Gigamedia Ltd is a US-listed company in the interactive home entertainment industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$2.5
Revenue-to-maturity cash-flow model
Base case. Range ~$2.5–$2.5 across our lower- and higher-growth cases (12%–22% a year).
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Gigamedia Ltd valuation: adjust assumptions and compare models →
Gigamedia has little or no product revenue yet; it used $2m of cash in the twelve months. That growth ranks 3 of 11 among the interactive home entertainment companies we cover. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $2.52 a share, against a share price of $1.41.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Gigamedia Ltd's trailing-twelve-month revenue grew 17.0% year on year, with a free-cash-flow margin of -58.1%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 10 interactive home entertainment companies we cover. Where it lags: operating margin of -103.6% ranks 11 of 12 interactive home entertainment companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 17.0% (+47.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Gigamedia Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.71 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$2.5 ~$2.5–$2.5 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.1 ~$0.1–$1.1 | Left out: out of range vs price (0.11x) |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$2.5 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Gigamedia Ltd with Interactive Home Entertainment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $3.03 | $2.92 | $3.04 | $3.00 | $2.41 | $3.20 | $2.25 | $1.21 | $1.39 | $1.55 | $1.52 |
| Market value | $33m | $32m | $34m | $33m | $27m | $35m | $25m | $13m | $15m | $17m | $17m |
| + Net debt (− = net cash) | −$65m | −$63m | −$64m | −$59m | −$58m | −$46m | −$41m | −$39m | −$38m | −$35m | −$29m |
| Enterprise value | −$32m | −$31m | −$30m | −$26m | −$31m | −$10m | −$17m | −$25m | −$23m | −$18m | −$12m |
| Multiples | |||||||||||
| Price / sales | 3.3x | 3.6x | 2.9x | 4.7x | 4.0x | 5.1x | 4.5x | 2.4x | 3.6x | 5.8x | 4.8x |
| Price / earnings | — | — | 30.9x | — | — | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard Gigamedia's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Gross margin has been a median 52.9%, moving by 9.9 percentage points (standard deviation) across 5 years.
Operating margin has been a median -72.4%; its worst year was -256.0%.
Free cash flow was positive in 1 of 5 years, at a median -30.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).
No analyst estimates are published for Gigamedia Ltd: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2010 | −$2.15 | −$0.80 | +62.8% |
| Sept 2010 | −$0.20 | −$0.88 | −340.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| GIGM | −30% | −46% | +15% | +12% | −2% | −11% |
| Industry peers (median) | −23% | −41% | −14% | −0% | −17% | −48% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| GIGM | 42% | 8% | 50% | 50% | 50% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| GIGM | −56% | −50% | −15% | −14% | −22% | −22% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 76% from March 24, 2021 to December 14, 2022. Getting back needed a 315% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $9.8M |
| FY15 Q4 | $10.3M |
| FY16 Q4 | $9M |
| FY17 Q4 | $11.6M |
| FY18 Q4 | $7.1M |
| FY19 Q4 | $6.6M |
| FY20 Q4 | $6.9M |
| FY21 Q4 | $5.5M |
| FY22 Q4 | $5.6M |
| FY23 Q4 | $4.3M |
| FY24 Q4 | $3M |
| FY25 Q4 | $3.5M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | -34.9% |
| FY15 Q4 | 4.8% |
| FY16 Q4 | -12.5% |
| FY17 Q4 | 29.3% |
| FY18 Q4 | -38.8% |
| FY19 Q4 | -6.4% |
| FY20 Q4 | 3.5% |
| FY21 Q4 | -20.1% |
| FY22 Q4 | 1.7% |
| FY23 Q4 | -23.2% |
| FY24 Q4 | -30.8% |
| FY25 Q4 | 17.0% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY14 Q4 | -137.8% |
| FY15 Q4 | -195.6% |
| FY16 Q4 | -79.5% |
| FY17 Q4 | -4.2% |
| FY18 Q4 | -67.9% |
| FY19 Q4 | -45.4% |
| FY20 Q4 | -31.3% |
| FY21 Q4 | -72.4% |
| FY22 Q4 | -54.1% |
| FY23 Q4 | -73.5% |
| FY24 Q4 | -124.7% |
| FY25 Q4 | -103.6% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | -115.1% |
| FY15 Q4 | -165.9% |
| FY16 Q4 | -68.9% |
| FY17 Q4 | -11.2% |
| FY18 Q4 | -56.0% |
| FY19 Q4 | -24.3% |
| FY20 Q4 | -30.5% |
| FY21 Q4 | -76.7% |
| FY22 Q4 | -45.9% |
| FY23 Q4 | -29.0% |
| FY24 Q4 | -80.1% |
| FY25 Q4 | -58.1% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 160 | 65 | 34 | 27 | 15 | 10 | 10 | 9 | 12 | 7 | 7 | 7 | 5 | 6 | 4 | 3 | 3 |
| Gross profit | 123 | 44 | 20 | 16 | 7 | 2 | 1 | 5 | 6 | 4 | 4 | 4 | 3 | 3 | 2 | 1 | 2 |
| EBITDA | −36 | −46 | −18 | −19 | −38 | −13 | −20 | −7 | −0 | −5 | −3 | −2 | −4 | −3 | −3 | −4 | −4 |
| Operating income | −40 | −48 | −20 | −21 | −38 | −13 | −20 | −7 | −0 | −5 | −3 | −2 | −4 | −3 | −3 | −4 | −4 |
| Net income | −49 | 3 | −71 | −15 | −35 | −5 | −2 | −6 | 1 | −3 | −2 | −1 | −3 | −3 | −3 | −2 | −2 |
| Diluted EPS | −$4.50 | $0.20 | −$6.55 | −$1.50 | −$3.43 | −$0.48 | −$0.20 | −$0.55 | $0.10 | −$0.29 | −$0.15 | −$0.12 | −$0.31 | −$0.25 | −$0.31 | −$0.21 | −$0.14 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | −59.5% | −46.9% | −20.1% | −45.3% | −34.9% | +4.8% | −12.5% | +29.3% | −38.8% | −6.4% | +3.5% | −20.1% | +1.7% | −23.2% | −30.8% | +17.0% |
| Net income | — | — | <−999% | — | — | — | — | — | — | −394.0% | — | — | — | — | — | — | — |
| Diluted EPS | — | — | <−999% | — | — | — | — | — | — | −390.0% | — | — | — | — | — | — | — |
| Margins | |||||||||||||||||
| Gross margin | 76.9% | 67.4% | 58.1% | 58.5% | 49.5% | 19.9% | 13.3% | 53.9% | 56.0% | 49.5% | 53.9% | 57.0% | 52.9% | 58.2% | 57.0% | 49.7% | 52.4% |
| EBITDA margin | −22.4% | −70.5% | −51.9% | −70.4% | −253.3% | −134.6% | −192.8% | −77.7% | −3.9% | −66.5% | −44.5% | −31.3% | −72.2% | −53.7% | −72.5% | −123.0% | −101.9% |
| Operating margin | −25.1% | −73.7% | −58.0% | −74.9% | −256.0% | −137.8% | −195.6% | −79.5% | −4.2% | −67.9% | −45.4% | −31.3% | −72.4% | −54.1% | −73.5% | −124.7% | −103.6% |
| Net margin | −30.8% | 4.1% | −207.2% | −55.7% | −231.4% | −52.7% | −21.9% | −67.6% | 9.4% | −45.0% | −25.0% | −18.8% | −62.4% | −49.3% | −79.2% | −77.3% | −44.7% |
| Free-cash-flow margin | 1.8% | −19.6% | −38.5% | −28.2% | −30.1% | −115.1% | −165.9% | −68.9% | −11.2% | −56.0% | −24.3% | −30.5% | −76.7% | −45.9% | −29.0% | −80.1% | −58.1% |
| Cash flow | |||||||||||||||||
| Cash from operations | 9 | −9 | −12 | −7 | −4 | −11 | −17 | −6 | −1 | −4 | −2 | −2 | −4 | −3 | −1 | −2 | −2 |
| Capital spending | 6 | 4 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 3 | −13 | −13 | −8 | −5 | −11 | −17 | −6 | −1 | −4 | −2 | −2 | −4 | −3 | −1 | −2 | −2 |
| Stock-based pay | 3 | 3 | 1 | 0 | 0 | 0 | 0 | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | −0 | −16 | −14 | −8 | −5 | −11 | −17 | −6 | −1 | −4 | −2 | −2 | −4 | −3 | −1 | −2 | −2 |
| Balance sheet | |||||||||||||||||
| Cash | 56 | 71 | 64 | 63 | 59 | 51 | 71 | 66 | 64 | 59 | 58 | 46 | 41 | 39 | 38 | 35 | 29 |
| Total debt | 0 | 12 | 12 | 8 | 4 | 19 | 6 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −56 | −59 | −52 | −55 | −54 | −32 | −65 | −63 | −64 | −59 | −58 | −46 | −41 | −39 | −38 | −35 | −29 |
| Diluted shares | 11m | 12m | 11m | 10m | 10m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 11m |
| Returned to shareholders | |||||||||||||||||
| Buybacks | — | — | 6 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total returned | — | — | 6 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Last 12 months unless stated | GIGM | SEGG | MSGM | CTW | SNAL | GMHS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $5m | $15m | $83m | $86m | $105m | $166m |
| Revenue growth, last 12 months | 17.0% | 433.1% | 78.6% | −8.7% | −5.6% | −11.3% | 1.6% |
| Revenue growth, 3-year average | −38.6% | 21.7% | 19.7% | — | 16.5% | — | 16.5% |
| Revenue growth, latest quarter | — | >999% | 36.6% | — | −11.3% | — | 2.0% |
| Gross margin | 52.4% | 21.1% | 83.9% | 65.5% | 33.7% | 52.7% | 57.8% |
| Operating margin | −103.6% | −446.8% | 21.1% | −8.9% | −13.9% | 1.3% | −5.6% |
| Operating margin, 3-year average | −60.1% | −849.3% | −1.9% | — | −6.2% | — | −11.6% |
| Net margin | −44.7% | −458.2% | 16.2% | −5.0% | −11.2% | 4.1% | −4.9% |
| Cash from operations / revenue | −56.8% | −280.2% | 43.0% | −3.8% | 9.5% | 5.7% | 7.9% |
| Free-cash-flow margin | −58.1% | −280.2% | 43.0% | −4.3% | 9.5% | 5.0% | 6.7% |
| Free-cash-flow margin, 3-year average | −48.7% | −164.7% | −13.9% | — | 6.6% | — | 6.0% |
| Stock pay / revenue | 0.0% | 79.2% | 1.8% | 2.4% | 0.2% | 0.3% | 2.4% |
| Change in share count | 0.0% | −74.7% | 48.4% | 4.0% | — | 3.6% | 1.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 17.0% | 7.1% | 4 of 12 |
| Change in growth rate Growth | +47.8pp | +2.6pp | 2 of 12 |
| Gross margin Profitability | 52.4% | 56.0% | 7 of 9 |
| Operating margin Profitability | -103.6% | -2.4% | 11 of 12 |
| Net margin Profitability | -44.7% | -4.8% | 11 of 12 |
| Free-cash-flow margin Cash generation | -58.1% | 7.2% | 11 of 12 |
| Stock pay as % of revenue Cash generation | 0.0% | 2.4% | 1 of 10 |
| Change in share count Balance sheet | 0.0% | 3.6% | 4 of 10 |
| Days sales outstanding Balance sheet | 11 days | 33 days | 2 of 10 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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