APPLIED MATERIALS INC /DE vs United Microelectronics Corporation, two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Applied Materials earns 33% on equity and 20% on assets; UMC earns 13% and 8.7%, and the gap is structural rather than cyclical. UMC fabricates trailing-edge chips where pricing is a commodity negotiation, while Applied Materials sells the tools every foundry, leading or trailing, must buy. UMC's headline multiple, 213 times earnings with a free-cash yield of nearly zero, is the arithmetic of a depressed earnings base rather than a growth premium, and reads as an artifact accordingly. Applied Materials at 58.7 times is expensive the ordinary way. One number is a valuation; the other is a symptom.
Comparison updated 2026-07-10.
| Metric | AMAT | UMC |
|---|---|---|
| Price | $624.00 | $25.58 |
| Market cap | $498.6B | $311.4B |
| Sector | Semiconductors | Semiconductors |
| Stage | Mature | Growth |
| P/E | 58.7 | 213.2 |
| P/B | 20.85 | 27.92 |
| P/S | 17.18 | 43.56 |
| EV/EBITDA | 58.3 | 195.8 |
| Revenue growth | +3.4% | +8.9% |
| Gross margin | 49.9% | 32.3% |
| Operating margin | 31.9% | 22.0% |
| Net margin | 27.3% | 20.8% |
| Return on equity | 33.1% | 13.3% |
| Return on assets | 19.6% | 8.7% |
| Return on invested capital | 23.8% | 12.0% |
| FCF yield | 1.1% | 0.1% |
| Dividend yield | 0.3% | — |
| Debt / equity | 0.27 | 0.00 |
| Current ratio | 2.51 | 2.45 |
| Altman Z (solvency) | 9.39 | 6.96 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.