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DESWELL INDUSTRIES INC

DSWL Clue Score53
Fiscal year ends March CIK 0000946936
$3.12 +2.81% Close, 12 Oct 2026
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Price $3.12 −21.14% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue44.5Operating income−2.1Net income1.4EPS, diluted0.09Fiscal year 2018Revenue60.7 +36.3%Operating income1.8Net income6.2 +349.9%EPS, diluted0.39Fiscal year 2019Revenue66.6 +9.7%Operating income0.5Net income4.3 −31.0%EPS, diluted0.27Fiscal year 2020Revenue65.4 −1.8%Operating income1.4Net income−1.3 −130.9%EPS, diluted−0.08Fiscal year 2021Revenue64.9 −0.7%Operating income3.3Net income8.2EPS, diluted0.51Fiscal year 2022Revenue86.0 +32.5%Operating income2.8Net income8.2 +0.0%EPS, diluted0.51Fiscal year 2023Revenue77.3 −10.1%Operating income2.9Net income2.1 −75.0%EPS, diluted0.13Fiscal year 2024Revenue69.4 −10.3%Operating income3.8Net income7.7 +274.4%EPS, diluted0.48Fiscal year 2025Revenue67.6 −2.5%Operating income3.3Net income11.1 +44.5%EPS, diluted0.70Fiscal year 2026Revenue61.3 −9.3%Operating income2.0Net income10.6 −4.6%EPS, diluted0.67
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 44.5 60.7 66.6 65.4 64.9 86.0 77.3 69.4 67.6 61.3
Growth +36.3% +9.7% −1.8% −0.7% +32.5% −10.1% −10.3% −2.5% −9.3%
Operating income −2.1 1.8 0.5 1.4 3.3 2.8 2.9 3.8 3.3 2.0
Net income 1.4 6.2 4.3 −1.3 8.2 8.2 2.1 7.7 11.1 10.6
Growth +349.9% −31.0% −130.9% +0.0% −75.0% +274.4% +44.5% −4.6%
EPS, diluted 0.09 0.39 0.27 −0.08 0.51 0.51 0.13 0.48 0.70 0.67

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin16.7%Operating margin−4.7%Net margin3.1%Free cash flow margin−7.3%Fiscal year 2018Gross margin16.0%Operating margin3.0%Net margin10.2%Free cash flow margin6.6%Fiscal year 2019Gross margin15.4%Operating margin0.8%Net margin6.4%Free cash flow margin1.9%Fiscal year 2020Gross margin18.1%Operating margin2.2%Net margin−2.0%Free cash flow margin19.3%Fiscal year 2021Gross margin20.3%Operating margin5.0%Net margin12.7%Free cash flow margin4.2%Fiscal year 2022Gross margin16.2%Operating margin3.2%Net margin9.6%Free cash flow margin−2.0%Fiscal year 2023Gross margin16.6%Operating margin3.7%Net margin2.7%Free cash flow margin15.8%Fiscal year 2024Gross margin20.0%Operating margin5.5%Net margin11.1%Free cash flow margin18.5%Fiscal year 2025Gross margin20.2%Operating margin4.9%Net margin16.5%Free cash flow margin19.5%Fiscal year 2026Gross margin22.4%Operating margin3.2%Net margin17.3%Free cash flow margin7.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 16.7% 16.0% 15.4% 18.1% 20.3% 16.2% 16.6% 20.0% 20.2% 22.4%
Operating margin −4.7% 3.0% 0.8% 2.2% 5.0% 3.2% 3.7% 5.5% 4.9% 3.2%
Net margin 3.1% 10.2% 6.4% −2.0% 12.7% 9.6% 2.7% 11.1% 16.5% 17.3%
Free cash flow margin −7.3% 6.6% 1.9% 19.3% 4.2% −2.0% 15.8% 18.5% 19.5% 7.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−1.1Capital expenditure−2.2Free cash flow−3.2Buybacks−0.3Dividends paid−2.2Fiscal year 2018Operating cash flow5.7Capital expenditure−1.7Free cash flow4.0Dividends paid−1.1Fiscal year 2019Operating cash flow2.2Capital expenditure−0.9Free cash flow1.3 −67.7%Dividends paid−1.6Fiscal year 2020Operating cash flow13.1Capital expenditure−0.5Free cash flow12.6 +879.3%Dividends paid−2.4Fiscal year 2021Operating cash flow3.3Capital expenditure−0.6Free cash flow2.7 −78.2%Dividends paid−2.9Fiscal year 2022Operating cash flow−0.2Capital expenditure−1.5Free cash flow−1.7 −161.5%Dividends paid−3.2Fiscal year 2023Operating cash flow13.0Capital expenditure−0.8Free cash flow12.2Dividends paid−3.2Fiscal year 2024Operating cash flow13.2Capital expenditure−0.4Free cash flow12.8 +5.1%Dividends paid−3.2Fiscal year 2025Operating cash flow13.5Capital expenditure−0.3Free cash flow13.2 +2.9%Dividends paid−3.2Fiscal year 2026Operating cash flow5.2Capital expenditure−0.5Free cash flow4.7 −64.3%Dividends paid−3.2
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −1.1 5.7 2.2 13.1 3.3 −0.2 13.0 13.2 13.5 5.2
Capital expenditure −2.2 −1.7 −0.9 −0.5 −0.6 −1.5 −0.8 −0.4 −0.3 −0.5
Free cash flow −3.2 4.0 1.3 12.6 2.7 −1.7 12.2 12.8 13.2 4.7
Growth −67.7% +879.3% −78.2% −161.5% +5.1% +2.9% −64.3%
Buybacks −0.3 n/a n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −2.2 −1.1 −1.6 −2.4 −2.9 −3.2 −3.2 −3.2 −3.2 −3.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securities
Fiscal year 2017Cash and securities8.1Shareholders’ equity76.2Fiscal year 2018Cash and securities15.2Shareholders’ equity81.3Fiscal year 2019Cash and securities14.4Shareholders’ equity84.0Fiscal year 2020Cash and securities22.5Shareholders’ equity80.3Fiscal year 2021Cash and securities20.2Shareholders’ equity85.7Fiscal year 2022Cash and securities13.5Shareholders’ equity90.8Fiscal year 2023Cash and securities22.2Shareholders’ equity89.6Fiscal year 2024Cash and securities15.8Shareholders’ equity94.2Fiscal year 2025Cash and securities28.1Shareholders’ equity102.1Fiscal year 2026Cash and securities23.1Shareholders’ equity109.4
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash and securities 8.1 15.2 14.4 22.5 20.2 13.5 22.2 15.8 28.1 23.1
Shareholders’ equity 76.2 81.3 84.0 80.3 85.7 90.8 89.6 94.2 102.1 109.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending March, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Mar 2017 FY2018 31 Mar 2018 FY2019 31 Mar 2019 FY2020 31 Mar 2020 FY2021 31 Mar 2021 FY2022 31 Mar 2022 FY2023 31 Mar 2023 FY2024 31 Mar 2024 FY2025 31 Mar 2025 FY2026 31 Mar 2026
Margins
16.7% 16.0% 15.4% 18.1% 20.3% 16.2% 16.6% 20.0% 20.2% 22.4%
−4.7% 3.0% 0.8% 2.2% 5.0% 3.2% 3.7% 5.5% 4.9% 3.2%
3.6% 10.2% 6.6% −1.4% 13.4% 9.4% 3.0% 11.3% 16.7% 16.7%
3.1% 10.2% 6.4% −2.0% 12.7% 9.6% 2.7% 11.1% 16.5% 17.3%
−7.3% 6.6% 1.9% 19.3% 4.2% −2.0% 15.8% 18.5% 19.5% 7.7%
Spending
19.9% 14.5% 14.2% 15.3% 15.9% 13.1% 14.2% 15.1% 16.7% 18.8%
4.8% 2.8% 1.3% 0.8% 0.8% 1.7% 1.0% 0.5% 0.5% 0.8%
13.2% 0.1% 3.3% n/a 5.5% −2.0% 11.0% 1.4% 1.4% −3.5%
Returns
1.8% 7.6% 5.1% −1.6% 9.6% 9.1% 2.3% 8.2% 10.9% 9.7%
1.5% 6.2% 4.3% −1.4% 7.6% 7.1% 1.9% 6.9% 9.3% 8.2%
Balance and payout
15.3% 18.3% 15.5% 15.8% 20.6% 21.3% 18.8% 15.2% 15.0% 15.8%
163.4% 18.0% 37.2% n/a 34.8% 38.7% 154.8% 41.4% 28.6% 30.0%
n/a 27.9% 123.3% 18.9% 104.3% n/a 26.1% 24.9% 24.1% 67.6%