Deswell Industries, Inc. (DSWL) Key Metrics
DSWL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $49.4M
- Enterprise value
- −$32.5M
- P/E (TTM)
- 4.6 10-yr median 7.2
- Forward P/E
- 96.2
- PEG ratio
- 0.89
- Price / sales
- 0.8 10-yr median 0.7
- Price / book
- 0.5 10-yr median 0.5
- EV / EBITDA
- 0.5 10-yr median 2.6
- Dividend yield
- 6.43% $0.20 a year
- Beta
- 0.53
DSWL key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsDSWL valuation Price multiples at each fiscal year-end price.
DSWL returns How much profit the business earns on the capital it uses.
DSWL per-share figures Results divided by the shares outstanding at year-end.
DSWL financial health Debt, liquidity and how easily interest is covered.
DSWL efficiency & capital use Working capital cycle and where the cash goes.
DSWL valuation history
DSWL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DSWL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DSWL cash returned to shareholders
DSWL price vs earnings per share
DSWL key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $47.6M | $37.6M | $35.8M | $42.6M | $59.1M | $56.6M | $35.3M | $48.0M | $49.9M | $31.3M |
| Enterprise value | −$34.7M | −$37.9M | −$22.7M | −$4.4M | $15.2M | $11.3M | −$7.4M | $8.8M | $17.4M | $1.4M |
| P/E ratio | 4.5 | 3.4 | 4.6 | 20.7 | 7.2 | 6.9 | — | 11.2 | 8.1 | 22.7 |
| Price / sales | 0.8 | 0.6 | 0.5 | 0.5 | 0.7 | 0.9 | 0.5 | 0.7 | 0.8 | 0.7 |
| Price / book | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | 0.7 | 0.4 | 0.6 | 0.6 | 0.4 |
| Price / free cash flow | 10.1 | 2.9 | 2.8 | 3.5 | — | 20.6 | 2.8 | 37.3 | 12.5 | — |
| Price / operating cash flow | 9.2 | 2.8 | 2.7 | 3.3 | — | 17.2 | 2.7 | 22.2 | 8.8 | — |
| EV / sales | -0.6 | -0.6 | -0.3 | -0.1 | 0.2 | 0.2 | -0.1 | 0.1 | 0.3 | 0.0 |
| EV / EBITDA | — | — | — | — | 1.5 | 1.1 | — | 3.2 | 4.3 | 2.6 |
| EV / free cash flow | — | — | — | — | — | 4.1 | — | 6.9 | 4.4 | — |
| Earnings yield | 22.3% | 29.6% | 21.5% | 4.8% | 13.9% | 14.5% | −3.7% | 8.9% | 12.4% | 4.4% |
| Free cash flow yield | 9.9% | 35.1% | 35.8% | 28.7% | −2.9% | 4.8% | 35.7% | 2.7% | 8.0% | −10.3% |
| Dividend yield | 6.7% | 8.5% | 8.9% | 7.5% | 5.4% | 5.1% | 6.8% | 3.3% | 2.2% | 7.2% |
| Shareholder yield (dividends + buybacks) | 7.1% | 8.5% | 8.9% | 7.5% | 5.4% | 5.1% | 6.8% | 3.3% | 2.2% | 8.2% |
| Share price at fiscal year-end | $2.99 | $2.36 | $2.24 | $2.65 | $3.66 | $3.53 | $2.22 | $2.99 | $3.12 | $1.95 |
| Per share | ||||||||||
| Revenue per share | $3.85 | $4.24 | $4.34 | $4.82 | $5.30 | $4.04 | $4.11 | $4.15 | $3.80 | $2.78 |
| Earnings per share | $0.67 | $0.70 | $0.48 | $0.13 | $0.51 | $0.51 | −$0.08 | $0.27 | $0.39 | $0.09 |
| Operating cash flow per share | $0.33 | $0.85 | $0.83 | $0.81 | −$0.01 | $0.21 | $0.82 | $0.13 | $0.36 | −$0.07 |
| Free cash flow per share | $0.30 | $0.83 | $0.80 | $0.76 | −$0.10 | $0.17 | $0.79 | $0.08 | $0.25 | −$0.20 |
| Cash per share | $5.17 | $4.73 | $3.62 | $2.92 | $2.72 | $2.82 | $2.69 | $2.44 | $2.03 | $1.86 |
| Book value per share | $6.87 | $6.40 | $5.89 | $5.58 | $5.63 | $5.34 | $5.05 | $5.23 | $5.08 | $4.75 |
| Tangible book value per share | $6.87 | $6.40 | $5.89 | $4.60 | $5.63 | $5.34 | $5.05 | $5.23 | $5.08 | $4.75 |
| Dividends per share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.18 | $0.15 | $0.10 | $0.07 | $0.14 |
| Capex per share | $0.03 | $0.02 | $0.02 | $0.05 | $0.09 | $0.03 | $0.03 | $0.05 | $0.11 | $0.13 |
| Debt per share | — | — | −$0.04 | — | — | — | — | — | — | — |
| Shares outstanding | 15.9M | 16.0M | 16.0M | 16.1M | 16.1M | 16.0M | 15.9M | 16.1M | 16.0M | 16.0M |
| Change in shares outstanding | −0.2% | −0.3% | −0.5% | −0.4% | +0.5% | +0.8% | −0.9% | +0.5% | −0.3% | −0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.0% | 11.3% | 8.4% | 2.3% | 9.3% | 9.9% | −1.6% | 5.2% | 7.9% | 1.8% |
| Return on invested capital (ROIC) | 8.1% | 7.7% | 9.5% | 5.7% | 6.3% | 7.9% | 2.7% | −3.4% | 3.8% | −4.0% |
| Return on assets (ROA) | 8.5% | 9.6% | 7.0% | 1.8% | 7.4% | 8.1% | −1.4% | 4.3% | 6.5% | 1.5% |
| Return on tangible assets | 8.2% | 9.3% | 6.9% | 2.2% | 7.1% | 7.6% | −1.4% | 4.3% | 6.2% | 1.5% |
| Free cash flow margin | 7.7% | 19.5% | 18.5% | 15.7% | −2.0% | 4.2% | 19.3% | 1.9% | 6.6% | −7.3% |
| Income quality (OCF / net income) | 0.49 | 1.22 | 1.71 | 6.31 | −0.02 | 0.40 | — | 0.51 | 0.92 | −0.79 |
| Financial health | ||||||||||
| Total debt | — | — | −$599,000 | — | — | — | — | — | — | — |
| Cash & short-term investments | $82.3M | $75.5M | $57.9M | $47.0M | $43.9M | $45.3M | $42.7M | $39.2M | $32.5M | $29.8M |
| Net debt | −$82.3M | −$75.5M | −$58.5M | −$47.0M | −$43.9M | −$45.3M | −$42.7M | −$39.2M | −$32.5M | −$29.8M |
| Debt / equity | — | — | −0.01 | — | — | — | — | — | — | — |
| Debt / assets | — | — | −0.01 | — | — | — | — | — | — | — |
| Net debt / EBITDA | −22.56 | −19.12 | −6.26 | −9.72 | −4.48 | −4.33 | −12.16 | −14.25 | −8.00 | −53.74 |
| Current ratio | 5.25 | 5.45 | 5.07 | 4.01 | 3.67 | 3.71 | 4.57 | 4.50 | 3.60 | 3.79 |
| Quick ratio | 4.67 | 4.91 | 4.33 | 3.15 | 2.68 | 2.95 | 3.97 | 3.66 | 2.93 | 3.07 |
| Interest coverage | — | — | — | 5.0 | 0.5 | 0.6 | 0.6 | -0.3 | 0.4 | — |
| Working capital | $86.5M | $78.8M | $66.8M | $60.9M | $64.0M | $57.5M | $51.1M | $54.4M | $49.8M | $41.3M |
| Invested capital | $27.1M | $26.6M | $35.7M | $42.7M | $47.0M | $40.4M | $37.6M | $44.8M | $48.8M | $46.4M |
| Tangible asset value | $109.4M | $102.1M | $94.2M | $73.9M | $90.9M | $85.7M | $80.3M | $84.0M | $81.3M | $76.2M |
| Net current asset value | $86.3M | $78.4M | $66.3M | $60.4M | $63.3M | $56.5M | $50.3M | $53.8M | $49.8M | $41.3M |
| Graham number | $10.16 | $10.03 | $7.99 | $4.01 | $8.04 | $7.85 | — | $5.59 | $6.66 | $3.03 |
| Graham net-net per share | $4.79 | $4.37 | $3.51 | $2.91 | $2.78 | $2.65 | $2.59 | $2.59 | $1.99 | $1.89 |
| Capital allocation | ||||||||||
| Dividends paid | $3.2M | $3.2M | $3.2M | $3.2M | $3.2M | $2.9M | $2.4M | $1.6M | $1.1M | $2.2M |
| Share buybacks (net) | $169,000 | $0 | $0 | — | — | — | $0 | $0 | $0 | $308,000 |
| Dividend payout ratio | 30.0% | 28.6% | 41.4% | 154.8% | 38.7% | 34.8% | — | 37.2% | 18.0% | 163.4% |
| Dividends + buybacks / free cash flow | 71.2% | 24.1% | 24.9% | 26.1% | — | 104.3% | 18.9% | 123.3% | 27.9% | — |
| Capex / revenue | 0.8% | 0.5% | 0.5% | 1.0% | 1.8% | 0.8% | 0.8% | 1.3% | 2.8% | 4.8% |
| Capex / operating cash flow | 9.3% | 2.5% | 2.9% | 6.1% | — | 16.7% | 3.9% | 40.5% | 30.0% | — |
| Capex / depreciation | 0.32 | 0.22 | 0.25 | 0.46 | 0.87 | 0.31 | 0.26 | 0.42 | 0.80 | 1.01 |
| Stock-based compensation / revenue | — | — | — | — | — | — | — | −1.9% | −4.6% | 0.4% |
| SG&A / revenue | 18.8% | 16.7% | 15.1% | 14.1% | 13.0% | 15.9% | 15.3% | 14.2% | 14.5% | 19.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 64.2 | 60.2 | 73.4 | 80.1 | 71.5 | 77.2 | 79.5 | 88.4 | 88.0 | 92.7 |
| Days of inventory on hand | 81.3 | 73.0 | 96.9 | 116.0 | 102.1 | 87.4 | 73.7 | 84.1 | 84.6 | 92.6 |
| Days payables outstanding | 48.2 | 37.0 | 40.0 | 47.3 | 49.4 | 49.8 | 37.0 | 48.1 | 49.2 | 36.3 |
| Cash conversion cycle (days) | 97.3 | 96.2 | 130.3 | 148.8 | 124.2 | 114.8 | 116.1 | 124.4 | 123.3 | 149.0 |
| Receivables turnover | 5.69 | 6.06 | 4.98 | 4.56 | 5.10 | 4.73 | 4.59 | 4.13 | 4.15 | 3.94 |
| Payables turnover | 7.57 | 9.86 | 9.12 | 7.71 | 7.39 | 7.32 | 9.86 | 7.58 | 7.41 | 10.05 |
| Inventory turnover | 4.49 | 5.00 | 3.77 | 3.15 | 3.58 | 4.18 | 4.95 | 4.34 | 4.31 | 3.94 |
| Asset turnover | 0.49 | 0.58 | 0.63 | 0.69 | 0.77 | 0.64 | 0.67 | 0.66 | 0.63 | 0.50 |
| Average receivables | $10.8M | $11.2M | $13.9M | $17.0M | $16.8M | $13.7M | $14.2M | $16.1M | $14.6M | $11.3M |
| Average payables | $6.3M | $5.5M | $6.1M | $8.4M | $9.7M | $7.1M | $5.4M | $7.4M | $6.9M | $3.7M |
| Average inventory | $10.6M | $10.8M | $14.7M | $20.6M | $20.0M | $12.4M | $10.8M | $13.0M | $11.8M | $9.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 14.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from DSWL's annual financial statements (latest annual report filed July 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DSWL valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Deswell Industries traded at 4.5 times earnings, against a 10-year median of 7.2. Based on the latest twelve months, the trailing P/E is 4.6 and the forward P/E is 96.2. Deswell Industries earned a return on equity of 10.0% and a return on invested capital of 8.1% in fiscal 2026. It returned $3.4 million to shareholders: $3.2 million in dividends and $0.2 million in share buybacks, 71% of free cash flow.
See the DSWL income statement, the DSWL chart for price history, or the DSWL stock overview for the latest quote and news.
DSWL key metrics FAQ
What is Deswell Industries's P/E ratio?
Deswell Industries's trailing P/E ratio is 4.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 96.2. At the end of fiscal 2026 it was 4.5, compared with a 10-year median of 7.2.
What is Deswell Industries's return on equity?
Deswell Industries's return on equity (ROE) was 10.0% in fiscal 2026: net income of $10.6 million on average shareholders' equity of $105.8 million.
What is Deswell Industries's ROIC?
Deswell Industries's return on invested capital was 8.1% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
What is Deswell Industries's dividend yield?
Deswell Industries's forward dividend yield is 6.43%. Deswell Industries paid $3.2 million in dividends in fiscal 2026 ($0.20 per share), a payout ratio of 30.0%.
Does Deswell Industries buy back its shares?
Yes. Deswell Industries spent $0.2 million on net share repurchases in fiscal 2026 Shares outstanding changed −0.2% over the year, to 15.9M..
What is Deswell Industries's free cash flow yield?
Deswell Industries generated $4.7 million of free cash flow in fiscal 2026, a free cash flow yield of 9.9% on its market value at year-end ($47.6 million).
What is Deswell Industries's current ratio?
Deswell Industries's current ratio was 5.25 at the end of fiscal 2026: current assets were 5.25 times current liabilities.