Latest Ratios: P/E Ratio 153.8x · EV/EBITDA 12.7x · ROE 2.0%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $1.0B | $691M | $1000M | $796M | $1.3B | $897M | $833M | $685M | $649M | $612M |
| Enterprise Value | $2.4B | $2.5B | $628M | $4.6B | $5.8B | $6.4B | $5.4B | $1.0B | $5.8B | $3.3B | $3.8B |
| P/E Ratio → | 153.81 | 2.12 | 0.49 | 0.53 | 0.24 | 0.26 | 0.38 | 6.65 | 0.62 | 0.27 | 0.36 |
| P/S Ratio | 3.13 | 0.04 | 0.03 | 0.05 | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
| P/B Ratio | 3.18 | 0.04 | 0.03 | 0.04 | 0.03 | 0.05 | 0.04 | 1.27 | 0.04 | 0.04 | 0.04 |
| P/FCF | 577.43 | 8.03 | 0.80 | 0.28 | 0.20 | 0.91 | 0.45 | — | — | 1.90 | — |
| P/OCF | 18.83 | 0.26 | 0.12 | 0.15 | 0.09 | 0.18 | 0.15 | 4.16 | 0.17 | 0.14 | 0.17 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.10 | 0.03 | 0.22 | 0.25 | 0.23 | 0.23 | 0.05 | 0.32 | 0.18 | 0.21 |
| EV / EBITDA | 12.73 | 0.42 | 0.10 | 0.69 | 0.73 | 0.63 | 0.70 | 0.16 | 1.07 | 0.63 | 0.73 |
| EV / EBIT | 84.53 | 2.76 | 0.33 | 1.82 | 1.39 | 1.04 | 1.72 | 0.31 | 3.02 | 1.89 | 2.08 |
| EV / FCF | — | 19.25 | 0.73 | 1.31 | 1.48 | 4.45 | 2.72 | — | — | 9.52 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.8% | 10.8% | 13.0% | 16.6% | 20.9% | 26.5% | 21.9% | 19.3% | 18.6% | 18.0% | 19.8% |
| Operating Margin | 3.8% | 3.8% | 5.6% | 8.9% | 13.7% | 20.3% | 15.5% | 12.1% | 11.4% | 12.5% | 10.9% |
| Net Profit Margin | 2.1% | 2.1% | 6.3% | 9.2% | 14.6% | 18.0% | 10.3% | 12.3% | 7.2% | 16.9% | 9.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.0% | 2.0% | 5.8% | 8.0% | 14.1% | 22.0% | 22.3% | 26.8% | 7.3% | 17.5% | 9.7% |
| ROA | 1.1% | 1.1% | 3.1% | 4.3% | 7.9% | 12.7% | 13.1% | 14.6% | 4.0% | 9.4% | 5.5% |
| ROIC | 2.7% | 2.7% | 3.6% | 4.9% | 8.2% | 15.3% | 20.6% | 15.3% | 7.1% | 8.3% | 8.3% |
| ROCE | 2.5% | 2.5% | 3.4% | 4.9% | 8.7% | 17.3% | 23.5% | 17.0% | 7.7% | 8.4% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.68 | 0.68 | 0.61 | 0.64 | 0.60 | 0.46 | 0.42 | 0.50 | 0.54 | 0.58 | 0.66 |
| Debt / EBITDA | 2.70 | 2.70 | 2.47 | 2.39 | 1.87 | 1.08 | 1.11 | 0.05 | 1.79 | 2.07 | 2.06 |
| Net Debt / Equity | — | 0.06 | -0.00 | 0.15 | 0.20 | 0.21 | 0.22 | 0.26 | 0.29 | 0.14 | 0.20 |
| Net Debt / EBITDA | 0.24 | 0.24 | -0.01 | 0.54 | 0.63 | 0.50 | 0.58 | 0.03 | 0.94 | 0.51 | 0.62 |
| Debt / FCF | — | 11.22 | -0.07 | 1.03 | 1.27 | 3.54 | 2.27 | — | — | 7.62 | — |
| Interest Coverage | 3.00 | 3.00 | 6.90 | 9.51 | 29.28 | 46.93 | 538.43 | 547.62 | 10.17 | 7.93 | 12.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 2.71 | 3.42 | 2.83 | 1.96 | 2.16 | 2.40 | 2.29 | 2.13 | 3.62 |
| Quick Ratio | 2.08 | 2.08 | 2.40 | 3.07 | 2.33 | 1.53 | 1.79 | 2.04 | 1.95 | 1.84 | 3.22 |
| Cash Ratio | 1.43 | 1.43 | 1.75 | 1.69 | 1.56 | 0.85 | 0.76 | 0.99 | 0.93 | 1.20 | 1.63 |
| Asset Turnover | — | 0.53 | 0.50 | 0.46 | 0.52 | 0.64 | 0.66 | 17.77 | 0.56 | 0.54 | 0.59 |
| Inventory Turnover | 6.41 | 6.41 | 7.33 | 6.93 | 5.80 | 6.28 | 8.55 | 278.32 | 8.46 | 7.62 | 7.85 |
| Days Sales Outstanding | — | 101.10 | 88.22 | 98.36 | 75.97 | 64.88 | 92.08 | 3.03 | 103.75 | 85.08 | 83.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 83.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 37.5% | 39.6% | 100.0% |
| Payout Ratio | 176.3% | 176.3% | 90.9% | 85.0% | 90.9% | 32.4% | 55.0% | 34.8% | 19.4% | 8.5% | 105.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 47.2% | 205.0% | 189.6% | 423.7% | 378.6% | 265.3% | 15.0% | 161.5% | 366.0% | 279.2% |
| FCF Yield | 0.2% | 12.5% | 124.4% | 353.4% | 492.3% | 110.2% | 220.6% | — | — | 52.7% | — |
| Buyback Yield | 1.3% | 90.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Total Shareholder Yield | 2.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 37.5% | 39.6% | 100.0% |
| Shares Outstanding | — | $35M | $37M | $37M | $37M | $37M | $37M | $37M | $41M | $37M | $43M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying IMOS stock.
ChipMOS TECHNOLOGIES Inc.'s current P/E ratio is 153.8x. The historical average is 3.1x. This places it at the 100th percentile of its historical range.
ChipMOS TECHNOLOGIES Inc.'s current EV/EBITDA is 12.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.6x.
ChipMOS TECHNOLOGIES Inc.'s return on equity (ROE) is 2.0%. The historical average is 12.6%.
Based on historical data, ChipMOS TECHNOLOGIES Inc. is trading at a P/E of 153.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ChipMOS TECHNOLOGIES Inc.'s current dividend yield is 1.15% with a payout ratio of 176.3%.
ChipMOS TECHNOLOGIES Inc. has 10.8% gross margin and 3.8% operating margin.
ChipMOS TECHNOLOGIES Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Massive capex consuming all operating cash flow
Valuation Disconnect from Cyclical Recovery
The current P/E of 125.37 appears extreme relative to the 2.07% net margin, but the forward P/E of 0.60 suggests the market is pricing in a massive earnings rebound that may not materialize at the current margin trajectory.
The trailing P/E is inflated by the low profitability of the recent downturn, making it a poor indicator of normalized earnings power. The forward P/E of 0.60 implies an expectation of a dramatic earnings surge, which would require a sustained recovery in both volume and margins beyond the current 18.0% gross margin level. Compared to peers like ASE (P/E 64.82) and Amkor (P/E 31.92), ChipMOS trades at a significant premium on a trailing basis, suggesting the market is pricing in either a faster cyclical recovery or a structural shift toward higher-margin automotive display testing.
Margin Recovery Driven by Volume, Not Mix
Gross margin has recovered to 18.0% in 2026Q2 from a trough of 6.6%, but the net margin of 12.1% remains below historical peaks, suggesting the improvement is primarily from operating leverage on a fixed-cost base rather than a favorable product mix shift.
The expansion from a 6.6% gross margin to 18.0% is impressive but appears to be a function of capacity utilization recovering from a deep trough, not a structural improvement in pricing power. The operating margin of 12.8% is now healthy, but the net margin of 12.1% indicates that non-operating items are currently benign. The key question is whether this margin level is sustainable as the cycle matures, or if it will compress again as utilization rates normalize. The persistent gap between gross and operating margins highlights the significant fixed-cost burden from depreciation, which is a key risk if demand softens.
ROIC Recovery Lags Asset Base Expansion
ROIC has improved to 2.5% in 2026Q2 from a low of 0.1%, but this remains well below the cost of capital, indicating that the heavy investment cycle has not yet generated adequate returns for shareholders.
The ROIC trend from 0.1% to 2.5% shows a cyclical recovery, but the absolute level is still very low, suggesting the company is in an investment phase where returns are being suppressed by a growing asset base. The ROE of 3.6% is similarly depressed, confirming that the recent profitability improvement has not yet translated into meaningful returns on equity. This pattern is consistent with a company that is investing heavily for future growth, but investors should monitor whether the new capacity will generate returns above the cost of capital as the cycle progresses.
Working Capital Cycle Lengthens on Growth
The cash conversion cycle has expanded to 140 days in 2026Q2 from 112 days in 2025Q1, driven primarily by a 40-day increase in days sales outstanding, which may indicate looser credit terms to stimulate demand during the recovery.
The lengthening CCC is a red flag in a cyclical recovery, as it suggests that revenue growth is being partially funded by extending credit to customers. The DSO increase from 90 to 91 days is modest, but the DIO increase from 49 to 70 days indicates inventory is building faster than sales, which could become a risk if the recovery stalls. The DPO has decreased from 27 to 21 days, meaning the company is paying suppliers faster, which is a negative for cash conversion. This combination suggests that while top-line growth is accelerating, the quality of that growth in terms of cash generation is deteriorating.
The Misleading Forward P/E Multiple
The forward P/E of 0.60 is the most commonly misapplied ratio for this business model, as it obscures the extreme cyclicality and capital intensity that make forward earnings estimates highly unreliable for OSAT companies.
For a capital-intensive, cyclical business like ChipMOS, the forward P/E is particularly misleading because it assumes a smooth earnings trajectory that rarely materializes. The ratio appears attractive at 0.60, but this is based on analyst estimates that may not fully account for the company's high fixed-cost structure, which can cause earnings to swing dramatically with small changes in utilization. A more appropriate metric would be EV/EBITDA, which at 10.42 provides a better view of operating cash flow generation relative to the enterprise value. Investors should also consider the price-to-book ratio of 2.59, which may better reflect the asset-heavy nature of the business and the current cycle position.