Chroma ATE Inc (2360) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Chroma ATE Inc stock TWD 607, price TWD 1,335, that is 54.5% below the price, quality 74 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 119.27 TWD – 2,603 TWD · fair‑value band 325.94 TWD – 1,028 TWD · the 1,335 TWD price screens above the 607.12 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Chroma ATE Inc. designs, assembles, manufactures, sells, repairs, and maintains software/hardware for computers and peripherals, computerized automatic test systems, electronic test instruments, signal generators, power supplies, and telecom power supplies in Taiwan, China, the United States, and internationally.
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The company provides test solutions, such as semiconductor/IC test; automated optical inspection; power electronics; server power and backup battery unit; electric vehicle; battery test and automation; energy storage and power conversion test; passive component; electrical safety; video and color; flat panel display; photonics; LED and driver; photovoltaic; semiconductor/IC; and general-purpose test solutions; battery; photovoltaic/inverter; and turnkey test and automation solutions; automated optical inspection; PXI test and measurement; intelligent manufacturing system, and other solutions.
The company also offers warranty, calibration and repair, instrument and test system calibration and repair, customer-site installation, product upgrade, training, technical support, and product support services, as well as replacement parts.
Its products are used in information technology, communication, aerospace, and defense industries, as well as hybrid automobiles, LED luminance devices, and solar and fuel cells. The company was incorporated in 1984 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
Chroma ATE Inc (2360) currently trades at 1,335 TWD, while our model-based Fair Value estimate is 607.12 TWD, 55% 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 571.79 TWD per share, and 0 of the 26 models we run sit above the 1,335 TWD price.
Bear case: the Dividend Discount group reads lowest at 119.62 TWD, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 325.94 TWD (bear) to 1,028 TWD (bull), the price of 1,335 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 74/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Chroma ATE Inc reported revenue of 28.3B TWD in FY2025 versus 17.6B TWD in FY2021, a compound +12.6%/yr. Reported net income was 11.7B TWD in FY2025, compounding +29.3%/yr from FY2021.
Key figures
Market cap 565B TWD (≈ $17.2B) Large · P/E ratio 34.2 · P/S ratio 10.9 · EPS (TTM) 39.08 TWD · Dividend yield 1.5% · Net margin 33.1% · Return on equity 58.2% · Return on assets (EBIT) 15.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 92 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 85% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −28% fair-value upside, at −55%, 2360 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (25.67 TWD to 773.50 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear325.94 TWDFair Value 607.12 TWDBull1,028 TWD
Price 1,335 TWD · Downside -54.5%
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 (16.58 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
+31.0%
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.
+8.7%
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.
+12.8%
Start year 2020 (pandemic). Over 10 years: +11.3% a year
Revenue growth 14 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.
+5.1%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+30.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.7%
Dividend (yield on the price)1.5%
Per share before 2011divided by the spin-off factor 1.04
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.37.6% vs 23.6%, picking up
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.21% → 33%
2025 sits 126% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+58.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+43.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +55.6% a year for the price and +41.5% for the forecasts.
AI conclusion: High reported margins indicate pricing power in the core testing franchise, yet the rising share of lower-margin battery-cell work risks steadily eroding overall profitability.
Main risk: The loss or reduced orders from its single largest customer, which accounted for about 18 percent of consolidated revenue in 2025, could sharply reduce sales and pressure margins in its test equipment business.
Bull case: By expanding its AI server power and semiconductor test solutions to additional global customers and leveraging its AI-enhanced ATE platforms, Chroma could reduce reliance on any single buyer while growing in less exposed markets.
Bear case: If the largest customer sharply cuts orders or China imposes stricter trade barriers, Chroma could see sustained revenue declines and margin compression in its core test systems amid slower diversification.
Chroma ATE posted explosive Q3 revenue growth from semiconductor and photonics testing demand linked to AI builds, with management pointing to firm orders through 2027. Yet the company skipped any financial guidance and highlighted a larger share of lower-margin battery-cell work that weighed on gross margins. Our models see the shares as overvalued. Will the core high-margin testing franchise keep driving results or will the shifting mix steadily erode profitability?
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.Scientific & Technical Instruments · 160 stocks
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). "Chroma ATE Inc Fair Value". https://www.fairvalue-calculator.com/stock/2360
Frequently asked questions
Is Chroma ATE Inc (2360) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 607.12 TWD versus a price of 1,335 TWD, about 55% lower (overvalued).
What is the fair value of 2360?
Our model-based fair value for Chroma ATE Inc is 607.12 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 1,335 TWD.
What is the quality score of 2360?
Chroma ATE Inc has a Quality Score of 74/100. 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 Chroma ATE Inc (2360)?
Our model-based price target is the fair value of 607.12 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 325.94 TWD, optimistic scenario 1,028 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Chroma ATE Inc stock forecast for 2026?
Our models put fair value at 607.12 TWD, about 55% lower versus a price of 1,335 TWD (overvalued). Cautious scenario 325.94 TWD, optimistic scenario 1,028 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Chroma ATE Inc (2360)?
Chroma ATE Inc reported trailing-twelve-month revenue of about 51.9B TWD (latest available figure, as of Nov 3, 2026).
Does Chroma ATE Inc pay a dividend?
Chroma ATE Inc currently shows a dividend yield of 1.46% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Chroma ATE Inc (2360)?
For today's price to be fair in a discounted-cash-flow model, Chroma ATE Inc would have to grow free cash flow by +58.0 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 2360 use?
Our models discount Chroma ATE Inc at 10.7 %: a base by market capitalisation (large), damped by beta 1.37, 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 Chroma ATE Inc that is +58.0 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Chroma ATE Inc (2360) delivered so far?
Over the past 5 years revenue at Chroma ATE Inc grew +12.8 % a year. The price currently implies +58.0 % 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 Chroma ATE Inc (2360) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Chroma ATE Inc (+58.0 % 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 Chroma ATE Inc (2360)?
The free-cash-flow yield on the price is 0.53 %: that much free cash flow Chroma ATE Inc produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chroma ATE Inc (2360)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chroma ATE Inc it is 607.12 TWD per share (as of Nov 3, 2026), against a price of 1,335 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Chroma ATE Inc stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2360 trades above its calculated fair value: price 1,335 TWD, fair value 607.12 TWD, a gap of about −55% (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 2360?
No. The price is what the market pays today (1,335 TWD); the fair value is what the company's own numbers justify (607.12 TWD). For Chroma ATE Inc the two are 727.88 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Chroma ATE Inc worth?
The market values Chroma ATE Inc at about 565B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 1,335 TWD; our models calculate a fair value of 607.12 TWD per share.
What do the bullish and bearish scenarios say about 2360?
Our models span a range for Chroma ATE Inc: cautious scenario 325.94 TWD, base 607.12 TWD, optimistic 1,028 TWD per share (as of Nov 3, 2026, price 1,335 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2360?
Chroma ATE Inc trades at a price-to-earnings ratio of 34.2 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 607.12 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 24.5. Other multiples: PEG 7.2, P/B 17.7, P/S 10.9, EV/EBITDA 26.8.
What is the PEG ratio of 2360?
The PEG ratio of Chroma ATE Inc is 7.21 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Chroma ATE Inc (2360)?
Balance-sheet figures for Chroma ATE Inc (as of Nov 3, 2026): return on equity 58.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 2360 from its 52-week high?
Chroma ATE Inc trades at 1,335 TWD, about 49% below its 52-week high of 2,603 TWD and 85% above the low of 721.89 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 607.12 TWD is for.
Which stocks are comparable to Chroma ATE Inc?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, 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 Chroma ATE Inc stock attractive at the current price?
The data as of Nov 3, 2026: price 1,335 TWD, calculated fair value 607.12 TWD (−55%), Quality Score 74/100, 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 2360 calculated?
We run Chroma ATE Inc through 26 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 607.12 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 15.0% above its aggregate fair value. Chroma ATE 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 Chroma ATE Inc (2360)?
The closing price on Nov 5, 2026 was 1,335 TWD. Our model-based fair value is 607.12 TWD, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chroma ATE Inc right now?
The price sits above even our optimistic bull case (1,028 TWD). The favourable scenario is already priced in. The model range is unusually wide (325.94 TWD to 1,028 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (74/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Chroma ATE Inc (2360) come from?
Earnings per share at Chroma ATE Inc grew +18.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.4 %, EBIT margin +8.0 %, tax rate −0.1 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Chroma ATE Inc
How large is the market capitalisation of Chroma ATE Inc (2360)?
The market capitalisation of Chroma ATE Inc is 565B TWD (≈ $17.2B). 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 Chroma ATE Inc (2360)?
The price-to-sales ratio of Chroma ATE Inc is 10.9 (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 Chroma ATE Inc (2360)?
Earnings per share at Chroma ATE Inc are 39.08 TWD (price ÷ EPS = P/E 34.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chroma ATE Inc (2360)?
The dividend yield of Chroma ATE Inc is 1.5% (payout 49.9%). 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 Chroma ATE Inc (2360)?
The net margin of Chroma ATE Inc is 33.1% (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 Chroma ATE Inc (2360)?
The return on equity (ROE) of Chroma ATE Inc is 58.2% (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 Chroma ATE Inc (2360)?
On an EBIT basis the return on assets of Chroma ATE Inc is 15.8% (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 Chroma ATE Inc (2360)?
The operating margin of Chroma ATE Inc is 40.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chroma ATE Inc (2360)?
Revenue at Chroma ATE Inc is growing +180% versus a year earlier (3y avg +8.7%). 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 Chroma ATE Inc (2360)?
Earnings per share at Chroma ATE Inc are growing +11.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Chroma ATE Inc (2360) hold?
Chroma ATE Inc holds more cash than debt, 2.3B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 3, 2026