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ChipMOS Technologies
(NASDAQ:IMOS)
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Rating:52Neutral
Price Target:
$56.00
â–²(0.97% Upside)
Action:Reiterated
Date:10/24/26
The score is driven primarily by improving fundamentals off a trough (higher profitability and a stable balance sheet), but it is held back by negative free cash flow and weak cash conversion. Technical indicators also point to a bearish trend, and the valuation is relatively expensive (P/E ~32) with only a modest dividend yield.
Positive Factors
AI-driven revenue growth
Record quarterly revenue and strong year-on-year growth indicate that ChipMOS is benefiting from durable AI-related memory and storage demand. Continued capacity expansion and long-term customer commitments could support higher utilization and reinforce its role as an important OSAT partner.
Negative Factors
Weak cash conversion
Negative free cash flow and weak conversion of accounting earnings into operating cash reduce the quality and flexibility of the current recovery. If this persists, more cash may be tied up in spending or working capital, limiting funds available for debt reduction, dividends, or growth.
Read all positive and negative factors
Positive Factors
Negative Factors
AI-driven revenue growth
Record quarterly revenue and strong year-on-year growth indicate that ChipMOS is benefiting from durable AI-related memory and storage demand. Continued capacity expansion and long-term customer commitments could support higher utilization and reinforce its role as an important OSAT partner.
Read all positive factors
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.07B
Dividend Yield1.32%
Average Volume (3M)97.39K
Price to Earnings (P/E)30.0
Beta (1Y)1.81
Revenue Growth22.52%
EPS Growth1433.51%
CountryUS
Employees5,688
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)64.40
Shares Outstanding35,226,160
10 Day Avg. Volume79,710
30 Day Avg. Volume97,395
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)1.37
Price to Sales (P/S)1.36
P/FCF Ratio251.54
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue0.09
Enterprise Value/Gross Profit0.59
Enterprise Value/Ebitda0.31
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.89
Revenue Forecast (FY)$947.14M
ChipMOS Technologies Business Overview & Revenue Model
Company Description
ChipMOS TECHNOLOGIES INC. conducts research, development, manufacturing, and global sales of advanced, highly integrated, and precise integrated circuits. Headquartered in Hsinchu, Taiwan, and founded in 1997, the company also provides essential b...
How the Company Makes Money
ChipMOS makes money by providing fee-based outsourced back-end semiconductor services to integrated device manufacturers (IDMs), fabless semiconductor companies, and wafer foundries. Its primary revenue streams come from (1) semiconductor testing ...
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong growth in memory products and a positive outlook for the second half of the year. However, the company faced challenges with declining gross margins, net losses due to foreign exchange, and reduced revenue in DDIC products.Positive Updates
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Negative Updates
Gross Margin Decline
Q2 gross margin was 6.6%, a decrease of 280 basis points from Q1 and 7.4 percentage points from Q2 2024, due to lower DDIC test ASP and increased costs.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Read all positive updates
Company Guidance
During the ChipMOS Second Quarter 2025 Results Conference Call, guidance provided by Chairman S.J. Cheng highlighted several key metrics and strategic directions for the company. The second quarter saw a 3.7% increase in revenue compared to the first quarter, amounting to TWD 5,736 million, despite a net loss of TWD 0.75 per share driven by a foreign exchange loss of approximately TWD 0.97 per share. Gross margin was recorded at 6.6%, a decrease of 280 basis points from the previous quarter. The company's utilization rates improved, with overall utilization at 65%, assembly at 64%, and memory testing at 67%. Memory products drove 45.3% of Q2 revenue, with a significant 21.2% increase compared to Q1. For Q3, the company anticipates robust demand in memory products, with expected price increases in OSAT between 5% to 18% to counter material cost rises. Although challenges persist, including DDIC ASP cuts and electricity cost increases, ChipMOS remains focused on enhancing shareholder value through prudent capital expenditure, with a strategic emphasis on high-growth, high-margin product areas.ChipMOS Technologies Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.11B | 24.06B | 22.70B | 21.36B | 23.52B | 27.40B |
| Gross Profit | 3.99B | 2.61B | 2.94B | 3.55B | 4.91B | 7.25B |
| EBITDA | 7.65B | 6.04B | 6.78B | 7.31B | 8.92B | 10.79B |
| Net Income | 2.25B | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B |
Balance Sheet | ||||||
| Total Assets | 46.96B | 45.35B | 45.38B | 46.16B | 44.94B | 42.52B |
| Cash, Cash Equivalents and Short-Term Investments | 12.55B | 14.90B | 15.27B | 12.40B | 10.00B | 5.94B |
| Total Debt | 16.01B | 16.33B | 15.15B | 15.98B | 14.89B | 11.00B |
| Total Liabilities | 22.11B | 21.34B | 20.31B | 21.31B | 20.13B | 18.38B |
| Stockholders Equity | 24.85B | 24.01B | 25.07B | 24.85B | 24.81B | 24.14B |
Cash Flow | ||||||
| Free Cash Flow | -368.16M | 130.52M | 859.43M | 3.53B | 3.92B | 1.44B |
| Operating Cash Flow | 4.59B | 4.00B | 5.94B | 6.61B | 8.62B | 7.32B |
| Investing Cash Flow | -4.79B | -3.76B | -615.11M | -3.09B | -5.06B | -6.02B |
| Financing Cash Flow | -924.66M | -609.69M | -2.48B | -1.06B | 416.89M | 494.44M |
ChipMOS Technologies Technical Analysis
Negative
55.46
Price Trends
62.66
Negative
61.48
Negative
51.92
Positive
Market Momentum
-1.69
Positive
36.20
Neutral
8.54
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMOS, the sentiment is Negative. The current price of 55.46 is below the 20-day moving average (MA) of 69.74, below the 50-day MA of 62.66, and above the 200-day MA of 51.92, indicating a neutral trend. The MACD of -1.69 indicates Positive momentum. The RSI at 36.20 is Neutral, neither overbought nor oversold. The STOCH value of 8.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMOS.
ChipMOS Technologies Risk Analysis
ChipMOS Technologies disclosed 42 risk factors in its most recent earnings report. ChipMOS Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ChipMOS Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $7.70B | 66.56 | 10.96% | ― | 18.01% | 161.14% | |
70 Outperform | $3.86B | 33.35 | 13.55% | 1.11% | 44.44% | 2283.94% | |
63 Neutral | $2.27B | -57.71 | -4.91% | 1.11% | 32.66% | 55.60% | |
62 Neutral | $88.26B | 47.02 | 17.32% | 1.05% | 18.30% | 82.12% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $9.76B | 17.54 | 12.37% | 0.85% | 17.93% | 82.27% | |
52 Neutral | $2.07B | 29.97 | 9.29% | 1.32% | 22.52% | 1433.51% |
* Technology Sector Average
IMOS
ChipMOS Technologies
56.10
34.96
165.37%
ASX
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Amkor
39.30
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Cohu
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24.45
104.00%
FORM
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98.51
54.74
125.06%
KLIC
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73.71
33.37
82.70%
ChipMOS Technologies Corporate Events
ChipMOS Technologies Boosts Manufacturing Capacity with NT$1.24 Billion Equipment Investment
Oct 21, 2026
ChipMOS Technologies reported that between March 15 and October 21, 2026, it acquired and disposed of machinery equipment and related accessories as part of its manufacturing operations. The moves were disclosed as material information to the Taiw...
ChipMOS Sets Record Q3 2026 Revenue on AI-Driven Demand Surge
Oct 8, 2026
ChipMOS Technologies reported that its third-quarter 2026 revenue reached a record NT$8,400.8 million (US$263.8 million), up 13.8% quarter-on-quarter and 36.7% year-on-year as of September 30, 2026. Management attributed the strong performance to ...
ChipMOS Technologies Reveals Strong Earnings Surge After TWSE Trading Disclosure Trigger
Sep 29, 2026
ChipMOS Technologies disclosed key financial metrics on September 29, 2026 after its securities triggered a trading information disclosure threshold set by the Taiwan Stock Exchange. The company reported that in August 2026 unaudited revenue reach...
ChipMOS to Brief Institutional Investors at UBS Taiwan Summit 2026
Sep 10, 2026
ChipMOS Technologies Inc., a leading outsourced semiconductor assembly and test (OSAT) provider listed in Taiwan and on Nasdaq, operates advanced facilities in major Taiwanese science parks. The company offers comprehensive assembly and testing se...
ChipMOS Posts 33% Year-on-Year Revenue Surge in August 2026 on AI Memory Demand
Sep 10, 2026
On September 10, 2026, ChipMOS Technologies reported unaudited consolidated revenue of NT$2,785.7 million (US$88.0 million) for August 2026. The figure marked a modest 1.3% decline from July’s NT$2,823.0 million, but a robust 33.3% year-on-y...
ChipMOS Board Approves Strong First-Half 2026 Financial Results
Aug 11, 2026
ChipMOS Technologies’ board held its 19th meeting of the 11th Board of Directors on August 11, 2026, approving the company’s consolidated financial statements for the second quarter of 2026. For the six months ended June 30, 2026, Chip...
ChipMOS Delivers Highest Quarterly Revenue Since 2014 on Strong 2Q 2026 Turnaround
Aug 11, 2026
ChipMOS reported on August 11, 2026 that its second-quarter 2026 revenue rose 28.7% year on year to NT$7.38 billion, its highest quarterly level since 2014, and 6.5% sequentially. The company’s gross margin expanded to 18% from 6.6% a year e...
ChipMOS Sets Highest Monthly Revenue Since 2014 on Surging AI Demand in July 2026
Aug 10, 2026
ChipMOS Technologies reported that unaudited consolidated revenue for July 2026 reached NT$2,823.0 million (US$87.5 million), marking its highest monthly revenue level since 2014. The July figure represents an 11.2% increase versus June 2026 and a...
ChipMOS Sets August 11 Board Meeting to Approve Q2 2026 Financial Statements
Aug 3, 2026
On August 3, 2026, ChipMOS Technologies announced that its board of directors will convene on August 11, 2026 to review and approve the company’s consolidated financial statements for the second quarter of 2026. The disclosure, made via the ...
ChipMOS Technologies Posts Sharp Profit Gains After TWSE Trading Trigger
Jul 30, 2026
ChipMOS Technologies disclosed additional financial data on July 30, 2026 after its securities triggered Taiwan Stock Exchange trading information thresholds, prompting a formal notice from the bourse. The company responded through a dual filing w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.