ChipMOS Technologies Ltd. (IMOS)
NASDAQ:IMOS
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ChipMOS Technologies
(NASDAQ:IMOS)
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Rating:59Neutral
Price Target:
$57.00
â–˛(71.48% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weaker financial performance, especially negative TTM free cash flow and materially lower profitability versus prior-cycle highs. Technicals are a meaningful offset, showing strong upward trend and positive momentum. Valuation is neutral-to-slightly supportive with a mid-range P/E and modest dividend yield.
Positive Factors
Exposure to AI-driven memory demand
ChipMOS's revenue growth is being led by AI and data-center driven demand for high-value memory services. That structural end-market shift supports multi-quarter visibility, sustained high utilization of test/assembly capacity, and a durable opportunity to capture higher-margin, advanced back-end work as customers scale AI deployments.
Negative Factors
Weak cash-flow conversion
Negative TTM free cash flow and weaker operating cash versus prior years limit internal funding for capex, debt paydown, and distributions. Persistently weaker cash conversion reduces financial optionality, may force reliance on external financing for growth, and raises the bar for sustaining capital returns during downside cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Exposure to AI-driven memory demand
ChipMOS's revenue growth is being led by AI and data-center driven demand for high-value memory services. That structural end-market shift supports multi-quarter visibility, sustained high utilization of test/assembly capacity, and a durable opportunity to capture higher-margin, advanced back-end work as customers scale AI deployments.
Read all positive factors
ChipMOS Technologies (IMOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend Yield2.25%
Average Volume (3M)94.22K
Price to Earnings (P/E)626.5
Beta (1Y)1.32
Revenue Growth16.77%
EPS Growth-23.42%
CountryUS
Employees5,688
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)23.60
Shares Outstanding35,226,160
10 Day Avg. Volume98,153
30 Day Avg. Volume94,218
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 Cap34.38
Enterprise Value/Revenue3.12
Enterprise Value/Gross Profit27.59
Enterprise Value/Ebitda-447.05
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.51
Revenue Forecast (FY)$951.99M
ChipMOS Technologies Business Overview & Revenue Model
Company Description
ChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in Taiwan, People's Republic of China, Japan, Singapore, an...
How the Company Makes Money
ChipMOS makes money by providing fee-based semiconductor back-end manufacturing services—primarily IC testing and IC assembly/packaging—under customer contracts and purchase orders. Its key revenue streams are: (1) Testing services: revenue genera...
ChipMOS Technologies Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 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 | 18.75B | 24.06B | 22.70B | 21.36B | 23.52B | 27.40B |
| Gross Profit | 2.12B | 2.61B | 2.94B | 3.55B | 4.91B | 7.25B |
| EBITDA | -130.72M | 6.04B | 6.78B | 7.31B | 8.92B | 10.79B |
| Net Income | 337.48M | 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
Positive
33.24
Price Trends
44.58
Positive
40.95
Positive
31.46
Positive
Market Momentum
1.64
Positive
53.80
Neutral
25.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMOS, the sentiment is Positive. The current price of 33.24 is below the 20-day moving average (MA) of 50.84, below the 50-day MA of 44.58, and above the 200-day MA of 31.46, indicating a bullish trend. The MACD of 1.64 indicates Positive momentum. The RSI at 53.80 is Neutral, neither overbought nor oversold. The STOCH value of 25.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $2.27B | -158.49 | -7.50% | ― | 7.53% | -203.93% | |
64 Neutral | $16.33B | 33.43 | 9.96% | 0.81% | 12.71% | 37.49% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $1.70B | 626.49 | 3.46% | 2.25% | 16.77% | -23.42% | |
59 Neutral | $1.17B | -12.01 | -12.98% | ― | 0.60% | -359.56% | |
58 Neutral | $1.07B | -28.99 | -3.89% | ― | 2.99% | -64.99% | |
52 Neutral | $948.46M | -3.71 | -42.36% | ― | 0.17% | -1.78% |
* Technology Sector Average
IMOS
ChipMOS Technologies
51.02
32.71
178.66%
AOSL
Alpha and Omega
41.72
20.99
101.25%
AMKR
Amkor
65.75
47.69
264.14%
CEVA
Ceva
39.43
20.30
106.12%
ICHR
Ichor Holdings
68.96
52.55
320.23%
INDI
indie Semiconductor
4.81
2.39
98.76%
ChipMOS Technologies Corporate Events
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...
ChipMOS Technologies Sets May 26, 2026 Date for Annual Shareholders’ Meeting in Hsinchu
Apr 24, 2026
ChipMOS Technologies has called its 2026 annual general meeting of shareholders, with materials for investors, including the meeting notice, voting instructions and handbook, now made available through the company and depository channels. The meet...
ChipMOS Posts Sharp Profit Rebound After TWSE-Triggered Disclosure
Apr 23, 2026
ChipMOS Technologies disclosed selected financial metrics on April 23, 2026, after its securities triggered a Taiwan Stock Exchange threshold requiring additional transparency. The company reported that February 2026 unaudited revenue rose 22.2% y...
ChipMOS Issues Clarification on Media Report of 2026 Revenue Growth
Apr 22, 2026
On April 22, 2026, ChipMOS Technologies issued a clarification following Taiwan media reports that its revenue was expected to achieve double-digit growth in 2026. The company stated that any financial or business information about its performance...
ChipMOS Details 2025 Profit Differences Between Taiwan IFRSs and IFRSs in April Filing
Apr 14, 2026
On April 14, 2026, ChipMOS Technologies announced differences between its 2025 consolidated financial results prepared under Taiwan IFRSs and those prepared under IFRSs as issued by the IASB for its U.S. Form 20-F filing. For 2025, the IFRSs figur...
ChipMOS March and Q1 2026 Revenue Surge on AI-Driven Memory Demand
Apr 10, 2026
ChipMOS Technologies, a Taiwan-based OSAT provider serving global semiconductor customers, operates advanced assembly and test facilities in Hsinchu and Southern Taiwan Science Parks. The company focuses on high-value memory and other semiconducto...
ChipMOS Invests NT$688.9 Million in New Semiconductor Manufacturing Equipment
Apr 2, 2026
ChipMOS Technologies disclosed that between April 30, 2025 and April 2, 2026 it acquired machinery equipment and related accessories worth NT$688.9 million from Advantest Taiwan Inc., an unrelated third party supplier. The purchase, approved on Ap...
ChipMOS to Present at BofA Securities 2026 Asia Tech Conference in Taipei
Mar 12, 2026
ChipMOS Technologies Inc., a Taiwan-based outsourced semiconductor assembly and test service provider listed on the Taiwan Stock Exchange and Nasdaq, serves leading fabless, IDM and foundry customers worldwide with comprehensive back-end semicondu...
ChipMOS Posts 22% Year-on-Year Revenue Jump in February 2026 on AI and Data Center Demand
Mar 10, 2026
On March 10, 2026, ChipMOS reported unaudited consolidated revenue of NT$2,143.6 million (US$68.4 million) for February 2026. This represented a 6.4% decline from January 2026 but a robust 22.1% increase from February 2025, underscoring strong yea...
ChipMOS Approves NT$880 Million Tainan Facility Purchase to Bolster Production
Mar 10, 2026
ChipMOS Technologies’ board of directors on March 10, 2026 approved the acquisition of a building and related facilities in Xinshi District, Tainan City, from Innolux Corporation for NT$880 million. The property, spanning 34,316.15 square me...
ChipMOS Technologies Posts Strong Earnings Rebound as TWSE Triggers Financial Disclosure
Mar 2, 2026
ChipMOS Technologies disclosed key financial metrics on March 2, 2026 after its securities triggered Taiwan Stock Exchange publication thresholds, providing investors with updated performance data. The company reported unaudited January 2026 reven...
ChipMOS Sets Key Dates for 2026 Shareholder Meeting and ADS Proposal Window
Feb 24, 2026
ChipMOS Technologies has notified holders of its American Depositary Shares about key dates tied to its 2026 annual shareholders’ meeting, underscoring the company’s ongoing engagement with its international investor base. The meeting ...
ChipMOS Board Clears 2025 Results, NT$1.23 Cash Distribution and Sets May 26, 2026 AGM
Feb 24, 2026
On February 24, 2026, ChipMOS Technologies’ board approved the company’s consolidated 2025 financial results, reporting operating revenue of NT$23.93 billion, operating profit of NT$1.14 billion and profit attributable to shareholders ...
ChipMOS Posts Strong 4Q25 Memory-Driven Rebound but Full-Year Profit Hit by FX
Feb 24, 2026
ChipMOS Technologies reported on February 24, 2026 that its fourth quarter 2025 revenue rose 20.8% year-on-year to NT$6.52 billion, fueled by surging demand for high-value memory, especially in datacenter and AI applications. Full-year 2025 revenu...
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.