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United Microelectronics (2303) TWD

At a glance: strengths & risks
✓Revenue growing (+17% y/y, Q2 2026)✓Profit growing (+375% y/y, Q2 2026)✓Margins improving (43%→45%, Q2 2026)✓Net cash balance sheet✗Pricier than own history (EV/EBITDA 13.2 vs avg 5.7)

Sector: Contract chipmaking

TW_2303

Price chart

125.5 TWDDay -1.95%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
125.5 TWD · -1.95%
Market cap
1573.7 bn TWD

Growth

Δ revenue y/y
17.0%
Δ EBITDA y/y
23.1%

Multiples

P/E (LTM)
19.2x
3y avg: 13.3x
P/B (FY)
4.3x
P/E (ann.)
9.3x
EV/EBITDA (LTM)
13.2x
3y avg: 5.7x
EV/EBITDA (ann.)
12.0x

Cash return

Dividend yield
2.1%
FCF yield (LTM)
3.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+17.4%
↓ details

Liquidity

Daily turnover (listing)
11.1 bln TWD

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B TWD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB TWDOperating profitB TWDD&AB TWDEBITDAB TWDNet profitB TWDOperating CFB TWDCapex + M&AB TWDAssetsB TWDEquityB TWDROE (annualized)Net debtB TWDSource
2026-06-30Q2 2026 (3M)OK68.7
y/y 17.0%
14.9
y/y 38.2%
16.2
y/y 11.9%
31.1
y/y 23.1%
42.3
y/y 374.7%
33.7-9.5666.0
y/y 21.5%
443.9
y/y 31.8%
39.7%-76.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK61.0
y/y 5.5%
11.2
y/y 31.6%
16.0
y/y 13.2%
27.2
y/y 20.1%
16.2
y/y 107.9%
22.0-13.2599.9
y/y —
406.7
y/y —
16.7%-58.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK61.8
y/y —
13.4
y/y —
15.6
y/y —
29.0
y/y —
8.7
y/y —
33.0-15.5567.3
y/y 1.3%
365.8
y/y 0.1%
11.1%-56.9Yahoo Finance
2025-09-30Q3 2025 (3M)OK59.1
y/y —
11.0
y/y —
15.0
y/y —
26.0
y/y —
15.0
y/y —
20.9-12.2555.4
y/y —
361.1
y/y —
5.7%-34.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK58.8
y/y —
10.8
y/y —
14.5
y/y —
25.3
y/y —
8.9
y/y —
22.1-8.6548.1
y/y —
336.9
y/y —
—-49.1Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL57.9
y/y —
8.5
y/y —
14.1
y/y —
22.7
y/y —
7.8
y/y —
23.8-10.5—
y/y —
—
y/y —
—≈ -41.0Yahoo Finance
2024-12-31FY 2024 (12M)OK232.3
y/y 4.4%
51.3
y/y -10.5%
48.2
y/y 19.0%
99.4
y/y 1.7%
48.8
y/y -18.3%
93.9-91.3560.2
y/y 2.5%
365.5
y/y 6.4%
13.8%-41.0Yahoo Finance
2023-12-31FY 2023 (12M)OK222.5
y/y —
57.3
y/y —
40.5
y/y —
97.8
y/y —
59.7
y/y —
86.0-94.0546.6
y/y —
343.4
y/y —
—-73.8Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (TWD mln)

050 000100 000150 000200 000250 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%10%20%30%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (TWD mln)

-20 000-10 000010 00020 00030 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (TWD mln)

-80 000-60 000-40 000-20 00002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.78x of reported net profit; after capex, 0.38x.
year2022202320242025
cash flow / profit1.63x1.44x1.92x2.47x
accruals, % of assets-10.8%-4.8%-8.1%-10.5%
Last twelve months (to 2026-06-30): 1.33x of profit came back as operating cash flow.
net debt / EBITDA -0.6x · capex 1.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +17.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (31 117 − 25 273) × 3.64
21 278
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 573 713 + -76 334) ÷ 113 311
13.2x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (13.2 + 10) ÷ 2
11.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 27 243 + 0 + 0 − 0
27 243
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (21 278 × 11.6 + 27 243) ÷ 1 573 713
+17.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +2% vs +4% the year before — a -2.1 pp move. 3-year CAGR -5%.
revenue growth by year: 2023 -20% · 2024 +4% · 2025 +2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-082.6081 TWDEx-dividend: 2.6081 TWD per sharePaidYahoo Finance (ex-div)
2025-06-242.8502 TWDEx-dividend: 2.8502 TWD per sharePaidYahoo Finance (ex-div)
2024-07-023.0001 TWDEx-dividend: 3.0001 TWD per sharePaidYahoo Finance (ex-div)
2023-06-273.6005 TWDEx-dividend: 3.6005 TWD per sharePaidYahoo Finance (ex-div)
2022-06-223 TWDEx-dividend: 3 TWD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of United Microelectronics (2303) — from primary filings.

Frequently asked questions

What is United Microelectronics (2303)'s P/E ratio?
United Microelectronics (2303) trades at a P/E of 19.2x (price to trailing 12-month earnings).
What is United Microelectronics (2303)'s EV/EBITDA?
United Microelectronics (2303) trades at 13.2x EV/EBITDA.
What is United Microelectronics (2303)'s P/B ratio?
United Microelectronics (2303) trades at a P/B of 4.3x.
What is United Microelectronics (2303)'s dividend yield?
United Microelectronics (2303)'s trailing 12-month dividend yield is 2.1%.
What is United Microelectronics (2303)'s return on equity (ROE)?
United Microelectronics (2303)'s ROE is 39.7%.
What is United Microelectronics (2303)'s market capitalization?
United Microelectronics (2303)'s market cap is 1573.7 bn TWD.

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