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TM Technology, Inc. (5468) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of TM Technology, Inc. stock TWD 2.46, price TWD 20.65, that is 88.1% below the price, quality 30 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Technology TW

TT TM Technology, Inc. logo Thin data Nov 9, 2026

TM Technology, Inc.

5468 · TWO
Very expensive, weak quality

Our calculation puts a fair price 88% below what the stock costs today.

Low debt
Generates free cash flow over the last twelve months
Revenue last quarter +31% vs. a year ago.
Fair value 2.46 TWD · Strongly overvalued
Quality 30/100
Weak Growth (revenue 3y +1.1 %/yr in TWD)
Loss-making · -6.7% net margin (TTM)
Trails peers (3/11)
Narrow moat 13/100
Thin data
⟳ Cyclical⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

40.31 TWD 14.06 TWD Fair Value 2.46 TWD May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 14.06 TWD – 40.31 TWD · fair‑value band 2.39 TWD – 2.52 TWD · the 20.65 TWD price screens above the 2.46 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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Company profile

TM Technology, Inc. engages in the design, manufacture, and sale of integrated circuit chips, components, and related products in Taiwan.

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It offers LED driver ICs for green energy products; laser diode drivers, limiting amplifiers, FTTx PON solution, transimpedance amplifiers, and digital diagnostics monitoring interface control; and other products, including power management, audio processor, and SRAM. It is also involved in construction business, optoelectronic, and mechanical equipment businesses.

The company was founded in 1983 and is based in Hsinchu City, Taiwan.

Stock analysis

TM Technology, Inc. (5468) currently trades at 20.65 TWD, while our model-based Fair Value estimate is 2.46 TWD, 88% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 7.97 TWD per share, and 0 of the 6 models we run sit above the 20.65 TWD price.

Bear case: the Multiples group reads lowest at 0.7100 TWD, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 2.39 TWD (bear) to 2.52 TWD (bull), the price of 20.65 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 30/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

TM Technology, Inc. reported revenue of 165M TWD in FY2025 versus 144M TWD in FY2021, a compound +3.6%/yr. Reported net income was −26.4M TWD in FY2025.

Key figures

Market cap 1.2B TWD (≈ $37.1M) Micro · P/S ratio 6.47 · EPS (TTM) −0.3600 TWD · Net margin −16.0% · Return on equity −3.1% · Return on assets (EBIT) −0.4% (5-year average) · Operating margin 2.3% · Revenue (TTM) 192M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 13 out of 100 (medium confidence).

What moves the price

The share trades about 43% below its 52-week high and 33% 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 −88%, 5468 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (0.0100 TWD to 7.97 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 2.39 TWD Fair Value 2.46 TWD Bull 2.52 TWD
Price 20.65 TWD · Downside -88.1%
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
EPV 2.81 TWD 2.89 TWD 2.96 TWD 71
ROIC Compounder 2.81 TWD 2.89 TWD 2.96 TWD 69
EV/EBITDA 1.40 TWD 2.13 TWD 2.86 TWD 66
All 6 models by family
Earnings-Based
EPV 2.81 TWD 2.89 TWD 2.96 TWD 71
Multiples
EV/EBIT 0.3300 TWD 0.7100 TWD 1.09 TWD 62
EV/EBITDA 1.40 TWD 2.13 TWD 2.86 TWD 66
EV/Revenue n/a 0.0100 TWD >0.0400 TWD 50
Asset-Based
NCAV (Graham) 5.26 TWD 7.97 TWD 9.96 TWD 54
Economic Profit
ROIC Compounder 2.81 TWD 2.89 TWD 2.96 TWD 69

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 30/100

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

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 47
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 73
Debt, balance sheet and risk of trouble
Investment 47
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 47
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 30
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. 13/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+36.9%
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.
+1.1%
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

5468 screens overvalued: fair value 88% below the price. Compare with NVIDIA 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.Semiconductors · 370 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 30 · Bottom 25%
Fair Value upside −88.1% · Bottom 25%
Profitability
Return on assets −3.3% · Bottom 25%
Net margin (12 months) −6.7% · Bottom 25%
Operating margin (12 months) 2.3% · Below median
Growth and dividend
Revenue growth (quarter YoY) 30.6% · Above median
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/B 2.19× · Cheaper than median
P/S (12 months) 6.33× · Pricier than median
EV/EBITDA 51.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)0 · sector 27
HEALTH (low debt)98 · sector 96
DIVIDEND (yield)0 · sector 20

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 Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
SK hynix Inc 000660 1,136,000 KRW 1,501,896 KRW +32% vs 5468
Taiwan Semiconductor Manufacturing Company TSM $375.44 $412.98 +10% vs 5468
NVIDIA Corporation NVDA $186.64 $198.56 +6% vs 5468
Broadcom Inc AVGO $293.69 $300.84 +2% vs 5468
Intel Corporation INTC $56.28 $52.14 −7% vs 5468
Micron Technology, Inc MU $690.00 $619.48 −10% vs 5468
Analog Devices, Inc ADI $363.56 $262.04 −28% vs 5468
Marvell Technology, Inc MRVL $141.20 $87.64 −38% vs 5468
Advanced Micro Devices, Inc AMD $449.04 $148.02 −67% vs 5468
Texas Instruments Incorporated TXN $277.36 $81.25 −71% vs 5468

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TM Technology, Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "TM Technology, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/5468

Frequently asked questions

Is TM Technology, Inc. (5468) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 2.46 TWD versus a price of 20.65 TWD, about 88% lower (overvalued).
What is the fair value of 5468?
Our model-based fair value for TM Technology, Inc. is 2.46 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 20.65 TWD.
What is the quality score of 5468?
TM Technology, Inc. has a Quality Score of 30/100. 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 TM Technology, Inc. (5468)?
Our model-based price target is the fair value of 2.46 TWD (as of Nov 9, 2026) from 6 valuation models. Cautious scenario 2.39 TWD, optimistic scenario 2.52 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TM Technology, Inc. stock forecast for 2026?
Our models put fair value at 2.46 TWD, about 88% lower versus a price of 20.65 TWD (overvalued). Cautious scenario 2.39 TWD, optimistic scenario 2.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TM Technology, Inc. (5468)?
TM Technology, Inc. reported trailing-twelve-month revenue of about 192M TWD (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of TM Technology, Inc. (5468)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TM Technology, Inc. it is 2.46 TWD per share (as of Nov 9, 2026), against a price of 20.65 TWD. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is TM Technology, Inc. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 5468 trades above its calculated fair value: price 20.65 TWD, fair value 2.46 TWD, a gap of about −88% (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 5468?
No. The price is what the market pays today (20.65 TWD); the fair value is what the company's own numbers justify (2.46 TWD). For TM Technology, Inc. the two are 18.19 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TM Technology, Inc. worth?
The market values TM Technology, Inc. at about 1.2B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 20.65 TWD; our models calculate a fair value of 2.46 TWD per share.
What do the bullish and bearish scenarios say about 5468?
Our models span a range for TM Technology, Inc.: cautious scenario 2.39 TWD, base 2.46 TWD, optimistic 2.52 TWD per share (as of Nov 9, 2026, price 20.65 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TM Technology, Inc. (5468)?
Balance-sheet figures for TM Technology, Inc. (as of Nov 9, 2026): return on equity −3.1%, debt of 0.04 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is 5468 from its 52-week high?
TM Technology, Inc. trades at 20.65 TWD, about 43% below its 52-week high of 36.30 TWD and 33% above the low of 15.50 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2.46 TWD is for.
Which stocks are comparable to TM Technology, Inc.?
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 TM Technology, Inc. stock attractive at the current price?
The data as of Nov 9, 2026: price 20.65 TWD, calculated fair value 2.46 TWD (−88%), Quality Score 30/100, from 6 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 5468 calculated?
We run TM Technology, Inc. through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2.46 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. TM Technology, Inc. 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 TM Technology, Inc. (5468)?
The closing price on Nov 9, 2026 was 20.65 TWD. Our model-based fair value is 2.46 TWD, about 88% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TM Technology, Inc. right now?
The price sits above even our optimistic bull case (2.52 TWD). The favourable scenario is already priced in. Weak quality (30/100) 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. The models converge in a tight band (2.39 TWD to 2.52 TWD), unusually little disagreement for a valuation.

Key figures of TM Technology, Inc.

How large is the market capitalisation of TM Technology, Inc. (5468)?
The market capitalisation of TM Technology, Inc. is 1.2B TWD (≈ $37.1M). 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 TM Technology, Inc. (5468)?
The price-to-sales ratio of TM Technology, Inc. is 6.47 (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 TM Technology, Inc. (5468)?
Earnings per share at TM Technology, Inc. are −0.3600 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TM Technology, Inc. (5468)?
The net margin of TM Technology, Inc. is −16.0% (fiscal year 2025). 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 TM Technology, Inc. (5468)?
The return on equity (ROE) of TM Technology, Inc. is −3.1% (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 TM Technology, Inc. (5468)?
On an EBIT basis the return on assets of TM Technology, Inc. is −0.4% (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 TM Technology, Inc. (5468)?
The operating margin of TM Technology, Inc. is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TM Technology, Inc. (5468)?
Revenue at TM Technology, Inc. is growing +30.6% 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 TM Technology, Inc. (5468)?
Earnings per share at TM Technology, Inc. are growing +623% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TM Technology, Inc. (5468) generate?
The free cash flow of TM Technology, Inc. is −56.9M 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 TM Technology, Inc. (5468) carry?
The net debt of TM Technology, Inc. is 47.5M 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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