Latest Ratios: P/E Ratio 75.1x · EV/EBITDA 27.0x · ROE 11.4%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $94.7B | $35.7B | $22.2B | $20.5B | $13.6B | $17.0B | $12.5B | $11.9B | $8.0B | $13.6B | $10.4B |
| Enterprise Value | $100.1B | $207.3B | $147.1B | $132.4B | $145.6B | $156.7B | $158.9B | $172.5B | $154.6B | $44.0B | $83.1B |
| P/E Ratio → | 75.14 | 0.87 | 0.70 | 0.66 | 0.22 | 0.27 | 0.46 | 0.72 | 0.32 | 0.62 | 0.54 |
| P/S Ratio | 4.67 | 0.05 | 0.04 | 0.04 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 | 0.05 | 0.04 |
| P/B Ratio | 8.23 | 0.10 | 0.06 | 0.06 | 0.04 | 0.06 | 0.05 | 0.06 | 0.04 | 0.07 | 0.06 |
| P/FCF | — | — | 7.47 | 0.40 | 0.44 | 2.24 | 1.23 | 1.32 | 0.84 | 0.60 | 0.43 |
| P/OCF | 21.21 | 0.25 | 0.26 | 0.20 | 0.13 | 0.22 | 0.18 | 0.18 | 0.15 | 0.29 | 0.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.32 | 0.24 | 0.23 | 0.21 | 0.28 | 0.35 | 0.42 | 0.41 | 0.15 | 0.30 |
| EV / EBITDA | 26.97 | 1.74 | 1.46 | 1.36 | 1.06 | 1.36 | 1.93 | 2.36 | 2.19 | 0.82 | 1.48 |
| EV / EBIT | 62.79 | 4.06 | 3.03 | 2.81 | 1.70 | 1.92 | 4.31 | 6.39 | 4.20 | 1.37 | 2.88 |
| EV / FCF | — | — | 49.60 | 2.59 | 4.70 | 20.55 | 15.60 | 19.16 | 16.24 | 1.93 | 3.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.7% | 17.7% | 15.4% | 14.9% | 19.5% | 18.6% | 15.4% | 14.6% | 15.7% | 17.4% | 18.5% |
| Operating Margin | 7.9% | 7.9% | 6.8% | 7.1% | 12.1% | 11.0% | 7.4% | 5.8% | 7.3% | 8.7% | 9.7% |
| Net Profit Margin | 6.3% | 6.3% | 5.5% | 5.5% | 9.3% | 11.2% | 5.8% | 4.1% | 6.8% | 7.9% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.4% | 11.4% | 10.1% | 10.0% | 21.6% | 25.3% | 11.8% | 7.7% | 12.2% | 12.4% | 13.1% |
| ROA | 5.0% | 5.0% | 4.7% | 4.6% | 9.1% | 10.1% | 4.6% | 3.1% | 5.7% | 6.3% | 6.0% |
| ROIC | 7.6% | 7.6% | 6.9% | 7.0% | 14.5% | 11.9% | 6.7% | 4.8% | 6.9% | 8.0% | 8.5% |
| ROCE | 8.9% | 8.9% | 8.7% | 8.9% | 17.6% | 14.4% | 8.3% | 6.1% | 8.7% | 9.9% | 10.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.59 | 0.57 | 0.61 | 0.80 | 0.85 | 1.04 | 0.90 | 0.38 | 0.67 |
| Debt / EBITDA | 2.22 | 2.22 | 1.99 | 1.85 | 1.38 | 1.87 | 2.41 | 3.02 | 2.81 | 1.42 | 1.97 |
| Net Debt / Equity | — | 0.46 | 0.36 | 0.36 | 0.42 | 0.52 | 0.63 | 0.75 | 0.67 | 0.15 | 0.44 |
| Net Debt / EBITDA | 1.44 | 1.44 | 1.24 | 1.15 | 0.96 | 1.21 | 1.78 | 2.20 | 2.08 | 0.56 | 1.29 |
| Debt / FCF | — | — | 42.13 | 2.19 | 4.26 | 18.31 | 14.37 | 17.84 | 15.41 | 1.34 | 2.98 |
| Interest Coverage | 9.07 | 9.07 | 7.20 | 7.38 | 636.06 | 802.98 | 314.09 | 198.53 | 11.99 | 21.82 | 14.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.28 | 1.28 | 1.17 | 1.16 | 1.31 | 1.35 | 1.28 | 1.31 | 1.27 | 1.34 | 1.33 |
| Quick Ratio | 1.00 | 1.00 | 0.91 | 0.88 | 0.91 | 1.01 | 0.93 | 1.02 | 0.98 | 1.02 | 0.91 |
| Cash Ratio | 0.42 | 0.42 | 0.37 | 0.32 | 0.29 | 0.36 | 0.32 | 0.42 | 0.41 | 0.48 | 0.40 |
| Asset Turnover | — | 0.73 | 0.82 | 0.86 | 0.96 | 0.84 | 0.78 | 0.73 | 0.71 | 0.79 | 0.77 |
| Inventory Turnover | 7.70 | 7.70 | 8.41 | 7.71 | 5.89 | 6.27 | 6.20 | 7.70 | 6.83 | 6.98 | 4.92 |
| Days Sales Outstanding | — | 70.33 | 73.69 | 77.18 | 73.84 | 87.52 | 81.02 | 75.80 | 81.07 | 71.61 | 69.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 65.0% | 100.0% | 100.0% | 100.0% | 100.0% | 64.9% | 88.6% | 100.0% | 82.0% | 100.0% |
| Payout Ratio | 56.7% | 56.7% | 69.1% | 119.3% | 48.3% | 28.3% | 30.9% | 63.0% | 42.0% | 48.8% | 56.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 114.7% | 143.6% | 152.6% | 444.7% | 368.8% | 216.1% | 138.8% | 316.8% | 161.7% | 186.5% |
| FCF Yield | — | — | 13.4% | 249.7% | 228.6% | 44.7% | 81.3% | 76.0% | 119.4% | 167.9% | 233.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.5% | 32.1% | 0.0% | 0.0% | 0.9% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.8% | 65.0% | 100.0% | 100.0% | 100.0% | 100.0% | 64.9% | 88.6% | 100.0% | 82.0% | 100.0% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B |
High cyclical utilization sensitivity
According to current market data, ASE's trailing P/E of 69.40 suggests investors are pricing in significant future earnings expansion, a valuation that appears elevated compared to the broader semiconductor peer group and historical averages, warranting caution regarding the sustainability of such aggressive growth-oriented pricing multiples.
The high P/E ratio implies that the market is discounting a rapid transition toward high-margin advanced packaging, potentially overlooking the cyclical risks inherent in the EMS segment. Investors should monitor whether the forward earnings estimates can justify this premium, as any deviation from growth targets may lead to a sharp valuation contraction.
Based on reported figures, ASE's ROIC has remained in a narrow range between 1.3% and 2.4% over the last ten quarters, indicating that the company's massive capital investments in advanced packaging infrastructure have yet to generate returns that meaningfully exceed the cost of capital.
The persistent gap between capital deployment and return generation suggests that the company is currently in a heavy investment phase where scale is prioritized over immediate profitability. This trend warrants further investigation into whether the shift toward AI-related packaging will eventually drive a structural improvement in return on invested capital.
As reported in financial statements, the cash conversion cycle has fluctuated between 50 and 70 days over the past ten quarters, suggesting that ASE's ability to optimize its working capital remains limited by the inherent complexities of its dual-segment OSAT and EMS business model.
The lack of meaningful improvement in the CCC indicates that the company may have limited leverage over its supply chain partners or customers. This operational rigidity may continue to pressure cash flow, especially during periods of rapid inventory buildup required for new product launches.
According to recent SEC filings, ASE's debt-to-EBITDA ratio has trended toward 7.03 in 2026Q1, reflecting a significant increase in leverage as the company finances its aggressive capacity expansion, which may limit financial flexibility if the semiconductor cycle experiences an unexpected downturn in the near term.
While interest coverage remains adequate at 11.12, the rising debt load suggests that the company is increasingly reliant on external financing to fund its strategic pivot. Investors should monitor whether this leverage remains manageable if utilization rates fail to sustain the levels required to service the debt.
The P/E ratio is frequently misapplied to ASE's business model because it fails to account for the massive depreciation charges inherent in a high-fixed-cost OSAT operation, which significantly distorts net income and obscures the underlying cash-generating potential of the company's advanced packaging assets.
Analysts should instead prioritize EV/EBITDA or cash-flow-based metrics to better assess the company's operational performance. Relying on P/E ratios in this context may lead to an inaccurate assessment of value, as it ignores the non-cash nature of the depreciation that currently suppresses reported earnings.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ASX stock.
ASE Technology Holding Co., Ltd.'s current P/E ratio is 75.1x. The historical average is 2.4x. This places it at the 100th percentile of its historical range.
ASE Technology Holding Co., Ltd.'s current EV/EBITDA is 27.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.8x.
ASE Technology Holding Co., Ltd.'s return on equity (ROE) is 11.4%. The historical average is 11.8%.
Based on historical data, ASE Technology Holding Co., Ltd. is trading at a P/E of 75.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ASE Technology Holding Co., Ltd.'s current dividend yield is 0.75% with a payout ratio of 56.7%.
ASE Technology Holding Co., Ltd. has 17.7% gross margin and 7.9% operating margin.
ASE Technology Holding Co., Ltd.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.