Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 9.0x · ROE 10.8%. (1999–2025 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 | $34.5B | $19.6B | $16.4B | $21.3B | $16.6B | $29.2B | $21.0B | $7.1B | $4.8B | $6.3B | $4.7B |
| Enterprise Value | $33.0B | $-31251960000 | $-18140444760 | $-47049744268 | $-111618281146 | $-56647778880 | $-4627790438 | $-22498762176 | $1.3B | $3.4B | $28.4B |
| P/E Ratio → | 13.47 | 0.47 | 0.35 | 0.35 | 0.19 | 0.52 | 0.72 | 0.82 | 0.60 | 0.65 | 0.52 |
| P/S Ratio | 4.26 | 0.08 | 0.07 | 0.10 | 0.06 | 0.14 | 0.12 | 0.05 | 0.03 | 0.04 | 0.03 |
| P/B Ratio | 2.98 | 0.05 | 0.04 | 0.06 | 0.05 | 0.11 | 0.09 | 0.03 | 0.02 | 0.03 | 0.02 |
| P/FCF | 16.54 | 0.37 | 6.44 | — | 0.26 | 0.72 | 0.56 | 0.20 | 0.16 | 0.91 | — |
| P/OCF | 11.28 | 0.20 | 0.17 | 0.25 | 0.11 | 0.32 | 0.32 | 0.13 | 0.09 | 0.12 | 0.10 |
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 | — | -0.13 | -0.08 | -0.21 | -0.40 | -0.27 | -0.03 | -0.15 | 0.01 | 0.02 | 0.19 |
| EV / EBITDA | 8.95 | -0.30 | -0.18 | -0.48 | -0.75 | -0.57 | -0.07 | -0.41 | 0.02 | 0.06 | 0.49 |
| EV / EBIT | 24.77 | -0.63 | -0.35 | -0.72 | -1.02 | -0.94 | -0.19 | -2.91 | 0.22 | 0.34 | 4.40 |
| EV / FCF | — | -0.60 | -7.13 | — | -1.77 | -1.40 | -0.12 | -0.63 | 0.04 | 0.49 | — |
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 | 29.0% | 29.0% | 32.6% | 34.9% | 45.1% | 33.8% | 22.1% | 14.4% | 15.1% | 18.1% | 20.5% |
| Operating Margin | 18.4% | 18.4% | 22.2% | 26.0% | 37.4% | 24.3% | 12.4% | 3.3% | 3.8% | 4.4% | 4.2% |
| Net Profit Margin | 17.0% | 17.0% | 20.3% | 26.8% | 32.1% | 24.1% | 12.9% | 5.5% | 5.1% | 6.4% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | 13.3% | 17.9% | 30.5% | 20.5% | 10.3% | 3.9% | 3.7% | 4.5% | 3.9% |
| ROA | 7.1% | 7.1% | 8.5% | 11.1% | 18.3% | 12.4% | 6.1% | 2.2% | 2.0% | 2.5% | 2.4% |
| ROIC | 9.9% | 9.9% | 12.8% | 18.5% | 41.9% | 19.9% | 8.5% | 1.9% | 2.1% | 2.2% | 2.0% |
| ROCE | 9.0% | 9.0% | 11.1% | 13.5% | 27.6% | 16.1% | 7.4% | 1.6% | 1.8% | 2.1% | 2.1% |
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 | 0.16 | 0.16 | 0.19 | 0.19 | 0.14 | 0.18 | 0.29 | 0.32 | 0.39 | 0.38 | 0.38 |
| Debt / EBITDA | 0.58 | 0.58 | 0.71 | 0.65 | 0.31 | 0.47 | 0.97 | 1.21 | 1.39 | 1.32 | 1.40 |
| Net Debt / Equity | — | -0.13 | -0.09 | -0.20 | -0.40 | -0.32 | -0.11 | -0.14 | -0.02 | -0.01 | 0.11 |
| Net Debt / EBITDA | -0.49 | -0.49 | -0.35 | -0.70 | -0.86 | -0.87 | -0.36 | -0.54 | -0.06 | -0.05 | 0.41 |
| Debt / FCF | — | -0.97 | -13.58 | — | -2.04 | -2.12 | -0.69 | -0.82 | -0.11 | -0.42 | — |
| Interest Coverage | 32.45 | 32.45 | 30.70 | 44.49 | 61.51 | 32.31 | 12.25 | 2.64 | 2.06 | 4.16 | 5.16 |
Net cash position: cash ($110.7B) exceeds total debt ($59.8B)
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 | 2.34 | 2.34 | 2.45 | 2.19 | 2.24 | 2.15 | 2.10 | 2.11 | 2.83 | 1.57 | 1.52 |
| Quick Ratio | 1.91 | 1.91 | 1.99 | 1.83 | 1.97 | 1.94 | 1.81 | 1.82 | 2.46 | 1.36 | 1.28 |
| Cash Ratio | 1.47 | 1.47 | 1.49 | 1.46 | 1.59 | 1.58 | 1.40 | 1.36 | 1.69 | 0.93 | 0.80 |
| Asset Turnover | — | 0.41 | 0.41 | 0.41 | 0.53 | 0.47 | 0.47 | 0.40 | 0.41 | 0.38 | 0.38 |
| Inventory Turnover | 4.53 | 4.53 | 4.38 | 4.05 | 4.92 | 6.13 | 6.11 | 5.84 | 7.05 | 6.69 | 6.91 |
| Days Sales Outstanding | — | 53.01 | 56.10 | 54.39 | 51.33 | 62.32 | 60.35 | 64.08 | 59.60 | 55.40 | 59.25 |
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 | 3.2% | 100.0% | 100.0% | 100.0% | 100.0% | 68.2% | 46.4% | 97.9% | 100.0% | 96.2% | 100.0% |
| Payout Ratio | 89.1% | 89.1% | 79.6% | 75.4% | 41.8% | 38.8% | 42.7% | 84.7% | 111.5% | 63.4% | 80.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 212.5% | 288.1% | 285.5% | 526.0% | 191.5% | 139.4% | 121.3% | 167.6% | 154.8% | 191.4% |
| FCF Yield | 6.0% | 267.0% | 15.5% | — | 379.7% | 138.6% | 177.8% | 509.1% | 642.1% | 109.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% | 42.1% | 100.0% | 0.0% | 51.3% |
| Total Shareholder Yield | 3.2% | 100.0% | 100.0% | 100.0% | 100.0% | 68.2% | 54.4% | 100.0% | 100.0% | 96.2% | 100.0% |
| Shares Outstanding | — | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.6B | $2.7B | $2.7B | $2.7B |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying UMC stock.
United Microelectronics Corporation's current P/E ratio is 13.5x. The historical average is 0.7x. This places it at the 100th percentile of its historical range.
United Microelectronics Corporation's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.1x.
United Microelectronics Corporation's return on equity (ROE) is 10.8%. The historical average is 8.4%.
Based on historical data, United Microelectronics Corporation is trading at a P/E of 13.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Microelectronics Corporation's current dividend yield is 3.17% with a payout ratio of 89.1%.
United Microelectronics Corporation has 29.0% gross margin and 18.4% operating margin. Operating margin between 10-20% is typical for established companies.
United Microelectronics Corporation's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Mature-node pricing pressure
Discount Multiples Mask Cyclical Earnings Peaks
Based on UMC's reported figures, the trailing P/E of 26.25 and EV/EBITDA of 10.13 sit below TSMC's 34.73 and 21.99, but the 3.60 PEG suggests the market is pricing in growth that recent revenue deceleration to 2.3% does not yet support. Investors should monitor earnings durability. The reported forward multiples appear unreliable given the data, so trailing measures should drive comparison.
Relative to TSMC and GlobalFoundries at 22.87 P/E and 9.40 EV/EBITDA, UMC trades at a premium on earnings but near parity on enterprise value, which may reflect the market treating its net income as partly non-operational. A PEG of 3.60 implies that expected growth must accelerate substantially from the latest quarter's 2.3% revenue expansion to justify the price. The 2.88 price-to-book multiple sits above GlobalFoundries' 1.69 but well below TSMC's 11.12, consistent with UMC's asset-heavy base being valued more like a mature industrial than a leading-edge franchise.
Margin Recovery Outpaces Top-Line Momentum
As reported in financial statements, UMC's gross margin rose from 26.7% in 2025Q1 to 34.0% in 2026Q3, near a multi-year high, while operating margin reached 25.1%, indicating pricing and utilization gains have outrun revenue growth of only 2.3%.
Margin expansion of roughly 730 basis points at the gross level over five quarters, against a sharp slowdown in revenue growth, suggests the improvement is driven by utilization, mix toward specialty nodes, and an asset base that is heavily depreciated rather than by volume. Operating margin tracking gross margin closely implies SG&A remains a modest share of the cost base. The net margin of 22.1% in the latest quarter diverges from the operating margin, and the 61.5% net margin in 2026Q2 indicates non-operating items that inflate reported earnings and should be stripped out before using net margin as a measure of earning power.
Returns Thin Despite Fortress Balance Sheet
Based on UMC's reported quarterly figures, ROIC of 3.6% and ROE of 3.6% in 2026Q3 remain low in absolute terms, far below TSMC's 42.6% ROIC, suggesting the large asset base is not generating commensurate returns.
ROIC has hovered between roughly 2.2% and 3.6% across the ten quarters, which indicates that the capital tied up in fabrication capacity earns a modest spread over the cost of capital, even as gross margins improved. The gap between ROIC and the 34.0% gross margin reflects the heavy invested capital base of PP&E near $263.9 billion, implying that asset turnover, not margin, is the binding constraint. Investors should monitor whether capacity utilization can lift asset turnover, as margin gains alone may not drive a meaningful return improvement.
Debt Burden Negligible, Coverage Comfortable
According to reported figures, UMC's debt-to-equity fell to 0.15 in 2026Q3 from 0.26 in 2024Q3, while interest coverage of 53.92 times indicates debt service poses minimal strain on operating earnings.
A debt-to-equity ratio this low, combined with a debt-to-EBITDA near 2.0, suggests that financing constraints are unlikely to limit operations under current conditions. The swing in interest coverage from 25.20 to 139.40 times across the period, though volatile, reflects the more stable base of interest expense against rising operating profit. Refinancing risk appears limited based on the reported balance sheet, though the data does not disclose maturity schedules, so this conclusion is inferential.
Cash Cushion Covers Obligations Comfortably
As reported in financial statements, UMC's current ratio of 3.27 and quick ratio of 2.75 in 2026Q3 indicate liquidity well above typical thresholds, with cash of $142.6 billion covering a large share of total liabilities.
Current and quick ratios being nearly identical suggests inventory is a small share of current assets, consistent with a foundry model where value sits in fixed assets rather than stock. The quick ratio has moved between 1.46 and 2.75 over the period, indicating the cushion has widened but not uniformly. Under severe stress, the cash position appears sufficient to absorb a sharp revenue decline, though the data does not show how much of that cash is earmarked for capital projects.
Asset Turnover Misread as Efficiency Signal
Based on reported figures, the asset turnover ratio is the most misapplied metric for UMC, since the heavily depreciated fab base can inflate turnover while obscuring replacement capital needs.
Asset turnover appears elevated in some quarters, such as 139.40 in 2026Q2, but for a fabrication business this figure is distorted by the age of depreciated equipment and by the timing of large quarterly revenue recognition. A more appropriate measure is free cash flow relative to net PP&E or capex intensity over a full cycle, which captures the true reinvestment burden. Investors should monitor whether the current turnover reflects operating efficiency or simply the effect of accounting depreciation on the asset denominator.