Phison's September revenue grew 370.3% from a year earlier. That was 8.4% above August. The rate sits below July's.
A record month, but the growth rate has stopped climbing
Phison makes the small controller chips that make flash memory storage work. In September the company's revenue grew 370.3% against the same month last year. It also came in 8.4% above August's level. For the first nine months of 2026, revenue is up 290.9% on the same period last year.
Here is the part a headline misses. The growth rate against last year is huge, but it is no longer climbing. Phison's year-on-year rate stood higher in July 2026 and has eased in each of the two months since. The sales level keeps setting records. The pace of improvement does not.
Quick quiz
What does a record revenue month not tell you?
Why：A record only says the level is the highest so far. The rate of change can fade while the level keeps rising, and that is what Phison's year-on-year rate has done in the latest months.
Show answer
Whether growth is speeding up or slowing down A record only says the level is the highest so far. The rate of change can fade while the level keeps rising, and that is what Phison's year-on-year rate has done in the latest months.
Phison grew faster than most of its memory neighbours
Taiwan's memory names are all booming, so the fair test is the comparison with them. In September Phison's revenue grew 370.3% from a year earlier. The middle of its four listed peers grew 228.3%. Nanya Technology grew faster still, and Macronix was the slowest of the five companies compared.
How far ahead of its typical peer did Phison's September growth land?
Actual142.0 pp
The gap was 142.0 pp. That is wide for a group of companies riding the same memory upswing, and it is the kind of difference worth watching month by month rather than once a year.
Show answer
142.0 pp The gap was 142.0 pp. That is wide for a group of companies riding the same memory upswing, and it is the kind of difference worth watching month by month rather than once a year.
Data table
| day | series | value | series_role |
|---|---|---|---|
| -5 | Phison | -0.7% | target |
| -4 | Phison | -0.5% | target |
| -3 | Phison | -0.9% | target |
| -2 | Phison | -2.4% | target |
| -1 | Phison | -2.4% | target |
| 0 | Phison | -2.6% | target |
| 1 | Phison | -6.9% | target |
| 2 | Phison | -6.9% | target |
| 3 | Phison | -13.3% | target |
| 4 | Phison | -10.4% | target |
| 5 | Phison | -12.6% | target |
| -5 | Peer basket | 0.5% | peer |
| -4 | Peer basket | 0.6% | peer |
| -3 | Peer basket | -1.0% | peer |
| -2 | Peer basket | -1.9% | peer |
| -1 | Peer basket | -2.0% | peer |
| 0 | Peer basket | -2.4% | peer |
| 1 | Peer basket | -8.2% | peer |
| 2 | Peer basket | -7.0% | peer |
| 3 | Peer basket | -12.6% | peer |
| 4 | Peer basket | -10.2% | peer |
| 5 | Peer basket | -14.2% | peer |
| -5 | Cumulative abnormal return | -1.2% | neutral |
| -4 | Cumulative abnormal return | -1.1% | neutral |
| -3 | Cumulative abnormal return | 0.1% | neutral |
| -2 | Cumulative abnormal return | -0.5% | neutral |
| -1 | Cumulative abnormal return | -0.4% | neutral |
| 0 | Cumulative abnormal return | -0.2% | neutral |
| 1 | Cumulative abnormal return | 1.3% | neutral |
| 2 | Cumulative abnormal return | 0.0% | neutral |
| 3 | Cumulative abnormal return | -0.8% | neutral |
| 4 | Cumulative abnormal return | -0.3% | neutral |
| 5 | Cumulative abnormal return | 1.8% | neutral |
Share prices around the announcement tell a quieter story. Counting the announcement day itself, 6 trading days of prices are available. Across that window Phison's cumulative return ran 2.2% ahead of the peer basket. Both Phison and the basket ended the window below where they started. That is two things moving in the same period, not evidence that the revenue number pushed the stock.
Fat margins, but the shares are not priced as a hot story
Profit figures lag the monthly sales number. Phison's financial statements run only through 2026Q2, so September has no margin figures yet. In 2026Q2 gross margin The share of sales left after paying what it costs to make the product. A higher share means each sale leaves more money in the company. was 65.3%. That was 3.5 pp better than the quarter before. Operating margin The share of sales left after both production costs and running costs such as salaries and research. reached 38.8% in the same quarter, after a slightly heavier cost ratio took back part of the gross-margin gain.
Glossary
- gross margin
- The share of sales left after paying what it costs to make the product. A higher share means each sale leaves more money in the company.
- Operating margin
- The share of sales left after both production costs and running costs such as salaries and research.
- trailing earnings
- The profit the company actually reported over the last four quarters, rather than an estimate for later periods.
Data table
| order | category | amount | kind |
|---|---|---|---|
| 0 | 2026Q1 operating margin | 36.2% | total |
| 1 | Gross margin change | 3.5% | delta |
| 2 | Opex ratio change | -0.9% | delta |
| 3 | 2026Q2 operating margin | 38.8% | total |
After all of that, the market price is unremarkable. Phison trades at 8.6x trailing earnings The profit the company actually reported over the last four quarters, rather than an estimate for later periods.. The median of its peers is 9.3x. So a company growing this fast does not carry the highest price tag in its own group. One thing we cannot answer: a split of sales by product line, such as controller chips, modules or foundry work, is not available in this data, so the source of the jump stays hidden.
Risks
- Monthly sales can include one-off shipments that do not repeat the next month.
- The peer basket is small and mixed, so the price comparison may mean little.
- Currency moves or accounting changes can flatter a year-on-year comparison.
Sources
- 證券櫃檯買賣中心 個股日成交資訊 3260 — data as of 2026-10-22; fetched 2026-11-05 19:30 UTC
- 臺灣證券交易所 個股日成交資訊 2337 — data as of 2026-10-22; fetched 2026-11-05 19:30 UTC
- 臺灣證券交易所 個股日成交資訊 2408 — data as of 2026-10-22; fetched 2026-11-05 19:30 UTC
- 證券櫃檯買賣中心 個股日成交資訊 8299 — data as of 2026-10-22; fetched 2026-11-05 19:29 UTC
- 臺灣證券交易所 個股日成交資訊 2344 — data as of 2026-10-22; fetched 2026-11-05 19:30 UTC
- FinMind 財務報表 / 現金流量表 8299（原始來源：公開資訊觀測站） — data as of 2026-06-30; fetched 2026-11-05 19:30 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)