S Multiple.

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	2.23	3.11	39.6%
Change Contribution By:
Total Revenues ($ Mil)	45	45	0.0%
P/S Multiple	0.8	1.1	39.6%
Shares Outstanding (Mil)	16	16	0.0%
Cumulative Contribution			39.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
DSWL	39.6%
Market (SPY)	9.8%	12.3%
Sector (XLB)	12.4%	10.8%

Fundamental Drivers

The 33.2% change in DSWL stock from 2/28/2023 to 3/29/2026 was primarily driven by a 33.2% change in the company's P/S Multiple.

(LTM values as of)	2282023	3292026	Change
Stock Price ($)	2.33	3.11	33.2%
Change Contribution By:
Total Revenues ($ Mil)	45	45	0.0%
P/S Multiple	0.8	1.1	33.2%
Shares Outstanding (Mil)	16	16	0.0%
Cumulative Contribution			33.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
DSWL	33.2%
Market (SPY)	69.4%	9.2%
Sector (XLB)	26.8%	10.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
DSWL Return	38%	-14%	-8%	-3%	55%	-11%	45%
Peers Return	25%	12%	26%	49%	41%	16%	328%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
DSWL Win Rate	58%	42%	42%	58%	50%	33%
Peers Win Rate	55%	55%	60%	60%	58%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
DSWL Max Drawdown	0%	-21%	-27%	-18%	-9%	-12%
Peers Max Drawdown	-7%	-21%	-15%	-10%	-23%	-5%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: JBL, FLEX, SANM, BHE, PLXS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	DSWL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-60.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	153.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	210 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-30.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	43.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	456 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-90.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	971.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to JBL, FLEX, SANM, BHE, PLXS

In The Past

Deswell Industries's stock fell -60.5% during the 2022 Inflation Shock from a high on 6/23/2021. A -60.5% loss requires a 153.4% gain to breakeven.

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About Deswell Industries (DSWL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 operates in two segments, Plastic Injection Molding and Electronic Products Assembling. The company produces a range of plastic parts and components that are used in the manufacture of consumer and industrial products, which include plastic components for electronic entertainment products, power tools, accessories, and outdoor equipment; cases for flashlights, telephones, paging machines, projectors, and alarm clocks; parts for electrical products, such as air-conditioning and ventilators, as well as parts for audio equipment, and cases and key tops for personal organizers and remote controls; double injection caps; parts for medical products comprising apparatus for blood tests; laser key caps; automobile components; and plastic components of automatic robot. It also provides electronic products that consist of audio equipment, including digital and analogue mixing consoles, amplifiers, signal processors, audio interfaces, network audio equipment, and speaker enclosures; consumer audio products, such as multi-channel receivers-amplifiers, and wired and wireless audio streaming products; printed circuit board assemblies; and IoT products. The company sells its products primarily in China, the United States, Hong Kong, the United Kingdom, Norway, Holland, and Canada. Deswell Industries, Inc. was founded in 1987 and is based in Macau.

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They're like a Foxconn that also specializes in making a huge variety of custom plastic components for products ranging from power tools to medical devices.

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Injection-Molded Plastic Parts: Manufactures a range of plastic components for consumer, industrial, medical, and automotive products, including cases for electronics, power tools, and medical apparatus.
Metallic Molds: Produces metallic molds and accessory parts primarily used in the manufacturing of plastic components.
Professional Audio Equipment: Assembles audio equipment such as digital/analogue mixing consoles, amplifiers, signal processors, audio interfaces, and speaker enclosures.
Consumer Audio Products: Provides consumer-focused audio products including multi-channel receivers-amplifiers and wired/wireless audio streaming devices.
Printed Circuit Board Assemblies (PCBAs): Manufactures printed circuit board assemblies, which are core components for various electronic products.
IoT Products: Develops and assembles products related to the Internet of Things.

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Deswell Industries (DSWL) sells primarily to other companies, specifically original equipment manufacturers (OEMs) and contract manufacturers (CMs).

Based on the provided background information, the names of its specific major customer companies are not listed.

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Edward K.C. So, Chief Executive Officer

Edward K.C. So was appointed Chief Executive Officer of Deswell Industries in December 2013. He directly owns 0.31% of the company's shares.

Karen C.Y. Chan, Chief Financial Officer

Karen C.Y. Chan was appointed Chief Financial Officer of Deswell Industries, effective February 2, 2026. She brings over 20 years of extensive financial experience, specializing in accounting, mergers and acquisitions, and initial public offerings for Hong Kong-listed companies. Ms. Chan began her career at Deloitte Touche Tohmatsu and first joined Deswell in 2004, serving as Finance and Administration Manager for a key subsidiary for four years. Most recently, she held the position of Chief Financial Officer at SIM Technology Group Ltd. Ms. Chan holds a Bachelor of Business Administration in Accountancy and a Master of Science in Finance from The Chinese University of Hong Kong and is a member of the Hong Kong Institute of Certified Public Accountants.

Wai Ming Lau, Chairman of the Board

Ms. Wai Ming Lau was elected Chairman of the Board of Deswell Industries, effective February 19, 2024. She was elected to the Board of Directors by the company's shareholders on February 6, 2024. Prior to joining Deswell, Ms. Lau was an Executive Director at PAG Consulting, where she led Global Human Capital operations. She also spent over 13 years at Goldman Sachs, including a role as an Executive Director in the Finance Division. Earlier in her career, Ms. Lau worked at Deloitte Touche Tohmatsu in its Assurance and Tax Advisory Services division for seven years, culminating in a managerial position. She was accredited by The American Institute of Certified Public Accountants in 2003 and received her bachelor's degree in accountancy from The George Washington University in 2001.

Chin Pang Li, Executive Director

Mr. Chin Pang Li has served Deswell Industries as a Member of the Board of Directors and in various executive capacities since its inception in 1987. He became Secretary of the company in February 1995 and Chief Financial Officer in May 1995, a position he held until March 31, 2006. Mr. Li received his Bachelor of Science degree from Chun Yan Institute College, Taiwan in 1967.

Yiu Sing Poon, General Manager (Plastic Operations)

Mr. Yiu Sing Poon has been working in one of Deswell Industries' major subsidiaries since 2002 and was appointed as a General Manager of a major subsidiary since 2022. He has been working in the plastic injection manufacturing industrial field for 21 years and received his bachelor's degree in mechanical engineering design from Northeastern University in Massachusetts in 2002.

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The key risks for Deswell Industries (DSWL) are:

Dependence on Original Equipment Manufacturers (OEMs) and Contract Manufacturers, and Fluctuations in End-Market Demand: Deswell Industries manufactures and sells components and subassemblies to original equipment manufacturers and contract manufacturers across various industries. This business model inherently ties its success to the production volumes and market demand experienced by its customers. Any reduction in orders from major customers, changes in customer sourcing strategies, or cyclical downturns in the end markets served by their customers (such as consumer electronics, industrial products, or medical devices) could significantly impact Deswell’s revenues and profitability.
Exposure to Rapid Technological Change and Intense Competition in Electronic Products: The company’s Electronic Products Assembling segment produces a range of electronic goods, including digital and analog mixing consoles, amplifiers, audio interfaces, network audio equipment, consumer audio products, printed circuit board assemblies, and IoT products. These markets are characterized by rapid technological advancements, evolving consumer preferences, and intense competition. Failure to innovate, adapt to new technologies, or offer competitively priced products could lead to obsolescence and a decline in demand for their electronic offerings.
Geopolitical and Macroeconomic Risks, Including International Trade Policies and Economic Conditions: Deswell Industries is based in Macau and sells its products primarily in China, the United States, Hong Kong, the United Kingdom, Norway, Holland, and Canada. This international presence exposes the company to various geopolitical and macroeconomic risks, including trade tariffs, protectionist policies, currency fluctuations, and economic slowdowns in key markets. Tensions between countries, such as trade disputes between the U.S. and China, could disrupt supply chains, increase operational costs, or reduce demand in significant sales regions.

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Deswell Industries (DSWL) operates in several addressable markets related to its manufacturing of injection-molded plastic parts, electronic products, and metallic molds.

Here are the estimated market sizes for their main products and services:

Plastic Injection Molding: The global injection molded plastic market was valued at approximately USD 346.9 billion in 2024. Another estimate places the global injection molding market size at USD 298.7 billion in 2024. This market is projected to grow to USD 485.27 billion by 2033, with a compound annual growth rate (CAGR) of 3.8% from 2026 to 2033. Asia Pacific held the largest revenue share in the injection molding market in 2024.

For plastics used specifically in electronic components, the global market was estimated at USD 37.72 billion in 2023 and is projected to reach USD 53.27 billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030. The global plastics in consumer electronics market size is estimated at USD 6.77 billion in 2025 and is predicted to increase to approximately USD 9.82 billion by 2035. Another source valued the global Plastics in Consumer Electronics Market Size at USD 14.49 billion in 2023, expected to reach USD 27.20 billion by 2033.
Electronic Products:
- Professional Audio Equipment: The global professional audio equipment market size was valued at USD 16.32 billion in 2024 and is expected to expand at a CAGR of 5.9% from 2025 to 2032, reaching USD 25.83 billion by 2032.
- Consumer Audio Products: The global consumer audio market size was valued at USD 112.84 billion in 2024 and is expected to grow to USD 343.60 billion by 2033, exhibiting a CAGR of 13.17% from 2025 to 2033. Another estimate for the global consumer audio market in 2024 is USD 93.9 billion.
- Printed Circuit Board (PCB) Assemblies: The global PCB assembly market was valued at USD 98.9 billion in 2024 and reached USD 103.6 billion in 2025. It is projected to reach USD 176.6 billion by 2035, growing at a CAGR of 5.5% from 2026 to 2035.
- IoT Products: The global Internet of Things (IoT) market size reached USD 1,022.6 billion in 2024. It is expected to reach USD 3,486.8 billion by 2033, exhibiting a growth rate (CAGR) of 14.6% during 2025-2033. Another source indicates the global Internet of Things (IoT) market size was valued at USD 1.18 trillion in 2023 and is projected to reach USD 2.65 trillion by 2030.
Metallic Molds: The global market for metal molds for plastic injection was valued at approximately USD 6.14 billion in 2024 and is expected to reach USD 8.87 billion by 2032. This market is projected to grow at a CAGR of roughly 4.17% between 2025 and 2032.

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Deswell Industries (DSWL) anticipates future revenue growth over the next two to three years will be primarily driven by strategic initiatives aimed at expanding its market presence and product portfolio. These expected drivers include:

Expansion of Customer Base: Deswell Industries plans to grow its revenue by strategically expanding its overall customer base.
Broadening Product Offerings: The company expects to drive future revenue through the expansion of its product offerings.
Focus on the Commercial Audio Market: A specific area of growth for Deswell Industries is an increased focus on product offerings within the commercial audio market. This aligns with the company's existing Electronic Products Assembling segment, which includes various audio equipment.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Deswell Industries' shares outstanding remained largely stable from 2021 to 2026, suggesting no significant share repurchases during this period.
A buyback yield of 0.17% was noted, but specific dollar amounts or program details for recent years were not readily available.

Share Issuance

The company's shares outstanding remained consistently around 15.94 million from 2021 to 2026, indicating no significant share issuances.

Capital Expenditures

Capital expenditures were $1 million in fiscal year 2021, $2 million in fiscal year 2022, $1 million in fiscal year 2023, and $0 for both fiscal years 2024 and 2025.
For the upcoming fiscal years, Deswell Industries projects annual capital expenditures of $1 million from 2026 through 2030.
In the most recent 12-month period, capital expenditures were approximately $529,000.

Interactive Breakdown

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Better Bets vs. Deswell Industries (DSWL)

INDUSTRY: Paper & Plastic Packaging Products & Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

SW (55.1% | 0.7x)

Smurfit WestRock

IP (9.2% | 0.8x)

International Paper

CCK (-1.4% | 0.9x)

Crown

SON (10.7% | 0.7x)

Sonoco Products

AMCR (11.7% | 0.2x)

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

SW (55.1% | 0.7x)

Smurfit WestRock

IP (9.2% | 0.8x)

International Paper

CCK (-1.4% | 0.9x)

Crown

CE (0.0% | 0.7x)

Celanese

CMC (-4.3% | 0.8x)

Commercial Metals

Higher Rev Chg LTM (Value for DSWL: 17.1%)

AU (70.8%)

Anglogold Ashanti

AEM (43.7%)

Agnico Eagle Mines

B (31.2%)

Barrick Mining

NEM (21.3%)

Newmont

SCCO (17.4%)

Southern Copper

Higher Rev Chg 3Y Avg (Value for DSWL: -4.4%)

AEM (28.1%)

Agnico Eagle Mines

NEM (26.2%)

Newmont

SCCO (10.5%)

Southern Copper

FCX (4.5%)

Freeport-McMoRan

LIN (0.6%)

Linde

Higher Op Mgn LTM (Value for DSWL: -10.3%)

AEM (53.0%)

Agnico Eagle Mines

SCCO (52.2%)

Southern Copper

NEM (48.6%)

Newmont

LIN (27.2%)

Linde

FCX (25.1%)

Freeport-McMoRan

Higher CFO/Rev LTM (Value for DSWL: 1.3%)

AEM (57.2%)

Agnico Eagle Mines

NEM (45.6%)

Newmont

SCCO (35.4%)

Southern Copper

LIN (30.5%)

Linde

FCX (21.6%)

Freeport-McMoRan

Higher FCF/Rev LTM (Value for DSWL: -0.1%)

AEM (35.8%)

Agnico Eagle Mines

NEM (32.2%)

Newmont

SCCO (25.5%)

Southern Copper

LIN (15.0%)

Linde

FCX (4.3%)

Freeport-McMoRan

Higher Total Yield (Value for DSWL: -6.5%)

NEM (7.4%)

Newmont

AEM (5.4%)

Agnico Eagle Mines

SCCO (5.0%)

Southern Copper

LIN (4.2%)

Linde

FCX (3.8%)

Freeport-McMoRan

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

UNH (11.4% | 0.5x)

UnitedHealth

DELL (4.4% | 1.0x)

Dell Technologies

MCK (13.3% | 0.3x)

McKesson

CMCSA (0.6% | 0.8x)

Comcast

CVS (7.7% | 0.2x)

CVS Health

Higher Rev Chg LTM (Value for DSWL: 17.1%)

MU (85.5%)

Micron Technology

NVDA (65.5%)

NVIDIA

LLY (44.7%)

Eli Lilly

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

Higher Rev Chg 3Y Avg (Value for DSWL: -4.4%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for DSWL: -10.3%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for DSWL: 1.3%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for DSWL: -0.1%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for DSWL: -6.5%)

MSFT (5.5%)

Microsoft

GOOGL (4.3%)

Alphabet

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Amazon.com

AAPL (3.6%)

Apple

NVDA (3.0%)

NVIDIA

Best Bets in Materials

What You Pay

P/EBIT (Value for DSWL: -10.9x)

RGLD (31.7x)

Royal Gold

SCCO (19.2x)

Southern Copper

USLM (22.5x)

United States Lime & Minerals

CF (8.9x)

CF Industries

NEU (9.8x)

NewMarket

NEM (9.6x)

Newmont

EXP (9.8x)

Eagle Materials

SMG (9.3x)

Scotts Miracle Gro

B (7.0x)

Barrick Mining

CBT (6.4x)

Cabot

P/E (Value for DSWL: -10.1x)

RGLD (41.0x)

Royal Gold

SCCO (31.6x)

Southern Copper

USLM (26.4x)

United States Lime & Minerals

CF (14.6x)

CF Industries

NEU (14.0x)

NewMarket

NEM (15.7x)

Newmont

EXP (13.5x)

Eagle Materials

SMG (39.1x)

Scotts Miracle Gro

B (13.0x)

Barrick Mining

CBT (12.6x)

Cabot

What You Get

Rev Chg 3Y Avg (Value for DSWL: -4.4%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

SMG (-4.6%)

Scotts Miracle Gro

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

Rev Chg LTM (Value for DSWL: 17.1%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

SMG (-4.5%)

Scotts Miracle Gro

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

Rev Chg Q (Value for DSWL: 3.5%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

SMG (-3.3%)

Scotts Miracle Gro

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

FCF/Rev 3Y Avg (Value for DSWL: -5.1%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

SMG (13.2%)

Scotts Miracle Gro

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold Deswell Industries Stock If It Fell Another 30%?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to DSWL.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
IP_1312026_Insider_Buying_45D_2Buy_200K	01312026	IP	International Paper	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	9.1%	9.1%	0.0%
B_1302026_Quality_Momentum_RoomToRun_10%	01302026	B	Barrick Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	11.7%	11.7%	-4.0%
AMR_12312025_Insider_Buying_45D_2Buy_200K	12312025	AMR	Alpha Metallurgical Resources	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	-18.6%	-18.6%	-18.6%
EMN_12262025_Dip_Buyer_ValueBuy	12262025	EMN	Eastman Chemical	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	18.9%	18.9%	0.0%
AMCR_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	AMCR	Amcor	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.2%	19.2%	-0.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	DSWL	JBL	FLEX	SANM	BHE	PLXS	Median
Name	Deswell .	Jabil	Flex	Sanmina	Benchmar.	Plexus
Mkt Price	3.11	261.10	64.80	130.90	55.61	199.17	97.85
Mkt Cap	0.0	27.9	23.9	7.1	2.0	5.3	6.2
Rev LTM	45	31,113	26,835	9,312	2,659	4,127	6,719
Op Inc LTM	-5	1,528	1,358	423	106	210	316
FCF LTM	-0	1,185	1,162	518	85	76	302
FCF 3Y Avg	-2	1,061	991	279	113	193	236
CFO LTM	1	1,651	1,705	735	124	180	458
CFO 3Y Avg	-1	1,749	1,518	446	162	295	370

Growth & Margins

	DSWL	JBL	FLEX	SANM	BHE	PLXS	Median
Name	Deswell .	Jabil	Flex	Sanmina	Benchmar.	Plexus
Rev Chg LTM	17.1%	13.2%	4.9%	20.9%	0.1%	4.4%	9.0%
Rev Chg 3Y Avg	-4.4%	-2.6%	-1.6%	3.7%	-2.7%	0.4%	-2.1%
Rev Chg Q	3.5%	18.7%	7.7%	59.0%	7.2%	9.6%	8.6%
QoQ Delta Rev Chg LTM	0.6%	4.4%	1.9%	14.6%	1.8%	2.3%	2.1%
Op Mgn LTM	-10.3%	4.9%	5.1%	4.5%	4.0%	5.1%	4.7%
Op Mgn 3Y Avg	-13.2%	4.8%	4.1%	4.7%	4.2%	5.0%	4.4%
QoQ Delta Op Mgn LTM	-2.3%	0.1%	0.1%	-0.3%	0.1%	-0.0%	0.0%
CFO/Rev LTM	1.3%	5.3%	6.4%	7.9%	4.7%	4.4%	5.0%
CFO/Rev 3Y Avg	-3.2%	5.7%	5.8%	5.1%	6.0%	7.3%	5.8%
FCF/Rev LTM	-0.1%	3.8%	4.3%	5.6%	3.2%	1.8%	3.5%
FCF/Rev 3Y Avg	-5.1%	3.5%	3.8%	3.2%	4.2%	4.8%	3.6%

Valuation

	DSWL	JBL	FLEX	SANM	BHE	PLXS	Median
Name	Deswell .	Jabil	Flex	Sanmina	Benchmar.	Plexus
Mkt Cap	0.0	27.9	23.9	7.1	2.0	5.3	6.2
P/S	1.1	0.9	0.9	0.8	0.7	1.3	0.9
P/EBIT	-10.9	25.0	18.1	20.0	24.3	25.8	22.1
P/E	-10.1	39.7	28.1	30.8	79.8	30.2	30.5
P/CFO	88.7	16.9	14.0	9.6	16.0	29.6	16.5
Total Yield	-6.5%	2.5%	3.6%	3.2%	1.3%	3.3%	2.9%
Dividend Yield	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-5.0%	5.7%	6.4%	5.2%	8.3%	4.9%	5.4%
D/E	0.0	0.1	0.2	0.3	0.2	0.0	0.1
Net D/E	-0.6	0.1	0.1	0.1	-0.0	-0.0	0.0

Returns

	DSWL	JBL	FLEX	SANM	BHE	PLXS	Median
Name	Deswell .	Jabil	Flex	Sanmina	Benchmar.	Plexus
1M Rtn	-13.6%	-1.5%	2.8%	-15.7%	-3.8%	2.6%	-2.6%
3M Rtn	-11.6%	10.6%	2.3%	-15.2%	24.7%	29.1%	6.5%
6M Rtn	-19.5%	21.1%	14.0%	14.7%	45.1%	39.0%	17.9%
12M Rtn	42.6%	92.3%	95.3%	70.8%	45.6%	55.9%	63.3%
3Y Rtn	48.1%	203.1%	296.1%	119.7%	153.2%	109.2%	136.4%
1M Excs Rtn	-8.1%	3.8%	10.3%	-11.1%	1.8%	7.9%	2.8%
3M Excs Rtn	-2.3%	19.5%	10.1%	-6.9%	32.5%	37.5%	14.8%
6M Excs Rtn	-15.7%	27.9%	18.3%	19.3%	49.6%	44.9%	23.6%
12M Excs Rtn	28.7%	70.3%	71.7%	55.2%	30.5%	41.4%	48.3%
3Y Excs Rtn	-19.2%	157.6%	252.5%	66.5%	96.0%	48.5%	81.2%

FDIC Bank Data

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2016	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	7/27/2016	7/29/2025	8/9/2024	7/28/2023	7/28/2022	7/23/2021	7/17/2020
Key Financials
Total Revenue	45	68	69	77	86	65	65
EBITDA	-2	4	5	4	5	4	4
Operating Income	-5	2	3	2	3	2	2
Net Income	-5	11	8	2	8	8	-1
EPS	-0.31	0.70	0.48	0.13	0.52	0.52	-0.08
Growth Rates
Total Revenue Growth	17.1%	-2.5%	-10.3%	-10.1%	32.5%	-0.7%	-1.8%
EBITDA Growth	-3.7%	-18.6%	27.2%	-16.6%	8.4%	19.9%	39.3%
Operating Income Growth	7.5%	-26.9%	58.2%	-25.8%	15.2%	59.6%	277.7%
Net Income Growth	-75.7%	44.5%	274.4%	-75.0%	0.0%	723.6%	-130.9%
Margins
EBITDA Margin	-5.0%	5.8%	7.0%	4.9%	5.3%	6.5%	5.4%
Operating Income Margin	-10.3%	3.6%	4.8%	2.7%	3.3%	3.8%	2.4%
Net Income Margin	-11.1%	16.5%	11.1%	2.7%	9.6%	12.7%	-2.0%
Cash & Debt
Total Cash	31	76	58	47	44	45	43
Total Debt	0	0	0	0	0	0	0
Net Debt / (Cash)	-31	-76	-58	-47	-44	-45	-43
Cash Flows
Net Cash from Operations	1	14	13	13	-0	3	13
Free Cash from Operations	-0	13	13	12	-2	3	13
Returns to Shareholders
Dividends	2	3	3	3	3	3	2
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 3/31	2016Q4	2016Q3	2016Q2	2016Q1	2015Q4	2015Q3	2015Q2	2015Q1	2014Q4	2014Q3	2014Q2	2014Q1
Period End	3/31/2016	12/31/2015	9/30/2015	6/30/2015	3/31/2015	12/31/2014	9/30/2014	6/30/2014	3/31/2014	12/31/2013	9/30/2013	6/30/2013
Filing Date	7/27/2016	3/11/2016	11/12/2015	9/4/2015	7/28/2015	2/13/2015	1/8/2015	8/22/2014	7/11/2014	2/25/2014	11/13/2013	8/30/2013
Key Financials Quarterly
Total Revenue	8	13	12	11	8	11	10	9	7	11	12	11
Ebitda	-1	-0	-0	-1	0	-1	-1	-0	-1	-1	-1	-1
Operating Income	-1	-1	-1	-1	-0	-2	-2	-1	-1	-1	-2	-2
Net Income	-1	-0	-2	-1	0	-1	-2	0	-3	-1	-1	-2
EPS	-0.07	-0.02	-0.15	-0.07	0.00	-0.07	-0.11	0.00	-0.19	-0.09	-0.08	-0.11
Key Financials TTM
Total Revenue TTM	45	44	43	40	38	37	37	39	41	43	46	50
Ebitda TTM	-2	-1	-2	-3	-2	-3	-3	-2	-3	-4	-3	-1
Operating Income TTM	-5	-4	-4	-5	-5	-6	-6	-6	-7	-8	-7	-5
Net Income TTM	-5	-4	-5	-4	-3	-6	-6	-6	-7	-6	-5	-4
Growth Rates Quarterly
Total Revenue Growth	3.5%	15.5%	21.4%	26.3%	12.6%	1.0%	-14.1%	-19.7%	-18.2%	-22.1%	-27.2%	-23.2%
EBITDA Growth	-445.6%	76.8%	77.8%	-152.5%	140.2%	-56.4%	-25.4%	59.0%	55.3%	-328.7%	-197.8%	-207.5%
Operating Income Growth	-257.4%	50.2%	53.8%	-35.0%	71.8%	-9.5%	0.3%	39.8%	40.4%	-88.3%	-1206.3%	-429.6%
Net Income Growth	-9000.0%	73.1%	-39.5%	-7935.7%	100.4%	20.3%	-38.6%	100.8%	-56.1%	-543.0%	-749.7%	-4400.0%
Margins Quarterly
EBITDA Margin	-10.7%	-1.7%	-2.0%	-7.6%	3.2%	-8.6%	-11.1%	-3.8%	-9.0%	-5.6%	-7.6%	-7.4%
Operating Income Margin	-17.5%	-6.5%	-6.9%	-13.0%	-5.1%	-15.0%	-18.1%	-12.2%	-20.2%	-13.8%	-15.6%	-16.2%
Net Income Margin	-13.8%	-2.4%	-19.2%	-9.7%	0.2%	-10.5%	-16.7%	0.2%	-43.2%	-13.3%	-10.3%	-15.5%
Cash & Debt
Total Cash	31	30	32	34	36	38	38	40	41	42	44	46
Total Debt	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt / (Cash)	-31	-30	-32	-34	-36	-38	-38	-40	-41	-42	-44	-46
Cash Flows Quarterly
FCF from Operations	2	0	0	-2	-0	-0	-1	-1	0	-0	-1	-1
Cash Flows TTM
FCF from Operations TTM	1	-2	-3	-4	-2	-2	-2	-2	-2	0	6	7
Returns to Shareholders Quarterly
Dividends	0	1	1	0	1	0	1	1	1	1	2	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	0	1	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	-19.2%	-9.6%	-10.7%	-19.6%	-5.7%	-25.1%	-28.8%	-3.5%	-29.6%	-27.3%	-36.6%	-41.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-15.1%	-10.5%	-13.6%	-17.8%	-19.3%	-23.3%	-22.9%	-25.1%	-33.5%	-34.9%	-34.0%	-29.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Electronic products	57	62	63	45	40
Injection molded plastic parts	12	16	23	20	25
Sales eliminations		-0
Total	69	77	86	65	65

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Electronic products	6
Injection molded plastic parts	-1
Corporate expenses	-1
Total	4

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Injection molded plastic parts	63	68	74	73	67
Electronic products	48	42	41	35	29
Total	111	110	115	108	95

Price Behavior

Price Behavior

Market Price	$3.11
Market Cap ($ Bil)	0.0
First Trading Date	07/19/1995
Distance from 52W High	-26.2%
	50 Days	200 Days
DMA Price	$3.42	$3.34
DMA Trend	up	indeterminate
Distance from DMA	-9.0%	-6.8%
	3M	1YR
Volatility	42.9%	45.1%
Downside Capture	0.33	0.09
Upside Capture	-4.21	47.32
Correlation (SPY)	10.8%	12.7%

DSWL Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	-0.06	-0.48	-0.45	0.12	0.21	0.19
Up Beta	-1.47	-2.89	-2.27	-0.68	-0.04	-0.02
Down Beta	-0.91	-0.43	-0.04	-0.02	0.57	0.77
Up Capture	118%	16%	-19%	29%	34%	3%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	10	19	27	57	117	338
Down Capture	-4%	12%	-18%	52%	-2%	-15%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	10	20	28	61	116	350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DSWL
DSWL	40.4%	44.9%	0.88	-
Sector ETF (XLB)	14.6%	20.9%	0.55	10.9%
Equity (SPY)	14.5%	18.9%	0.59	12.7%
Gold (GLD)	50.2%	27.7%	1.46	8.8%
Commodities (DBC)	17.8%	17.6%	0.85	9.5%
Real Estate (VNQ)	0.4%	16.4%	-0.15	10.5%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	2.2%

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Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DSWL
DSWL	3.2%	40.0%	0.19	-
Sector ETF (XLB)	6.7%	18.9%	0.25	8.3%
Equity (SPY)	11.8%	17.0%	0.54	7.1%
Gold (GLD)	20.7%	17.7%	0.96	3.0%
Commodities (DBC)	11.6%	18.9%	0.50	7.1%
Real Estate (VNQ)	3.0%	18.8%	0.07	6.8%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	5.8%

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Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with DSWL
DSWL	12.5%	36.7%	0.43	-
Sector ETF (XLB)	10.1%	20.6%	0.44	9.1%
Equity (SPY)	14.0%	17.9%	0.67	8.0%
Gold (GLD)	13.3%	15.8%	0.70	2.5%
Commodities (DBC)	8.2%	17.6%	0.39	6.0%
Real Estate (VNQ)	4.7%	20.7%	0.19	8.1%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	5.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	0.0 Mil
Short Interest: % Change Since 2282026	-99.0%
Average Daily Volume	0.0 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	16.1 Mil
Short % of Basic Shares	0.0%

Returns Analyses

	Title
0	Would You Still Hold Deswell Industries Stock If It Fell Another 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	11/13/2025	6-K
03/31/2025	07/29/2025	20-F
09/30/2024	11/15/2024	6-K
03/31/2024	08/09/2024	20-F
09/30/2023	11/17/2023	6-K
03/31/2023	07/28/2023	20-F
09/30/2022	11/18/2022	6-K
03/31/2022	07/28/2022	20-F
09/30/2021	11/22/2021	6-K
03/31/2021	07/23/2021	20-F
09/30/2020	11/10/2020	6-K
03/31/2020	07/17/2020	20-F
09/30/2019	11/15/2019	6-K
03/31/2019	07/12/2019	20-F
09/30/2018	11/15/2018	6-K
03/31/2018	07/13/2018	20-F

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for Morenull

DSWL Trade Sentinel

Stock Conviction

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Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing DSWL?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What DSWL Makes & Who Pays

TTM figures based on

DSWL Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Deswell Industries (DSWL)

Market Price (3/30/2026): $3.14 | Market Cap: $50.4 MilSector: Materials | Industry: Paper & Plastic Packaging Products & Materials

Deswell Industries (DSWL)

Market Price (3/30/2026): $3.14Market Cap: $50.4 MilSector: MaterialsIndustry: Paper & Plastic Packaging Products & Materials

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Deswell Industries (DSWL)

Interactive Breakdown

Better Bets vs. Deswell Industries (DSWL)

INDUSTRY: Paper & Plastic Packaging Products & Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

Higher Rev Chg LTM (Value for DSWL: 17.1%)

Higher Rev Chg 3Y Avg (Value for DSWL: -4.4%)

Higher Op Mgn LTM (Value for DSWL: -10.3%)

Higher CFO/Rev LTM (Value for DSWL: 1.3%)

Higher FCF/Rev LTM (Value for DSWL: -0.1%)

Higher Total Yield (Value for DSWL: -6.5%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

Higher Rev Chg LTM (Value for DSWL: 17.1%)

Higher Rev Chg 3Y Avg (Value for DSWL: -4.4%)

Higher Op Mgn LTM (Value for DSWL: -10.3%)

Higher CFO/Rev LTM (Value for DSWL: 1.3%)

Higher FCF/Rev LTM (Value for DSWL: -0.1%)

Higher Total Yield (Value for DSWL: -6.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DSWL: -4.4% | 1.1x)

Higher Rev Chg LTM (Value for DSWL: 17.1%)

Higher Rev Chg 3Y Avg (Value for DSWL: -4.4%)

Higher Op Mgn LTM (Value for DSWL: -10.3%)

Higher CFO/Rev LTM (Value for DSWL: 1.3%)

Higher FCF/Rev LTM (Value for DSWL: -0.1%)

Higher Total Yield (Value for DSWL: -6.5%)

Best Bets in Materials

P/EBIT (Value for DSWL: -10.9x)

P/E (Value for DSWL: -10.1x)

Rev Chg 3Y Avg (Value for DSWL: -4.4%)

Rev Chg LTM (Value for DSWL: 17.1%)

Rev Chg Q (Value for DSWL: 3.5%)

FCF/Rev 3Y Avg (Value for DSWL: -5.1%)

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Market Price (3/30/2026): $3.14 | Market Cap: $50.4 Mil
Sector: Materials | Industry: Paper & Plastic Packaging Products & Materials

Market Price (3/30/2026): $3.14
Market Cap: $50.4 Mil
Sector: Materials
Industry: Paper & Plastic Packaging Products & Materials