United Microelectronics Corporation (2303) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of United Microelectronics Corporation stock TWD 70.83, price TWD 98.40, that is 28.0% below the price, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 28.84 TWD – 175.50 TWD · fair‑value band 49.28 TWD – 95.39 TWD · the 98.40 TWD price screens above the 70.83 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits.
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The company offers circuit design; mask tooling; wafer fabrication; and assembly and testing services for communication devices, consumer electronics, computer, and other applications.
It also provides venture capital and marketing support; consulting and planning; energy technical; solar engineering integrated design; research and development services; and insurance services. United Microelectronics Corporation was incorporated in 1980 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
United Microelectronics Corporation (2303) currently trades at 98.40 TWD, while our model-based Fair Value estimate is 70.83 TWD, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 75.45 TWD per share, and 2 of the 25 models we run sit above the 98.40 TWD price.
Bear case: the Economic Profit group reads lowest at 28.11 TWD, and 23 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: 49.28 TWD (bear) to 95.39 TWD (bull), the price of 98.40 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Technology sector.
Mixed Growth: Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
United Microelectronics Corporation reported revenue of 238B TWD in FY2025 versus 213B TWD in FY2021, a compound +2.8%/yr. Reported net income was 41.7B TWD in FY2025, compounding −5.0%/yr from FY2021.
Key figures
Market cap 1.2T TWD (≈ $37.5B) Large · P/E ratio 14.7 · P/S ratio 4.64 · EPS (TTM) 6.70 TWD · Dividend yield 2.6% · Net margin 32.0% · Return on equity 20.4% · Return on assets (EBIT) 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 128% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 0% fair-value upside, at −28%, 2303 screens richer than that median.
Fair Value models
Bear49.28 TWDFair Value 70.83 TWDBull95.39 TWD
Price 98.40 TWD · Downside -28.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.48 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
Revenue growth 1 year
+2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
Start year 2020 (pandemic). Over 10 years: +5.1% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)2.6%
Per share before 2008divided by the spin-off factor 1.045
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.6% vs 13.3%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+19.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +14.2% a year for the price and +17.2% for the forecasts.
AI conclusion: Record shipments and 92 percent utilization stand as the main strength, while thin evidence and earnings misses amid softening consumer demand remain the central weakness.
Main risk: Subsidized Chinese foundries such as SMIC could expand mature-node capacity further, leading to oversupply that squeezes UMC's average selling prices and margins in its core specialty processes.
Bull case: UMC could deepen its focus on high-value specialty processes like silicon photonics and advanced packaging for AI applications, differentiating from low-cost Chinese rivals and sustaining or growing margins.
Bear case: If Chinese capacity expansion leads to sustained oversupply, UMC might face prolonged price erosion in mature nodes, eroding profitability and limiting its ability to invest in new technologies.
UMC delivered record wafer shipments and lifted utilization to 92 percent in Q3, yet both revenue and earnings missed estimates amid softening demand signals in some consumer segments. Management points to firmer pricing power and a richer mix ahead, with plans to accelerate capacity for specialty and AI-related processes. Our models see the shares as overvalued. Does stronger utilization and 2027 pricing offset the near-term earnings pressure, or will higher depreciation and input costs weigh more on margins?
Compare United Microelectronics Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductors · 370 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−28.0% · Above median
Profitability
Return on equity (12 months)20.4% · Top 25%
Return on assets7.2% · Above median
Net margin (12 months)32.0% · Top 25%
Operating margin (12 months)25.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)25.6% · Above median
Dividend yield (12 months)2.6% · Top 25%
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (12 months)14.7× · Cheapest 25%
P/B3.25× · Pricier than median
P/S (12 months)4.64× · Pricier than median
Price / free cash flow (fiscal year)23.7× · Cheaper than median
EV/EBITDA9.8× · Cheapest 25%
PEG0.91× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 100
PAST (return on equity)81· sector 27
HEALTH (low debt)94· sector 96
DIVIDEND (yield)53· sector 20
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is United Microelectronics Corporation (2303) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 70.83 TWD versus a price of 98.40 TWD, about 28% lower (overvalued).
What is the fair value of 2303?
Our model-based fair value for United Microelectronics Corporation is 70.83 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 98.40 TWD.
What is the quality score of 2303?
United Microelectronics Corporation has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for United Microelectronics Corporation (2303)?
Our model-based price target is the fair value of 70.83 TWD (as of Nov 5, 2026) from 25 valuation models. Cautious scenario 49.28 TWD, optimistic scenario 95.39 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the United Microelectronics Corporation stock forecast for 2026?
Our models put fair value at 70.83 TWD, about 28% lower versus a price of 98.40 TWD (overvalued). Cautious scenario 49.28 TWD, optimistic scenario 95.39 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of United Microelectronics Corporation (2303)?
United Microelectronics Corporation reported trailing-twelve-month revenue of about 266B TWD (latest available figure, as of Nov 5, 2026).
Does United Microelectronics Corporation pay a dividend?
United Microelectronics Corporation currently shows a dividend yield of 2.64% relative to its recent price (as of Nov 5, 2026).
What growth is priced into United Microelectronics Corporation (2303)?
For today's price to be fair in a discounted-cash-flow model, United Microelectronics Corporation would have to grow free cash flow by +16.0 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 2303 use?
Our models discount United Microelectronics Corporation at 11.5 %: a base by market capitalisation (large), damped by beta 1.71, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For United Microelectronics Corporation that is +16.0 % per year a year over ten years, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has United Microelectronics Corporation (2303) delivered so far?
Over the past 5 years revenue at United Microelectronics Corporation grew +6.1 % a year. The price currently implies +16.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of United Microelectronics Corporation (2303) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into United Microelectronics Corporation (+16.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of United Microelectronics Corporation (2303)?
The free-cash-flow yield on the price is 4.22 %: that much free cash flow United Microelectronics Corporation produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Microelectronics Corporation (2303)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Microelectronics Corporation it is 70.83 TWD per share (as of Nov 5, 2026), against a price of 98.40 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is United Microelectronics Corporation stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2303 trades above its calculated fair value: price 98.40 TWD, fair value 70.83 TWD, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2303?
No. The price is what the market pays today (98.40 TWD); the fair value is what the company's own numbers justify (70.83 TWD). For United Microelectronics Corporation the two are 27.57 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is United Microelectronics Corporation worth?
The market values United Microelectronics Corporation at about 1.2T TWD (market capitalisation, as of Nov 5, 2026). Per share that is 98.40 TWD; our models calculate a fair value of 70.83 TWD per share.
What do the bullish and bearish scenarios say about 2303?
Our models span a range for United Microelectronics Corporation: cautious scenario 49.28 TWD, base 70.83 TWD, optimistic 95.39 TWD per share (as of Nov 5, 2026, price 98.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2303?
United Microelectronics Corporation trades at a price-to-earnings ratio of 14.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 70.83 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 17.1. Other multiples: PEG 0.9, P/B 3.3, P/S 4.6, EV/EBITDA 9.8.
What is the PEG ratio of 2303?
The PEG ratio of United Microelectronics Corporation is 0.91 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of United Microelectronics Corporation (2303)?
Balance-sheet figures for United Microelectronics Corporation (as of Nov 5, 2026): return on equity 20.4%, debt of 0.12 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 2303 from its 52-week high?
United Microelectronics Corporation trades at 98.40 TWD, about 44% below its 52-week high of 175.50 TWD and 128% above the low of 43.11 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 70.83 TWD is for.
Which stocks are comparable to United Microelectronics Corporation?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is United Microelectronics Corporation stock attractive at the current price?
The data as of Nov 5, 2026: price 98.40 TWD, calculated fair value 70.83 TWD (−28%), Quality Score 67/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2303 calculated?
We run United Microelectronics Corporation through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 70.83 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. United Microelectronics Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of United Microelectronics Corporation (2303)?
The closing price on Nov 5, 2026 was 98.40 TWD. Our model-based fair value is 70.83 TWD, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Microelectronics Corporation right now?
The price sits above even our optimistic bull case (95.39 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (49.28 TWD to 95.39 TWD) leaves room in how you read the outcome.
Where does the earnings growth of United Microelectronics Corporation (2303) come from?
Earnings per share at United Microelectronics Corporation grew +18.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.9 %, EBIT margin +14.9 %, tax rate −0.6 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of United Microelectronics Corporation
How large is the market capitalisation of United Microelectronics Corporation (2303)?
The market capitalisation of United Microelectronics Corporation is 1.2T TWD (≈ $37.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of United Microelectronics Corporation (2303)?
The price-to-sales ratio of United Microelectronics Corporation is 4.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of United Microelectronics Corporation (2303)?
Earnings per share at United Microelectronics Corporation are 6.70 TWD (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Microelectronics Corporation (2303)?
The dividend yield of United Microelectronics Corporation is 2.6% (payout 38.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of United Microelectronics Corporation (2303)?
The net margin of United Microelectronics Corporation is 32.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of United Microelectronics Corporation (2303)?
The return on equity (ROE) of United Microelectronics Corporation is 20.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of United Microelectronics Corporation (2303)?
On an EBIT basis the return on assets of United Microelectronics Corporation is 11.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of United Microelectronics Corporation (2303)?
The operating margin of United Microelectronics Corporation is 25.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Microelectronics Corporation (2303)?
Revenue at United Microelectronics Corporation is growing +25.6% versus a year earlier (3y avg −5.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at United Microelectronics Corporation (2303)?
Earnings per share at United Microelectronics Corporation are growing +9.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does United Microelectronics Corporation (2303) hold?
United Microelectronics Corporation holds more cash than debt, 50.9B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026