Deswell Inds (DSWL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the DSWL SEC filings page.
Deswell Inds (DSWL) reported $61.3M in revenue for fiscal year 2026, down 9.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Gross-profit resilience meets operating slowdown as a lightly leveraged balance sheet absorbs investment and recurring distributions.
Revenue fell9.3% in FY2026, yet gross-profit margin widened to22.4% , so lower volume did not materially reduce gross-profit dollars; the pattern fits mix or cost changes better than simple volume strength. Operating cash flow fell61.6% while net income remained$10.6M , showing that reported earnings did not translate into comparable operating cash generation.
Debt-to-equity was 0.2x and current ratio was 5.2x in FY2026, indicating financing is primarily equity-based rather than borrowing-dependent and carries substantial short-term asset coverage. Total liabilities rose from
Free-cash-flow margin fell from
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Deswell Inds's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Deswell Inds has an operating margin of 3.2%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 56/100, indicating healthy but not exceptional operating efficiency. This is down from 4.9% the prior year.
Deswell Inds's revenue declined 9.3% year-over-year, from $67.6M to $61.3M. This contraction results in a growth score of 14/100.
Deswell Inds carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.25, Deswell Inds holds $5.25 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
Deswell Inds converts 7.7% of revenue into free cash flow ($4.7M). This strong cash generation earns a score of 75/100.
Deswell Inds's ROE of 9.7% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 10.9% the prior year.
Deswell Inds scores 3.25, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Deswell Inds passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Deswell Inds generates $0.49 in operating cash flow ($5.2M OCF vs $10.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2026.
Cash & Balance Sheet
Deswell Inds held $23.1M in cash as of Q4 2026; long-term debt is not reported for that period.
Not reported for Q4 2026.
Not reported for Q4 2026.
Margins & Returns
None of these metrics is reported for Q4 2026.
Capital Allocation
None of these metrics is reported for Q4 2026.
DSWL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
DSWL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2620-F | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $130.0M+8.1% | $120.2M+8.2% | $111.1M+0.6% | $110.4M-4.4% | $115.4M+7.0% | $107.9M+13.1% | $95.4M-4.8% | $100.2M-0.2% |
| Current Assets | $106.9M+10.8% | $96.5M+15.9% | $83.3M+2.6% | $81.2M-7.6% | $87.8M+11.6% | $78.7M+20.4% | $65.4M-6.6% | $70.0M+1.5% |
| Cash & Equivalents | $23.1M-18.0% | $28.1M+78.6% | $15.8M-28.9% | $22.2M+64.6% | $13.5M-33.4% | $20.2M-10.2% | $22.5M+56.7% | $14.4M-5.4% |
| Short-Term Investments | $27.9M+10.7% | $25.2M+9.3% | $23.0M+11.1% | $20.7M-15.4% | $24.5M+9.5% | $22.4M+15.1% | $19.4M-20.5% | $24.4M+41.5% |
| Inventory | $11.8M+24.2% | $9.5M-22.0% | $12.1M-30.0% | $17.3M-27.3% | $23.8M+47.1% | $16.2M+88.8% | $8.6M-34.2% | $13.0M+0.8% |
| Accounts Receivable | $11.4M+15.3% | $9.9M-17.3% | $12.0M-23.7% | $15.7M-13.7% | $18.2M+23.7% | $14.7M+19.6% | $12.3M-21.8% | $15.7M-1.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $20.6M+13.7% | $18.1M+7.0% | $16.9M-18.4% | $20.7M-15.8% | $24.6M+11.1% | $22.2M+47.2% | $15.1M-3.1% | $15.5M-15.3% |
| Current Liabilities | $20.4M+14.9% | $17.7M+7.8% | $16.4M-18.8% | $20.2M-15.6% | $24.0M+13.0% | $21.2M+48.3% | $14.3M-11.7% | $16.2M-15.2% |
| Non-Current Liabilities | $211K-43.1% | $371K-22.1% | $476K-1.7% | $484K-26.6% | $659K-31.1% | $957K+27.4% | $751K+214.0% | -$659K+15.0% |
| Total Equity | $109.4M+7.1% | $102.1M+8.4% | $94.2M+5.0% | $89.6M-1.2% | $90.8M+5.9% | $85.7M+6.7% | $80.3M-4.3% | $84.0M+3.3% |
| Retained Earnings | $45.9M+19.3% | $38.5M+26.1% | $30.5M+17.4% | $26.0M-4.2% | $27.1M+22.9% | $22.1M+32.1% | $16.7M-18.2% | $20.4M+15.2% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
DSWL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
DSWL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Deswell Inds DSWL | FY2026 | $61.3M | $10.6M | 17.3% | $49.2M | 61/100 |
| Syntec Optics Holdings OPTX | FY2025 | $28.1M | -$1.8M | -6.4% | $293.2M | 36/100 |
| Eltek Ltd ELTK | FY2025 | $51.8M | $826K | 1.6% | $53.8M | 55/100 |
| Neonode Inc NEON | FY2025 | $2.1M | N/A | N/A | $14.5M | 41/100 |
| Interlink Electrs Inc LINK | FY2025 | $11.9M | -$1.6M | -13.6% | $86.3M | 51/100 |
Where Deswell Inds Ranks
Frequently Asked Questions
What is Deswell Inds's annual revenue?
Deswell Inds (DSWL) reported $61.3M in total revenue for fiscal year 2026. This represents a -9.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Deswell Inds's revenue growing?
Deswell Inds (DSWL) revenue declined by 9.3% year-over-year, from $67.6M to $61.3M in fiscal year 2026.
Is Deswell Inds profitable?
Yes, Deswell Inds (DSWL) reported a net income of $10.6M in fiscal year 2026, with a net profit margin of 17.3%.
What is Deswell Inds's EBITDA?
Deswell Inds (DSWL) had EBITDA of $3.5M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Deswell Inds's gross margin?
Deswell Inds (DSWL) had a gross margin of 22.4% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Deswell Inds's operating margin?
Deswell Inds (DSWL) had an operating margin of 3.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Deswell Inds's net profit margin?
Deswell Inds (DSWL) had a net profit margin of 17.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Deswell Inds pay dividends?
Yes, Deswell Inds (DSWL) paid $0.20 per share in dividends during fiscal year 2026.
What is Deswell Inds's return on equity (ROE)?
Deswell Inds (DSWL) has a return on equity of 9.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Deswell Inds's free cash flow?
Deswell Inds (DSWL) generated $4.7M in free cash flow during fiscal year 2026. This represents a -64.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Deswell Inds's operating cash flow?
Deswell Inds (DSWL) generated $5.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Deswell Inds's total assets?
Deswell Inds (DSWL) had $130.0M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Deswell Inds's capital expenditures?
Deswell Inds (DSWL) invested $481K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Deswell Inds's current ratio?
Deswell Inds (DSWL) had a current ratio of 5.25 as of fiscal year 2026, which is generally considered healthy.
What is Deswell Inds's debt-to-equity ratio?
Deswell Inds (DSWL) had a debt-to-equity ratio of 0.19 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Deswell Inds's return on assets (ROA)?
Deswell Inds (DSWL) had a return on assets of 8.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Deswell Inds's P/E ratio?
Deswell Inds (DSWL) trades at 4.6x earnings, its market capitalization divided by net income of $10.6M net income, FY2026. The market capitalization is $49.2M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Deswell Inds's price-to-sales ratio?
Deswell Inds (DSWL) trades at 0.8x sales, its market capitalization divided by revenue of $61.3M revenue, FY2026. The market capitalization is $49.2M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Deswell Inds's Altman Z-Score?
Deswell Inds (DSWL) has an Altman Z-Score of 3.25, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Deswell Inds's Piotroski F-Score?
Deswell Inds (DSWL) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Deswell Inds's earnings high quality?
Deswell Inds (DSWL) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Deswell Inds?
Deswell Inds (DSWL) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.