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ChipMOS Technologies
(NASDAQ:IMOS)
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Rating:46Neutral
Price Target:
$45.00
▼(-18.43% Downside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by weak cash-flow momentum (negative free cash flow in TTM) and compressed profitability versus prior years, alongside a poor near-term technical trend (below key moving averages). A relatively stable balance sheet provides some offset, but valuation remains stretched given the high P/E and only modest dividend yield.
Positive Factors
Revenue rebound from AI demand
Sustained AI-driven end-market demand has driven the company to its highest quarterly revenue since 2014, lifting utilization and order visibility. Higher, more predictable volumes over the coming months support better capacity planning and revenue resilience versus prior cyclical troughs.
Negative Factors
Negative free cash flow
Free cash flow turning negative signals weaker cash conversion or heavier reinvestment needs, reducing internal funding for capital expenditures and dividends. Over 2–6 months this raises reliance on external financing or cash reserves and constrains financial flexibility if demand softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound from AI demand
Sustained AI-driven end-market demand has driven the company to its highest quarterly revenue since 2014, lifting utilization and order visibility. Higher, more predictable volumes over the coming months support better capacity planning and revenue resilience versus prior cyclical troughs.
Read all positive factors
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.58B
Dividend Yield1.56%
Average Volume (3M)120.94K
Price to Earnings (P/E)61.5
Beta (1Y)1.60
Revenue Growth16.77%
EPS Growth-23.42%
CountryUS
Employees5,688
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)24.00
Shares Outstanding35,226,160
10 Day Avg. Volume143,997
30 Day Avg. Volume120,944
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)1.37
Price to Sales (P/S)1.36
P/FCF Ratio251.54
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.7
Revenue Forecast (FY)$963.52M
ChipMOS Technologies Business Overview & Revenue Model
Company Description
ChipMOS Technologies Inc. (IMOS) is a Taiwan-based outsourced semiconductor assembly and test (OSAT) provider. The company offers back-end semiconductor services including assembly, testing, and packaging solutions, with a significant focus on mem...
How the Company Makes Money
ChipMOS primarily makes money by providing fee-based semiconductor back-end services to integrated device manufacturers (IDMs) and fabless semiconductor companies. Its key revenue streams generally fall into: (1) Testing services: generating reven...
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong growth in memory products and a positive outlook for the second half of the year. However, the company faced challenges with declining gross margins, net losses due to foreign exchange, and reduced revenue in DDIC products.Positive Updates
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Negative Updates
Gross Margin Decline
Q2 gross margin was 6.6%, a decrease of 280 basis points from Q1 and 7.4 percentage points from Q2 2024, due to lower DDIC test ASP and increased costs.
Read all updates
Q2-2025 Updates
Positive
Negative
Revenue Growth
Q2 revenue increased by 3.7% compared to Q1 and was driven by strong demand in memory products.
Read all positive updates
Company Guidance
During the ChipMOS Second Quarter 2025 Results Conference Call, guidance provided by Chairman S.J. Cheng highlighted several key metrics and strategic directions for the company. The second quarter saw a 3.7% increase in revenue compared to the first quarter, amounting to TWD 5,736 million, despite a net loss of TWD 0.75 per share driven by a foreign exchange loss of approximately TWD 0.97 per share. Gross margin was recorded at 6.6%, a decrease of 280 basis points from the previous quarter. The company's utilization rates improved, with overall utilization at 65%, assembly at 64%, and memory testing at 67%. Memory products drove 45.3% of Q2 revenue, with a significant 21.2% increase compared to Q1. For Q3, the company anticipates robust demand in memory products, with expected price increases in OSAT between 5% to 18% to counter material cost rises. Although challenges persist, including DDIC ASP cuts and electricity cost increases, ChipMOS remains focused on enhancing shareholder value through prudent capital expenditure, with a strategic emphasis on high-growth, high-margin product areas.ChipMOS Technologies Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.47B | 24.06B | 22.70B | 21.36B | 23.52B | 27.40B |
| Gross Profit | 3.04B | 2.61B | 2.94B | 3.55B | 4.91B | 7.25B |
| EBITDA | 6.72B | 6.04B | 6.78B | 7.31B | 8.92B | 10.79B |
| Net Income | 826.42M | 497.83M | 1.44B | 1.97B | 3.44B | 4.94B |
Balance Sheet | ||||||
| Total Assets | 44.82B | 45.22B | 45.38B | 46.16B | 44.94B | 42.52B |
| Cash, Cash Equivalents and Short-Term Investments | 12.48B | 14.94B | 15.33B | 12.44B | 10.12B | 6.30B |
| Total Debt | 15.82B | 16.28B | 15.16B | 15.98B | 14.89B | 11.00B |
| Total Liabilities | 20.22B | 21.28B | 20.38B | 21.31B | 20.30B | 18.38B |
| Stockholders Equity | 24.60B | 23.94B | 25.00B | 24.85B | 24.64B | 24.14B |
Cash Flow | ||||||
| Free Cash Flow | -250.53M | 130.52M | 859.43M | 3.53B | 3.92B | 1.44B |
| Operating Cash Flow | 3.28B | 4.00B | 5.94B | 6.61B | 8.62B | 7.32B |
| Investing Cash Flow | -4.29B | -3.76B | -615.11M | -3.09B | -5.06B | -6.02B |
| Financing Cash Flow | -153.37M | -609.69M | -2.48B | -1.06B | 416.89M | 494.44M |
ChipMOS Technologies Technical Analysis
Negative
55.17
Price Trends
61.09
Negative
52.33
Negative
41.59
Positive
Market Momentum
-4.19
Positive
37.32
Neutral
18.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMOS, the sentiment is Negative. The current price of 55.17 is below the 20-day moving average (MA) of 61.32, below the 50-day MA of 61.09, and above the 200-day MA of 41.59, indicating a neutral trend. The MACD of -4.19 indicates Positive momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 18.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMOS.
ChipMOS Technologies Risk Analysis
ChipMOS Technologies disclosed 42 risk factors in its most recent earnings report. ChipMOS Technologies 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
ChipMOS Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $2.62B | -50.81 | -7.50% | ― | 7.53% | -203.93% | |
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% | |
54 Neutral | $909.61M | -72.08 | -3.89% | ― | 2.99% | -64.99% | |
48 Neutral | $949.96M | -8.91 | -12.98% | ― | 0.60% | -359.56% | |
46 Neutral | $1.58B | 61.53 | 3.46% | 1.34% | 16.77% | -23.42% | |
45 Neutral | $732.90M | -4.19 | -42.36% | ― | 0.17% | -1.78% |
* Technology Sector Average
IMOS
ChipMOS Technologies
48.32
31.11
180.77%
AOSL
Alpha and Omega
31.47
5.34
20.44%
AMKR
Amkor
50.84
28.68
129.43%
CEVA
Ceva
33.27
11.64
53.81%
ICHR
Ichor Holdings
80.23
60.09
298.36%
INDI
indie Semiconductor
3.39
-0.42
-11.02%
ChipMOS Technologies Corporate Events
ChipMOS Sets August 11, 2026 Call for Q2 Results
Jul 23, 2026
ChipMOS Technologies Inc., a Taiwan-based outsourced semiconductor assembly and test (OSAT) provider listed on the Taiwan Stock Exchange and Nasdaq, operates advanced packaging and testing facilities in Hsinchu and Southern Taiwan. The company is ...
ChipMOS Technologies Sets July 24, 2026 Dividend for ADS Holders
Jul 20, 2026
On July 20, 2026, ChipMOS Technologies announced a cash dividend from capital surplus of US$0.760 per American Depositary Share, equivalent to approximately US$0.740 per ADS after depositary fees. The dividend will be distributed to ADS holders on...
ChipMOS Posts Highest Revenue Since 2014 on Surging AI-Driven Demand
Jul 10, 2026
ChipMOS Technologies reported that its unaudited consolidated revenue for June 2026 and the second quarter ended June 30, 2026 reached the highest monthly and quarterly levels since 2014, underscoring a strong rebound in its business. The performa...
ChipMOS Technologies Invests NT$512 Million in Plant Engineering and Equipment Upgrades
Jun 23, 2026
ChipMOS Technologies Inc. has disclosed that between July 2, 2025 and June 23, 2026 it acquired plant engineering works and equipment accessories with a total transaction value of NT$512.231 million. The purchase, approved on June 23, 2026 by the ...
ChipMOS May Revenue Climbs 17.7% Year-on-Year on AI Demand
Jun 10, 2026
ChipMOS Technologies, a leading Taiwan-based OSAT provider, reported unaudited consolidated revenue of NT$2,384.3 million (US$76.0 million) for May 2026, as disclosed on June 10, 2026. The company continues to leverage its advanced facilities and ...
ChipMOS Shareholders Approve Tax-Efficient Cash Dividend for 2026
May 27, 2026
ChipMOS Technologies announced that shareholders at its May 26, 2026 annual general meeting approved a cash dividend of NT$1.23 per common share, equivalent to about US$0.78 per American Depositary Share, to be paid from capital surplus. The move,...
ChipMOS Shareholders Approve 2025 Results, Cash Payout and Director Non-Compete Waivers
May 26, 2026
ChipMOS Technologies Inc., a Taiwan-based provider of semiconductor assembly and testing services listed in Taipei and on Nasdaq, operates primarily in backend IC and panel driver packaging and testing. The company targets global semiconductor and...
ChipMOS Sets Ex-Dividend and Payout Dates for 2026 Cash Dividend
May 26, 2026
On May 26, 2026, ChipMOS Technologies announced that its Board of Directors approved the ex-dividend record date for a cash distribution of NT$1.23 per common share, as previously resolved by the Annual Shareholders’ Meeting. The move formal...
ChipMOS to Brief Investors at Cathay Securities Q2 Industry Forum on May 27
May 20, 2026
ChipMOS Technologies said on May 20, 2026, that it will present to institutional investors at the Cathay Securities 2026 Q2 Industry Forum at the Grand Hyatt Taipei on May 27, 2026. Senior management, including strategy and investor relations head...
ChipMOS Technologies Board Approves First-Quarter 2026 Financial Results
May 12, 2026
On May 12, 2026, ChipMOS Technologies’ board of directors approved the company’s consolidated financial statements for the first quarter of 2026, covering the three-month period ended March 31. The filing confirms key profitability met...
ChipMOS Posts 32% April Revenue Surge on AI-Driven Demand
May 8, 2026
ChipMOS Technologies reported unaudited consolidated revenue of NT$2,460.5 million (US$77.8 million) for April 2026, down 1.6% from March but up 32.2% from April 2025. The April results reflect strong year-on-year growth, underpinned by robust cus...
ChipMOS Sets May 12, 2026 Board Meeting to Approve Q1 2026 Results
May 4, 2026
ChipMOS Technologies announced on May 4, 2026 that its board of directors will meet on May 12, 2026 to review and approve the company’s consolidated financial statements for the first quarter of 2026. The scheduling of the board meeting, dis...
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.