NASDAQ : DSWL
Deswell Industries, Inc. — Financial statements
Technology · Electronic Components · Macau
Last price 2.9 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 46.07M
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Financial statements
Deswell Industries, Inc. (DSWL) reported revenue of 61.33M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 61.33M | 61.33M | 67.61M | 69.37M | 77.34M | 85.98M |
| Cost of Revenue | 47.61M | 47.61M | 53.97M | 55.47M | 64.50M | 72.03M |
| Gross Profit | 13.72M | 13.72M | 13.64M | 13.90M | 12.84M | 13.95M |
| Selling, General & Admin | 11.55M | 11.55M | 11.28M | 10.50M | 10.97M | 11.27M |
| Other Operating Expenses | -377.00K | -377.00K | -802.00K | -470.00K | -1.25M | -450.00K |
| Operating Expenses | 11.18M | 11.18M | 10.48M | 10.03M | 9.71M | 10.82M |
| Operating Income | 2.54M | 2.54M | 3.17M | 3.87M | 3.12M | 3.13M |
| Interest & Investment Income | 2.46M | 2.46M | 2.87M | 2.17M | 1.38M | 1.22M |
| Currency Exchange Gain (Loss) | -590.00K | -590.00K | 111.00K | -13.00K | -256.00K | -352.00K |
| Other Non Operating Income (Expenses) | 317.00K | 317.00K | 479.00K | 907.00K | 1.44M | 2.14M |
| EBT Excluding Unusual Items | 4.73M | 4.73M | 6.63M | 6.94M | 5.69M | 6.15M |
| Gain (Loss) on Sale of Investments | 5.50M | 5.50M | 4.63M | 952.00K | -3.39M | 1.95M |
| Gain (Loss) on Sale of Assets | 29.00K | 29.00K | 38.00K | -74.00K | 18.00K | -24.00K |
| Pretax Income | 10.26M | 10.26M | 11.30M | 7.82M | 2.31M | 8.07M |
| Income Tax Expense | -363.00K | -363.00K | 162.00K | 110.00K | 255.00K | -165.00K |
| Net Income | 10.63M | 10.63M | 11.14M | 7.71M | 2.06M | 8.23M |
| Net Income to Common | 10.63M | 10.63M | 11.14M | 7.71M | 2.06M | 8.23M |
| Shares Outstanding (Basic) | 15.92M | 15.92M | 15.94M | 15.94M | 15.94M | 15.93M |
| Shares Outstanding (Diluted) | 15.92M | 15.92M | 15.95M | 16.00M | 16.07M | 16.14M |
| EPS (Basic) | 0.67 | 0.67 | 0.70 | 0.48 | 0.13 | 0.52 |
| EPS (Diluted) | 0.67 | 0.67 | 0.70 | 0.48 | 0.13 | 0.51 |
| Free Cash Flow | 4.71M | 4.71M | 13.20M | 12.83M | 12.21M | -1.69M |
| Free Cash Flow Per Share | 0.30 | 0.30 | 0.83 | 0.80 | 0.76 | -0.10 |
| Dividend Per Share | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Gross Margin | 22.37% | 22.37% | 20.18% | 20.04% | 16.60% | 16.23% |
| Operating Margin | 4.15% | 4.15% | 4.68% | 5.58% | 4.04% | 3.65% |
| Profit Margin | 17.33% | 17.33% | 16.47% | 11.11% | 2.66% | 9.57% |
| Free Cash Flow Margin | 7.69% | 7.69% | 19.53% | 18.49% | 15.78% | -1.96% |
| EBITDA | 4.03M | 4.03M | 4.68M | 5.39M | 4.83M | 4.87M |
| EBITDA Margin | 6.56% | 6.56% | 6.93% | 7.78% | 6.25% | 5.67% |
| D&A For EBITDA | 1.48M | 1.48M | 1.52M | 1.52M | 1.71M | 1.74M |
| EBIT | 2.54M | 2.54M | 3.17M | 3.87M | 3.12M | 3.13M |
| EBIT Margin | 4.15% | 4.15% | 4.68% | 5.58% | 4.04% | 3.65% |
| Effective Tax Rate | 1.43% | 1.41% | 11.02% |
Balance sheet
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 23.06M | 23.06M | 28.13M | 15.75M | 22.16M | 13.46M |
| Short-Term Investments | 59.27M | 59.27M | 47.37M | 42.16M | 24.82M | 30.42M |
| Cash & Short-Term Investments | 82.33M | 82.33M | 75.50M | 57.91M | 46.98M | 43.88M |
| Accounts Receivable | 11.43M | 11.43M | 9.91M | 11.99M | 15.70M | 18.20M |
| Other Receivables | 119.00K | 119.00K | 222.00K | 196.00K | 164.00K | 142.00K |
| Receivables | 11.55M | 11.55M | 10.14M | 12.18M | 15.87M | 18.34M |
| Inventory | 11.75M | 11.75M | 9.46M | 12.13M | 17.32M | 23.82M |
| Prepaid Expenses | 356.00K | 356.00K | 412.00K | 404.00K | 429.00K | 649.00K |
| Other Current Assets | 900.00K | 900.00K | 978.00K | 628.00K | 556.00K | 1.14M |
| Total Current Assets | 106.89M | 106.89M | 96.49M | 83.25M | 81.16M | 87.82M |
| Property, Plant & Equipment | 22.33M | 22.33M | 23.39M | 24.60M | 26.05M | 27.02M |
| Long-Term Investments | 2.80M | 2.91M | 313.00K | |||
| Long-Term Deferred Tax Assets | 746.00K | 746.00K | 335.00K | 419.00K | 262.00K | 259.00K |
| Total Assets | 129.96M | 129.96M | 120.21M | 111.08M | 110.38M | 115.41M |
| Accounts Payable | 6.84M | 6.84M | 5.74M | 5.21M | 6.95M | 9.84M |
| Accrued Expenses | 9.85M | 9.85M | 8.79M | 8.39M | 9.93M | 10.56M |
| Current Income Taxes Payable | 1.03M | 1.03M | 1.13M | 1.11M | 1.15M | 1.23M |
| Other Current Liabilities | 2.64M | 2.64M | 2.06M | 1.71M | 2.22M | 2.34M |
| Total Current Liabilities | 20.36M | 20.36M | 17.72M | 16.43M | 20.25M | 23.97M |
| Long-Term Deferred Tax Liabilities | 211.00K | 211.00K | 371.00K | 476.00K | 484.00K | 659.00K |
| Total Liabilities | 20.57M | 20.57M | 18.09M | 16.91M | 20.73M | 24.63M |
| Common Stock | 53.20M | 53.20M | 53.20M | 53.20M | 53.20M | 53.20M |
| Additional Paid-In Capital | 7.97M | 7.97M | 7.97M | 7.97M | 7.97M | 7.97M |
| Retained Earnings | 45.89M | 45.89M | 38.45M | 30.50M | 25.98M | 27.11M |
| Treasury Stock | -2.99M | -2.99M | -2.82M | -2.82M | -2.82M | -2.82M |
| Comprehensive Income & Other | 5.32M | 5.32M | 5.32M | 5.32M | 5.32M | 5.32M |
| Shareholders' Equity | 109.39M | 109.39M | 102.12M | 94.17M | 89.65M | 90.78M |
| Total Liabilities & Equity | 129.96M | 129.96M | 120.21M | 111.08M | 110.38M | 115.41M |
| Net Cash (Debt) | 82.33M | 82.33M | 75.50M | 57.91M | 46.98M | 43.88M |
| Net Cash Per Share | 5.17 | 5.17 | 4.73 | 3.62 | 2.92 | 2.72 |
| Filing Date Shares Outstanding | 15.89M | 15.89M | 15.94M | 15.94M | 15.94M | 15.94M |
| Total Common Shares Outstanding | 15.89M | 15.89M | 15.94M | 15.94M | 15.94M | 15.94M |
| Working Capital | 86.53M | 86.53M | 78.77M | 66.83M | 60.91M | 63.85M |
| Book Value Per Share | 6.89 | 6.89 | 6.41 | 5.91 | 5.63 | 5.70 |
| Tangible Book Value | 109.39M | 109.39M | 102.12M | 94.17M | 89.65M | 90.78M |
| Tangible Book Value Per Share | 6.89 | 6.89 | 6.41 | 5.91 | 5.63 | 5.70 |
| Land | 32.23M | 32.23M | 32.23M | 32.23M | 32.23M | 32.23M |
| Machinery | 43.40M | 43.40M | 44.80M | 45.22M | 49.46M | 49.64M |
| Leasehold Improvements | 4.67M | 4.67M | 4.57M | 4.54M | 4.43M | 4.20M |
Cash flow statement
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 10.63M | 10.63M | 11.14M | 7.71M | 2.06M | 8.23M |
| Depreciation & Amortization | 1.48M | 1.48M | 1.52M | 1.52M | 1.71M | 1.74M |
| Loss (Gain) From Sale of Assets | -29.00K | -29.00K | -38.00K | 74.00K | -18.00K | 24.00K |
| Loss (Gain) From Sale of Investments | -5.50M | -5.50M | -4.63M | -952.00K | 3.39M | -1.95M |
| Provision & Write-off of Bad Debts | -2.00K | -2.00K | -67.00K | 76.00K | -229.00K | -148.00K |
| Other Operating Activities | -1.11M | -1.11M | -148.00K | -189.00K | -62.00K | -465.00K |
| Change in Accounts Receivable | -1.52M | -1.52M | 2.14M | 3.64M | 2.72M | -3.34M |
| Change in Inventory | -1.63M | -1.63M | 2.72M | 5.22M | 6.38M | -7.60M |
| Change in Accounts Payable | 1.10M | 1.10M | 530.00K | -1.74M | -2.89M | 316.00K |
| Change in Income Taxes | -97.00K | -97.00K | 13.00K | -36.00K | -83.00K | 346.00K |
| Change in Other Net Operating Assets | 1.88M | 1.88M | 360.00K | -2.12M | 21.00K | 2.66M |
| Operating Cash Flow | 5.20M | 5.20M | 13.53M | 13.21M | 13.00M | -183.00K |
| Capital Expenditures | -481.00K | -481.00K | -332.00K | -381.00K | -792.00K | -1.50M |
| Sale of Property, Plant & Equipment | 85.00K | 85.00K | 69.00K | 232.00K | 67.00K | 50.00K |
| Investment in Securities | -6.51M | -6.51M | 2.30M | -16.28M | -390.00K | -1.98M |
| Investing Cash Flow | -6.91M | -6.91M | 2.04M | -16.43M | -1.11M | -3.43M |
| Issuance of Common Stock | 43.00K | |||||
| Repurchase of Common Stock | -169.00K | -169.00K | ||||
| Common Dividends Paid | -3.19M | -3.19M | -3.19M | -3.19M | -3.19M | -3.19M |
| Financing Cash Flow | -3.36M | -3.36M | -3.19M | -3.19M | -3.19M | -3.14M |
| Net Cash Flow | -5.07M | -5.07M | 12.38M | -6.41M | 8.70M | -6.76M |
| Free Cash Flow | 4.71M | 4.71M | 13.20M | 12.83M | 12.21M | -1.69M |
| Free Cash Flow Margin | 7.69% | 7.69% | 19.53% | 18.49% | 15.78% | -1.96% |
| Free Cash Flow Per Share | 0.30 | 0.30 | 0.83 | 0.80 | 0.76 | -0.10 |
| Levered Free Cash Flow | 1.67M | 1.67M | 8.81M | 8.58M | 8.90M | -5.60M |
| Unlevered Free Cash Flow | 1.67M | 1.67M | 8.81M | 8.58M | 8.90M | -5.60M |
| Cash Income Tax Paid | 339.00K | 339.00K | 156.00K | 227.00K | 418.00K | 68.00K |
| Change in Working Capital | -265.00K | -265.00K | 5.76M | 4.97M | 6.15M | -7.62M |
Ratios
Fiscal year April - March; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 44.48M | 47.65M | 37.53M | 35.62M | 42.23M | 58.32M |
| Enterprise Value | -37.86M | -32.02M | -28.23M | -14.95M | 3.22M | 12.01M |
| Last Close Price | 2.90 | 2.76 | 2.04 | 1.79 | 1.97 | 2.56 |
| PE Ratio | 4.20 | 4.48 | 3.37 | 4.62 | 20.51 | 7.08 |
| PS Ratio | 0.75 | 0.78 | 0.56 | 0.51 | 0.55 | 0.68 |
| PB Ratio | 0.42 | 0.44 | 0.37 | 0.38 | 0.47 | 0.64 |
| P/TBV Ratio | 0.42 | 0.44 | 0.37 | 0.38 | 0.47 | 0.64 |
| P/FCF Ratio | 9.77 | 10.11 | 2.84 | 2.78 | 3.46 | |
| P/OCF Ratio | 8.87 | 9.17 | 2.77 | 2.70 | 3.25 | |
| EV/Sales Ratio | 0.04 | 0.14 | ||||
| EV/EBITDA Ratio | 0.67 | 2.47 | ||||
| EV/EBIT Ratio | 1.03 | 3.83 | ||||
| EV/FCF Ratio | 0.26 | |||||
| Net Debt / Equity Ratio | -0.75 | -0.75 | -0.74 | -0.61 | -0.52 | -0.48 |
| Net Debt / EBITDA Ratio | -20.45 | -20.45 | -16.12 | -10.73 | -9.72 | -9.01 |
| Net Debt / FCF Ratio | -17.47 | -17.47 | -5.72 | -4.51 | -3.85 | 26.01 |
| Asset Turnover | 0.49 | 0.49 | 0.58 | 0.63 | 0.69 | 0.77 |
| Inventory Turnover | 4.49 | 4.49 | 5.00 | 3.77 | 3.13 | 3.60 |
| Quick Ratio | 4.61 | 4.61 | 4.83 | 4.27 | 3.10 | 2.60 |
| Current Ratio | 5.25 | 5.25 | 5.45 | 5.07 | 4.01 | 3.66 |
| Return on Equity (ROE) | 10.05% | 10.05% | 11.35% | 8.39% | 2.28% | 9.33% |
| Return on Assets (ROA) | 1.27% | 1.27% | 1.71% | 2.19% | 1.73% | 1.75% |
| Return on Invested Capital (ROIC) | 9.40% | 9.47% | 9.92% | 9.67% | 6.21% | 7.18% |
| Return on Capital Employed (ROCE) | 2.30% | 2.30% | 3.10% | 4.10% | 3.50% | 3.40% |
| Earnings Yield | 23.84% | 22.30% | 29.68% | 21.64% | 4.88% | 14.12% |
| FCF Yield | 10.23% | 9.89% | 35.18% | 36.02% | 28.90% | -2.89% |
| Dividend Yield | 7.14% | 6.67% | 8.49% | 8.95% | 7.55% | 5.46% |
| Payout Ratio | 29.97% | 30.00% | 28.62% | 41.35% | 154.83% | 38.70% |
| Buyback Yield / Dilution | 0.19% | 0.19% | 0.29% | 0.45% | 0.39% | -0.55% |
| Total Shareholder Return | 7.09% | 6.86% | 8.78% | 9.40% | 7.94% | 4.92% |