ASE Technology Holding Co., Ltd. (ASX) vs United Microelectronics Corporation (UMC)

ASE Technology Holding Co., Ltd. and United Microelectronics Corporation are both Semiconductors companies. ASE Technology Holding Co., Ltd. is the larger, with a market value of $96.9B against $61.4B — 1.6× the size. United Microelectronics Corporation trades at the lower P/E: 22.7× against 50.0×. ASE Technology Holding Co., Ltd. grew revenue faster over the last twelve months: 19.5% against 10.3%. United Microelectronics Corporation has the higher net margin (32.6% vs 8.44%) and the higher return on invested capital (9.04% vs 8.05%). Both pay a dividend; United Microelectronics Corporation yields more (5.63% vs 3.67%). Across the 22 metrics below, United Microelectronics Corporation leads on 17 and ASE Technology Holding Co., Ltd. on 5.

Valuation

Metric ASX UMC Semiconductors median
P/E 49.97 22.71 49.41
P/S 4.41 7.57 8.58
P/B 8.53 4.31 5.49
Price to free cash flow n/m 32.35 47.02
EV/EBITDA 22.90 16.40 30.78
EV/Sales 4.59 7.18 8.79
Earnings yield 2.00% 4.40% 0.62%
Free cash flow yield (1.33%) 3.09% 0.59%

Profitability

Metric ASX UMC Semiconductors median
Gross margin 19.47% 30.57% 52.25%
Operating margin 9.85% 19.75% 4.85%
Net margin 8.44% 32.60% 4.77%
Free cash flow margin (5.21%) 23.39% 8.65%
Return on equity 0.00% 20.87% 3.11%
Return on assets 6.52% 13.42% 1.91%
Return on invested capital 8.05% 9.04% 2.46%

Growth

Metric ASX UMC Semiconductors median
Revenue growth (TTM) 19.52% 10.34% 16.66%
EPS growth (last fiscal year) 26.67% (8.62%) —
Revenue growth, 5-year CAGR 3.91% 3.76% 5.60%
Net income growth, 5-year CAGR 5.84% 9.58% 0.00%

Health

Metric ASX UMC Semiconductors median
Debt to equity 0.56 0.11 0.05
Current ratio 1.07 2.17 3.35
Net debt to EBITDA 1.01 (0.73) 0.58

Dividend

Metric ASX UMC Semiconductors median
Dividend yield 3.67% 5.63% 1.93%
Payout ratio 0.86 0.57 0.00

Size

Metric ASX UMC Semiconductors median
Market cap 96.92b 61.42b 5.67b

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