Amkor (AMKR) AI Stock Analysis

• Market Cap: $11.46B
• Dividend Yield: 0.81%
• Average Volume (3M): 4.81M
• Price to Earnings (P/E): 26.1
• Beta (1Y): 2.01
• Revenue Growth: 0.13%
• EPS Growth: -16.17%
• Country: US
• Employees: 28,300
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.69
• Shares Outstanding: 247,309,070
• 10 Day Avg. Volume: 3,777,027
• 30 Day Avg. Volume: 4,810,967
• PEG Ratio: 5.37
• Price to Book (P/B): 2.18
• Price to Sales (P/S): 1.45
• P/FCF Ratio: 51.09
• Enterprise Value/Market Cap: 1.02
• Enterprise Value/Revenue: 1.74
• Enterprise Value/Gross Profit: 12.41
• Enterprise Value/Ebitda: 10.02
• 1Y Price Target: $51.83
• Price Target Upside: 11.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 1.66
• Revenue Forecast (FY): $7.34B

• Rating: 68 Neutral
• Price Target: $49.00 ▲(5.74% Upside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

AMKR scores well on trend and momentum, supported by stable fundamentals and a generally constructive earnings outlook for 2026 growth in computing and advanced packaging. The primary score constraint is valuation (high P/E, low yield) alongside near-term margin pressure and elevated, front-loaded CapEx that adds execution and cash-flow risk.

Positive Factors

Advanced packaging / HDFO ramp

Amkor’s successful HDFO high-volume ramps and planned equipment focus create a durable competitive edge in high-value packaging. Advanced fan-out and 2.5D capabilities require long customer qualification cycles, raising switching costs and supporting sustained higher-value service mix and multi-year revenue programs.

Diversified, structural end-market exposure

Broad exposure across communications, computing, and automotive (including ADAS) cushions cyclicality and ties Amkor to secular themes like AI/HPC and automotive electrification. Multi-market demand and long qualification cycles underpin steadier volumes and recurring service revenue over multi-year customer programs.

Improving leverage and liquidity

A stronger balance sheet and large liquidity buffer increase financial flexibility to fund front-loaded CapEx and absorb ramp timing. Lower leverage reduces refinancing and solvency risk, enabling Amkor to invest strategically in capacity and R&D without immediate earnings distress if execution timing slips.

Negative Factors

Sustained margin compression

Material margin erosion versus prior-cycle peaks signals weaker earnings power and compressed returns. If mix shifts or ramp dilution persist, margins may remain structurally lower, reducing free cash flow conversion and long-run return on equity until efficiency gains or pricing improvements materialize.

Large, front-loaded CapEx with execution risk

A materially higher, front-loaded investment program raises persistent execution and timing risk: delays or incentive shortfalls can pressure near-term cash flow, increase depreciation and dilution of margins during ramps, and defer returns on invested capital until utilization reaches steady state.

Volatile free cash flow and uneven revenue trajectory

Inconsistent free cash flow tied to investment cycles and ramp costs undermines predictability of internal funding for growth. This volatility complicates capital allocation, increases reliance on external funding or large liquidity buffers, and raises the chance that long-term ROIC will lag expectations if ramps take longer.

Amkor Business Overview & Revenue Model

Company Description

Amkor Technology, Inc. provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, the Middle East, Africa, and the rest of the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, and test and drop shipment services. The company also provides flip chip-scale package products for use in smartphones, tablets, and other mobile consumer electronic devices; flip-chip stacked chip-scale packages that are used to stack memory on top of digital baseband, and as applications processors in mobile devices; and flip-chip ball grid array packages for various networking, storage, computing, and consumer applications. In addition, it offers wafer-level CSP packages that are used in power management, transceivers, sensors, wireless charging, codecs, radar, and specialty silicon; wafer-level fan-out packages for use in ICs; and silicon wafer integrated fan-out technology, which replaces a laminate substrate with a thinner structure. Further, the company provides lead frame packages that are used in electronic devices for low to medium pin count analog and mixed-signal applications; substrate-based wirebond packages, which are used to connect a die to a substrate; micro-electro-mechanical systems (MEMS) packages that are miniaturized mechanical and electromechanical devices; and advanced system-in-package modules, which are used in radio frequency and front end modules, basebands, connectivity, fingerprint sensors, display and touch screen drivers, sensors and MEMS, and NAND memory and solid-state drives. It primarily serves integrated device manufacturers, fabless semiconductor companies, original equipment manufacturers, and contract foundries. Amkor Technology, Inc. was founded in 1968 and is headquartered in Tempe, Arizona.

How the Company Makes Money

Amkor makes money by providing fee-based semiconductor back-end manufacturing services—primarily assembly/packaging and test—to customers that design and sell semiconductor devices but outsource these steps. Its core revenue stream is service revenue earned when customers ship wafers or dice to Amkor, which then performs packaging (turning wafers/die into finished, protected, connectable semiconductor packages) and electrical testing (verifying functionality and performance) and ships completed units back to the customer. Revenue is driven by shipment volumes, the mix of technologies used (with more complex/advanced packaging and test typically carrying higher service value per unit), and capacity utilization of its factories. Amkor’s offerings span multiple packaging formats (including advanced packaging such as wafer-level and substrate-based solutions, and mainstream leadframe-based packages) and related test services; customers select these based on device requirements (size, power, performance, thermals, and reliability), which influences average selling price of services. Amkor also generates revenue from turnkey or integrated engagements where it provides multiple steps (e.g., bumping/wafer-level processing, package assembly, and final test) as a bundled manufacturing solution. The company’s earnings are influenced by long-term customer programs and qualifications, co-development/technology collaboration with customers on packaging solutions, and capital investment cycles that expand or upgrade capacity to meet demand in end markets such as smartphones, high-performance computing, and automotive electronics. Specific customer names, contract structures, or revenue splits by service line are null.

Amkor Financial Statement Overview

Summary

Fundamentals are stable but not accelerating: balance sheet leverage has improved (debt-to-equity down to ~0.34) and operating cash flow has remained solid, but profitability is materially lower than the 2021–2022 peak (gross margin ~14% in 2025; ROE ~8–9%). Free cash flow rebounded in 2025, yet remains historically inconsistent.

Income Statement

Revenue has grown over the long run (up materially vs. 2020), but the trajectory has been uneven with declines in 2023 and 2024 and only modest growth in 2025. Profitability has also compressed meaningfully from the 2021–2022 peak: gross margin fell from ~20% (2021) / ~18.8% (2022) to ~14.0% (2025), and net margin declined from ~10–11% (2021–2022) to ~5.6% (2025). Net income remains positive and relatively stable since 2023, but overall earnings power looks lower than earlier-cycle levels.

Balance Sheet

Leverage appears moderate and improving: debt-to-equity has trended down from ~0.57 (2020) to ~0.34 (2024–2025), while equity has grown substantially over the period. Return on equity is positive but has normalized sharply from ~21% (2021–2022) to ~8–9% (2023–2025), signaling weaker profitability rather than balance-sheet strain. Overall, the balance sheet looks relatively stable, with the main drawback being reduced returns on a larger equity base.

Cash Flow

Operating cash flow has been consistently solid (roughly ~$0.77B to ~$1.27B across the period), supporting resilience through a softer earnings environment. Free cash flow has been volatile—down in 2022 and 2024, then rebounding sharply in 2025—highlighting swings in cash investment needs. Cash conversion improved notably in 2025 with free cash flow matching net income (1.0x), but prior years were weaker (generally ~0.17x–0.41x), so consistency is the key watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.71B	6.32B	6.50B	7.09B	6.14B
Gross Profit	938.60M	933.21M	943.15M	1.33B	1.23B
EBITDA	1.16B	1.09B	1.13B	1.53B	1.33B
Net Income	373.89M	354.01M	359.81M	765.82M	643.00M
Balance Sheet
Total Assets	8.14B	6.94B	6.77B	6.82B	6.04B
Cash, Cash Equivalents and Short-Term Investments	1.99B	1.65B	1.59B	1.24B	1.08B
Total Debt	1.57B	1.48B	1.44B	1.60B	1.45B
Total Liabilities	3.63B	2.76B	2.78B	3.12B	3.07B
Stockholders Equity	4.47B	4.15B	3.96B	3.67B	2.94B
Cash Flow
Free Cash Flow	190.99M	345.07M	520.55M	190.46M	341.52M
Operating Cash Flow	1.10B	1.09B	1.27B	1.10B	1.12B
Investing Cash Flow	-885.04M	-800.32M	-951.91M	-1.01B	-943.88M
Financing Cash Flow	98.70M	-260.43M	-149.21M	55.60M	-30.10M

Amkor Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 46.34
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMKR, the sentiment is Positive. The current price of 46.34 is above the 20-day moving average (MA) of 45.76, below the 50-day MA of 48.24, and above the 200-day MA of 33.36, indicating a neutral trend. The MACD of -1.13 indicates Positive momentum. The RSI at 51.13 is Neutral, neither overbought nor oversold. The STOCH value of 74.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMKR.

Amkor Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UMC	77 Outperform	$23.98B	14.74	11.36%	6.06%	5.87%	-20.93%
GFS	69 Neutral	$24.04B	21.96	7.68%	―	0.25%	-106.22%
AMKR	68 Neutral	$11.46B	26.10	8.73%	0.81%	0.13%	-16.17%
ON	64 Neutral	$24.03B	183.93	1.53%	―	-16.13%	-81.06%
ASX	63 Neutral	$46.98B	26.78	12.81%	2.29%	8.01%	10.41%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
STM	56 Neutral	$30.09B	136.11	0.97%	1.28%	-17.33%	-76.71%

Amkor Corporate Events

Amkor Announces Large Secondary Offering by Insider Shareholder

On February 12, 2026, Amkor Technology, Inc. entered into an underwriting agreement with Goldman Sachs & Co. LLC and selling stockholder 915 Investments, LP, an investment vehicle for the family of Chairman Susan Y. Kim, for the secondary offering of 10,000,000 shares of Amkor common stock at $48.75 per share, with an additional 1,500,000-share option granted to the underwriter. The deal includes customary representations and indemnities, a 75-day period during which Amkor will not issue additional common stock, and a 180-day lock-up restricting further share sales by the selling stockholder and its affiliates, measures that aim to support trading stability and provide clarity to investors around near-term share supply.

The selling stockholder’s agreement to divest a sizable stake while accepting extended lock-up terms suggests a controlled reduction of insider ownership rather than a broader capital-raising move by Amkor, since the company is not issuing new shares in this transaction.

The most recent analyst rating on (AMKR) stock is a Buy with a $59.00 price target. To see the full list of analyst forecasts on Amkor stock, see the AMKR Stock Forecast page.

Amkor Appoints Cherie Buntyn as Chief Accounting Officer

On February 2, 2026, Amkor Technology, Inc. appointed Cherie Buntyn as Senior Vice President and Chief Accounting Officer, making her the company’s principal accounting officer. Buntyn, a Certified Public Accountant with a B.S. in Accounting from Santa Clara University, brings nearly three decades of experience from roles at SurveyMonkey, FLIR Systems, Intel Corporation and Deloitte & Touche, and will receive a starting base salary of $300,000 with eligibility for an annual bonus targeted at 35% of base salary; the company disclosed that her appointment involves no special arrangements, family relationships or related-party transactions requiring additional regulatory disclosure.

The most recent analyst rating on (AMKR) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Amkor stock, see the AMKR Stock Forecast page.