Astera Labs, Inc. (ALAB) vs ASE Technology Holding Co., Ltd. (ASX)

Astera Labs, Inc. and ASE Technology Holding Co., Ltd. are both Semiconductors companies. ASE Technology Holding Co., Ltd. is the larger, with a market value of $65.6B against $31.1B — 2.1× the size. ASE Technology Holding Co., Ltd. trades at the lower P/E: 27.2× against 68.8×. Astera Labs, Inc. grew revenue faster over the last twelve months: 115.2% against 25.7%. Astera Labs, Inc. has the higher net margin (29.6% vs 9.70%) and the higher return on invested capital (40.0% vs 8.45%). Across the 19 metrics below, Astera Labs, Inc. leads on 13 and ASE Technology Holding Co., Ltd. on 6.

Valuation

Metric ALAB ASX Semiconductors median
P/E 68.82 27.24 36.98
P/S 20.64 2.76 6.03
P/B 16.06 5.80 3.87
Price to free cash flow 93.17 n/m 43.80
EV/EBITDA 109.87 14.32 20.84
EV/Sales 19.75 3.03 5.07
Earnings yield 1.45% 3.67% 1.13%
Free cash flow yield 1.07% (3.88%) 1.06%

Profitability

Metric ALAB ASX Semiconductors median
Gross margin 73.89% 20.82% 52.21%
Operating margin 25.52% 11.46% 5.47%
Net margin 29.64% 9.70% 4.26%
Free cash flow margin 22.15% (10.09%) 5.02%
Return on equity 28.21% 0.00% 2.86%
Return on assets 24.93% 7.15% 2.03%
Return on invested capital 39.95% 8.45% 2.28%

Growth

Metric ALAB ASX Semiconductors median
Revenue growth (TTM) 115.24% 25.69% 17.60%
EPS growth (last fiscal year) 290.62% 26.67% 27.66%
Revenue growth, 5-year CAGR — 3.91% 5.14%
Net income growth, 5-year CAGR — 5.84% 0.00%

Health

Metric ALAB ASX Semiconductors median
Debt to equity 0.00 0.71 0.12
Current ratio 8.03 1.16 3.39
Net debt to EBITDA (6.90) 1.01 0.53

Dividend

Metric ALAB ASX Semiconductors median
Dividend yield — 1.39% 1.62%
Payout ratio — 0.38 0.38

Size

Metric ALAB ASX Semiconductors median
Market cap 31.14b 65.61b 5.69b

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