ChipMOS Technologies, Inc. (8150) AI Stock Analysis

ChipMOS Technologies, Inc.

(TWSE:8150)

Select Model

Rating:43Neutral

Price Target:TWD 68.00▼(-15.21% Downside)

Action:initiatedcoverage

Date:11/09/26

ChipMOS scores below average, driven primarily by sharply eroding profitability: four consecutive years of gross margin compression, net margin down to 2.1%, ROE at 2.1% and free cash flow nearly consumed by capital spending, alongside debt that has roughly doubled since 2020. Technicals reinforce the caution, with the share price well below all major moving averages and a deeply negative MACD, though the depressed RSI suggests the selling is stretched. Valuation offers little cushion, as a 23.8x P/E sits atop trough-level earnings and the 1.75% dividend yield is supported by only minimal free cash flow. Partial offsets include renewed revenue growth, solid EBITDA of 25.1% of sales, and an equity-funded balance sheet that keeps the company well clear of distress. A recovery in utilization and pricing is the key swing factor for any re-rating.

Positive Factors

Revenue GrowthPositive revenue growth indicates the company continues to generate demand for its semiconductor packaging and testing services. If maintained, this expanding or stable sales base can support operating scale, preserve customer relevance, and provide a foundation for recovery in profitability over the next several quarters.

Negative Factors

Margin CompressionThe sharp decline in net margin shows that revenue is producing substantially less bottom-line profit than in the prior year. Continued gross and operating margin compression would reduce earnings resilience, limit internal reinvestment capacity, and make results more sensitive to pricing and cost pressures.

ChipMOS Technologies, Inc. (8150) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 59.32B
Dividend Yield: 1.53%
Average Volume (3M): 34.23M
Price to Earnings (P/E): 26.7
Beta (1Y): 1.80
Revenue Growth: 28.18%
EPS Growth: 1244.96%
Country: TW
Employees: 5,210
Sector: General
Sector Strength: 55
Industry: Semiconductors

ChipMOS Technologies, Inc. Business Overview & Revenue Model

Company Description

ChipMOS TECHNOLOGIES Inc. specializes in the research, development, manufacturing, and global sale of sophisticated integrated circuits, complemented by extensive assembly and testing services. The company's operations are divided into several key se...

ChipMOS Technologies, Inc. Financial Statement Overview

Summary

Weak and deteriorating fundamentals dominate. Revenue returned to growth (+4.9% to NT$23.9B in 2025), but gross margin compressed for a fourth straight year to 10.8% and net margin collapsed to 2.1%, with net income down roughly 66% year-over-year to NT$495M (Income Statement score 36). The balance sheet is still equity-funded (NT$24.0B equity vs NT$45.4B assets) but debt has nearly doubled since 2020, lifting debt-to-equity to 0.71 while ROE fell to 2.1% (Balance Sheet score 55). Cash flow remains positive yet weakening: operating cash flow fell ~33% to NT$4.0B and heavy capex left free cash flow at just NT$130M, pressuring dividend capacity and deleveraging (Cash Flow score 46). Healthy EBITDA at 25.1% of revenue is the main offset, confirming thin earnings are driven by depreciation rather than cash losses.

Income Statement

36Negative

Balance Sheet

55Neutral

Cash Flow

46Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.98B	23.93B	22.70B	21.36B	23.52B	27.40B
Gross Profit	3.98B	2.59B	2.94B	3.55B	4.91B	7.25B
EBITDA	7.33B	6.00B	6.78B	7.09B	8.92B	10.79B
Net Income	2.25B	495.12M	1.44B	1.97B	3.37B	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	12.60B	14.98B	15.33B	12.44B	10.12B	6.30B
Total Debt	16.01B	17.07B	15.16B	15.98B	14.89B	11.00B
Total Liabilities	22.11B	21.34B	20.38B	21.31B	20.30B	18.14B
Stockholders Equity	24.85B	24.01B	25.00B	24.85B	24.64B	24.14B
Cash Flow
Free Cash Flow	-508.46M	129.81M	859.43M	3.53B	3.92B	1.44B
Operating Cash Flow	4.45B	3.98B	5.94B	6.61B	8.62B	7.32B
Investing Cash Flow	-4.78B	-3.74B	-615.11M	-3.09B	-5.06B	-6.02B
Financing Cash Flow	-936.83M	-606.37M	-2.48B	-1.06B	416.89M	494.44M

ChipMOS Technologies, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8150 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3006	77Outperform	TWD 64.15B	3.33	―	0.44%	272.74%	―
TW:2441	68Neutral	TWD 61.72B	16.59	―	2.77%	24.12%	55.55%
TW:6271	68Neutral	TWD 42.48B	20.55	―	1.47%	4.90%	41.69%
TW:2481	56Neutral	TWD 46.72B	26.23	―	1.47%	18.24%	72.28%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2466	53Neutral	TWD 62.62B	229.95	―	―	-18.81%	―
TW:8150	43Neutral	TWD 56.50B	26.66	―	1.53%	28.18%	1244.96%

* General Sector Average

Performance Comparison

TW:8150 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8150	ChipMOS Technologies, Inc.	80.20	40.71	103.06%
TW:2441	Greatek Electronics, Inc.	108.50	34.34	46.31%
TW:2466	Cosmo Electronics Corporation	361.00	308.20	583.71%
TW:2481	Pan Jit International Inc.	122.50	41.29	50.84%
TW:3006	Elite Semiconductor Microelectronics Technology Inc.	225.50	127.76	130.72%
TW:6271	Tong Hsing Electronic Industries ,Ltd.	203.50	78.09	62.27%

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 09, 2026

ChipMOS Technologies, Inc. AI Stock Analysis