Latest Ratios: P/E Ratio 49.7x · EV/EBITDA 19.5x · ROE 11.2%. (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 | $64.4B | $19.6B | $16.4B | $21.3B | $16.6B | $29.2B | $21.0B | $7.1B | $4.8B | $6.3B | $4.7B |
| Enterprise Value | $62.8B | $-31251960000 | $-18140444760 | $-47049744268 | $-111618281146 | $-56647778880 | $-4627790438 | $-22498762176 | $1.3B | $3.4B | $28.4B |
| P/E Ratio → | 49.72 | 0.47 | 0.35 | 0.35 | 0.19 | 0.52 | 0.72 | 0.82 | 0.60 | 0.65 | 0.52 |
| P/S Ratio | 8.72 | 0.08 | 0.07 | 0.10 | 0.06 | 0.14 | 0.12 | 0.05 | 0.03 | 0.04 | 0.03 |
| P/B Ratio | 5.46 | 0.05 | 0.04 | 0.06 | 0.05 | 0.11 | 0.09 | 0.03 | 0.02 | 0.03 | 0.02 |
| P/FCF | 39.52 | 0.37 | 3.08 | — | 0.26 | 0.72 | 0.56 | 0.20 | 0.16 | 0.91 | — |
| P/OCF | 20.63 | 0.20 | 0.17 | 0.25 | 0.11 | 0.32 | 0.32 | 0.13 | 0.09 | 0.12 | 0.10 |
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 | — | -0.13 | -0.08 | -0.21 | -0.40 | -0.27 | -0.03 | -0.15 | 0.01 | 0.02 | 0.19 |
| EV / EBITDA | 19.51 | -0.30 | -0.19 | -0.48 | -0.75 | -0.57 | -0.07 | -0.41 | 0.02 | 0.06 | 0.49 |
| EV / EBIT | 45.97 | -0.63 | -0.35 | -0.72 | -1.02 | -0.94 | -0.19 | -2.91 | 0.22 | 0.34 | 4.40 |
| EV / FCF | — | -0.60 | -3.40 | — | -1.77 | -1.40 | -0.12 | -0.63 | 0.04 | 0.49 | — |
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 | 29.0% | 29.0% | 32.6% | 34.9% | 45.1% | 33.8% | 22.1% | 14.4% | 15.1% | 18.1% | 20.5% |
| Operating Margin | 18.5% | 18.5% | 22.2% | 26.0% | 37.4% | 24.3% | 12.4% | 3.3% | 3.8% | 4.4% | 4.2% |
| Net Profit Margin | 17.6% | 17.6% | 20.3% | 26.8% | 32.1% | 24.1% | 12.9% | 5.5% | 5.1% | 6.4% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 13.3% | 17.9% | 30.5% | 20.5% | 10.3% | 3.9% | 3.7% | 4.5% | 3.9% |
| ROA | 7.3% | 7.3% | 8.5% | 11.1% | 18.3% | 12.4% | 6.1% | 2.2% | 2.0% | 2.5% | 2.4% |
| ROIC | 10.0% | 10.0% | 12.8% | 18.5% | 41.9% | 19.9% | 8.5% | 1.9% | 2.1% | 2.2% | 2.0% |
| ROCE | 9.0% | 9.0% | 11.1% | 13.5% | 27.6% | 16.1% | 7.4% | 1.6% | 1.8% | 2.1% | 2.1% |
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 | 0.16 | 0.16 | 0.19 | 0.19 | 0.14 | 0.18 | 0.29 | 0.32 | 0.39 | 0.38 | 0.38 |
| Debt / EBITDA | 0.58 | 0.58 | 0.72 | 0.65 | 0.31 | 0.47 | 0.97 | 1.21 | 1.39 | 1.32 | 1.40 |
| Net Debt / Equity | — | -0.13 | -0.09 | -0.20 | -0.40 | -0.32 | -0.11 | -0.14 | -0.02 | -0.01 | 0.11 |
| Net Debt / EBITDA | -0.49 | -0.49 | -0.35 | -0.70 | -0.87 | -0.87 | -0.36 | -0.54 | -0.06 | -0.05 | 0.41 |
| Debt / FCF | — | -0.97 | -6.48 | — | -2.04 | -2.12 | -0.69 | -0.82 | -0.11 | -0.42 | — |
| Interest Coverage | 30.99 | 30.99 | 30.70 | 44.49 | 61.51 | 32.31 | 12.25 | 2.64 | 2.06 | 4.16 | 5.16 |
Net cash position: cash ($110.7B) exceeds total debt ($59.8B)
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 | 2.34 | 2.34 | 2.45 | 2.19 | 2.24 | 2.15 | 2.10 | 2.11 | 2.83 | 1.57 | 1.52 |
| Quick Ratio | 1.91 | 1.91 | 1.99 | 1.83 | 1.97 | 1.94 | 1.81 | 1.82 | 2.46 | 1.36 | 1.28 |
| Cash Ratio | 1.47 | 1.47 | 1.49 | 1.46 | 1.59 | 1.58 | 1.40 | 1.36 | 1.69 | 0.93 | 0.80 |
| Asset Turnover | — | 0.41 | 0.41 | 0.41 | 0.53 | 0.47 | 0.47 | 0.40 | 0.41 | 0.38 | 0.38 |
| Inventory Turnover | 4.53 | 4.53 | 4.38 | 4.05 | 4.92 | 6.13 | 6.11 | 5.84 | 7.05 | 6.69 | 6.91 |
| Days Sales Outstanding | — | 53.01 | 56.10 | 54.39 | 51.33 | 62.32 | 60.35 | 64.08 | 59.60 | 55.40 | 59.25 |
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 | 1.7% | 100.0% | 100.0% | 100.0% | 100.0% | 68.2% | 46.4% | 97.9% | 100.0% | 96.2% | 100.0% |
| Payout Ratio | 86.2% | 86.2% | 79.6% | 75.4% | 41.8% | 38.8% | 42.7% | 84.7% | 111.5% | 63.4% | 80.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 212.5% | 288.1% | 285.5% | 526.0% | 191.5% | 139.4% | 121.3% | 167.6% | 154.8% | 191.4% |
| FCF Yield | 2.5% | 267.0% | 32.5% | — | 379.7% | 138.6% | 177.8% | 509.1% | 642.1% | 109.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.0% | 42.1% | 100.0% | 0.0% | 51.3% |
| Total Shareholder Yield | 1.7% | 100.0% | 100.0% | 100.0% | 100.0% | 68.2% | 54.4% | 100.0% | 100.0% | 96.2% | 100.0% |
| Shares Outstanding | — | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.6B | $2.7B | $2.7B | $2.7B |
Geopolitical and capacity oversupply
Based on current market data, UMC trades at a trailing P/E of 48.80, which appears to incorporate significant skepticism regarding future earnings growth, as the forward P/E of 1.09 suggests the market is pricing in a sharp, potentially temporary, recovery in profitability relative to recent historical averages.
The wide divergence between trailing and forward multiples indicates that investors are heavily discounting current earnings volatility. This valuation profile suggests that the market is treating UMC as a high-beta cyclical play rather than a stable specialty foundry, potentially ignoring the long-term value of its mature-node process design kits.
As reported in recent financial statements, UMC's ROIC has remained range-bound between 2.2% and 3.3% over the last ten quarters, suggesting that the company's heavy reliance on capital-intensive fabrication assets continues to exert downward pressure on its ability to generate superior returns on invested capital.
The stagnation in ROIC implies that while the company has successfully pivoted away from the leading-edge node race, it has yet to achieve the operational efficiency required to significantly boost returns. Investors should monitor whether the Intel collaboration can improve capital utilization without necessitating further massive, margin-dilutive investments.
According to quarterly filings, UMC's cash conversion cycle has remained elevated, averaging approximately 115 days over the past ten quarters, which reflects the inherent complexity of managing inventory and receivables within a high-volume, contract-based semiconductor foundry business model that is sensitive to customer demand shifts.
The persistent length of the CCC suggests that UMC lacks significant leverage over its customer base, forcing it to carry substantial inventory to ensure supply chain reliability. This inefficiency warrants further investigation into whether recent supply agreements are effectively shortening the cash cycle or merely locking in longer-term inventory commitments.
Based on reported figures, UMC has maintained a disciplined debt-to-equity ratio of 0.14 as of 2026Q1, demonstrating a significant improvement from the 0.26 peak observed in 2024Q3 and providing the company with a robust buffer against potential interest rate volatility or sector-wide downturns in demand.
This conservative capital structure is a critical differentiator, allowing UMC to navigate the high-fixed-cost nature of wafer fabrication without the burden of excessive interest expenses. The company's ability to deleverage while continuing to invest in capacity suggests a management focus on long-term solvency over aggressive, debt-fueled expansion.
The P/E ratio is frequently misapplied to UMC, as it fails to account for the massive non-cash depreciation charges inherent in the foundry model, which often mask the company's true underlying cash-generating power and its ability to sustain operations through cyclical troughs in the semiconductor industry.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the company's operational performance, as these metrics normalize for the heavy depreciation of fabrication equipment. Relying solely on P/E risks underestimating the company's value by penalizing it for the very capital-intensive assets that form its competitive moat.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying UMC stock.
United Microelectronics Corporation's current P/E ratio is 49.7x. The historical average is 0.7x. This places it at the 100th percentile of its historical range.
United Microelectronics Corporation's current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.1x.
United Microelectronics Corporation's return on equity (ROE) is 11.2%. The historical average is 8.4%.
Based on historical data, United Microelectronics Corporation is trading at a P/E of 49.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Microelectronics Corporation's current dividend yield is 1.74% with a payout ratio of 86.2%.
United Microelectronics Corporation has 29.0% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.
United Microelectronics Corporation's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.