ASX Technology

ASE Technology Holding Co., Ltd.

$39.05-0.31%

Price as of close on Nov 3, 2026 · Financials updated Nov 1, 2026

Basics

Sector: Technology
Industry: Semiconductors
Country: Taiwan
Market cap: 86.2B USD
Enterprise value: 107.4B USD
Full-time employees: 119,346

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.52 vs a peer median of 0.87), less short-term liquidity (current ratio 1.26 vs a peer median of 1.83) and more debt relative to equity (0.69× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.52 vs peers 0.87), less liquidity (current ratio 1.26 vs peers 1.83) and more debt vs equity (0.69× vs peers 0.25×)
About average: profitability and growth

Ranks #1,210 of 1,612 technology companies (bottom 25%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
ASE Technology reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Returning more cash than it generates. Paid out TWD 83.3B vs TWD 49.1B of free cash flow over the 3 fiscal years to 2025.
ASE Technology returned TWD 83.3B to shareholders over three years, 170% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +77%, operating profit −37%.Since 2022: debt +77%, operating profit −37%.
ASE Technology's debt grew 77% since 2022 while operating profit changed −37%.
Investment surge. Capital spending 26% of revenue, up from 11% in 2022.
ASE Technology is spending 26% of revenue on facilities and equipment, up from 11% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

37/ 100

Oct 5 37 → Nov 4 37

Valuation

Is the price right?

32/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · TWD→USD at the current rateReported value30% base weight · Z-score -0.46Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · TWD→USD at the current rateReported value50% base weight · Z-score -0.22Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-0.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · TWD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield10.4%

SEC filings (IFRS mapped) · latest balance sheet · TWD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

43/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 8.4%

Why

Mixed versus peers:

▲ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth22.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.38Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-1.3%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -0.77Sector median: 0.0483 · MAD: 0.0793

Revenue growth8.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.01Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

55/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

Free cash flow turned negative over the last 12 months

Why

Helped by:

▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.23Sector median: 0.0631 · MAD: 0.0710

Return on assets4.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.43Sector median: 0.0293 · MAD: 0.0362

Return on invested capital8.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.18Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin17.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity11.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: Changed: worth a look

Debt up 48%

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.52

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.77Sector median: 0.8710 · MAD: 0.3700

Current ratio1.26×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.83Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.69×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.96Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ASE Technology

Is ASE Technology getting weaker?: Its latest SEC filing (Apr 1, 2026) got weaker in some ways: debt up 48%; free cash flow turned negative over the last 12 months. Its overall score is unchanged at 37/100 since Oct 28, 2026.
How is ASE Technology valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 1,711 technology peers. Free cash flow yield -0.7% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -0.7% vs peers 2.7% (weaker than 100% of peers).
Is ASE Technology growing?: At about the same pace as its peers. Growth scores 43/100 against 1,711 technology peers. Earnings per share growth 22.7% vs a peer median of 11.1% (stronger than 62% of peers).Earnings per share growth 22.7% vs peers 11.1% (stronger than 62% of peers). 3-year revenue growth -1.3% vs a peer median of 4.8% (weaker than 71% of peers).3-year revenue growth -1.3% vs peers 4.8% (weaker than 71% of peers).
How profitable is ASE Technology?: About as profitable as its peers. Profitability scores 55/100 against 1,711 technology peers. Return on assets 4.5% vs a peer median of 2.9% (stronger than 63% of peers).Return on assets 4.5% vs peers 2.9% (stronger than 63% of peers).
How risky is ASE Technology?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.52 vs a peer median of 0.87 (weaker than 83% of peers).Beta 1.52 vs peers 0.87 (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 1, 2026 · compared with the year ended Dec 31, 2024

Got weaker

Debt up 48%
Free cash flow turned negative over the last 12 months

	Previous year	Latest year	Change
Revenue (12 months)	595.4B TWD	645.4B TWD	+8.4%
Net income (12 months)	32.4B TWD	40.0B TWD	+23.6%
Operating margin	6.8%	8.0%	+1.2 pts
Free cash flow (12 months)	11.3B TWD	−22.4B TWD	turned negative
Debt	160.6B TWD	237.6B TWD	+47.9%
Cash	76.5B TWD	92.5B TWD	+20.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in TWD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	19.4%	20.1%	15.8%	16.3%	17.7%	▲ 1.4 pts
Operating margin	11.1%	12.1%	7.2%	6.8%	8.0%	▲ 1.2 pts
Net margin	10.6%	9.2%	6.1%	5.4%	6.2%	▲ 0.8 pts
Return on assets (ROA)	8.9%	8.7%	5.3%	4.4%	4.5%	▲ 0.1 pts
Return on equity (ROE)	23.7%	20.9%	12.0%	10.1%	11.7%	▲ 1.6 pts
Free cash flow margin	1.9%	5.7%	10.4%	1.9%	-3.5%	▼ 5.4 pts
Current ratio	1.35×	1.31×	1.16×	1.17×	1.26×	▲ 7.5%
Quick ratio	1.03×	0.93×	0.89×	0.93×	1.00×	▲ 7.4%
Debt to equity	0.62×	0.46×	0.42×	0.50×	0.69×	▲ 38%
Interest coverage	22.62×	20.35×	6.68×	5.98×	6.88×	▲ 15%

ASX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.52 vs a peer median of 0.87), less short-term liquidity (current ratio 1.26 vs a peer median of 1.83) and more debt relative to equity (0.69× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.52 vs peers 0.87), less liquidity (current ratio 1.26 vs peers 1.83) and more debt vs equity (0.69× vs peers 0.25×)

About average: profitability and growth

Ranks #1,210 of 1,612 technology companies (bottom 25%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

ASE Technology reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Returning more cash than it generates. Paid out TWD 83.3B vs TWD 49.1B of free cash flow over the 3 fiscal years to 2025.

ASE Technology returned TWD 83.3B to shareholders over three years, 170% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Borrowing rising faster than profit. Since 2022 (an unusually strong year for operating profit): debt +77%, operating profit −37%.Since 2022: debt +77%, operating profit −37%.

ASE Technology's debt grew 77% since 2022 while operating profit changed −37%.

Investment surge. Capital spending 26% of revenue, up from 11% in 2022.

ASE Technology is spending 26% of revenue on facilities and equipment, up from 11% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about ASE Technology

Is ASE Technology getting weaker?

Its latest SEC filing (Apr 1, 2026) got weaker in some ways: debt up 48%; free cash flow turned negative over the last 12 months. Its overall score is unchanged at 37/100 since Oct 28, 2026.

How is ASE Technology valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 32/100 against 1,711 technology peers. Free cash flow yield -0.7% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -0.7% vs peers 2.7% (weaker than 100% of peers).

Is ASE Technology growing?

At about the same pace as its peers. Growth scores 43/100 against 1,711 technology peers. Earnings per share growth 22.7% vs a peer median of 11.1% (stronger than 62% of peers).Earnings per share growth 22.7% vs peers 11.1% (stronger than 62% of peers). 3-year revenue growth -1.3% vs a peer median of 4.8% (weaker than 71% of peers).3-year revenue growth -1.3% vs peers 4.8% (weaker than 71% of peers).

How profitable is ASE Technology?

About as profitable as its peers. Profitability scores 55/100 against 1,711 technology peers. Return on assets 4.5% vs a peer median of 2.9% (stronger than 63% of peers).Return on assets 4.5% vs peers 2.9% (stronger than 63% of peers).

How risky is ASE Technology?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.52 vs a peer median of 0.87 (weaker than 83% of peers).Beta 1.52 vs peers 0.87 (weaker than 83% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

595.4B TWD

645.4B TWD

+8.4%

Net income (12 months)

32.4B TWD

40.0B TWD

+23.6%

Operating margin

6.8%

8.0%

+1.2 pts

Free cash flow (12 months)

11.3B TWD

−22.4B TWD

turned negative

Debt

160.6B TWD

237.6B TWD

+47.9%

Cash

76.5B TWD

92.5B TWD

+20.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

19.4%

20.1%

15.8%

16.3%

17.7%

▲ 1.4 pts

Operating margin

11.1%

12.1%

7.2%

6.8%

8.0%

▲ 1.2 pts

Net margin

10.6%

9.2%

6.1%

5.4%

6.2%

▲ 0.8 pts

Return on assets (ROA)

8.9%

8.7%

5.3%

4.4%

4.5%

▲ 0.1 pts

Return on equity (ROE)

23.7%

20.9%

12.0%

10.1%

11.7%

▲ 1.6 pts

Free cash flow margin

1.9%

5.7%

10.4%

1.9%

-3.5%

▼ 5.4 pts

Current ratio

1.35×

1.31×

1.16×

1.17×

1.26×

▲ 7.5%

Quick ratio

1.03×

0.93×

0.89×

0.93×

1.00×

▲ 7.4%

Debt to equity

0.62×

0.46×

0.42×

0.50×

0.69×

▲ 38%

Interest coverage

22.62×

20.35×

6.68×

5.98×

6.88×

▲ 15%