Amkor Technology (AMKR)
NASDAQ:AMKR
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Amkor
(NASDAQ:AMKR)
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Rating:64Neutral
Price Target:
$73.00
▲(8.36% Upside)
Action:Reiterated
Date:05/21/26
AMKR scores mid-range primarily due to solid but not standout financial performance: growth has returned and the balance sheet is manageable, but margins/ROE remain well below prior-cycle highs and free-cash-flow conversion is weak. The earnings call adds support with strong recent results and constructive guidance, while valuation is a notable headwind (high P/E with low yield). Technicals are mixed, reflecting a longer-term uptrend but near-term softness.
Positive Factors
Advanced-packaging growth strategy
Amkor’s strategic shift toward advanced packaging and earlier customer engagement targets higher-value services and multi-year customer commitments. A mix shift to advanced HDFO/flip-chip and substrate-based solutions can sustainably raise ASPs, gross margins and visibility across semiconductor cycles.
Negative Factors
High capital intensity and margin dilution
Large, front‑loaded facility investments will raise depreciation and start‑up costs and depress operating margins during ramp. This temporal margin dilution reduces near‑term return on capital and free cash, requiring several quarters of steady volume and mix improvement before long‑term margin benefits materialize.
Read all positive and negative factors
Positive Factors
Negative Factors
Advanced-packaging growth strategy
Amkor’s strategic shift toward advanced packaging and earlier customer engagement targets higher-value services and multi-year customer commitments. A mix shift to advanced HDFO/flip-chip and substrate-based solutions can sustainably raise ASPs, gross margins and visibility across semiconductor cycles.
Read all positive factors
Amkor (AMKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.30B
Dividend Yield0.81%
Average Volume (3M)4.98M
Price to Earnings (P/E)33.4
Beta (1Y)2.12
Revenue Growth12.71%
EPS Growth37.49%
CountryUS
Employees28,300
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.76
Shares Outstanding247,872,510
10 Day Avg. Volume4,068,275
30 Day Avg. Volume4,980,724
Financial Highlights & Ratios
PEG Ratio5.37
Price to Book (P/B)2.18
Price to Sales (P/S)1.45
P/FCF Ratio51.09
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue2.36
Enterprise Value/Gross Profit16.37
Enterprise Value/Ebitda15.87
Forecast
1Y Price Target
$73.17Price Target Upside8.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.09
Revenue Forecast (FY)$7.62B
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 semicondu...
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 reve...
Amkor Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: record Q1 revenue (up 27% YoY), strong end‑market growth (notably communications +42%), margin expansion, improved utilization and solid liquidity. Management reiterated confident near‑term guidance and outlined meaningful advanced packaging ramps and capacity expansion (Arizona, Korea) that support multiyear upside. Offsetting risks include supply‑chain delays and material price pressure (estimated near‑term pushouts of $50–$100M), significant capital intensity that will modestly dilute operating margins (1–2 ppt anticipated beginning in 2027), and timing/qualification uncertainty for new facilities and programs. Overall, the positive growth, margin improvement and balance sheet strength materially outweigh the identifiable near‑term operational and investment risks.Positive Updates
Record Quarterly Revenue
Reported record Q1 revenue of $1.68 billion, up 27% year‑on‑year, above the midpoint of guidance and driven by stronger‑than‑expected performance across most end markets.
Negative Updates
Supply Chain Delays and Nonlinear Loading
Customer supply materials (advanced silicon, advanced substrates and memory) are being delayed, causing nonlinear loading and program pushouts; management estimated potential near‑term impact roughly $50–$100 million (pushouts) and indicated similar dynamics into Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Reported record Q1 revenue of $1.68 billion, up 27% year‑on‑year, above the midpoint of guidance and driven by stronger‑than‑expected performance across most end markets.
Read all positive updates
Company Guidance
Amkor guided Q2 revenue of $1.75–$1.85 billion (≈+7% sequential at the midpoint) with gross margin of 14.5%–15.5%, operating expenses of ~ $120 million (including a ~$20 million gain on real estate), net income of $105–$130 million and EPS of $0.42–$0.52; full‑year 2026 CapEx is estimated at $2.5–$3.0 billion (65%–70% for facilities expansion including Arizona Phase 1, 30%–35% for HDFO/test/advanced packaging, remainder for R&D/quality), and the company expects a full‑year effective tax rate of ~20%. For context, Q1 was a record quarter with revenue $1.68 billion (+27% YoY), gross margin 14.2% (gross profit $239 million, +52% YoY), operating expenses $139 million, operating income $100 million (6.0% margin, +360 bps YoY), EBITDA $285 million (16.9% margin), net income $83 million and EPS $0.33; balance sheet metrics include $1.8 billion cash, $2.9 billion total liquidity, $1.4 billion total debt and debt/EBITDA ~1.1x. Management also said Q2 end‑market trends: communications mid‑ to high‑single‑digit sequential growth, computing mid‑single‑digits, automotive/industrial mid‑single‑digits, consumer low‑teens, utilization was in the low‑70s in Q1 (still in the 70s in Q2), CapEx spend is weighted ~30% H1/70% H2, Arizona Phase 1 is planned for completion in 2027 (expected to dilute operating income margin by ~1–2% beginning in 2027 while improving in 2028) and could ultimately add roughly a $1 billion run‑rate (≈>10% of prior revenue) when at scale.Amkor Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.07B | 6.71B | 6.32B | 6.50B | 7.09B | 6.14B |
| Gross Profit | 1.02B | 938.60M | 933.21M | 943.15M | 1.33B | 1.23B |
| EBITDA | 1.05B | 1.16B | 1.09B | 1.13B | 1.53B | 1.33B |
| Net Income | 436.12M | 373.89M | 354.01M | 359.81M | 765.82M | 643.00M |
Balance Sheet | ||||||
| Total Assets | 8.30B | 8.14B | 6.94B | 6.77B | 6.82B | 6.04B |
| Cash, Cash Equivalents and Short-Term Investments | 1.85B | 1.99B | 1.65B | 1.59B | 1.24B | 1.08B |
| Total Debt | 1.52B | 1.57B | 1.48B | 1.44B | 1.60B | 1.45B |
| Total Liabilities | 3.73B | 3.63B | 2.76B | 2.78B | 3.12B | 3.07B |
| Stockholders Equity | 4.53B | 4.47B | 4.15B | 3.96B | 3.67B | 2.94B |
Cash Flow | ||||||
| Free Cash Flow | 167.22M | 190.99M | 345.07M | 520.55M | 190.46M | 341.52M |
| Operating Cash Flow | 1.22B | 1.10B | 1.09B | 1.27B | 1.10B | 1.12B |
| Investing Cash Flow | -1.16B | -885.04M | -800.32M | -951.91M | -1.01B | -943.88M |
| Financing Cash Flow | 73.90M | 98.70M | -260.43M | -149.21M | 55.60M | -30.10M |
Amkor Technical Analysis
Neutral
67.37
Price Trends
61.12
Positive
54.57
Positive
43.06
Positive
Market Momentum
1.03
Positive
46.20
Neutral
27.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMKR, the sentiment is Neutral. The current price of 67.37 is below the 20-day moving average (MA) of 71.55, above the 50-day MA of 61.12, and above the 200-day MA of 43.06, indicating a neutral trend. The MACD of 1.03 indicates Positive momentum. The RSI at 46.20 is Neutral, neither overbought nor oversold. The STOCH value of 27.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AMKR.
Amkor Risk Analysis
Amkor disclosed 29 risk factors in its most recent earnings report. Amkor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amkor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $47.65B | 59.92 | 6.66% | ― | 0.80% | ― | |
75 Outperform | $45.64B | 11.07 | 13.50% | 6.06% | 7.52% | 17.94% | |
72 Outperform | $45.54B | -183.45 | 7.45% | ― | -9.04% | -4.21% | |
68 Neutral | $78.35B | 26.48 | 14.45% | 2.29% | 15.55% | 43.35% | |
64 Neutral | $16.30B | 33.43 | 9.96% | 0.81% | 12.71% | 37.49% | |
62 Neutral | $60.18B | 215.94 | 0.86% | 1.28% | 0.79% | -86.68% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
AMKR
Amkor
65.75
47.69
264.14%
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ON
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UMC
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18.22
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GFS
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134.31%
Amkor Corporate Events
Business Operations and StrategyFinancial Disclosures
Amkor Showcases Advanced Packaging Growth Strategy at Investor Day
Positive
May 21, 2026
On May 21, 2026, Amkor Technology hosted an Investor Day in New York City for institutional investors and analysts, outlining how advanced packaging is becoming its primary growth engine amid industry‑wide structural shifts. Management highl...
Executive/Board ChangesShareholder Meetings
Amkor Shareholders Reelect Board and Approve Executive Pay
Positive
May 19, 2026
At its May 13, 2026 annual meeting of stockholders, Amkor Technology, Inc. shareholders elected 11 directors to serve one-year terms, reaffirming the existing board’s oversight of the company’s strategy and governance. The voting resul...
Business Operations and StrategyPrivate Placements and Financing
Amkor Issues Zero-Coupon Convertible Notes and Capped Calls
Positive
May 5, 2026
On May 5, 2026, Amkor Technology, Inc. issued $1.15 billion of 0.00% Convertible Senior Notes due July 15, 2031, fully and unconditionally guaranteed on a senior unsecured basis by certain subsidiaries that also guarantee its 5.875% senior notes d...
Business Operations and StrategyPrivate Placements and Financing
Amkor Announces $1 Billion Convertible Senior Notes Offering
Neutral
May 1, 2026
On April 30, 2026, Amkor Technology priced a private offering of $1 billion in 0.00% convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with settlement expected on May 5, 2026 and an option for purchasers to buy u...
Business Operations and StrategyPrivate Placements and Financing
Amkor Announces $1 Billion Convertible Senior Notes Offering
Neutral
Apr 30, 2026
On April 30, 2026, Amkor Technology, Inc. announced plans to privately offer $1.0 billion of convertible senior notes due July 15, 2031, with an additional $150 million option for initial purchasers, to qualified institutional buyers under Rule 14...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.