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AU Optronics (2409) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of AU Optronics stock TWD 9.72, price TWD 26.55, that is 63.4% below the price, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Technology TW · ISIN TW0002409000

AO AU Optronics logo Thin data Nov 4, 2026

AU Optronics

2409 · TW
Very expensive, weak quality

Our calculation puts a fair price 63% below what the stock costs today.

Mixed Growth (revenue 5y +0.8 %/yr in TWD)
Thin margins · 0.2% net margin (TTM)
Moderate debt
Costs 111 times its yearly profit.
Fair value 9.72 TWD · Strongly overvalued (−63.4%)
Quality 38/100
Negative free cash flow
1.5% dividend yield · Pays more than it earns
Trails peers (5/14)
Narrow moat 22/100 · thin data
Thin data
⚠ Dilution

Risks from the AI analysis

🚩Cheaper Chinese rivals squeezing LCD margins🚩LCD demand pressure and MicroLED transition risks
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

40.45 TWD 10.60 TWD Fair Value 9.72 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 10.60 TWD – 40.45 TWD · fair‑value band 7.25 TWD – 13.02 TWD · the 26.55 TWD price screens above the 9.72 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.

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Company profile

AUO Corporation engages in the research, development, production, and sale of thin film transistor liquid crystal displays (TFT-LCDs) and other flat panel displays for various applications. The company operates through two segments, Display and Energy.

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It designs, manufactures, and sells ingots, solar wafers, and solar modules, as well as provides technical engineering and maintenance services for solar system projects.

The company also sells and leases content management system and related hardware; designs digital signage content and field curation solutions; plans, designs, and develops construction project for environmental protection and related project management; and designs, manufactures, and sells TFT-LCD modules, TV sets and related parts, backlight modules, automotive parts, and precision plastic parts.

In addition, it engages in the development, manufacturing, and sale of medical equipment; services related to site rental and educational activities; research and development, and IP related business; solar power generation; and sale and sales support of TFTLCD panels.

Further, the company designs, develops, and sells software and hardware for health care industry; provides software and hardware integration system and equipment relating to intelligent manufacturing, as well as software development and related consulting services; and investment services. it operates in the People's Republic of China, Taiwan, the United States, Japan, Singapore, and internationally.

The company was formerly known as AU Optronics Corp. and changed its name to AUO Corporation in June 2022. AUO Corporation was founded in 1996 and is headquartered in Hsinchu City, Taiwan.

Stock analysis

AU Optronics (2409) currently trades at 26.55 TWD, while our model-based Fair Value estimate is 9.72 TWD, 63% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 42.93 TWD per share, and 2 of the 11 models we run sit above the 26.55 TWD price.

Bear case: the DCF Models group reads lowest at 2.34 TWD, and 9 of the 11 models stay below the price. Data coverage for this calculation is low.

Scenario range: 7.25 TWD (bear) to 13.02 TWD (bull), the price of 26.55 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 38/100 (below-average quality), in the Technology sector.

Mixed Growth: Spin-off in 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.

AU Optronics reported revenue of 281B TWD in FY2025 versus 371B TWD in FY2021, a compound −6.7%/yr. Reported net income was 6.8B TWD in FY2025, compounding −42.2%/yr from FY2021.

Key figures

Market cap 310B TWD (≈ $9.5B) Mid · P/E ratio 110.6 · P/S ratio 0.72 · EPS (TTM) 0.2400 TWD · Dividend yield 1.5% · Net margin 0.2% · Return on equity 1.0% · Return on assets (EBIT) 0.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).

What moves the price

The share trades about 34% below its 52-week high and 146% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −63%, 2409 screens richer than that median.

Fair Value models

Bear 7.25 TWD Fair Value 9.72 TWD Bull 13.02 TWD
Price 26.55 TWD · Downside -63.4%
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. 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.
Best data coverage
Residual Income 14.80 TWD 14.83 TWD 15.32 TWD 76
Owner Earnings 1.18 TWD 2.34 TWD 4.49 TWD 72
Gordon GGM 2.49 TWD 2.86 TWD 3.28 TWD 69
All 11 models by family
DCF Models
Owner Earnings 1.18 TWD 2.34 TWD 4.49 TWD 72
Earnings-Based
Graham-Dodd 6.17 TWD 9.50 TWD 11.36 TWD 67
Dividend Discount
Gordon GGM 2.49 TWD 2.86 TWD 3.28 TWD 69
DDM Multi-Stage 2.49 TWD 3.15 TWD 3.92 TWD 67
Multiples
P/E Multiple 19.04 TWD 25.39 TWD 31.74 TWD 63
P/S Multiple 11.56 TWD 15.41 TWD 19.27 TWD 58
P/B Multiple 76.78 TWD 102.37 TWD 127.97 TWD 55
EV/EBITDA 43.31 TWD 60.47 TWD 77.64 TWD 67
Asset-Based
NCAV (Graham) 8.53 TWD 11.43 TWD 17.06 TWD 54
Economic Profit
Residual Income 14.80 TWD 14.83 TWD 15.32 TWD 76
Growth Earnings
Growth-Adj P/E 13.32 TWD 19.03 TWD 24.74 TWD 67

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 38/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 29
How much profit the company makes from its sales and capital
Quality Growth 51
Are margins and returns getting better?
Cashflow 27
Do the profits arrive as real cash?
Financial strength 47
Debt, balance sheet and risk of trouble
Investment 92
Does it invest with discipline instead of growing at any price?
Low Volatility 29
How calm the share price moves, does not count
Price momentum 88
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 77
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.
Revenue growth 1 year
+0.4%
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.
+4.5%
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.
+0.8%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 16 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.
−1.5%
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.
−25.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−26.5%
Dividend (yield on the price)1.5%
Per share before 2009divided by the spin-off factor 1.03
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.−26.5% vs −1.4%, slowing
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.2% → 0%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 3.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

2409 screens overvalued: fair value 63% below the price. Compare with Amphenol Corporation →

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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.Electronic Components · 651 stocks

Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −63.4% · Below median
Profitability
Return on equity (12 months) 1.0% · Bottom 25%
Return on assets 1.8% · Below median
Net margin (12 months) 0.2% · Bottom 25%
Operating margin (12 months) −3.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −4.3% · Bottom 25%
Dividend yield (12 months) 1.5% · Above median
Balance sheet
Debt / equity 0.50× · Highest 25%

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/E (12 months) 110.6× · Priciest 25%
P/B 2.04× · Cheaper than median
P/S (12 months) 1.12× · Cheaper than median
EV/EBITDA 14.9× · Cheaper than median
PEG 0.13× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 70
PAST (return on equity)4 · sector 28
HEALTH (low debt)75 · sector 95
DIVIDEND (yield)30 · sector 27

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Hon Hai Precision Industry Co 2317 224.50 TWD 292.29 TWD +30% vs 2409
Asia Vital Components Co 3017 2,310 TWD 2,541 TWD +10% vs 2409
TE Connectivity plc TEL $207.01 $224.30 +8% vs 2409
Shengyi Technology Co 600183 ¥70.49 ¥66.42 −6% vs 2409
Amphenol Corporation APH $74.59 $69.74 −7% vs 2409
Delta Electronics, Inc 2308 1,055 TWD 519.57 TWD −51% vs 2409
Luxshare Precision Industry Co 002475 ¥50.05 ¥18.44 −63% vs 2409
Corning Incorporated GLW $106.13 $33.72 −68% vs 2409
Elite Material Co 2383 3,820 TWD 782.39 TWD −80% vs 2409
Samsung Electro-Mechanics Co 009150 870,000 KRW 171,572 KRW −80% vs 2409

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AU Optronics: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "AU Optronics Fair Value". https://www.fairvalue-calculator.com/stock/2409

Frequently asked questions

Is AU Optronics (2409) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 9.72 TWD versus a price of 26.55 TWD, about 63% lower (overvalued).
What is the fair value of 2409?
Our model-based fair value for AU Optronics is 9.72 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 26.55 TWD.
What is the quality score of 2409?
AU Optronics has a Quality Score of 38/100. 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 AU Optronics (2409)?
Our model-based price target is the fair value of 9.72 TWD (as of Nov 4, 2026) from 11 valuation models. Cautious scenario 7.25 TWD, optimistic scenario 13.02 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the AU Optronics stock forecast for 2026?
Our models put fair value at 9.72 TWD, about 63% lower versus a price of 26.55 TWD (overvalued). Cautious scenario 7.25 TWD, optimistic scenario 13.02 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of AU Optronics (2409)?
AU Optronics reported trailing-twelve-month revenue of about 277B TWD (latest available figure, as of Nov 4, 2026).
Does AU Optronics pay a dividend?
AU Optronics currently shows a dividend yield of 1.51% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of AU Optronics (2409) and when is the ex-dividend date?
AU Optronics pays a dividend of 0.4 TWD per share a year, a dividend yield of 1.5%. The last ex-dividend date was Jul 30, 2026. The payout ratio is 167% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of AU Optronics (2409)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AU Optronics it is 9.72 TWD per share (as of Nov 4, 2026), against a price of 26.55 TWD. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is AU Optronics stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 2409 trades above its calculated fair value: price 26.55 TWD, fair value 9.72 TWD, a gap of about −63% (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 2409?
No. The price is what the market pays today (26.55 TWD); the fair value is what the company's own numbers justify (9.72 TWD). For AU Optronics the two are 16.83 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is AU Optronics worth?
The market values AU Optronics at about 310B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 26.55 TWD; our models calculate a fair value of 9.72 TWD per share.
What do the bullish and bearish scenarios say about 2409?
Our models span a range for AU Optronics: cautious scenario 7.25 TWD, base 9.72 TWD, optimistic 13.02 TWD per share (as of Nov 4, 2026, price 26.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2409?
AU Optronics trades at a price-to-earnings ratio of 110.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.72 TWD is built from several models across several years. Other multiples: PEG 0.1, P/B 2.0, P/S 1.1, EV/EBITDA 14.9.
What is the PEG ratio of 2409?
The PEG ratio of AU Optronics is 0.13 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of AU Optronics (2409)?
Balance-sheet figures for AU Optronics (as of Nov 4, 2026): return on equity 1.0%, debt of 0.50 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 2409 from its 52-week high?
AU Optronics trades at 26.55 TWD, about 34% below its 52-week high of 40.45 TWD and 146% above the low of 10.80 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 9.72 TWD is for.
Which stocks are comparable to AU Optronics?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, 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 AU Optronics stock attractive at the current price?
The data as of Nov 4, 2026: price 26.55 TWD, calculated fair value 9.72 TWD (−63%), Quality Score 38/100, from 11 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 2409 calculated?
We run AU Optronics through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 9.72 TWD builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. AU Optronics 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 AU Optronics (2409)?
The closing price on Nov 6, 2026 was 26.55 TWD. Our model-based fair value is 9.72 TWD, about 63% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AU Optronics right now?
The price sits above even our optimistic bull case (13.02 TWD). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of AU Optronics

How large is the market capitalisation of AU Optronics (2409)?
The market capitalisation of AU Optronics is 310B TWD (≈ $9.5B). 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 AU Optronics (2409)?
The price-to-sales ratio of AU Optronics is 0.72 (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 AU Optronics (2409)?
Earnings per share at AU Optronics are 0.2400 TWD (price ÷ EPS = P/E 110.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AU Optronics (2409)?
The dividend yield of AU Optronics is 1.5% (payout 167%). 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 AU Optronics (2409)?
The net margin of AU Optronics is 0.2% (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 AU Optronics (2409)?
The return on equity (ROE) of AU Optronics is 1.0% (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 AU Optronics (2409)?
On an EBIT basis the return on assets of AU Optronics is 0.7% (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 AU Optronics (2409)?
The operating margin of AU Optronics is −3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AU Optronics (2409)?
Revenue at AU Optronics is growing −4.3% versus a year earlier (3y avg +4.5%). 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 AU Optronics (2409)?
Earnings per share at AU Optronics are growing −31.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does AU Optronics (2409) generate?
The free cash flow of AU Optronics is −7.0B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does AU Optronics (2409) carry?
The net debt of AU Optronics is 61.8B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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