ASE Technology Holding Co., Ltd. (3711) AI Stock Analysis

ASE Technology Holding Co., Ltd.

(TWSE:3711)

Select Model

Rating:66Neutral

Price Target:TWD 569.00▼(-5.95% Downside)

Action:initiatedcoverage

Date:11/10/26

Strong operating performance and an optimistic earnings outlook are the main positives. However, weak technical momentum, elevated valuation, rising leverage, and continued negative free cash flow from heavy expansion spending constrain the overall score.

Positive Factors

Revenue and margin accelerationStrong growth in revenue and operating profit, alongside substantial gross-margin expansion, indicates improving operating leverage and product mix. If sustained, this earnings momentum can strengthen internal funding capacity and reinforce ASE’s position across semiconductor assembly and test markets.

Negative Factors

Negative free cash flowHeavy investment is currently consuming more cash than the business generates after capital spending, reducing cash available for shareholder returns or flexibility. Continued negative free cash flow also increases the importance of financing access while ASE builds capacity at elevated intensity.

ASE Technology Holding Co., Ltd. (3711) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.70T
Dividend Yield: 1.09%
Average Volume (3M): 18.83M
Price to Earnings (P/E): 34.9
Beta (1Y): 1.50
Revenue Growth: 24.94%
EPS Growth: 115.44%
Country: TW
Employees: 119,346
Sector: General
Sector Strength: 55
Industry: Semiconductors

ASE Technology Holding Co., Ltd. Business Overview & Revenue Model

Company Description

ASE Technology Holding Co., Ltd., established in 1984 and headquartered in Kaohsiung, Taiwan, operates as a prominent global provider of semiconductor packaging, testing, and electronic manufacturing services. The company serves clients across the Un...

ASE Technology Holding Co., Ltd. Financial Statement Overview

Summary

Strong revenue growth, improving margins, solid profitability, and healthy operating cash flow support the score. Rising leverage and persistently negative free cash flow limit financial flexibility.

Income Statement

82Very Positive

Balance Sheet

70Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	786.80B	645.39B	595.41B	581.91B	670.87B	570.00B
Gross Profit	163.70B	114.19B	96.93B	91.76B	134.93B	110.37B
EBITDA	176.93B	124.34B	107.41B	104.76B	139.96B	136.72B
Net Income	76.92B	40.66B	32.38B	31.73B	61.50B	60.15B
Balance Sheet
Total Assets	1.24T	889.33B	741.06B	666.58B	707.07B	672.93B
Cash, Cash Equivalents and Short-Term Investments	107.94B	101.98B	85.87B	71.37B	65.60B	79.15B
Total Debt	394.40B	264.10B	201.41B	178.15B	190.07B	215.68B
Total Liabilities	790.86B	515.97B	398.79B	348.47B	387.14B	398.30B
Stockholders Equity	422.83B	346.90B	320.03B	297.83B	301.29B	260.08B
Cash Flow
Free Cash Flow	-71.73B	-19.90B	9.11B	60.26B	39.09B	12.38B
Operating Cash Flow	209.59B	142.25B	90.79B	114.42B	110.98B	81.69B
Investing Cash Flow	-292.61B	-165.64B	-83.91B	-55.61B	-73.95B	-49.09B
Financing Cash Flow	90.52B	45.27B	-7.27B	-49.10B	-62.46B	-5.81B

ASE Technology Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3711 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2441	68Neutral	TWD 61.72B	16.59	―	2.77%	24.12%	55.55%
TW:3711	66Neutral	TWD 2.67T	34.95	―	1.09%	24.94%	115.44%
TW:6257	63Neutral	TWD 86.62B	21.04	―	2.37%	17.57%	74.17%
TW:3264	62Neutral	TWD 90.99B	20.47	―	2.19%	31.88%	80.58%
TW:2449	56Neutral	TWD 292.08B	30.21	―	0.44%	34.64%	-10.44%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6239	54Neutral	TWD 172.30B	23.17	―	1.96%	29.10%	65.42%

* General Sector Average

Performance Comparison

TW:3711 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3711	ASE Technology Holding Co., Ltd.	605.00	380.06	168.96%
TW:2441	Greatek Electronics, Inc.	108.50	34.34	46.31%
TW:2449	King Yuan Electronics Co., Ltd.	227.50	27.75	13.89%
TW:3264	Ardentec Corporation	192.00	104.44	119.28%
TW:6239	Powertech Technology Inc.	230.00	65.25	39.60%
TW:6257	Sigurd Microelectronics Corp.	179.00	82.03	84.60%

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.

Date of analysis: Nov 10, 2026

ASE Technology Holding Co., Ltd. AI Stock Analysis