Revenue growth has reaccelerated to 28.7% YoY in 2026Q2, but gross margin recovery appears constrained, expanding only to 18.0% from a trough of 6.6% a year prior, indicating limited pricing power.
ChipMOS TECHNOLOGIES Inc. (IMOS) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 27.11B | 24.06B | 22.7B | 21.36B | 23.52B | 27.4B | 23.01B | 20.34B | 18.48B | 17.94B | 18.39B | 19.87B | 20.83B | 19.36B | 19.22B | 18.21B |
| Revenue Growth % | 19.26% | 6.03% | 6.27% | -9.19% | -14.17% | 19.07% | 13.15% | 10.05% | 3.01% | -2.43% | -7.46% | -4.61% | 7.58% | 0.74% | 5.54% | - |
| Cost of Goods Sold | 23.12B | 21.46B | 19.75B | 17.81B | 18.61B | 20.15B | 17.98B | 16.41B | 15.05B | 14.7B | 14.75B | 15.78B | 15.72B | 15.97B | 16.68B | 16.64B |
| COGS % of Revenue | - | 89.17% | 87.03% | 83.38% | 79.11% | 73.53% | 78.13% | 80.7% | 81.44% | 81.96% | 80.19% | 79.42% | 75.45% | 82.48% | 86.76% | 91.4% |
| Gross Profit | 3.99B | 2.61B | 2.94B | 3.55B | 4.91B | 7.25B | 5.03B | 3.93B | 3.43B | 3.24B | 3.64B | 4.09B | 5.11B | 3.39B | 2.52B | 1.57B |
| Gross Margin % | 14.72% | 10.83% | 12.97% | 16.62% | 20.89% | 26.47% | 21.87% | 19.3% | 18.56% | 18.04% | 19.81% | 20.58% | 24.55% | 17.52% | 13.1% | 8.6% |
| Gross Profit Growth % | - | -11.46% | -17.05% | -27.74% | -32.28% | 44.15% | 28.17% | 14.46% | 5.96% | -11.12% | -10.91% | -20.03% | 50.69% | 34.76% | 60.74% | - |
| Operating Expenses | 1.51B | 1.7B | 1.67B | 1.64B | 1.7B | 1.69B | 1.47B | 1.47B | 1.33B | 997.25M | 1.64B | 1.51B | 1.4B | 1.27B | 1.11B | 1.57B |
| OpEx % of Revenue | - | 7.06% | 7.36% | 7.68% | 7.21% | 6.17% | 6.37% | 7.22% | 7.2% | 5.56% | 8.94% | 7.6% | 6.74% | 6.54% | 5.78% | 8.6% |
| Selling, General & Admin | 30.74M | 611.49M | 607.29M | 633.4M | 666.71M | 677.96M | 585.74M | 554.32M | 538.52M | 704.21M | 894.99M | 762.11M | 723.75M | 23.47M | 21.31M | 634.83M |
| SG&A % of Revenue | - | 2.54% | 2.68% | 2.97% | 2.83% | 2.47% | 2.55% | 2.73% | 2.91% | 3.93% | 4.87% | 3.84% | 3.47% | 0.12% | 0.11% | 3.49% |
| Research & Development | 71.98M | 1.08B | 1.16B | 1.09B | 1.16B | 1.14B | 1.02B | 1.01B | 939.27M | 985.87M | 838.87M | 747.78M | 679.63M | 564.93M | 492.77M | 409.75M |
| R&D % of Revenue | - | 4.5% | 5.12% | 5.12% | 4.93% | 4.16% | 4.41% | 4.95% | 5.08% | 5.5% | 4.56% | 3.76% | 3.26% | 2.92% | 2.56% | 2.25% |
| Other Operating Expenses | -2M | 3.35M | -99.89M | -85.94M | -129.93M | -125.59M | -135.58M | -92.93M | -147.51M | -327.62M | -90.31M | 0 | -26.26M | 2.13B | 1.4B | 10.38M |
| Operating Income | 2.48B | 908.86M | 1.27B | 1.91B | 3.22B | 5.56B | 3.57B | 2.46B | 2.1B | 2.24B | 2B | 2.65B | 3.65B | 2.13B | 1.4B | 521.7M |
| Operating Margin % | 9.14% | 3.78% | 5.61% | 8.94% | 13.68% | 20.3% | 15.5% | 12.08% | 11.36% | 12.48% | 10.87% | 13.33% | 17.53% | 10.98% | 7.31% | 2.86% |
| Operating Income Growth % | - | -28.66% | -33.25% | -40.67% | -42.17% | 55.96% | 45.15% | 17.02% | -6.26% | 12.07% | -24.54% | -27.46% | 71.71% | 51.36% | 169.25% | - |
| EBITDA | 7.44B | 6.04B | 6.13B | 6.69B | 7.97B | 10.2B | 7.74B | 6.19B | 5.48B | 5.14B | 5.23B | 5.67B | 6.56B | 5.42B | 6.07B | 6.31B |
| EBITDA Margin % | 27.43% | 25.09% | 27.01% | 31.32% | 33.88% | 37.21% | 33.64% | 30.43% | 29.63% | 28.64% | 28.44% | 28.54% | 31.49% | 28% | 31.6% | 34.64% |
| EBITDA Growth % | 27.3% | -1.51% | -8.34% | -16.07% | -21.85% | 31.7% | 25.09% | 13.01% | 6.56% | -1.73% | -7.77% | -13.56% | 21% | -10.76% | -3.7% | - |
| D&A (Non-Cash Add-back) | 4.96B | 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 |
| EBIT | 2.66B | 908.86M | 1.93B | 2.53B | 4.17B | 6.16B | 3.14B | 3.19B | 1.93B | 1.72B | 1.84B | 2.97B | 4.83B | 3.53B | 1.62B | 496.76M |
| Net Interest Income | -45.24M | -58.28M | -81.22M | -73.2M | -85.24M | -121.2M | -4.88M | -3.75M | -140.28M | -164.16M | -140.56M | -83.65M | -78.93M | -183M | -228.56M | -82.83M |
| Interest Income | 53.64M | 244.66M | 197.72M | 193.19M | 57.2M | 9.98M | 943.4K | 2.08M | 49.97M | 53.12M | 38.55M | 42.97M | 47.31M | 0 | 6.36M | 195.84M |
| Interest Expense | 98.87M | 302.93M | 278.94M | 266.39M | 142.44M | 131.18M | 5.82M | 5.83M | 190.25M | 217.28M | 144.54M | 126.62M | 126.24M | 183M | 227.76M | 278.67M |
| Other Income/Expense | 199.03M | -318.36M | 373.12M | 359.77M | 811.19M | 473.2M | -593.14M | 565.13M | -317.28M | -707.47M | -298.14M | 220.62M | 1.14B | 1.22B | -17.2M | -303.61M |
| Pretax Income | 2.68B | 590.49M | 1.65B | 2.27B | 4.03B | 6.04B | 2.97B | 3.02B | 1.78B | 1.53B | 1.7B | 2.86B | 4.7B | 3.35B | 1.39B | 218.09M |
| Pretax Margin % | 9.88% | 2.45% | 7.26% | 10.62% | 17.13% | 22.03% | 12.92% | 14.86% | 9.65% | 8.54% | 9.25% | 14.41% | 22.58% | 17.31% | 7.22% | 1.2% |
| Income Tax | 427.34M | 92.66M | 207.52M | 300.66M | 588.17M | 1.1B | 594.38M | 513.68M | 456.62M | 550.49M | 177.12M | 935.86M | 1.04B | 648.92M | 125.03M | 39.15M |
| Effective Tax Rate % | 15.95% | 15.69% | 12.6% | 13.26% | 14.6% | 18.2% | 19.99% | 17% | 25.62% | 35.92% | 10.42% | 32.69% | 22.03% | 19.36% | 9.01% | 17.95% |
| Net Income | 2.25B | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B | 2.38B | 2.51B | 1.33B | 3.03B | 1.71B | 2.13B | 3.36B | 2.32B | 1.16B | 361.89M |
| Net Margin % | 8.3% | 2.07% | 6.34% | 9.21% | 14.63% | 18.02% | 10.34% | 12.33% | 7.17% | 16.87% | 9.28% | 10.72% | 16.11% | 12% | 6.05% | 1.99% |
| Net Income Growth % | 1057.9% | -65.42% | -26.84% | -42.8% | -30.33% | 107.54% | -5.17% | 89.21% | -56.19% | 77.28% | -19.86% | -36.52% | 44.46% | 99.64% | 221.57% | - |
| Net Income (Continuing) | 2.25B | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B | 2.38B | 2.51B | 1.33B | 981.93M | 1.52B | 1.91B | 3.67B | 2.7B | 1.25B | 178.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.62B | 2.51B | 0 | 2.14B |
| EPS (Diluted) | 64.21 | 14.00 | 38.60 | 51.60 | 90.80 | 133.00 | 64.60 | 3.40 | 27.20 | 64.60 | 39.40 | 56.40 | 91.00 | 2.20 | 1.11 | 0.34 |
| EPS Growth % | 1354.55% | -63.73% | -25.19% | -43.17% | -31.73% | 105.88% | 1800% | -87.5% | -57.89% | 63.96% | -30.14% | -38.02% | 4036.36% | 98.2% | 226.47% | - |
| EPS (Basic) | - | 14.00 | 39.00 | 52.00 | 92.80 | 135.80 | 65.20 | 3.40 | 27.40 | 66.00 | 39.80 | 57.20 | 92.00 | 2.20 | 1.12 | 0.34 |
| Diluted Shares Outstanding | 35.06M | 35.36M | 36.7M | 36.75M | 37.13M | 37.14M | 36.85M | 36.86M | 40.69M | 36.79M | 43.34M | 37.75M | 36.79M | 36.3M | 36.1M | 35.77M |
| Basic Shares Outstanding | 35.06M | 35.36M | 36.36M | 36.36M | 36.36M | 36.36M | 36.83M | 36.81M | 40.14M | 42.33M | 42.98M | 37.29M | 36.49M | 35.77M | 35.84M | 35.77M |
| Dividend Payout Ratio | - | 176.26% | 90.93% | 85.01% | 90.91% | 32.41% | 55.02% | 34.79% | 19.37% | 8.49% | 105% | 39.44% | 14.66% | 0.61% | - | 38.56% |
Quick answers to the most common questions about buying IMOS stock.
For fiscal year 2025, ChipMOS TECHNOLOGIES Inc. (IMOS) reported total revenue of $24.06B. This represents a 32.1% increase compared to $18.21B in 2011.
ChipMOS TECHNOLOGIES Inc. (IMOS) is profitable, generating $497.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
ChipMOS TECHNOLOGIES Inc. (IMOS) reported an operating income of $908.9M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ChipMOS TECHNOLOGIES Inc. (IMOS) generated $2.61B in gross profit for the year, representing a gross profit margin of 10.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins vulnerable to cost shocks
Revenue Growth Reaccelerates on Cyclical Recovery
ChipMOS's revenue growth has reaccelerated to 28.7% YoY in 2026Q2, a significant improvement from the near-flat growth seen in mid-2025, suggesting a cyclical upturn in demand for its display driver and memory testing services.
The growth trajectory shows a clear inflection from contraction in 2025Q2 (-1.3% YoY) to strong acceleration, indicating the semiconductor downcycle may be bottoming. This recovery appears driven by restocking in the display driver IC supply chain and improving utilization rates, though the durability of this trend depends on sustained consumer electronics demand and the pace of OLED adoption.
Gross Margin Recovery Lags Revenue Surge
Despite a 28.7% YoY revenue increase in 2026Q2, gross margin expanded only to 18.0% from a trough of 6.6% in 2025Q2, indicating that pricing power remains limited and cost pressures persist.
The margin recovery, while positive, appears constrained by the company's high fixed-cost structure and potential input cost inflation, such as rising electricity tariffs in Taiwan. The current 18.0% gross margin is still below the 14.2% seen in 2024Q1 on lower revenue, suggesting that volume leverage is helping but not fully offsetting competitive pricing or higher variable costs.
Operating Leverage Amplifies Profitability Recovery
Operating income surged to $948.0M in 2026Q2 from just $21.2M a year prior, demonstrating powerful operating leverage as revenue growth outpaced the relatively stable SG&A and R&D cost base.
The dramatic improvement in operating margin from 0.4% to 12.8% highlights the high fixed-cost nature of ChipMOS's operations; once revenue crosses a breakeven threshold, incremental flows directly to profit. This leverage is a double-edged sword, as it implies that any future revenue softness could lead to rapid margin erosion, a key risk for investors to monitor.
Net Income Volatility Driven by Non-Operating Items
The wide swings in net income, including a $533.1M loss in 2025Q2 followed by a $891.7M profit in 2026Q2, suggest significant non-operating influences that distort the underlying operational performance.
The reported EPS growth of 2.7% YoY in 2026Q2 is misleading when compared to the 121.9% growth in 2025Q4, indicating that tax items, foreign exchange gains/losses, or other non-recurring factors are heavily impacting the bottom line. Investors should focus on operating income trends for a clearer view of core business performance, as net income appears highly volatile.
Cost Discipline Maintained Amid Revenue Expansion
SG&A expenses remained remarkably stable at around $175M per quarter despite revenue growing from $5.4B to $7.4B over two years, indicating strong overhead control and operational efficiency.
The flat SG&A trend suggests management has successfully scaled the business without a corresponding increase in administrative burden, which is a positive sign for long-term margin expansion. However, R&D spending has been inconsistent, including a negative figure in 2025Q4, which warrants investigation into accounting treatment or project timing, as sustained innovation is critical in the competitive OSAT space.
Margin Sustainability Questioned by Structural Headwinds
The recent margin expansion to 18.0% gross may prove unsustainable if it is primarily driven by volume leverage in a cyclical upturn rather than structural improvements in pricing power or product mix.
Short-sellers would focus on the fact that even at peak revenue, net margin is only 12.1%, leaving minimal buffer against cost shocks like electricity price hikes or gold price spikes. The company's low ROE of 2.0% despite a fortress balance sheet suggests capital is not being deployed efficiently, and the lack of forward guidance from management adds uncertainty to the durability of the current recovery.