United Microelectronics Corporation (UMC): what the price requires
At today's price, United Microelectronics Corporation (UMC) is priced for No valuation family reaches the price: it is rich on assets, earnings power, peers, and.... boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high.
Generated: 2026-07-08 · Exported: 2026-07-11 · Source: https://boothcheck.com/report/UMC
Headline
| Field | Value |
|---|---|
| Ticker | UMC |
| Company | United Microelectronics Corporation |
| Sector / Industry | Technology / Semiconductors |
| Current price | $24.46/sh |
| Composition | Wafer 96% / Others 4% |
Valuation X-Ray
No valuation family reaches the price: it is rich on assets, earnings power, peers, and even forward growth. The price is a bet beyond what any standard frame supports.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 4.46x | 5 | expensive |
| Earnings | 3.77x | 3 | expensive |
| Relative | 1.50x | 5 | expensive |
| Growth | 1.29x | 2 | expensive |
Families that call it expensive: Asset, Earnings, Relative
The models below discount at their own flat-beta convention rates (cost of equity 11.8%, WACC 11.2%); the inversion above states its own rate.
Per-Model Detail (n=15)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $0.99 | 24.70x | yes | FCF base $0.2B, growth 9% (input: historical growth), terminal g 4.0%, WACC 11.2%, 6yr projection (excluded from median) |
| DCF Exit Multiple | Growth | $18.89 | 1.29x | yes | Exit EV/EBITDA: 36.1x / 38.1x / 40.1x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | $16.29 | 1.50x | yes | P/E 27.43x (blended: sector 22x + trailing (TTM) 40x), scenarios: 22.6x / 27.4x / 32.3x (bear / base = sector held flat / bull), EV/EBITDA 22.62x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $5.19 | 4.71x | yes | BV/sh $4.58, ROE (TTM) 13.3%, ke 11.8% |
| Two-Stage Excess Return | Asset | $5.48 | 4.46x | yes | 5yr excess ROE then converge to ke=11.8% |
| Discounted Future Market Cap | Growth | $18.97 | 1.29x | yes | Rev $7.1B, growth 9% (input: historical growth; tapered), Terminal P/S: 6.9x / 8.3x / 9.8x (bear / base = today's held flat / bull, cap 12x) |
| Peter Lynch Fair Value | Relative | $17.39 | 1.41x | yes | EPS $0.60, growth 29% (input: historical EPS growth), PEG=1.38 (Fair) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $5.92 | 4.13x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $1.90B × (1−15%) / WACC 11.2% → EPV (no growth) |
| Residual Income | Asset | $5.55 | 4.41x | yes | BV $4.58 + 5yr PV of (ROE (TTM) 13.3% − Kₑ 11.8%) × BV; BV grows 8.7%/yr |
| Graham Number | Asset | $7.86 | 3.11x | yes | √(22.5 × EPS $0.60 × BVPS $4.58) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | $10.19 | 2.40x | yes | EBITDA $1.57B × sector EV/EBITDA 16.0x |
| FCF Yield | Earnings | $0.42 | 58.23x | yes | FCF $162.5M / Kₑ 11.8% — zero-growth perpetuity (excluded from median) |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $19.36 | 1.26x | yes | EPS $0.60 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $4.79 | 5.11x | yes | BV $4.58 × (ROIC 11.7% / WACC 11.2%) |
| P/Sales Sector | Relative | $14.68 | 1.67x | yes | Revenue $7.15B × sector P/S 5.0x |
| PEG Fair Value | Relative | $22.50 | 1.09x | yes | EPS $0.60 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $6.49 | 3.77x | yes | EPS $0.60 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Solvency
| Field | Value |
|---|---|
| Net cash | $3.2b |
| Net debt / NOPAT (after-tax) | -0.43x (net cash) |
| Net debt / operating income (pre-tax) | -0.37x (net cash) |
| Interest coverage | 36.9x |
| Burning cash | no |
Peer Cohorts (Per Segment, With Filing Citations)
Core business (reported)
- GFS (GLOBALFOUNDRIES Inc.)
- (no filing in the citation store)
- TSEM (TOWER SEMICONDUCTOR LTD.)
- (no filing in the citation store)
- ASX (ASE Technology Holding Co., Ltd.)
- FY2025 20-F: …may negatively impact our business. Increasing competition may lead to declines in product prices and profitability and could have a material adverse effect on our business, financial condition, results of operations, and future prospects. Our profitability depends on our ability to respond to rapid technological…
- FY2025 20-F: …the end-use applications of various products, such as communications, computing, and consumer electronics products. Any deterioration of conditions in the markets for the end-use applications would reduce demand for our services and would likely have a material adverse effect on our financial condition and results of…
- AMKR (AMKOR TECHNOLOGY, INC.)
- FY2025 10-K: …functions, such as processors, sensors and connectivity devices, into small form factors, which requires innovation in advanced packaging. We have a strong position across multiple device functionalities within premium and high-tier smartphones. We are collaborating with industry leaders as smartphones transition to…
- FY2025 10-K: …the use of shorter, thinner gold wire and migration to copper wire. However, we typically do not have long-term contracts that permit us to impose price adjustments, and market conditions may limit our ability to do so. Significant price increases may materially and adversely impact our gross margin in future periods…
- SKYT (SkyWater Technology, Inc.)
- FY2025 10-K: …price erosion, wide fluctuations in product supply and demand, evolving technical standards, and short product life-cycles for semiconductors and the end-user products in which they are used. In addition, changes in general economic conditions also can cause significant upturns and downturns in the semiconductor…
- FY2025 10-K: …competition in the future. Many of our current and potential competitors have longer operating histories, greater name recognition, access to larger customer bases, and significantly greater financial, sales and marketing, manufacturing, distribution, technical, and other resources than us. As a result, they may be…
- MU (Micron Technology, Inc.)
- FY2025 10-K: …competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC. In addition, the May 2023 decision by China's Cyberspace Administration (the "CAC") that critical information…
- FY2025 10-K: …concentrations and customers, see Part II, Item 8. Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 28. Certain Concentrations. Competitive Conditions We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung…
- TXN (TEXAS INSTRUMENTS INCORPORATED)
- FY2025 10-K: …storage Communications equipment Wireless infrastructure (3% of TI revenue) Wired networking Broadband fixed line access In addition, we sell calculators, which was about 1% of our revenue. Market characteristics Competitive landscape Despite consolidation, the analog and embedded processing markets remain highly…
- FY2025 10-K: • Our ability to compete in products and prices in an intensely competitive industry; • Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts; • Losses or curtailments of purchases from key customers or the timing and amount of customer…
- ADI (ANALOG DEVICES INC)
- FY2025 10-K: …industry, and we expect this competition to increase in the future, including from companies located outside of the United States. Competition is generally based on innovation, design, quality and reliability of products, product performance, features and functionality, product pricing, availability and capacity,…
- FY2025 10-K: …can benefit from such government incentives and we cannot, it could strengthen our competitors' relative position and have a material adverse effect on our reputation and business. Existing or new competitors may develop products or technologies that more effectively address the demands of our customers and markets…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.