Innolux Corp (3481) fair value: what the stock is really worth
We calculate from audited financials what Innolux Corp is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 9.80 TWD · Strongly overvalued (−81%)
!Quality 58/100
!Weak Growth(revenue 5y −3.4 %/yr)
!Thin margins · 0.4% net margin (TTM)
✓Low debt · generates free cash flow
·1.98% dividend yield
!Mixed vs. peers(7/13)
!Narrow moat26/100
!Evidence only medium, so the estimate is less certain
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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, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range 8.95 TWD – 70.90 TWD · fair‑value band 6.30 TWD – 10.39 TWD · the 50.40 TWD price screens above the 9.80 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
Innolux Corporation, together with its subsidiaries, engages in the research, design, development, of display panels and related diversified cross-domain applications in Taiwan, Hong Kong, the United States, Europe, Japan, China, and internationally.
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Innolux Corporation, together with its subsidiaries, engages in the research, design, development, of display panels and related diversified cross-domain applications in Taiwan, Hong Kong, the United States, Europe, Japan, China, and internationally. It provides -LCD TV, monitor, commercial display, smart medical display, notebook, industrial display, mobile phone, tablet, consumer electronics, automotive display, manufacturing solutions, healthcare solutions, and AI solutions. The company also offers display and non-display technologies, as well as quality management and global service. The company was formerly known as Chimei Innolux Corporation and changed its name to Innolux Corporation in December 2012. Innolux Corporation was incorporated in 2003 and is headquartered in Miaoli, Taiwan.
Stock analysis
Innolux Corp (3481) currently trades at 50.40 TWD, while our model-based Fair Value estimate is 9.80 TWD, implying the stock looks roughly 414.4% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 19.20 TWD per share, and 2 of the 22 models we run sit above the 50.40 TWD price.
Bear case: the Dividend Discount group reads lowest at 10.75 TWD, and 20 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 6.30 TWD (bear) to 10.39 TWD (bull), the price of 50.40 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 58/100 (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.
Innolux Corp reported revenue of 227B TWD in FY2025 versus 350B TWD in FY2021, a compound −10.3%/yr. Reported net income was 250M TWD in FY2025, compounding −74.3%/yr from FY2021.
Key figures
Market cap 403B TWD (≈ $12.7B) · P/S ratio 1.77 · EPS (TTM) 0.0300 TWD · Dividend yield 2.0% · Net margin 0.1% · Return on equity 0.6% · Return on assets (EBIT) −0.3% · Operating margin 2.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 17% below its 52-week high and 358% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −63% fair-value upside, at −81%, 3481 screens richer than that median.
Fair Value models
Bear 6.30 TWDFair Value 9.80 TWDBull 10.39 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.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.
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
+4.7%
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.
+0.4%
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.
−3.4%
Revenue growth 21 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.
+20.8%
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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.
−58.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−60.4%
Dividend (yield on the price)2.0%
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.−60% vs −31%, slowing
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.1% → −2%
⚠ Revenue per share shrinking 6.6%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+27.1%
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.
+6.5%
Yearly sales growth analysts expect, extended to five years.
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.Electronic Components · 643 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+66% · Top 25%
Profitability
Return on equity (TTM)1% · Below median
Return on assets0% · Below median
Net margin (TTM)0% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth19% · Above median
Dividend yield (TTM)2.0% · Above median
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/B0.06× · Cheapest 25%
P/S (TTM)0.06× · Cheapest 25%
P/FCF1.6× · Cheaper than median
PEG2.00× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)96· sector 40
PAST (return on equity)2· sector 26
HEALTH (low debt)96· sector 95
DIVIDEND (yield)40· sector 24
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). "Innolux Corp Fair Value". https://www.fairvalue-calculator.com/stock/3481
Frequently asked questions
Is Innolux Corp (3481) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 9.80 TWD versus a price of 50.40 TWD, about −81% upside (overvalued).
What is the fair value of 3481?
Our model-based fair value for Innolux Corp is 9.80 TWD (as of Sep 18, 2026), built from audited fundamentals. The current price: 50.40 TWD.
What is the quality score of 3481?
Innolux Corp has a Quality Score of 58/100. 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 Innolux Corp (3481)?
Our model-based price target is the fair value of 9.80 TWD (as of Sep 18, 2026) from 22 valuation models. Cautious scenario 6.30 TWD, optimistic scenario 10.39 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Innolux Corp stock forecast for 2026?
Our models put fair value at 9.80 TWD, about −81% upside versus a price of 50.40 TWD (overvalued). Cautious scenario 6.30 TWD, optimistic scenario 10.39 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Innolux Corp (3481)?
Innolux Corp reported trailing-twelve-month revenue of about 237B TWD (latest available figure, as of Sep 18, 2026).
Does Innolux Corp pay a dividend?
Innolux Corp currently shows a dividend yield of about 1.98% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Innolux Corp (3481)?
For today's price to be fair in a discounted-cash-flow model, Innolux Corp would have to grow free cash flow by +27.1 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -3.4 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 3481 use?
Our models discount Innolux Corp at 10.6 %: a base by market capitalisation (large), damped by beta 1.33, 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 Innolux Corp that is +27.1 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Innolux Corp (3481) delivered so far?
Over the past 5 years revenue at Innolux Corp grew -3.4 % a year. The price currently implies +27.1 % 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 Innolux Corp (3481) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into Innolux Corp (+27.1 % 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 Innolux Corp (3481)?
The free-cash-flow yield on the price is 2.08 %: that much free cash flow Innolux Corp produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Innolux Corp (3481)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Innolux Corp it is 9.80 TWD per share (as of Sep 18, 2026), against a price of 50.40 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Innolux Corp stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 3481 trades above its calculated fair value: price 50.40 TWD, fair value 9.80 TWD, a gap of about −81% (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 3481?
No. The price is what the market pays today (50.40 TWD); the fair value is what the company's own numbers justify (9.80 TWD). For Innolux Corp the two are 40.60 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Innolux Corp worth?
The market values Innolux Corp at about 403B TWD (market capitalisation, as of Sep 18, 2026). Per share that is 50.40 TWD; our models calculate a fair value of 9.80 TWD per share.
What do the bullish and bearish scenarios say about 3481?
Our models span a range for Innolux Corp: cautious scenario 6.30 TWD, base 9.80 TWD, optimistic 10.39 TWD per share (as of Sep 18, 2026, price 50.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 3481?
The PEG ratio of Innolux Corp is 2.00 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Innolux Corp (3481)?
Balance-sheet figures for Innolux Corp (as of Sep 18, 2026): return on equity 0.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 3481 from its 52-week high?
Innolux Corp trades at 50.40 TWD, about 17% below its 52-week high of 60.50 TWD and 358% above the low of 11.00 TWD (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 9.80 TWD is for.
Which stocks are comparable to Innolux Corp?
From the same area (Technology) we also value Amphenol Corporation, Corning Incorporated, Delta Electronics, Inc, Luxshare Precision Industry Co, 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 Innolux Corp stock attractive at the current price?
The data as of Sep 18, 2026: price 50.40 TWD, calculated fair value 9.80 TWD (−81%), Quality Score 58/100, from 22 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 3481 calculated?
We run Innolux Corp through 22 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 9.80 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 16.1 % above its aggregate fair value. Innolux Corp 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 Innolux Corp (3481)?
The closing price on Sep 21, 2026 was 50.40 TWD. Our model-based fair value is 9.80 TWD, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Innolux Corp right now?
The price sits above even our optimistic bull case (10.39 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Innolux Corp
How large is the market capitalisation of Innolux Corp (3481)?
The market capitalisation of Innolux Corp is 403B TWD (≈ $12.7B). 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 Innolux Corp (3481)?
The price-to-sales ratio of Innolux Corp is 1.77 (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 Innolux Corp (3481)?
Earnings per share at Innolux Corp are 0.0300 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Innolux Corp (3481)?
The dividend yield of Innolux Corp is 2.0%. 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 Innolux Corp (3481)?
The net margin of Innolux Corp is 0.1% (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 Innolux Corp (3481)?
The return on equity (ROE) of Innolux Corp is 0.6% (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 Innolux Corp (3481)?
On an EBIT basis the return on assets of Innolux Corp is −0.3% (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 Innolux Corp (3481)?
The operating margin of Innolux Corp is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Innolux Corp (3481)?
Revenue at Innolux Corp is growing +19.2% versus a year earlier (3y avg +0.4%). 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 Innolux Corp (3481)?
Earnings per share at Innolux Corp are growing +66.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Innolux Corp (3481) carry?
The net debt of Innolux Corp is 2.3B TWD (fiscal year 2025, ≈ 0.3 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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