ASE Technology Holding Co., Ltd.
ASE Technology Holding Co., Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $20.6 billion, up 13.3% from fiscal 2024. In the quarter to June 2026, revenue grew 23.6%, EPS grew 172.7%, free cash flow fell 338.0% and total debt rose 20.1%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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ASE Technology Holding Co., Ltd. (ASX) Altman Z-score
ASE Technology Holding Co., Ltd.'s Altman Z-score for fiscal 2025 is 2.48, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.48 | 0.13 |
| FY2024 | 2.35 | (0.08) |
| FY2023 | 2.43 | 0.13 |
| FY2022 | 2.30 | 0.14 |
| FY2021 | 2.16 | 0.34 |
| FY2020 | 1.82 | 0.15 |
| FY2019 | 1.67 | 0.19 |
| FY2018 | 1.48 | (1.39) |
| FY2017 | 2.88 | 0.53 |
| FY2016 | 2.35 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | 0.15 | — | 0.22 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 2.10 | — | 1.26 | |
| Sales / total assets | 0.73 | — | 0.73 | |
| Altman Z-score | Grey zone | 2.48 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.11 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ALAB Astera Labs, Inc. compare | 101× |
| MPWR Monolithic Power Systems, Inc. compare | 42.0× |
| QCOM QUALCOMM Incorporated compare | 6.5× |
| ADI Analog Devices, Inc. compare | 5.7× |
| STM STMicroelectronics N.V. compare | 3.7× |
| MCHP Microchip Technology Incorporated compare | 3.7× |
| UMC United Microelectronics Corporation compare | 3.3× |
| NXPI NXP Semiconductors N.V. compare | 2.9× |
| ASX ASE Technology Holding Co., Ltd. | 2.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets