Macronix International Co Ltd (2337) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Macronix International Co Ltd TWD 29.68, price TWD 121, upside -75.5%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value 29.68 TWD · Strongly overvalued (−75.5%)
!Quality 55/100
!Weak Growth(revenue 5y −6.2 %/yr)
✓Solidly profitable · 18.3% net margin (TTM)
✓Low debt · generates free cash flow
!Mixed vs. peers(7/15)
✓Wide moat68/100
!Evidence only low, so the estimate is less certain
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Macronix International Co., Ltd. engages in the design, manufacture, and supply of integrated circuits and memory chips. The company provides a range of NOR flash, NAND flash, e MMC, and read-only memory products.
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Macronix International Co., Ltd. engages in the design, manufacture, and supply of integrated circuits and memory chips. The company provides a range of NOR flash, NAND flash, e MMC, and read-only memory products. It also offers wafer foundry services to IC design and IDM companies; ArmorFlash, a security solution for a range of identification, authentication, and encryption requirements; and LybraFlash, a solution for gigabit flash memory. In addition, the company develops integrated circuit systems and software; and provides after-sales services. It serves the consumer, communications, computing, industrial, automotive, networking, IOT, and other markets. It sells its products in Taiwan, Japan, the United States, Europe, and rest of Asia. The company was founded in 1989 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
Macronix International Co Ltd (2337) currently trades at 121.00 TWD, while our model-based Fair Value estimate is 29.68 TWD, 75.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 18.97 TWD per share, and 0 of the 12 models we run sit above the 121.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 4.88 TWD, and 12 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 22.60 TWD (bear) to 39.42 TWD (bull), the price of 121.00 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 55/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Macronix International Co Ltd reported revenue of 28.9B TWD in FY2025 versus 50.6B TWD in FY2021, a compound −13.1%/yr. Reported net income was −3.3B TWD in FY2025.
Key figures
Market cap 239B TWD (≈ $7.5B) · P/E ratio 29.0 · P/S ratio 5.09 · EPS (TTM) 4.17 TWD · Dividend yield 0.4% · Net margin −11.4% · Return on equity 16.0% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 381% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −41% fair-value upside, at −75%, 2337 screens richer than that median.
Fair Value models
Bear 22.60 TWDFair Value 29.68 TWDBull 39.42 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (3.13 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.Evidence ⓘEvidence = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+11.6%
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.
−12.8%
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: +3.3% a year
Revenue growth 25 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.
−0.6%
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Profit margin (trend) ⓘ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.
15.3% (2020) → −12.8% (2025)
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
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).
+44.4%
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 +42.1% a year for the price.
Compare Macronix International 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.Semiconductors · 336 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−75.5% · Bottom 25%
Profitability
Return on equity (TTM)16.0% · Above median
Return on assets6.7% · Top 25%
Net margin (TTM)18.3% · Above median
Operating margin (TTM)46.9% · Top 25%
Growth and dividend
Revenue growth181.3% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.38× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)29.0× · Cheaper than median
P/B5.22× · Pricier than median
P/S (TTM)5.25× · Pricier than median
P/FCF79.7× · Priciest 25%
EV/EBITDA16.9× · Cheaper than median
PEG11.86× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 71
PAST (return on equity)64· sector 25
HEALTH (low debt)81· sector 95
DIVIDEND (yield)8· sector 19
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). "Macronix International Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2337
Frequently asked questions
Is Macronix International Co Ltd (2337) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 29.68 TWD versus a price of 121.00 TWD, about −75% upside (overvalued).
What is the fair value of 2337?
Our model-based fair value for Macronix International Co Ltd is 29.68 TWD (as of Sep 27, 2026), built from audited fundamentals. The current price: 121.00 TWD.
What is the quality score of 2337?
Macronix International Co Ltd has a Quality Score of 55/100. 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 Macronix International Co Ltd (2337)?
Our model-based price target is the fair value of 29.68 TWD (as of Sep 27, 2026) from 12 valuation models. Cautious scenario 22.60 TWD, optimistic scenario 39.42 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Macronix International Co Ltd stock forecast for 2026?
Our models put fair value at 29.68 TWD, about −75% upside versus a price of 121.00 TWD (overvalued). Cautious scenario 22.60 TWD, optimistic scenario 39.42 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Macronix International Co Ltd (2337)?
Macronix International Co Ltd reported trailing-twelve-month revenue of about 45.5B TWD (latest available figure, as of Sep 27, 2026).
Does Macronix International Co Ltd pay a dividend?
Macronix International Co Ltd currently shows a dividend yield of about 0.40% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Macronix International Co Ltd (2337)?
For today's price to be fair in a discounted-cash-flow model, Macronix International Co Ltd would have to grow free cash flow by +44.4 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 2337 use?
Our models discount Macronix International Co Ltd at 12.1 %: a base by market capitalisation (mid), damped by beta 1.70, 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 Macronix International Co Ltd that is +44.4 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Macronix International Co Ltd (2337) delivered so far?
Over the past 5 years revenue at Macronix International Co Ltd grew -6.2 % a year. The price currently implies +44.4 % 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 Macronix International Co Ltd (2337) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into Macronix International Co Ltd (+44.4 % 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 Macronix International Co Ltd (2337)?
The free-cash-flow yield on the price is 1.25 %: that much free cash flow Macronix International Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Macronix International Co Ltd (2337)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Macronix International Co Ltd it is 29.68 TWD per share (as of Sep 27, 2026), against a price of 121.00 TWD. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Macronix International Co Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 2337 trades above its calculated fair value: price 121.00 TWD, fair value 29.68 TWD, a gap of about −75% (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 2337?
No. The price is what the market pays today (121.00 TWD); the fair value is what the company's own numbers justify (29.68 TWD). For Macronix International Co Ltd the two are 91.32 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Macronix International Co Ltd worth?
The market values Macronix International Co Ltd at about 239B TWD (market capitalisation, as of Sep 27, 2026). Per share that is 121.00 TWD; our models calculate a fair value of 29.68 TWD per share.
What do the bullish and bearish scenarios say about 2337?
Our models span a range for Macronix International Co Ltd: cautious scenario 22.60 TWD, base 29.68 TWD, optimistic 39.42 TWD per share (as of Sep 27, 2026, price 121.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2337?
Macronix International Co Ltd trades at a price-to-earnings ratio of 29.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29.68 TWD is built from several models across several years. Other multiples: PEG 11.9, P/B 5.2, P/S 5.2, EV/EBITDA 16.9.
What is the PEG ratio of 2337?
The PEG ratio of Macronix International Co Ltd is 11.86 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Macronix International Co Ltd (2337)?
Balance-sheet figures for Macronix International Co Ltd (as of Sep 27, 2026): return on equity 16.0%, debt of 0.38 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 2337 from its 52-week high?
Macronix International Co Ltd trades at 121.00 TWD, about 35% below its 52-week high of 185.50 TWD and 381% above the low of 25.15 TWD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 29.68 TWD is for.
Which stocks are comparable to Macronix International Co Ltd?
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 Macronix International Co Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price 121.00 TWD, calculated fair value 29.68 TWD (−75%), Quality Score 55/100, from 12 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 2337 calculated?
We run Macronix International Co Ltd through 12 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 29.68 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 14.7 % above its aggregate fair value. Macronix International Co Ltd 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 Macronix International Co Ltd (2337)?
The closing price on Oct 1, 2026 was 121.00 TWD. Our model-based fair value is 29.68 TWD, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Macronix International Co Ltd right now?
The price sits above even our optimistic bull case (39.42 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Macronix International Co Ltd
How large is the market capitalisation of Macronix International Co Ltd (2337)?
The market capitalisation of Macronix International Co Ltd is 239B TWD (≈ $7.5B). 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 Macronix International Co Ltd (2337)?
The price-to-sales ratio of Macronix International Co Ltd is 5.09 (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 Macronix International Co Ltd (2337)?
Earnings per share at Macronix International Co Ltd are 4.17 TWD (price ÷ EPS = P/E 29.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Macronix International Co Ltd (2337)?
The dividend yield of Macronix International Co Ltd is 0.4% (payout 11.6%). 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 Macronix International Co Ltd (2337)?
The net margin of Macronix International Co Ltd is −11.4% (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 Macronix International Co Ltd (2337)?
The return on equity (ROE) of Macronix International Co Ltd is 16.0% (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 Macronix International Co Ltd (2337)?
On an EBIT basis the return on assets of Macronix International Co Ltd is 2.8% (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 Macronix International Co Ltd (2337)?
The operating margin of Macronix International Co Ltd is 46.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Macronix International Co Ltd (2337)?
Revenue at Macronix International Co Ltd is growing +181% versus a year earlier (3y avg −12.8%). 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 Macronix International Co Ltd (2337)?
Earnings per share at Macronix International Co Ltd are growing −97.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Macronix International Co Ltd (2337) carry?
The net debt of Macronix International Co Ltd is 10.1B TWD (fiscal year 2025, ≈ 3.4 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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