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    Electronic equipment/Instruments
Good Will Instrument Co., Ltd.

Good Will Instrument Co., Ltd.

TTWSE:2423
67.20
TWD
-1.90
(-2.75%)
4.20EPS
17.01P/E
10.40BMarket Cap
Nov 11Next Earn
Good Will Instrument Co., Ltd.
TWSE:2423
(Taiwan Stock Exchange)

Recent

price

67.20

P/E

ratio

17.01

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
12.92
13.41
13.02
14.45
14.94
14.87
15.21
15.9
17.76
17.6
15.9
17.99
19.89
20.83
19.23
20.29
22.6
Revenue per Share
1.38
1.84
0.82
0.84
1.22
1.6
1.76
1.96
2.37
2.15
1.37
2
2.78
2.95
2.42
2.92
4.22
Basic EPS, GAAP
1.21
0.06
-0.96
0.45
-0.41
0.73
1.71
2.2
1.35
1.3
3.11
2.76
0.72
3.37
2.98
2.55
3.18
Free Cash Flow per Basic Share
0.35
0.55
0.77
0.4
0.21
0.45
0.67
1.2
1.5
1.8
1.5
1.2
1.5
2
2.2
2
- -
Dividend per Share
10.55
11.36
11.41
12.75
13.54
14.39
14.98
15.22
16
16.13
16.04
16.77
18.16
18.9
19.39
20.43
20.61
Book Value per Share
10.29
11.36
11.4
12.75
13.43
14.28
14.89
15.16
15.95
16.1
15.06
15.8
17.15
18.03
18.73
20
20.19
Tangible Book Value per Share
145
145
145
145
145
145
145
145
145
145
145
145
145
145
145
145
145
Basic Weighted Avg Shares
1,876
1,947
1,889
2,096
2,167
2,157
2,206
2,306
2,575
2,553
2,306
2,609
2,886
3,025
2,789
2,943
3,278
Sales/Revenue/Turnover
13.25
9.4
6.16
3.35
6.81
9.27
10.87
11.98
13.3
13.22
10.47
14.44
15.63
18.06
15.03
17.99
21.16
Operating Margin (%)
63
60
59
72
78
84
83
72
69
85
79
82
83
86
90
94
97
Depreciation Expense
200
267
118
122
177
232
255
284
344
312
199
290
404
428
351
424
612
Net Income, GAAP
26.25
17.04
32.59
20.93
18.32
11.84
16.02
22.52
18.63
21.11
27.35
28.48
23.86
22.86
21.28
19.92
20.59
Effective Tax Rate (%)
10.66
13.71
6.27
5.82
8.18
10.77
11.56
12.32
13.34
12.22
8.63
11.1
13.99
14.16
12.59
14.41
18.65
Profit Margin (%)
616
797
709
835
944
1,091
1,215
1,338
1,404
1,444
1,285
1,213
1,451
1,601
1,637
1,769
1,811
Working Capital
164
- -
- -
8
6
4
2
- -
- -
6
242
5
8
17
14
10
13
LT Debt
1,536
1,662
1,667
1,858
1,974
2,095
2,180
2,214
2,326
2,345
2,327
2,432
2,634
2,742
2,813
2,964
2,990
Total Equity
10.01
12.94
4.03
2.56
5.36
7.87
8.82
9.1
11.76
10.64
6.57
9.56
11.74
13.55
10.89
14.38
19.19
Return on Invested Capital (%)
11.6
14.72
6.23
6.08
8.23
10.7
11.34
12.23
14.48
12.8
7.38
10.48
14.29
14.35
12.12
14.42
21.5
Return on Capital (%)
13.46
16.77
7.17
6.96
9.29
11.47
11.97
12.97
15.17
13.39
8.53
12.17
15.94
15.93
12.64
14.68
21.74
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
57
22
23
LT Borrowings
- -
- -
- -
LT Finance Leases
10
10
13
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
145
145
145
Market Capitalization
7,978
6,708
10,400

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,422
2,664
3,012
Cash, Cash Equivalents & STI
581
823
929
Accounts Receivable, Net
674
676
782
Inventories
1,002
1,018
1,166
Total Current Liabilities
653
1,035
1,201
Payables & Accruals
- -
- -
- -
ST Debt
57
22
23
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.56%
4.98%
5.36%
Free Cash Flow
51.73%
51.42%
-14.42%
Net Income, GAAP
9.04%
18.75%
20.78%
Sales/Revenue/Turnover
3.42%
5.26%
5.54%
Total Cash Common Dividend
19.46%
7.85%
-9.09%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
644
671
685
789
2,789
2025
644
730
709
861
2,943
2026
821
888
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.6
0.41
0.57
0.84
2.42
2025
0.67
0.53
0.79
0.93
2.92
2026
1.3
1.2
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.2
2025
- -
- -
- -
- -
2
2026
- -
- -
- -
- -
- -
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Business
Good Will Instrument Co., Ltd. (2423.TW) manufactures and markets electronic test and measurement instruments for research, development, production, and maintenance applications. The company offers a comprehensive portfolio of products including digital oscilloscopes under the GDS and GW Instek brands; spectrum analyzers; signal sources and function generators; power supplies such as DC power supplies and AC power sources; multimeters; data acquisition systems; and LCR meters, among other precision instruments. These solutions cater to industries including electronics, telecommunications, automotive, education, and industrial automation, with distribution across Asia, North America, Europe, and other regions. Founded in 1975 and headquartered in New Taipei City, Taiwan, Good Will Instrument operates globally through subsidiaries and sales networks, serving OEMs, educational institutions, and professional engineers. The company emphasizes innovation in high-performance, cost-effective test equipment, supporting applications from basic waveform analysis to advanced RF measurements. In recent developments, Good Will Instrument expanded its product lineup with the launch of the GDS-3000 series high-bandwidth oscilloscopes and advanced power analyzers in 2024, enhancing capabilities for power electronics testing. The company also strengthened its market position through strategic partnerships with regional distributors in Europe and North America during 2024-2025, alongside investments in production capacity to meet rising demand for semiconductor and EV testing equipment. No major acquisitions, funding rounds, or reorganizations have been reported in the last two years.