Winstar Display Co (TPE:6916) Operating Income: NT$-80 Mil (TTM As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:6916 Winstar Display Co Ltd TPE:6916
47 GF Score
Price NT$17.90
GF Value NT$19.40
Valuation Fairly Valued
! 6 Warning Signs
View Full Analysis

What is Winstar Display Co Operating Income?

Winstar Display Co TPE:6916 +5.29% 47 Operating Income is NT$-80 Mil as of Dec. 2025. GuruFocus rates TPE:6916 with a GF Score™ of 47/100 and a GF Value™ of NT$19.40 (Fairly Valued). The stock has 6 warning signs investors should review.

Winstar Display Co's Operating Income for the three months ended in Dec. 2025 was NT$-20 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was NT$-80 Mil.

Warning Sign:

Winstar Display Co Ltd had lost money in 58% of the time over the past 12quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Winstar Display Co's Operating Income for the three months ended in Dec. 2025 was NT$-20 Mil. Winstar Display Co's Revenue for the three months ended in Dec. 2025 was NT$510 Mil. Therefore, Winstar Display Co's Operating Margin % for the quarter that ended in Dec. 2025 was -3.84%.

Winstar Display Co's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Winstar Display Co's annualized ROC % for the quarter that ended in Dec. 2025 was -3.69%. Winstar Display Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -13.41%.


Winstar Display Co  (TPE:6916) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Winstar Display Co's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=-78.244 * ( 1 - 12.75% )/( (1845.732 + 1856.391)/ 2 )
=-68.26789/1851.0615
=-3.69 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2397.759 - 433.827 - ( 518.646 - max(0, 1093.777 - 1211.977+518.646))
=1845.732

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2439.493 - 422.05 - ( 548.851 - max(0, 1094.582 - 1255.634+548.851))
=1856.391

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Winstar Display Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-121.744/( ( (719.656 + max(177.894, 0)) + (714.694 + max(203.769, 0)) )/ 2 )
=-121.744/( ( 897.55 + 918.463 )/ 2 )
=-121.744/908.0065
=-13.41 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(266.712 + 361.301 + 56.839) - (433.827 + 0 + 73.131)
=177.894

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(256.335 + 368.466 + 75.082) - (422.05 + 0 + 74.064)
=203.769

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Winstar Display Co's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=-19.561/510.046
=-3.84 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Winstar Display Co Operating Income Related Terms


Winstar Display Co Operating Income Historical Data

* Premium members only.

The historical data trend for Winstar Display Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Winstar Display Co Operating Income Chart

Winstar Display Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial 86.05 354.01 123.80 -9.42 -79.69

Winstar Display Co Quarterly Data
Dec19 Dec20 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.97 -5.32 -45.60 -9.21 -19.56
TPE:6916
47GF Score
Winstar Display Co Ltd TPE:6916
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Winstar Display Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was NT$-80 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of NT$-80 Mil mean?
Winstar Display Co (TPE:6916) has a Operating Income of NT$-80 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Winstar Display Co and its competitors.
Is Winstar Display Co's Operating Income too high?
Winstar Display Co's current Operating Income is NT$-80 Mil. Overall, Winstar Display Co has a GF Score™ of 47/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Winstar Display Co's Operating Income compare to APH and GLW?
Winstar Display Co's Operating Income of NT$-80 Mil can be compared against companies in the Hardware industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Hardware company?
A good Operating Income depends on the Hardware industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Winstar Display Co and its competitors. Winstar Display Co's current Operating Income is NT$-80 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Winstar Display Co stock overvalued right now?
Based on GuruFocus' analysis, Winstar Display Co (TPE:6916) is currently considered Fairly Valued. The stock's GF Value™ is NT$19.40, compared to a current price of NT$17.90 — trading 7.7% below its estimated fair value. The current Operating Income is NT$-80 Mil. Winstar Display Co's overall GF Score™ is 47/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Winstar Display Co (TPE:6916), the current Operating Income is NT$-80 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Winstar Display Co (TPE:6916) Overvalued in 2026?

Based on GuruFocus' analysis, Winstar Display Co stock appears to be undervalued. The current stock price of NT$17.90 is trading 7.7% below its estimated GF Value™ of NT$19.40. GuruFocus considers Winstar Display Co to be Fairly Valued.

Key valuation signals for TPE:6916:

  • Operating Income: NT$-80 Mil
  • GF Value™: NT$19.40 vs. price of NT$17.90 (7.7% below fair value)
  • GF Score™: 47/100 with 6 warning signs

No single metric tells the full story. See the TPE:6916 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Winstar Display Co Business Description

Address No. 43, Keya Road, 2nd Floor, Daya District, Taichung City, TWN, 428
Winstar Display Co Ltd engages in the manufacturing and development of Industrial LCD Displays including monochrome, various display modules, and System Integrated Solutions. The company's operating revenue mainly comes from the production and sales of LCD modules and OLED display modules. Its LCM modules product lines include monochrome TN/STN/FSTN character module LCD and graphic LCD modules, COG LCD, FSC-LCD, VATN LCM module. The company's reportable segments consist of Domestic operations, covering production and sales within the domestic region; Asian operations, encompassing production and sales in Asia; and Others, comprising sales in additional areas.
47GF Score

Get the complete analysis for TPE:6916

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$17.90
Price
NT$19.40
GF Value