Présentation de l'entreprise
United Microelectronics Corporation operates as a semiconductor wafer foundry with manufacturing facilities located in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and other international regions, where it manufactures and sells integrated circuits while offering backend and design support services for mobile and wireless communications. The company functions within the Technology sector and the Semiconductors industry, a segment defined by the production of essential electronic components that power modern computing, telecommunications, and consumer electronics devices. This entity employs approximately 20,000 staff members and maintains a market capitalization of $24.04B alongside an annual revenue of $237.55B. These valuation and revenue figures indicate that the company holds a substantial position within the global semiconductor supply chain, reflecting significant scale in terms of capital investment, operational footprint, and revenue generation relative to industry peers.
Santé financière
The company reports a trailing twelve-month revenue of $237.55B, a net income of $41.72B, and an EBITDA of $100.67B. The substantial gap between the $237.55B revenue and the $41.72B net income reveals a significant cost structure comprising operating expenses, depreciation, and amortization that reduces pre-tax earnings before interest and taxes to the reported bottom line. Free cash flow stands at $37.75B, which indicates a robust capacity to generate cash from operations after capital expenditures, providing the financial flexibility to fund expansion, repay debt, or return capital to shareholders. Profitability is analyzed through three key margins: a gross margin of 29.0%, an operating margin of 19.8%, and a profit margin of 17.6%, where the gross margin reflects manufacturing efficiency, the operating margin indicates control over operational costs, and the profit margin shows the final return on sales after all expenses. The balance sheet holds $128.37B in cash against $78.97B in debt, resulting in a debt-to-equity ratio of 20.79, a figure that suggests a leveraged capital structure where equity capital is significantly lower than the debt obligation. Liquidity is supported by a current ratio of 2.34, indicating that the company holds sufficient current assets to cover its short-term liabilities more than twice over. Return on equity is recorded at 11.0% while return on assets is 4.8%, metrics that reveal management's effectiveness in generating returns on shareholder equity versus the broader asset base utilized to generate those profits.
Évaluation de la valorisation
Valuation metrics show a trailing P/E ratio of 18.21 compared to a forward P/E of 12.69, implying that the market expects earnings to grow significantly in the future to justify the lower multiple applied to forward earnings. The price-to-book ratio is 2.00, indicating that the market values the company at twice its book value, suggesting a premium assigned to its intangible assets, technology, and market position. Alternative valuation metrics include a price-to-sales ratio of 0.10 and an EV/EBITDA of 0.69, which suggest the company trades at a very low multiple relative to its revenue and enterprise value, potentially reflecting market skepticism or specific industry conditions. The stock's 52-week high is $12.68 and the low is $5.99, meaning the current price sits significantly below the 52-week high and above the 52-week low within this trading range. The beta value is 1.01, which means the stock's price volatility is nearly identical to the broader market, exhibiting neither significant amplification nor dampening of market movements.
Growth & Income
Revenue growth over the last year is 2.4% while earnings growth is 18.2%, indicating that earnings are growing substantially faster than revenue, which implies improved operational efficiency or margin expansion. As a dividend payer, the company offers a dividend yield of 5.2% with a payout ratio of 85.1%, a high payout level that must be scrutinized against the 18.2% earnings growth to determine if the dividend remains sustainable given the high percentage of earnings distributed. Given the high payout ratio, the company distributes a large portion of its profits rather than retaining earnings for aggressive internal reinvestment, though the high earnings growth supports the ability to maintain this yield. The overall profile presents a mature growth trajectory with substantial income generation through dividends, balancing modest revenue expansion with strong profitability improvements.