Cash generation is highly inconsistent, as demonstrated by an OCF/NI ratio that fluctuated from a low of 0.15 in 2024Q3 to a high of 8.31 in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 3.28B | 4B | 5.94B | 6.61B | 8.62B | 7.32B | 5.94B | 200.4M | 4.13B | 4.75B | 3.55B | 5.57B | 5.84B | 5.76B | 4.95B | 5.87B |
| Operating CF Margin % | - | 16.63% | 26.17% | 30.94% | 36.64% | 26.71% | 25.81% | 0.99% | 22.34% | 26.49% | 19.3% | 28.01% | 28.05% | 29.76% | 25.75% | 32.22% |
| Operating CF Growth % | 1721.62% | -32.62% | -10.09% | -23.32% | 17.72% | 23.22% | 2864.19% | -95.15% | -13.13% | 33.94% | -36.24% | -4.74% | 1.38% | 16.44% | -15.66% | - |
| Net Income | 831.63M | 497.83M | 1.65B | 2.27B | 4.03B | 6.04B | 2.97B | 3.02B | 1.78B | 1.52B | 1.58B | 2.86B | 4.79B | 3.35B | 1.21B | 178.94M |
| Depreciation & Amortization | 5.06B | 5.13B | 4.86B | 4.78B | 4.75B | 4.63B | 4.18B | 3.73B | 3.38B | 2.9B | 3.23B | 3.02B | 2.91B | 3.29B | 4.67B | 5.79B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 822K | 41.04M | 123.02M | 356.46M | 158.32M | 228.79M | 191.68M | 162.08M | 44.6M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.33B | 0 | -467.01M | -622.3M | -1.27B | -1.39B | -1.35B | 112.57M | 19.73M |
| Other Non-Cash Items | 456.8M | 101.82M | -763.43M | -432.61M | -1.78B | -1.34B | -173.41M | 83.99M | 124.7M | 128.94M | 100.57M | 13.41M | 33.82M | 91.21M | -307.96M | 119.94M |
| Working Capital Changes | -3.08B | -1.73B | 200.78M | -7.47M | 1.62B | -2.01B | -1.04B | 695.81M | -1.2B | 553.51M | -1.1B | 775.01M | -721.37M | 182.9M | -895.77M | -281.78M |
| Change in Receivables | -1.49B | -1.21B | 280.3M | -898.34M | 2B | -1.04B | -903.01M | 293.5M | -734.26M | 124.9M | -480.35M | 1.02B | -761.76M | -4.68M | -327.66M | -970.66M |
| Change in Inventory | -1.81B | -665.53M | -125.95M | 641.76M | -3.23M | -1.11B | -334.43M | 11.19M | -58.1M | -51.26M | -347.13M | 36.97M | -185.26M | 168.49M | -91.3M | -122.9M |
| Change in Payables | 262.1M | 471.34M | -86.43M | 224.47M | -451.48M | 42.69M | 170.17M | 181.93M | -50.57M | -136.88M | 215.56M | -366.44M | 118.13M | 66.72M | -240.65M | 440.67M |
| Cash from Investing | -4.29B | -3.76B | -615.11M | -3.09B | -5.06B | -6.02B | -3.8B | -142M | -5.13B | -3.26B | -4.42B | -4.5B | -2.22B | -1.94B | -2.11B | -3.75B |
| Capital Expenditures | -4.48B | -4.02B | -5.08B | -3.07B | -4.7B | -5.88B | -3.96B | -5.44B | -4.15B | -4.41B | -4.47B | -4.43B | -3.12B | -3.25B | -2.71B | -4.14B |
| CapEx % of Revenue | 23.9% | 16.7% | 22.39% | 14.39% | 19.98% | 21.47% | 17.21% | 26.75% | 22.48% | 24.59% | 24.32% | 22.29% | 14.97% | 16.79% | 14.09% | 22.72% |
| Acquisitions | 198.47M | 251.24M | -12.5M | 0 | 0 | 0 | 17M | 1.18B | -794.69M | 857.06M | 0 | -116M | 3.97M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -49.29M | 8.26M | 4.49B | -61.81M | -298.39M | -331.33M | 162.06M | -29.68M | 17.5M | 306.62M | 59.54M | -589K | -791K | 151.7M | 71.37M | 411.83M |
| Cash from Financing | -153.37M | -609.69M | -2.48B | -1.06B | 416.89M | 494.44M | -2.72B | -56.1M | -2.4B | -1.01B | -3.22B | -4.25B | -256.16M | -2.67B | -380.5M | -2.89B |
| Debt Issued (Net) | -1.13B | 1.36B | -1.17B | 613.92M | 3.54B | 2.09B | -1.41B | -804.61M | -859.1M | 305.97M | 3.21B | -127.55M | 286.01M | -1.78B | -381.04M | -1.7B |
| Equity Issued (Net) | -617.06M | -949.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01B | -1.44B | -145.35M | 0 | 0 | 0 |
| Dividends Paid | -865.53M | -877.47M | -1.31B | -1.67B | -3.13B | -1.6B | -1.31B | -872.72M | -256.81M | -257.03M | -1.79B | -2B | -1.04B | -421.43M | 0 | -139.54M |
| Share Repurchases | -617.06M | -949.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01B | -1.44B | 0 | 0 | 0 | 0 |
| Other Financing | 2.46B | -144.24M | -49K | -365K | -25K | -45K | 575K | 1.62B | -1.28B | -599.76M | -3.63B | -1.84B | -67.57M | -462.6M | 538K | -1.04B |
| Net Change in Cash | -1.84B | 272.28M | 2.87B | 2.46B | 3.99B | 1.79B | -590.43M | 2.1M | -3.39B | 464.35M | -4.17B | -3.19B | 3.59B | 1.39B | 2.42B | -730.01M |
| Free Cash Flow | -250.53M | 130.52M | 859.43M | 3.53B | 3.92B | 1.44B | 1.98B | -5.24B | -24.86M | 342.05M | -922.78M | 1.14B | 2.72B | 2.51B | 2.24B | 1.73B |
| FCF Margin % | -1.34% | 0.54% | 3.79% | 16.55% | 16.66% | 5.25% | 8.6% | -25.77% | -0.13% | 1.91% | -5.02% | 5.73% | 13.07% | 12.97% | 11.66% | 9.5% |
| FCF Growth % | -505.26% | -84.81% | -75.68% | -9.79% | 172.36% | -27.33% | 137.77% | -20974.69% | -107.27% | 137.07% | -181.12% | -58.23% | 8.44% | 12.02% | 29.53% | - |
| FCF per Share | -7.14 | 3.69 | 23.42 | 96.16 | 105.49 | 38.72 | 53.72 | -142.18 | -0.61 | 9.30 | -21.29 | 30.13 | 74.01 | 69.19 | 62.10 | 48.39 |
| FCF Conversion (FCF/Net Income) | -0.30x | 8.04x | 4.13x | 3.36x | 2.50x | 1.48x | 2.50x | 0.08x | 3.11x | 1.57x | 2.08x | 2.61x | 1.74x | 2.48x | 4.25x | 16.21x |
| Interest Paid | 60.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228.49M | 397.75M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.14M | 18.82M |
Cyclical capacity utilization volatility
According to reported financial statements, ChipMOS exhibits extreme volatility in its OCF/NI ratio, which fluctuated from a low of 0.15 in 2024Q3 to a high of 8.31 in 2024Q4, suggesting that net income is a poor proxy for the company's actual cash-generating capability.
The significant gap between net income and operating cash flow indicates that non-cash charges and working capital swings heavily distort the reported bottom line. Investors should monitor this divergence, as it implies that earnings quality is highly sensitive to accounting adjustments rather than consistent operational cash conversion.
Based on the provided cash flow data, ChipMOS's FCF margin has swung wildly from a peak of 25.9% in 2023Q4 to a negative 11.9% in 2025Q1, highlighting the company's susceptibility to cyclical demand shifts and heavy capital expenditure requirements in its semiconductor testing operations.
The erratic FCF trajectory suggests that the company struggles to maintain positive cash generation during periods of lower capacity utilization. This instability may indicate that the business model is highly sensitive to volume-driven operating leverage, making cash flow predictability a significant challenge for long-term valuation.
As reported in recent filings, ChipMOS's capital expenditure as a percentage of revenue reached as high as 30.9% in 2025Q1, reflecting the substantial and lumpy investment required to maintain its specialized testing and bumping facilities within the competitive semiconductor back-end services market.
The high capital intensity suggests that the company must continuously reinvest to remain relevant in the display driver IC space. This persistent need for heavy investment may limit the company's ability to generate sustained free cash flow, even during periods of relative operational stability.
Data from recent quarterly reports indicates that working capital changes have been a major source of cash flow volatility, with a significant outflow of $1.5 billion in 2026Q1, suggesting that inventory and receivables management remains a primary driver of short-term liquidity fluctuations for the firm.
The sharp swings in working capital suggest that the company's cash cycle is highly sensitive to the timing of customer payments and inventory build-ups. Investors should investigate whether these fluctuations are indicative of structural inefficiencies in the supply chain or merely a reflection of the cyclical nature of the semiconductor industry.
Quick answers to the most common questions about buying IMOS stock.
ChipMOS TECHNOLOGIES Inc. (IMOS) generated $4.00B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ChipMOS TECHNOLOGIES Inc. (IMOS) generated $130.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ChipMOS TECHNOLOGIES Inc. (IMOS) spent $4.02B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ChipMOS TECHNOLOGIES Inc. (IMOS) returned $877.5M to shareholders via cash dividends and spent $949.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.