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Chunghwa Telecom Co., Ltd. (CHT)

NYSE / Communication Services / Telecommunications Services

Share price

47.66 USD Market dataClose of Oct 15, 2026

Market capitalisation

36.97B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Apr 16, 2025
Ratios computed
Oct 15, 2026
Filed years
9, FY2016 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

10.2% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

32.17x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.2% Computed

FY2024 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2015 Revenue: 231.80B TWDFY2015 Net income: 42.81B TWDFY2016 Revenue: 229.99B TWDFY2016 Net income: 40.48B TWDFY2017 Revenue: 227.51B TWDFY2017 Net income: 38.99B TWDFY2018 Revenue: 215.48B TWDFY2018 Net income: 37.56B TWDFY2019 Revenue: 207.52B TWDFY2019 Net income: 32.95B TWDFY2020 Revenue: 207.61B TWDFY2020 Net income: 33.42B TWDFY2021 Revenue: 210.48B TWDFY2021 Net income: 35.62B TWDFY2022 Revenue: 216.74B TWDFY2022 Net income: 36.36B TWDFY2023 Revenue: 223.20B TWDFY2023 Net income: 36.96B TWDFY2024 Revenue: 229.97B TWDFY2024 Net income: 37.19B TWD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 32.17x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Telecommunications Services industry (31 companies), 32.17x sits at the 84th percentile; the middle half of that group runs from 8.97x to 23.29x.

Is it good

Return on invested capital was 10.2% in FY2024, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Communication Services sector (85 companies), 10.2% sits at the 79th percentile; the middle half of that group runs from -2.0% to 8.8%.

Is it safe

Chunghwa Telecom Co., Ltd. held more cash than debt at the end of FY2024 (net cash of 14.7bn TWD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Chunghwa Telecom Co., Ltd.'s return on invested capital stayed above the median of the Communication Services sector, year by year. (FY2018 to FY2024, 7 fiscal years of Chunghwa Telecom Co., Ltd. with a comparable figure)
The direction
Which way Chunghwa Telecom Co., Ltd.'s return on equity has moved, and how steadily. (FY2015 to FY2024, 10 filed years of Chunghwa Telecom Co., Ltd.)
What could explain it
What in Chunghwa Telecom Co., Ltd.'s filed statements could explain the movements. (4 readings drawn from the statement lines Chunghwa Telecom Co., Ltd. filed)
What to check next
What to check next on Chunghwa Telecom Co., Ltd., and where in its filings. (3 questions for Chunghwa Telecom Co., Ltd.)
In one paragraph
One paragraph on Chunghwa Telecom Co., Ltd.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Chunghwa Telecom Co., Ltd.)

These are CHT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CHTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 16, 2025, accession 0000950170-25-054474.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Chunghwa Telecom Co., Ltd: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax10.2% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Return on equity9.7% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Return on capital employed, pre-tax10.4% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Return on assets7.0% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Gross margin36.3% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Operating margin20.4% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Net margin16.2% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
CHT 16.2%
T 17.5%CMCSA 16.2%TMUS 12.4%VZ 12.4%TU 5.4%
5.4%17.5%
Net margin: CHT against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Chunghwa Telecom Co., Ltd: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.06 ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Current ratio1.38 ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Quick ratio1.23 ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Altman Z-score6.38 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Net debt-14.72B ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Total assets 534.30BTotal liabilities 138.49BShareholders' equity 382.83BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Chunghwa Telecom Co., Ltd owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 16, 2025, 0000950170-25-054474).

Chunghwa Telecom Co., Ltd: balance sheet position
Total assets534.30B FiledFY2024 20-F, filed Apr 16, 2025
Total liabilities138.49B FiledFY2024 20-F, filed Apr 16, 2025
Shareholders' equity382.83B FiledFY2024 20-F, filed Apr 16, 2025
Cash36.26B FiledFY2024 20-F, filed Apr 16, 2025
Total debt21.54B FiledFY2024 20-F, filed Apr 16, 2025
Net debt-14.72B
Current ratio1.38
Debt to equity0.06
  • Interest cover: FY2024: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Chunghwa Telecom Co., Ltd: what the market charges, each with its source
FigureValue, source and document
Price to earnings32.17x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.13x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Price to sales5.20x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Enterprise value to EBIT25.21x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Enterprise value to EBITDA13.52x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Price to earnings over growth13.29 ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474

We publish no fair value or price target of our own. Value CHT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Chunghwa Telecom Co., Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Chunghwa Telecom Co., Ltd: valuation
Share price47.66 USD
Market capitalisation36.97B USD
Enterprise value to EBITDA13.52x
Graham numbern/a
Diluted earnings per share, FY2015n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Chunghwa Telecom Co., Ltd

  1. AT&T Inc. (T)Market cap 161.00B USD
  2. Comcast Corporation (CMCSA)Market cap 77.05B USD
  3. T-Mobile US, Inc. (TMUS)Market cap 168.40B USD
  4. Verizon Communications Inc. (VZ)Market cap 184.50B USD
  5. TELUS Corporation (TU)Market cap 13.18B USD

Same industry (Telecommunications Services) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Chunghwa Telecom Co., Ltd: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.2% ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Free cash flow50.49B TWD ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Free cash flow margin21.9% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Dividend yield
Why n/a

The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Payout ratio99.3% ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
FY2015 Free cash flow: 40.86B TWDFY2015 Net income: 42.81B TWDFY2016 Free cash flow: 41.44B TWDFY2016 Net income: 40.48B TWDFY2017 Free cash flow: 44.06B TWDFY2017 Net income: 38.99B TWDFY2018 Free cash flow: 37.82B TWDFY2018 Net income: 37.56B TWDFY2019 Free cash flow: 48.26B TWDFY2019 Net income: 32.95B TWDFY2020 Free cash flow: 50.95B TWDFY2020 Net income: 33.42B TWDFY2021 Free cash flow: 39.52B TWDFY2021 Net income: 35.62B TWDFY2022 Free cash flow: 44.42B TWDFY2022 Net income: 36.36B TWDFY2023 Free cash flow: 43.82B TWDFY2023 Net income: 36.96B TWDFY2024 Free cash flow: 50.49B TWDFY2024 Net income: 37.19B TWD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Chunghwa Telecom Co., Ltd.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
32.17xFY2024Oct 15, 2026
3.13xFY2024Oct 15, 2026
25.21xFY2024Oct 15, 2026
4.2%FY2024Oct 15, 2026
10.2%FY2024Apr 16, 2025
n/aFY2024Oct 15, 2026
n/a The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
0.06FY2024Apr 16, 2025
1.38FY2024Apr 16, 2025
5.20xFY2024Oct 15, 2026
13.29FY2024Oct 15, 2026
6.38FY2024Oct 15, 2026
-2.92FY2024Apr 16, 2025
4/9FY2024Apr 16, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 9 read from the annual reports Chunghwa Telecom Co., Ltd filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in TWD, as reported.

Chunghwa Telecom Co., Ltd: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2024229.97B46.87B37.19Bn/a50.49B20.4%9.7%20-F, Apr 16, 20250000950170-25-054474
FY2023223.20B46.35B36.96Bn/a43.82B20.8%9.7%20-F, Apr 17, 20240000950170-24-044919
FY2022216.74B46.83B36.36Bn/a44.42B21.6%9.6%20-F, Apr 17, 20230000950170-23-012951
FY2021210.48B44.93B35.62Bn/a39.52B21.4%9.4%20-F, Apr 15, 20220001564590-22-014521
FY2020207.61B42.36B33.42Bn/a50.95B20.4%8.9%20-F, Apr 19, 20210000950123-21-004659
FY2019207.52B40.65B32.95Bn/a48.26B19.6%8.8%20-F, Apr 17, 20200000950123-20-003412
FY2018215.48B43.64B37.56Bn/a37.82B20.3%10.0%20-F, Apr 29, 20190000950123-19-003633
FY2017227.51B46.70B38.99Bn/a44.06B20.5%10.8%20-F, Apr 27, 20180001564590-18-009423
FY2016229.99B48.10B40.48Bn/a41.44B20.9%11.2%20-F, Apr 27, 20180001564590-18-009423
FY2015231.80B50.36B42.81B55.0040.86B21.7%11.6%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2015 to FY2024: -0.1%
  • Earnings, compound annual growth FY2015 to FY2024: -1.6%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2015 to FY2024: 2.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Chunghwa Telecom Co., Ltd: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.92 ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Piotroski F-score4/9 ComputedFY2024 20-F, filed Apr 16, 2025, 0000950170-25-054474
Named tests met2 of 30 Computed
Beta0.17 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 26 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Dividends and buybacks; P/E times P/B (Benjamin Graham). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: The newest cash flow statement on file ended more than fifteen months ago, so it says nothing about today's yield.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them Positive Earnings Streak, Eps Growth 5Y, Interest Coverage. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.