MPI Corporation (6223) AI Stock Analysis

MPI Corporation

(TPEx:6223)

Select Model

Rating:68Neutral

Price Target:TWD 3,755.00▼(-7.85% Downside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability, margins, low leverage, and equity support the score, but negative free cash flow is a significant financial weakness. Weak technical momentum and an exceptionally high P/E ratio further constrain the rating.

Positive Factors

Strong revenue and earnings growthMPI has delivered substantial revenue expansion alongside faster earnings growth, indicating stronger operating performance and market demand. This combination can support continued reinvestment, improve internal funding capacity, and strengthen the company’s position across semiconductor testing applications over the next several quarters.

Negative Factors

Volatile and negative free cash flowThe sharp swing from strong positive free cash flow to a negative result makes cash generation less predictable than reported earnings. A heavy reinvestment or spending cycle can temporarily increase funding needs and reduce financial flexibility, even though MPI has demonstrated the ability to generate strong cash in some years.

MPI Corporation (6223) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 438.96B
Dividend Yield: 0.54%
Average Volume (3M): 1.08M
Price to Earnings (P/E): 90.5
Beta (1Y): 1.34
Revenue Growth: 38.49%
EPS Growth: 63.77%
Country: TW
Employees: 922
Sector: General
Sector Strength: 55
Industry: Semiconductors

MPI Corporation Business Overview & Revenue Model

Company Description

MPI Corporation, established in 1995 and based in Zhubei, Taiwan, is a global entity engaged in the manufacturing, processing, maintenance, and trade of semiconductor production and testing equipment. The company's product line features a variety of...

MPI Corporation Financial Statement Overview

Summary

Strong profitability and balance-sheet quality, with scores of 90 and 88, are offset by weak cash-flow conversion and negative free cash flow, reflected in the cash-flow score of 58.

Income Statement

90Very Positive

Balance Sheet

88Very Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.42B	13.37B	10.17B	8.15B	7.44B	6.51B
Gross Profit	9.02B	7.43B	5.56B	3.90B	3.41B	2.74B
EBITDA	6.15B	4.71B	3.38B	2.14B	1.98B	1.33B
Net Income	4.58B	3.18B	2.30B	1.31B	1.21B	693.85M
Balance Sheet
Total Assets	35.42B	24.00B	16.48B	12.44B	10.90B	9.86B
Cash, Cash Equivalents and Short-Term Investments	9.88B	5.44B	3.70B	2.58B	2.38B	1.32B
Total Debt	8.59B	3.21B	2.31B	1.87B	1.34B	1.42B
Total Liabilities	19.51B	9.42B	7.17B	4.82B	4.01B	3.81B
Stockholders Equity	15.90B	14.58B	9.30B	7.61B	6.89B	6.04B
Cash Flow
Free Cash Flow	-1.76B	-1.92B	1.82B	675.30M	1.38B	-139.78M
Operating Cash Flow	3.12B	2.04B	2.10B	1.06B	1.72B	641.34M
Investing Cash Flow	-6.14B	-4.08B	-1.34B	-1.27B	-468.64M	-1.15B
Financing Cash Flow	7.18B	3.76B	357.47M	-225.18M	-182.40M	389.41M

MPI Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6223 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:6223	68Neutral	TWD 399.27B	90.53	―	0.54%	38.49%	63.77%
TW:6515	66Neutral	TWD 135.57B	60.29	―	1.33%	85.60%	84.04%
TW:6510	63Neutral	TWD 91.71B	56.10	―	0.55%	24.45%	61.25%
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%
TW:8150	43Neutral	TWD 56.50B	26.66	―	1.53%	28.18%	1244.96%

* General Sector Average

Performance Comparison

TW:6223 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6223	MPI Corporation	4075.00	2281.13	127.16%
TW:2441	Greatek Electronics, Inc.	108.50	33.95	45.54%
TW:6239	Powertech Technology Inc.	230.00	63.28	37.96%
TW:6510	Chunghwa Precision Test Tech Co., Ltd.	2785.00	1312.94	89.19%
TW:6515	WinWay Technology Co., Ltd.	3720.00	1551.04	71.51%
TW:8150	ChipMOS Technologies, Inc.	80.20	36.76	84.61%

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

MPI Corporation AI Stock Analysis