| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 56 | 18.7x | 17.3x | Around median | |
Growth | 80 | 5.6% | 7.1% | Top tier | |
Quality | 60 | 9.1% | 4.5% | Around median | |
Safety | 88 | — | 2.6x | Top tier | |
Capital Return | 70 | 2.34% | 0.06% | Top tier | |
Momentum | 84 | 222.6% | -1.6% | Top tier | |
Sentiment | 43 | 3 | 3 | Around median |
The floor: what the company is worth if growth stopped today
71% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
United Microelectronics Corporation (UMC) operates as a semiconductor foundry, generating revenue by manufacturing chips for customers across multiple process nodes and technologies. In fiscal Q2 2026, sub-40-nanometer technologies accounted for approximately 52% of revenue, with the 22- and 28-nanometer nodes forming the largest revenue group at 37%, while 22-nanometer technology alone represented 17.5% of sales. Geographically, 66% of revenue came from Asia and 22% from North America, IDM customers accounted for approximately 15% of revenue, and the company's specialized solutions, which include power management, contributed approximately 50%.
UMC recorded revenue of NT$68.73 billion in fiscal Q2 2026, up 12.6% sequentially, with shipments of 1.13 million 12-inch-equivalent wafers and a 10.6% increase in shipments from the previous quarter. Capacity utilization rose to 85% from 79%, and gross margin increased to 32.5%, equivalent to NT$22.3 billion. Net income attributable to shareholders of the parent reached NT$42.26 billion, with ordinary earnings per share of NT$3.39, but the result included approximately NT$30 billion of investment and dividend income within non-operating items.
During the first half of fiscal 2026, revenue grew 11.3% year over year to NT$129.77 billion, and gross profit reached NT$40.1 billion at a 30.9% margin. Net income reached NT$58.4 billion and earnings per share reached NT$4.68, supported by NT$35.6 billion of non-operating income. For the annual comparison, fiscal 2024 revenue increased to NT$232.3 billion from NT$222.5 billion in fiscal 2023, but net income declined to NT$48.7 billion from NT$60.1 billion, and earnings per share fell to 3.94 from 4.82.
Analyst consensus on UMC is Neutral, with an average target of $10.2, which is also the highest and lowest available target, making the consensus range superficially narrow and revealing no divergence among multiple estimates. This target is approximately 35% of the 52-week range's peak of $28.96, while the bottom of the range is $6.56; the wide range reflects sharp repricing amid an AI-led demand cycle versus uneven weakness in other end markets and anticipated depreciation pressures. No price-to-earnings ratio is available in the data, so the stock's valuation here depends on the Neutral target, the 52-week range, and earnings quality, particularly the large contribution of non-operating income in fiscal Q2 2026.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Revenue reached NT$68.73 billion, up 12.6% sequentially, with shipments increasing 10.6% to 1.13 million 12-inch-equivalent wafers. Capacity utilization rose from 79% to 85%, and gross margin increased to 32.5%, or NT$22.3 billion, supported by strong demand in communications and consumer products. Net income attributable to shareholders of the parent reached NT$42.26 billion, with earnings per share of NT$3.39, but approximately NT$30 billion of non-operating investment and dividend income boosted this result.
Management expects AI-related revenue to approach $300 million in fiscal 2026 and exceed $1 billion within three years. This revenue includes power-management, connectivity, FPGA, advanced-packaging, and silicon-photonics solutions, with near-term demand for 40- and 65-nanometer products. In July 2026, the company announced the first high-volume production delivery of a 12-inch photonic integrated circuit and intends to make its silicon photonics platform generally available to customers in 2027.
Automated analysis for informational purposes only — not investment advice.
UMC expects high-single-digit wafer shipment growth, average selling prices in U.S. dollars to remain stable, and gross margin to reach the mid-30% range. It also expects capacity utilization to exceed 90%, compared with 85% in fiscal Q2 2026. This guidance assumes continued demand across computing, communications, and consumer products, led by power-management ICs, sensors, and microcontrollers, with utilization in the 8-inch business reaching the mid-80% range.
Management said on the July 29, 2026 call that the 12-nanometer project with Intel is progressing smoothly and that product design tape-outs will begin in 2027. UMC expects 2027 to represent a pilot production-ramp phase, while production becomes more meaningful in 2028, and believes the collaboration model will enhance its current financial economics. The company has not committed to a 7-nanometer or more advanced node, emphasizing that executing the 12-nanometer technology and proving its business model come before exploring any next generation.
Management said on July 29, 2026 that the recovery is not broad-based and that non-AI demand is uneven, with expected year-over-year declines in phones, personal computers, and laptops. The approximately $5 billion of approved spending across 2026 and 2027 adds execution and depreciation risks, while the lead time for building some silicon-photonics and advanced-packaging capacity exceeds 20 months. Fiscal Q2 2026 net income also benefited from approximately NT$30 billion of non-operating items, and insiders recorded net selling of $296 million over the three months through July 13, 2026, although these sales are a weak signal that may have been prearranged.