Ardentec (3264) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ardentec stock TWD 103, price TWD 165, that is 37.3% below the price, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 28.59 TWD – 284.00 TWD · fair‑value band 57.32 TWD – 160.31 TWD · the 164.50 TWD price screens above the 103.18 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Ardentec Corporation engages in the provision of semiconductor testing solutions in memory, logic, and mixed-signal ICs to integrated device manufacturers, pure play wafer foundry companies, and fabless design companies in the United States, Taiwan, Singapore, Korea, China, Europe, and internationally.
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It offers testing services, which include engineering services before mass production, such as test engineering consultations and recommendations for design, test plan and test program development, new product introduction process, test program cross-platform conversion, remote tester usage, complete product characterization, and laser program development and analysis; and mass production engineering services, including suggestions and services of test time reduction, yield analysis and enhancement, laser repair yield analysis and improvement, timely retrieval of test data on secured Internet, test program management system, traceable test program management system, test data analysis and periodical report provision, and outlier management services, as well as stable testing services.
The company also provides probe card design and consultant, outsourced manufacturing, maintenance and repair capability, and system tracking of usage and maintenance; wafer level chip scale packaging backend process services; and final test and wafer probing platforms.
In addition, it offers certification, quality engineering analysis, and quality system and assurance structure services, as well as quality, information security, and hazardous substance free policy services. The company was founded in 1999 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
Ardentec (3264) currently trades at 164.50 TWD, while our model-based Fair Value estimate is 103.18 TWD, 37% 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 145.62 TWD per share, and 3 of the 26 models we run sit above the 164.50 TWD price.
Bear case: the Asset-Based group reads lowest at 27.21 TWD, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 57.32 TWD (bear) to 160.31 TWD (bull), the price of 164.50 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 68/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ardentec reported revenue of 14.0B TWD in FY2025 versus 11.9B TWD in FY2021, a compound +4.1%/yr. Reported net income was 2.8B TWD in FY2025, compounding +2.4%/yr from FY2021.
Key figures
Market cap 79.4B TWD (≈ $2.4B) Mid · P/E ratio 20.9 · P/S ratio 4.50 · EPS (TTM) 7.87 TWD · Dividend yield 2.6% · Net margin 24.9% · Return on equity 20.7% · Return on assets (EBIT) 11.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 95% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −37%, 3264 screens richer than that median.
Fair Value models
Bear57.32 TWDFair Value 103.18 TWDBull160.31 TWD
Price 164.50 TWD · Downside -37.3%
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 (3.15 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+7.1%
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.
−1.1%
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.
+7.7%
Start year 2020 (pandemic)
Revenue growth 8 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.
+7.5%
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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.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)2.6%
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.24% → 25%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+28.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +26.0% a year for the price.
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 · 369 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−37.3% · Above median
Profitability
Return on equity (12 months)20.7% · Top 25%
Return on assets8.2% · Top 25%
Net margin (12 months)24.9% · Top 25%
Operating margin (12 months)34.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)48.5% · Top 25%
Dividend yield (12 months)2.6% · Top 25%
Balance sheet
Debt / equity0.34× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (12 months)20.9× · Cheaper than median
P/B4.13× · Pricier than median
P/S (12 months)4.50× · Pricier than median
Price / free cash flow (fiscal year)42.9× · Pricier than median
EV/EBITDA9.9× · Cheapest 25%
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)83· sector 28
HEALTH (low debt)83· sector 96
DIVIDEND (yield)51· sector 21
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.
Cite: Fair Value Calculator (2026). "Ardentec Fair Value". https://www.fairvalue-calculator.com/stock/3264
Frequently asked questions
Is Ardentec (3264) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 103.18 TWD versus a price of 164.50 TWD, about 37% lower (overvalued).
What is the fair value of 3264?
Our model-based fair value for Ardentec is 103.18 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 164.50 TWD.
What is the quality score of 3264?
Ardentec has a Quality Score of 68/100. 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 Ardentec (3264)?
Our model-based price target is the fair value of 103.18 TWD (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 57.32 TWD, optimistic scenario 160.31 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ardentec stock forecast for 2026?
Our models put fair value at 103.18 TWD, about 37% lower versus a price of 164.50 TWD (overvalued). Cautious scenario 57.32 TWD, optimistic scenario 160.31 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ardentec (3264)?
Ardentec reported trailing-twelve-month revenue of about 17.7B TWD (latest available figure, as of Nov 9, 2026).
Does Ardentec pay a dividend?
Ardentec currently shows a dividend yield of 2.55% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Ardentec (3264) and when is the ex-dividend date?
Ardentec pays a dividend of 4.20 TWD per share a year, a dividend yield of 2.6%. The last ex-dividend date was Jun 30, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 53.4% of earnings. Free cash flow covers the dividend 0.93 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Ardentec (3264)?
For today's price to be fair in a discounted-cash-flow model, Ardentec would have to grow free cash flow by +28.0 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.7 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 3264 use?
Our models discount Ardentec at 10.8 %: a base by market capitalisation (mid), damped by beta 1.19, 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 Ardentec that is +28.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Ardentec (3264) delivered so far?
Over the past 5 years revenue at Ardentec grew +7.7 % a year. The price currently implies free-cash-flow growth of +28.0 % per 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 Ardentec (3264) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Ardentec (+28.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ardentec (3264)?
The free-cash-flow yield on the price is 2.38 %: that much free cash flow Ardentec produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ardentec (3264)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ardentec it is 103.18 TWD per share (as of Nov 9, 2026), against a price of 164.50 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Ardentec stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 3264 trades above its calculated fair value: price 164.50 TWD, fair value 103.18 TWD, a gap of about −37% (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 3264?
No. The price is what the market pays today (164.50 TWD); the fair value is what the company's own numbers justify (103.18 TWD). For Ardentec the two are 61.32 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ardentec worth?
The market values Ardentec at about 79.4B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 164.50 TWD; our models calculate a fair value of 103.18 TWD per share.
What do the bullish and bearish scenarios say about 3264?
Our models span a range for Ardentec: cautious scenario 57.32 TWD, base 103.18 TWD, optimistic 160.31 TWD per share (as of Nov 9, 2026, price 164.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3264?
Ardentec trades at a price-to-earnings ratio of 20.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 103.18 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 12.0. Other multiples: P/B 4.1, P/S 4.5, EV/EBITDA 9.9.
How solid is the balance sheet of Ardentec (3264)?
Balance-sheet figures for Ardentec (as of Nov 9, 2026): return on equity 20.7%, debt of 0.34 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 3264 from its 52-week high?
Ardentec trades at 164.50 TWD, about 42% below its 52-week high of 284.00 TWD and 95% above the low of 84.52 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 103.18 TWD is for.
Which stocks are comparable to Ardentec?
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 Ardentec stock attractive at the current price?
The data as of Nov 9, 2026: price 164.50 TWD, calculated fair value 103.18 TWD (−37%), Quality Score 68/100, from 26 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 3264 calculated?
We run Ardentec through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 103.18 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 13.3% above its aggregate fair value. Ardentec 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 Ardentec (3264)?
The closing price on Nov 6, 2026 was 164.50 TWD. Our model-based fair value is 103.18 TWD, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ardentec right now?
The price sits above even our optimistic bull case (160.31 TWD). The favourable scenario is already priced in. The model range is unusually wide (57.32 TWD to 160.31 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Ardentec
How large is the market capitalisation of Ardentec (3264)?
The market capitalisation of Ardentec is 79.4B TWD (≈ $2.4B). 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 Ardentec (3264)?
The price-to-sales ratio of Ardentec is 4.50 (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 Ardentec (3264)?
Earnings per share at Ardentec are 7.87 TWD (price ÷ EPS = P/E 20.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ardentec (3264)?
The dividend yield of Ardentec is 2.6% (payout 53.4%). 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 Ardentec (3264)?
The net margin of Ardentec is 24.9% (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 Ardentec (3264)?
The return on equity (ROE) of Ardentec is 20.7% (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 Ardentec (3264)?
On an EBIT basis the return on assets of Ardentec is 11.0% (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 Ardentec (3264)?
The operating margin of Ardentec is 34.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ardentec (3264)?
Revenue at Ardentec is growing +48.5% versus a year earlier (3y avg −1.1%). 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 Ardentec (3264)?
Earnings per share at Ardentec are growing +78.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ardentec (3264) carry?
The net debt of Ardentec is 7.9B TWD (fiscal year 2025, ≈ 4.3 yrs of FCF). 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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Broad data
Nov 9, 2026