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Amkor
(NASDAQ:AMKR)
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Rating:59Neutral
Price Target:
$52.00
▼(-19.95% Downside)
Action:Reiterated
Date:07/29/26
AMKR scores in the upper-middle range primarily because fundamentals are improving (revenue rebound, positive margins, manageable leverage) and the latest earnings call/guidance was notably strong with expanding margins and upbeat Q3 outlook, supported by major strategic partnerships. These positives are partially offset by very weak technical positioning (price well below all key moving averages) and only middling valuation support (P/E ~20 and low dividend yield), alongside near-term risks flagged on the call (communications weakness and SiP migration/underutilization headwinds).
Positive Factors
Reaccelerating revenue and margin expansion
A sustained revenue rebound and sequential gross-margin expansion indicate durable demand recovery across computing, automotive and consumer end markets. As utilization rises into the 70s and advanced-packaging mix improves, operating leverage should support more stable margins and earnings power over coming years.
Negative Factors
Communications and memory cyclicality
Significant exposure to Android/communications and memory-driven demand creates structural revenue volatility. Prolonged memory supply shifts and changing customer build patterns can mute typical seasonal lifts, repeatedly pressuring volumes, utilization and margins across multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Reaccelerating revenue and margin expansion
A sustained revenue rebound and sequential gross-margin expansion indicate durable demand recovery across computing, automotive and consumer end markets. As utilization rises into the 70s and advanced-packaging mix improves, operating leverage should support more stable margins and earnings power over coming years.
Read all positive factors
Amkor Key Performance Indicators (KPIs)
Any
Net Sales by Geography
Breaks down Amkor’s revenue by region, highlighting where demand and customer relationships are concentrated. Regional mix signals exposure to Asia-driven consumer electronics cycles, potential growth from North American or European automotive and industrial programs, and risks from trade, currency swings, or local supply-chain disruptions.
Breaks down Amkor’s revenue by region, highlighting where demand and customer relationships are concentrated. Regional mix signals exposure to Asia-driven consumer electronics cycles, potential growth from North American or European automotive and industrial programs, and risks from trade, currency swings, or local supply-chain disruptions.
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The Fly
The FlyAmkor (AMKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.39B
Dividend Yield0.67%
Average Volume (3M)5.39M
Price to Earnings (P/E)22.3
Beta (1Y)2.13
Revenue Growth17.93%
EPS Growth82.27%
CountryUS
Employees30,800
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.20
Shares Outstanding248,452,470
10 Day Avg. Volume4,297,301
30 Day Avg. Volume5,392,525
Financial Highlights & Ratios
PEG Ratio5.38
Price to Book (P/B)2.18
Price to Sales (P/S)1.45
P/FCF Ratio51.09
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$76.00Price Target Upside17.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.12
Revenue Forecast (FY)$7.66B
Amkor Business Overview & Revenue Model
Company Description
Amkor Technology, Inc. (AMKR) is a semiconductor outsourced semiconductor assembly and test (OSAT) company that provides packaging, assembly, and testing services to integrated device manufacturers (IDMs), fabless semiconductor companies, and foun...
How the Company Makes Money
Amkor makes money by providing fee-based outsourced semiconductor assembly and test services to chip companies that design and/or manufacture semiconductor wafers but outsource the downstream “back-end” steps needed to turn wafers into finished, s...
Amkor Earnings Call Summary
Earnings Call Date:Jul 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: record revenues, broad-based end-market growth, improved utilization, margin expansion, and strategic partnerships with TSMC and NVIDIA. Near-term challenges center on communications weakness driven by Android and memory supply dynamics, and timing/headwinds from migrating SiP capacity to Vietnam as well as short-term underutilization during asset transfers. Management provided solid Q3 guidance and maintained significant liquidity to support expansion. Overall the positives (robust growth, margin leverage, strategic agreements, and strong liquidity) substantially outweigh the near-term, timing-related lowlights.Positive Updates
Record Revenue and Strong Top-Line Growth
Q2 revenue of $1.9 billion, up 26% year-on-year; first half 2026 revenue also up 26% YoY. Company delivered record quarterly revenue in computing and in automotive & industrial.
Negative Updates
Communications End-Market Weakness and Android Decline
Although communications increased 6% sequentially in Q2, Android revenue declined 20% due to memory supply dynamics. Company expects communications revenue to decline high single digits sequentially in Q3, a departure from typical seasonality.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Q2 revenue of $1.9 billion, up 26% year-on-year; first half 2026 revenue also up 26% YoY. Company delivered record quarterly revenue in computing and in automotive & industrial.
Read all positive updates
Company Guidance
Amkor guided to a strong Q3 with revenue of $1.95–$2.05 billion and gross margin of 18.5%–19.5%, operating expense around $140 million, a full-year tax rate near 20%, net income of $180–$205 million and EPS of $0.72–$0.82; Q2 results that underpin this outlook included record revenue of $1.9 billion (up 26% YoY, +13% seq.), gross margin 16.8% (+250+ bps seq.), gross profit $319 million (+33% vs. Q1), operating income $200 million (10.5% margin), EBITDA $400 million (21% margin), net income $174 million and EPS $0.70, with operating expenses of $119 million (including a $21 million real estate gain). First-half revenue rose 26% YoY with gross margin expansion of ~360 bps, EBITDA leverage as utilization moved into the 70s/high-70s, and two-thirds of Q1→Q2 margin improvement from utilization (one-third from mix); looking into Q3, Amkor expects computing to accelerate ~30% sequentially, automotive & industrial to grow mid-single digits, consumer mid-teens, while communications is expected to decline high-single digits due in part to SiP migration to Vietnam (a headwind into Q4 and into early next year). Balance sheet and capital plans: cash $2.5 billion, total liquidity $3.6 billion, total debt $2.5 billion (debt/EBITDA ~1.8x), $1.15 billion 0% convert issued in May, and 2026 CapEx of $2.5–$3.0 billion (≈65–70% facilities including Arizona Phase 1, ≈30–35% HDFO/test, remainder R&D/quality); note the NVIDIA prepayment is expected in 2027 with a 5–10 year collaboration horizon.Amkor Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.46B | 6.71B | 6.32B | 6.50B | 7.09B | 6.14B |
| Gross Profit | 1.16B | 938.60M | 933.21M | 943.15M | 1.33B | 1.23B |
| EBITDA | 1.39B | 1.16B | 1.09B | 1.13B | 1.53B | 1.33B |
| Net Income | 555.45M | 373.89M | 354.01M | 359.81M | 765.82M | 643.00M |
Balance Sheet | ||||||
| Total Assets | 9.72B | 8.14B | 6.94B | 6.77B | 6.82B | 6.04B |
| Cash, Cash Equivalents and Short-Term Investments | 2.51B | 1.99B | 1.65B | 1.59B | 1.24B | 1.08B |
| Total Debt | 2.55B | 1.57B | 1.48B | 1.44B | 1.60B | 1.45B |
| Total Liabilities | 5.03B | 3.63B | 2.76B | 2.78B | 3.12B | 3.07B |
| Stockholders Equity | 4.65B | 4.47B | 4.15B | 3.96B | 3.67B | 2.94B |
Cash Flow | ||||||
| Free Cash Flow | 516.04M | 190.99M | 345.07M | 520.55M | 190.46M | 341.52M |
| Operating Cash Flow | 1.19B | 1.10B | 1.09B | 1.27B | 1.10B | 1.12B |
| Investing Cash Flow | -1.69B | -885.04M | -800.32M | -951.91M | -1.01B | -943.88M |
| Financing Cash Flow | 712.67M | 98.70M | -260.43M | -149.21M | 55.60M | -30.10M |
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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $47.07B | 18.09 | 20.98% | 2.12% | 9.07% | 116.20% | |
67 Neutral | $31.76B | 57.88 | 7.45% | ― | -9.04% | -4.21% | |
65 Neutral | $27.43B | 35.45 | 6.66% | 0.22% | 0.80% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $12.39B | 22.26 | 12.37% | 0.51% | 17.93% | 82.27% | |
56 Neutral | $47.01B | 99.45 | 2.66% | 0.70% | 10.06% | -27.68% | |
53 Neutral | $75.50B | 39.90 | 14.45% | 1.13% | 18.30% | 82.12% |
* Technology Sector Average
AMKR
Amkor
50.84
28.86
131.29%
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UMC
United Micro
18.69
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178.17%
GFS
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50.01
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52.69%
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...
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.