ADVANCED MICRO DEVICES INC vs United Microelectronics Corporation, two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither multiple here is really about growth already delivered; both are about earnings bases the market treats as temporary. AMD trades at 170.6 times because its 13.4% net margin is read as the floor of what an accelerator franchise could earn; UMC trades at a headline 213 times because a trailing-edge foundry trough has compressed the earnings the ratio divides by, with a free-cash yield of nearly zero to match. The structural facts favor the designer: AMD earns 52.8% gross margins against UMC's 32.3%, in a business where the fabless model keeps the capital intensity on someone else's books. Both balance sheets are nearly debt-free. Read AMD's multiple as a hope and UMC's as an artifact, and the pair stops looking similar at all.
Comparison updated 2026-07-10.
| Metric | AMD | UMC |
|---|---|---|
| Price | $520.20 | $25.58 |
| Market cap | $858.3B | $311.4B |
| Sector | Semiconductors | Semiconductors |
| Stage | Mature | Growth |
| P/E | 170.6 | 213.2 |
| P/B | 13.32 | 27.92 |
| P/S | 22.92 | 43.56 |
| EV/EBITDA | 196.1 | 195.8 |
| Revenue growth | +34.8% | +8.9% |
| Gross margin | 52.8% | 32.3% |
| Operating margin | 14.4% | 22.0% |
| Net margin | 13.4% | 20.8% |
| Return on equity | 7.8% | 13.3% |
| Return on assets | 6.3% | 8.7% |
| Return on invested capital | 5.1% | 12.0% |
| FCF yield | 1.0% | 0.1% |
| Debt / equity | 0.05 | 0.00 |
| Current ratio | 2.72 | 2.45 |
| Altman Z (solvency) | 6.95 | 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.