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Forcera Materials Co., Ltd. (3467) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Forcera Materials Co., Ltd. TWD 8.04, price TWD 86.50, upside -90.7%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Technology · TW

FM Thin data Sep 24, 2026

Forcera Materials Co., Ltd.

3467 · TWO

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.

Weakest SetupStrongly overvalued and low quality.

!Fair value 8.04 TWD · Strongly overvalued (−91%)
!Quality 41/100
!Weak Growth (revenue 5y +6.0 %/yr)
!Thin margins · 2.9% net margin (FY2025)
!Low debt · negative free cash flow
!Trails peers (2/11)
!Moderate moat 47/100
!Evidence only low, so the estimate is less certain
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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

86.50 TWD 36.69 TWD Fair Value 8.04 TWD Dec 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

33‑month range 36.69 TWD – 86.50 TWD · fair‑value band 6.19 TWD – 8.51 TWD · the 86.50 TWD price screens above the 8.04 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Forcera Materials Co., Ltd. manufactures and sells consumable spare parts for semiconductor and ceramic material industries in Taiwan and internationally. The company's products include aluminum oxide, quartz, aluminum nitride, and silicon.

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Forcera Materials Co., Ltd. manufactures and sells consumable spare parts for semiconductor and ceramic material industries in Taiwan and internationally. The company's products include aluminum oxide, quartz, aluminum nitride, and silicon. Its products are used in various applications, including semiconductor chamber component, TFT.LCD chamber component, high and well-plasma/chemical resistance require, precision/structure ceramic component, semiconductor etch process, semiconductor PVD process, ring shape, and cathode applications. The company was founded in 1986 and is based in Hsinchu City, Taiwan.

Stock analysis

Forcera Materials Co., Ltd. (3467) currently trades at 86.50 TWD, while our model-based Fair Value estimate is 8.04 TWD, implying the stock looks roughly 975.3% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 12.81 TWD per share, and 0 of the 14 models we run sit above the 86.50 TWD price.

Bear case: the Earnings-Based group reads lowest at 6.73 TWD, and 14 of the 14 models stay below the price. Evidence for this calculation is low.

Scenario range: 6.19 TWD (bear) to 8.51 TWD (bull), the price of 86.50 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 41/100 (below-average 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.

Forcera Materials Co., Ltd. reported revenue of 614M TWD in FY2025 versus 565M TWD in FY2021, a compound +2.1%/yr. Reported net income was 17.8M TWD in FY2025, compounding +2.9%/yr from FY2021.

Key figures

Market cap 2.7B TWD (≈ $84.5M) · P/E ratio 74.6 · P/S ratio 2.16 · EPS (TTM) 1.16 TWD · Dividend yield 1.7% · Net margin 2.9% · Return on assets (EBIT) 3.5% · Free cash flow −11.5M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).

What moves the price

The share trades at its 52-week high and 136% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −91%, 3467 screens richer than that median.

Fair Value models

Bear 6.19 TWD Fair Value 8.04 TWD Bull 8.51 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 (0.8485 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. 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.
Highest evidence
Residual Income 13.76 TWD 13.49 TWD 11.37 TWD 76
EPV 9.12 TWD 9.88 TWD 10.54 TWD 74
ROIC Compounder 9.12 TWD 9.88 TWD 10.54 TWD 72
All 14 models by family
Earnings-Based
Graham-Dodd 3.88 TWD 6.73 TWD 8.24 TWD 67
EPV 9.12 TWD 9.88 TWD 10.54 TWD 74
Dividend Discount
Gordon GGM 7.17 TWD 9.01 TWD 10.86 TWD 69
DDM Multi-Stage 7.17 TWD 9.55 TWD 12.35 TWD 67
Multiples
P/E Multiple 7.28 TWD 9.70 TWD 12.13 TWD 63
P/S Multiple 7.28 TWD 9.70 TWD 12.13 TWD 58
P/B Multiple 7.28 TWD 9.70 TWD 12.13 TWD 55
EV/EBIT 10.65 TWD 12.76 TWD 14.87 TWD 66
EV/EBITDA 21.42 TWD 27.12 TWD 32.82 TWD 67
EV/Revenue 9.81 TWD 12.16 TWD 14.51 TWD 54
Asset-Based
NCAV (Graham) 9.56 TWD 12.81 TWD 19.11 TWD 54
Economic Profit
Residual Income 13.76 TWD 13.49 TWD 11.37 TWD 76
ROIC Compounder 9.12 TWD 9.88 TWD 10.54 TWD 72
Growth Earnings
Growth-Adj P/E 5.18 TWD 7.41 TWD 9.63 TWD 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 44 · Market factors (momentum, volatility) 60

Profitability 30
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 43
Disciplined investing over empire-building
Low Volatility 6
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 18
Share count: buybacks or dilution?

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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. 33/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.6%
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.
−2.0%
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.
+6.0%
Start year 2020 (pandemic)
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. Basis: EBIT basis. 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.
+2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.0%
Dividend (yield on the price)1.7%
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.2% → 3%

3467 screens 975% overvalued. Compare with ASML Holding →

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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.Semiconductor Equipment & Materials · 217 stocks

Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −91% · Bottom 25%
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth 0% · Below median
Dividend yield (TTM) 1.7% · Above median
Balance sheet
Debt / equity 0.12× · Above median

Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 74.6× · Pricier than median
P/B 0.14× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 66
PAST (return on equity)0 · sector 30
HEALTH (low debt)94 · sector 96
DIVIDEND (yield)34 · sector 15

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
ASML Holding ASML €1,507 €1,350 −10%
Applied Materials, Inc AMAT $472.46 $370.20 −22%
Lam Research Corporation LRCX $310.96 $205.76 −34%
KLA Corporation KLAC $188.32 $149.08 −21%
Teradyne, Inc TER $398.69 $66.11 −83%
Advanced Micro-Fabrication Equipment Inc 688012 ¥349.35 ¥117.08 −66%
Piotech Inc 688072 ¥730.30 ¥322.24 −56%
SJ Semiconductor Corporation 688820 ¥133.57 ¥13.84 −90%
Hon. Precision, Inc 7769 5,670 TWD 4,864 TWD −14%
Qnity Electronics, Inc Q $124.86 $70.44 −44%

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Forcera Materials Co., Ltd. · Fair Value
8.04 TWD −975%Fair Value
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Cite: Fair Value Calculator (2026). "Forcera Materials Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/3467

Frequently asked questions

Is Forcera Materials Co., Ltd. (3467) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 8.04 TWD versus a price of 86.50 TWD, about −91% upside (overvalued).
What is the fair value of 3467?
Our model-based fair value for Forcera Materials Co., Ltd. is 8.04 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 86.50 TWD.
What is the quality score of 3467?
Forcera Materials Co., Ltd. has a Quality Score of 41/100. 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 Forcera Materials Co., Ltd. (3467)?
Our model-based price target is the fair value of 8.04 TWD (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 6.19 TWD, optimistic scenario 8.51 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Forcera Materials Co., Ltd. stock forecast for 2026?
Our models put fair value at 8.04 TWD, about −91% upside versus a price of 86.50 TWD (overvalued). Cautious scenario 6.19 TWD, optimistic scenario 8.51 TWD. The calculation is refreshed regularly with new filings.
Does Forcera Materials Co., Ltd. pay a dividend?
Forcera Materials Co., Ltd. currently shows a dividend yield of about 1.69% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Forcera Materials Co., Ltd. (3467)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forcera Materials Co., Ltd. it is 8.04 TWD per share (as of Sep 24, 2026), against a price of 86.50 TWD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Forcera Materials Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3467 trades above its calculated fair value: price 86.50 TWD, fair value 8.04 TWD, a gap of about −91% (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 3467?
No. The price is what the market pays today (86.50 TWD); the fair value is what the company's own numbers justify (8.04 TWD). For Forcera Materials Co., Ltd. the two are 78.46 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Forcera Materials Co., Ltd. worth?
The market values Forcera Materials Co., Ltd. at about 2.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 86.50 TWD; our models calculate a fair value of 8.04 TWD per share.
What do the bullish and bearish scenarios say about 3467?
Our models span a range for Forcera Materials Co., Ltd.: cautious scenario 6.19 TWD, base 8.04 TWD, optimistic 8.51 TWD per share (as of Sep 24, 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 3467?
Forcera Materials Co., Ltd. trades at a price-to-earnings ratio of 74.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.04 TWD is built from several models across several years. Other multiples: P/B 0.1.
How solid is the balance sheet of Forcera Materials Co., Ltd. (3467)?
Balance-sheet figures for Forcera Materials Co., Ltd. (as of Sep 24, 2026): debt of 0.12 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 3467 from its 52-week high?
Forcera Materials Co., Ltd. trades at 86.50 TWD, at its 52-week high of 86.50 TWD and 136% above the low of 36.69 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 8.04 TWD is for.
Which stocks are comparable to Forcera Materials Co., Ltd.?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 Forcera Materials Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 86.50 TWD, calculated fair value 8.04 TWD (−91%), Quality Score 41/100, from 14 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 3467 calculated?
We run Forcera Materials Co., Ltd. through 14 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 8.04 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 14.1 % above its aggregate fair value. Forcera Materials 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 Forcera Materials Co., Ltd. (3467)?
The closing price on Sep 23, 2026 was 86.50 TWD. Our model-based fair value is 8.04 TWD, about −91% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forcera Materials Co., Ltd. right now?
The price sits above even our optimistic bull case (8.51 TWD). The favourable scenario is already priced in. Weak quality (41/100) 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.

Key figures of Forcera Materials Co., Ltd.

How large is the market capitalisation of Forcera Materials Co., Ltd. (3467)?
The market capitalisation of Forcera Materials Co., Ltd. is 2.7B TWD (≈ $84.5M). 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 Forcera Materials Co., Ltd. (3467)?
The price-to-sales ratio of Forcera Materials Co., Ltd. is 2.16 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Forcera Materials Co., Ltd. (3467)?
Earnings per share at Forcera Materials Co., Ltd. are 1.16 TWD (price ÷ EPS = P/E 74.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Forcera Materials Co., Ltd. (3467)?
The dividend yield of Forcera Materials Co., Ltd. is 1.7% (payout 126%). 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 Forcera Materials Co., Ltd. (3467)?
The net margin of Forcera Materials Co., Ltd. is 2.9% (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 EBIT return on assets of Forcera Materials Co., Ltd. (3467)?
On an EBIT basis the return on assets of Forcera Materials Co., Ltd. is 3.5% (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.
How much free cash flow does Forcera Materials Co., Ltd. (3467) generate?
The free cash flow of Forcera Materials Co., Ltd. is −11.5M 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 Forcera Materials Co., Ltd. (3467) carry?
The net debt of Forcera Materials Co., Ltd. is 23.9M TWD (fiscal year 2024). 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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