회사 개요
United Microelectronics Corporation operates globally as a semiconductor wafer foundry, manufacturing and selling integrated circuits for mobile and wireless communications across Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and other international markets. The company functions within the Technology sector and the Semiconductors industry, playing a critical role in the global supply chain by providing essential backend fabrication services. Its scale is substantial, with a market capitalization of $24.04B and an annual revenue of $237.55B, supported by a workforce of 20,000 employees. These valuation and revenue figures indicate that the company holds a significant position in the semiconductor manufacturing landscape, reflecting its capacity to generate massive revenue streams and maintain a large market presence despite operating in a capital-intensive industry.
재무 건전성
The company reported a revenue of $237.55B and a net income of $41.72B for the trailing twelve months, while generating an EBITDA of $100.67B, highlighting a substantial gap between top-line revenue and bottom-line profit that underscores the heavy cost structure inherent in semiconductor fabrication, including capital expenditures and operational expenses. Free cash flow stands at $37.75B, which signifies strong financial flexibility allowing the company to fund operations, service debt obligations, and potentially invest in new technology without relying heavily on external financing. Profitability is further detailed by three distinct 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 the efficiency of production relative to material costs, the operating margin indicates operational leverage, and the profit margin captures the final ability to convert revenue into net earnings. The balance sheet shows a cash position of $128.37B against total debt of $78.97B, with a debt-to-equity ratio of 20.79, suggesting a leveraged capital structure where total debt significantly exceeds equity, yet the high cash reserves provide a robust buffer against liquidity crises. Liquidity is supported by a current ratio of 2.34, indicating that the company holds more than twice the current assets required to meet its short-term liabilities, which points to a comfortable short-term financial position. Management effectiveness is measured by a return on equity of 11.0% and a return on assets of 4.8%, revealing that while the company generates solid returns on shareholder capital, the return on assets is moderated by the asset-heavy nature of the semiconductor foundry business.
밸류에이션 평가
Valuation metrics reveal a trailing P/E ratio of 18.21 and a forward P/E of 12.69, where the difference between these two figures implies that the market expects a significant expansion in earnings growth in the coming year to justify the current stock price relative to future projections. The price-to-book ratio is 2.00, which indicates that the market values the company at twice its book value, suggesting a premium placed on the company's intangible assets, brand, and future growth potential over its tangible net assets. Alternative valuation measures include a price-to-sales ratio of 0.10 and an EV/EBITDA of 0.69, which suggest that the company is trading at a low multiple relative to its sales and earnings before interest, taxes, depreciation, and amortization, potentially reflecting market caution or specific industry cyclical headwinds. The stock's price volatility is contextualized by a 52-week high of $12.68 and a low of $5.99, meaning the current valuation sits within a wide historical range and is subject to significant price swings typical of semiconductor stocks. A beta of 1.01 indicates that the stock price moves in tandem with the broader market, exhibiting slightly higher volatility than the market average, which aligns with the cyclical nature of the semiconductor industry.
Growth & Income
Growth dynamics are characterized by a revenue growth rate of 2.4% year-over-year and an earnings growth rate of 18.2% year-over-year, demonstrating that earnings are growing at a pace significantly faster than revenue, which often implies an improving operational efficiency or a shift in the product mix toward higher-margin offerings. The company distributes income to shareholders with a dividend yield of 5.2% and a payout ratio of 85.1%, where the high payout ratio indicates that a large portion of earnings is distributed rather than reinvested, which must be weighed against the need for capital expenditures in a capital-intensive industry. Given the payout ratio of 85.1%, the sustainability of dividends relies on maintaining robust earnings relative to the fixed cash needs of the foundry operations, as any downturn in revenue could pressure the ability to sustain such a high payout level. Overall, the company presents a profile of moderate revenue expansion paired with accelerating earnings growth, supported by a generous dividend yield that appeals to income-focused investors but requires careful monitoring of the high payout sustainability.