| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 46 | 22.1x | 17.8x | Around median | |
Growth | 81 | 5.6% | 7.1% | Top tier | |
Quality | 60 | 9.1% | 4.5% | Around median | |
Safety | 88 | — | 2.6x | Top tier | |
Capital Return | 94 | — | 2.12% | Top tier | |
Momentum | 93 | 189.6% | 2.9% | Top tier | |
Sentiment | 38 | 3 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, 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.
The company raised its fiscal 2026 capital expenditure budget to $2 billion from $1.5 billion to support demand for silicon photonics and advanced packaging. The board also approved approximately $5 billion of spending across 2026 and 2027, including a cleanroom at the P4 facility in Singapore and foundations for the P7 and P8 facilities in Tainan. UMC will implement the stages according to market validation and customer commitments, but management expects depreciation to increase by a low-teens percentage annually for at least the next two years as a result.
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.
