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United Microelectronics (2303) USD

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 (P/E 21.9 vs avg 13.4)

Sector: Contract chipmaking

TW_2303

Price chart

143 TWDDay 4.38%

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
143 TWD · 4.38%
Market cap
56.8 bn USD

Growth

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

Multiples

P/E (LTM)
21.9x
3y avg: 13.4x
P/B (FY)
4.9x
P/E (ann.)
10.6x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
1.8%
FCF yield (LTM)
-83.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+53.9%
↓ details

Liquidity

Daily turnover (listing)
32.7 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 USD, 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 USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK2.2
y/y 17.0%
0.5
y/y 38.2%
0.5
y/y 11.9%
1.0
y/y 23.1%
1.3
y/y 374.7%
1.1-9.521.1
y/y 21.5%
14.0
y/y 31.8%
39.7%-76.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK1.9
y/y 5.5%
0.4
y/y 31.6%
0.5
y/y 13.2%
0.9
y/y 20.1%
0.5
y/y 107.9%
0.7-13.219.0
y/y —
12.9
y/y —
16.7%-58.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK2.0
y/y —
0.4
y/y —
0.5
y/y —
0.9
y/y —
0.3
y/y —
1.0-15.517.9
y/y 1.3%
11.6
y/y 0.1%
11.1%-56.9Yahoo Finance
2025-09-30Q3 2025 (3M)OK1.9
y/y —
0.3
y/y —
0.5
y/y —
0.8
y/y —
0.5
y/y —
0.7-12.217.6
y/y —
11.4
y/y —
5.7%-34.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK1.9
y/y —
0.3
y/y —
0.5
y/y —
0.8
y/y —
0.3
y/y —
0.7-8.617.3
y/y —
10.6
y/y —
—-49.1Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL1.8
y/y —
0.3
y/y —
0.4
y/y —
0.7
y/y —
0.2
y/y —
0.8-0.3—
y/y —
—
y/y —
—≈ -41.0Yahoo Finance
2024-12-31FY 2024 (12M)OK7.3
y/y 4.4%
1.6
y/y -10.5%
1.5
y/y 19.0%
3.1
y/y 1.7%
1.5
y/y -18.3%
3.0-91.317.7
y/y 2.5%
11.6
y/y 6.4%
13.8%-41.0Yahoo Finance
2023-12-31FY 2023 (12M)OK7.0
y/y —
1.8
y/y —
1.3
y/y —
3.1
y/y —
1.9
y/y —
2.7-94.017.3
y/y —
10.9
y/y —
—-73.8Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (TWD mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF (TWD mln)

-500-25002505007502023 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: +53.9%

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)
= (984 − 799) × 3.64
673
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (56 826 + -76 334) ÷ 3 582
0.0x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (0.0 + 10) ÷ 2
5.0x
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
= (673 × 5.0 + 27 243) ÷ 56 826
+53.9%

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 21.9x (price to trailing 12-month earnings).
What is United Microelectronics (2303)'s P/B ratio?
United Microelectronics (2303) trades at a P/B of 4.9x.
What is United Microelectronics (2303)'s dividend yield?
United Microelectronics (2303)'s trailing 12-month dividend yield is 1.8%.
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 56.8 bn USD.

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