Revenue volatility remains a primary concern, highlighted by a 96% year-over-year decline in 2026Q1 alongside a persistent compression of gross margins to 13.8%.
| 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 | 18.75B | 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 % | 9.15% | 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 | 16.63B | 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 | 2.12B | 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 % | 11.3% | 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 | 1.07B | 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 | 14.61M | 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 | -256.47M | 0 | 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 | - | - | 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 | 1.09B | -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 | 1.55B | 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 % | 8.28% | 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 | 352.03M | 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 % | 1.88% | 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 % | -89.05% | -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) | -1.2B | 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 | 1.07B | 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 | 1.59M | -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 | 1.7M | 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 | 106.49K | 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 | -562.07M | -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 | 990.53M | 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 % | 5.28% | 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 | 165.08M | 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 % | 16.67% | 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 | 831.63M | 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 % | 4.44% | 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 % | 12.17% | -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) | 831.63M | 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) | 23.70 | 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 % | -25.79% | -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 | 35.1M | 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 | 35M | 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% |
Cyclical capacity utilization volatility
As reported in recent financial filings, ChipMOS experienced significant revenue fluctuations, including a 96% decline in 2026Q1, suggesting that the company's top-line performance is highly sensitive to reporting anomalies or extreme cyclical shifts in demand for its specialized display driver and memory testing services.
The extreme variance in quarterly revenue figures suggests that ChipMOS may be grappling with lumpy order patterns or significant shifts in customer inventory management. Investors should monitor whether these fluctuations represent a structural decline in demand for legacy display technologies or merely temporary timing differences in service recognition.
Based on the provided income statement data, ChipMOS's gross margin has trended downward from 20.1% in 2023Q4 to 13.8% in 2026Q1, indicating that the company faces persistent pricing pressure and rising input costs within its highly competitive semiconductor back-end services segment.
The erosion of gross margins suggests that ChipMOS lacks the pricing power to fully offset rising utility and operational costs in the Taiwanese market. This trend warrants further investigation into whether the company can successfully pivot toward higher-margin OLED and automotive-grade testing to stabilize its profitability profile.
According to historical income statements, ChipMOS's operating income has shown extreme volatility, with margins compressing to as low as 0.4% in 2025Q2, highlighting the company's vulnerability to operating deleverage when capacity utilization rates fall below critical thresholds in its capital-intensive manufacturing environment.
The high fixed-cost nature of the business means that even minor volume declines lead to disproportionate impacts on operating profit. The inability to consistently scale operating income relative to revenue suggests that management's current cost structure may be too rigid to navigate the cyclical nature of the semiconductor industry.
Analysis of the reported figures reveals that net income has been subject to extreme swings, including a significant loss in 2025Q2, which suggests that the company's bottom-line performance may be heavily influenced by non-operating items or volatile tax impacts rather than core operational efficiency.
Short-sellers might focus on the inconsistency of net income as a sign of underlying operational fragility. Investors should be cautious, as the reliance on non-operating income to bolster net results may mask the true earnings power of the company's core testing and assembly operations.
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.