Formosa Optical Technology Co Ltd (5312) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Formosa Optical Technology Co Ltd stock TWD 99.64, price TWD 86.50, upside +15.2%, quality 52 out of 100. Rating: undervalued. 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 8, 2026.
How to read this chart
60‑month range 42.30 TWD – 148.44 TWD · fair‑value band 74.73 TWD – 124.55 TWD · the 86.50 TWD price screens below the 99.64 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Formosa Optical Technology Co.,Ltd. provides eyecare products in Taiwan. The company provides optical glasses, frames, sunglasses, contact transparent lenses, and color contact lenses. It also offers eye drops and optometry equipment.
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The company was founded in 1976 and is based in New Taipei City, Taiwan.
Stock analysis
Formosa Optical Technology Co Ltd (5312) currently trades at 86.50 TWD, while our model-based Fair Value estimate is 99.64 TWD, implying the stock looks roughly 13% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 120.51 TWD per share, and 12 of the 26 models we run sit above the 86.50 TWD price.
Bear case: the Earnings-Based group reads lowest at 35.73 TWD, and 14 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 74.73 TWD (bear) to 124.55 TWD (bull), the price of 86.50 TWD sits inside 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 52/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Formosa Optical Technology Co Ltd reported revenue of 4.1B TWD in FY2025 versus 2.9B TWD in FY2021, a compound +9.1%/yr. Reported net income was 385M TWD in FY2025, compounding +7.4%/yr from FY2021.
Key figures
Market cap 5.2B TWD (≈ $158M) Micro · P/E ratio 11.8 · P/S ratio 1.18 · EPS (TTM) 7.30 TWD · Dividend yield 7.5% · Net margin 10.0% · Return on equity 12.0% · Return on assets (EBIT) 5.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at 15%, 5312 screens cheaper than that median.
Fair Value models
Bear74.73 TWDFair Value 99.64 TWDBull124.55 TWD
Price 86.50 TWD · Upside +15.2%
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 (0.6860 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.77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.9%
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.
+7.8%
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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +5.0% a year
Revenue growth 23 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.
+6.2%
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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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)7.5%
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.13% → 7%
Growth Forecast
Little optimism in the price
The price assumes less 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).
+0.6%
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 −1.0% a year for the price.
Compare Formosa Optical Technology Co Ltd 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.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+15.2% · Above median
Profitability
Return on equity (12 months)12.0% · Above median
Return on assets4.2% · Above median
Net margin (12 months)10.0% · Above median
Operating margin (12 months)6.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)14.3% · Above median
Dividend yield (12 months)7.5% · Top 25%
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Formosa Optical Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5312
Frequently asked questions
Is Formosa Optical Technology Co Ltd (5312) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 99.64 TWD versus a price of 86.50 TWD, about +15% upside (undervalued).
What is the fair value of 5312?
Our model-based fair value for Formosa Optical Technology Co Ltd is 99.64 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 86.50 TWD.
What is the quality score of 5312?
Formosa Optical Technology Co Ltd has a Quality Score of 52/100. 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 Formosa Optical Technology Co Ltd (5312)?
Our model-based price target is the fair value of 99.64 TWD (as of Nov 8, 2026) from 26 valuation models. Cautious scenario 74.73 TWD, optimistic scenario 124.55 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Formosa Optical Technology Co Ltd stock forecast for 2026?
Our models put fair value at 99.64 TWD, about +15% upside versus a price of 86.50 TWD (undervalued). Cautious scenario 74.73 TWD, optimistic scenario 124.55 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Formosa Optical Technology Co Ltd (5312)?
Formosa Optical Technology Co Ltd reported trailing-twelve-month revenue of about 4.4B TWD (latest available figure, as of Nov 8, 2026).
Does Formosa Optical Technology Co Ltd pay a dividend?
Formosa Optical Technology Co Ltd currently shows a dividend yield of 7.51% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Formosa Optical Technology Co Ltd (5312) and when is the ex-dividend date?
Formosa Optical Technology Co Ltd pays a dividend of 6.50 TWD per share a year, a dividend yield of 7.5%. The last ex-dividend date was Jun 25, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 89.0% of earnings. Free cash flow covers the dividend 1.36 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Formosa Optical Technology Co Ltd (5312)?
For today's price to be fair in a discounted-cash-flow model, Formosa Optical Technology Co Ltd would have to grow free cash flow by +0.6 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 5312 use?
Our models discount Formosa Optical Technology Co Ltd at 13.3 %: a base by market capitalisation (micro), 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 Formosa Optical Technology Co Ltd that is +0.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Formosa Optical Technology Co Ltd (5312) delivered so far?
Over the past 5 years revenue at Formosa Optical Technology Co Ltd grew +6.2 % a year. The price currently implies free-cash-flow growth of +0.6 % 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 Formosa Optical Technology Co Ltd (5312) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Formosa Optical Technology Co Ltd (+0.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Formosa Optical Technology Co Ltd (5312)?
The free-cash-flow yield on the price is 10.22 %: that much free cash flow Formosa Optical Technology Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Formosa Optical Technology Co Ltd (5312)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formosa Optical Technology Co Ltd it is 99.64 TWD per share (as of Nov 8, 2026), against a price of 86.50 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 Formosa Optical Technology Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 5312 trades below its calculated fair value: price 86.50 TWD, fair value 99.64 TWD, a gap of about +15% (undervalued). 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 5312?
No. The price is what the market pays today (86.50 TWD); the fair value is what the company's own numbers justify (99.64 TWD). For Formosa Optical Technology Co Ltd the two are 13.14 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Formosa Optical Technology Co Ltd worth?
The market values Formosa Optical Technology Co Ltd at about 5.2B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 86.50 TWD; our models calculate a fair value of 99.64 TWD per share.
What do the bullish and bearish scenarios say about 5312?
Our models span a range for Formosa Optical Technology Co Ltd: cautious scenario 74.73 TWD, base 99.64 TWD, optimistic 124.55 TWD per share (as of Nov 8, 2026, price 86.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5312?
Formosa Optical Technology Co Ltd trades at a price-to-earnings ratio of 11.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 99.64 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 13.2. Other multiples: P/B 1.4, P/S 1.2, EV/EBITDA 10.2.
How solid is the balance sheet of Formosa Optical Technology Co Ltd (5312)?
Balance-sheet figures for Formosa Optical Technology Co Ltd (as of Nov 8, 2026): return on equity 12.0%, debt of 0.08 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 5312 from its 52-week high?
Formosa Optical Technology Co Ltd trades at 86.50 TWD, about 14% below its 52-week high of 100.50 TWD and at the low of 86.50 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 99.64 TWD is for.
Which stocks are comparable to Formosa Optical Technology Co Ltd?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline 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 Formosa Optical Technology Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 86.50 TWD, calculated fair value 99.64 TWD (+15%), Quality Score 52/100, 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 5312 calculated?
We run Formosa Optical Technology Co Ltd 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 99.64 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. Formosa Optical Technology Co Ltd currently trades 13% below its own fair value, and the market average says nothing about that. 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 Formosa Optical Technology Co Ltd (5312)?
The closing price on Nov 6, 2026 was 86.50 TWD. Our model-based fair value is 99.64 TWD, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formosa Optical Technology Co Ltd right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Formosa Optical Technology Co Ltd
How large is the market capitalisation of Formosa Optical Technology Co Ltd (5312)?
The market capitalisation of Formosa Optical Technology Co Ltd is 5.2B TWD (≈ $158M). 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 Formosa Optical Technology Co Ltd (5312)?
The price-to-sales ratio of Formosa Optical Technology Co Ltd is 1.18 (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 Formosa Optical Technology Co Ltd (5312)?
Earnings per share at Formosa Optical Technology Co Ltd are 7.30 TWD (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Formosa Optical Technology Co Ltd (5312)?
The dividend yield of Formosa Optical Technology Co Ltd is 7.5% (payout 89.0%). 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 Formosa Optical Technology Co Ltd (5312)?
The net margin of Formosa Optical Technology Co Ltd is 10.0% (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 Formosa Optical Technology Co Ltd (5312)?
The return on equity (ROE) of Formosa Optical Technology Co Ltd is 12.0% (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 Formosa Optical Technology Co Ltd (5312)?
On an EBIT basis the return on assets of Formosa Optical Technology Co Ltd is 5.0% (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 Formosa Optical Technology Co Ltd (5312)?
The operating margin of Formosa Optical Technology Co Ltd is 6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formosa Optical Technology Co Ltd (5312)?
Revenue at Formosa Optical Technology Co Ltd is growing +14.3% versus a year earlier (3y avg +7.8%). 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 Formosa Optical Technology Co Ltd (5312)?
Earnings per share at Formosa Optical Technology Co Ltd are growing +187% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Formosa Optical Technology Co Ltd (5312) carry?
The net debt of Formosa Optical Technology Co Ltd is 2.5B TWD (fiscal year 2025, ≈ 4.7 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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Nov 8, 2026