Universal Microwave Technology (3491) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Universal Microwave Technology TWD 2,812, price TWD 1,555, upside +80.8%, quality 45 out of 100. 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, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 52.42 TWD – 2,200 TWD · fair‑value band 1,624 TWD – 3,891 TWD · the 1,555 TWD price screens below the 2,812 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Universal Microwave Technology, Inc. manufactures and sells electronic components in Taiwan, Mainland China, Asia, Europe, the United States, and Oceania. The company operates through Microwave/Millimeter Wave Products; Radio Frequency Products; and Communication Network Engineering Services segment.
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Universal Microwave Technology, Inc. manufactures and sells electronic components in Taiwan, Mainland China, Asia, Europe, the United States, and Oceania. The company operates through Microwave/Millimeter Wave Products; Radio Frequency Products; and Communication Network Engineering Services segment. The company offers diplexers and multiplexers, filters, couplers, OMT products, industrial parts, antennas, radio frequency cables, radio frequency connectors, wire harnesses, waveguide and machined components, microwave, high-frequency communication components, antennas, and RF connectors. It also provides remote mount kit; circulator and isolator; interference filter; low-orbit satellites and microsatellites; telecommunications infrastructure equipment components and materials; communication equipment components; and other electronic components. In addition, the company is involved in the general investment businesses, and communication network engineering services. It serves millimeter wave and 5G, satcom and LEO, wireless backhaul, precision machining, and base station. Universal Microwave Technology, Inc. was founded in 1999 and is headquartered in Keelung, Taiwan.
Stock analysis
Universal Microwave Technology (3491) currently trades at 1,555 TWD, while our model-based Fair Value estimate is 2,812 TWD, implying the stock looks roughly 44.7% undervalued today.
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Valuation
How firm this estimate is: it rests on 16 models at a data quality of 95/100, which puts the evidence level at medium.
Scenario range: 1,624 TWD (bear) to 3,891 TWD (bull), the price of 1,555 TWD sits below 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 45/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Universal Microwave Technology reported revenue of 2.5B TWD in FY2025 versus 1.8B TWD in FY2021, a compound +8.7%/yr. Reported net income was 518M TWD in FY2025, compounding +21.7%/yr from FY2021.
Key figures
Market cap 105B TWD (≈ $3.3B) · P/E ratio 202.5 · P/S ratio 42.8 · EPS (TTM) 7.68 TWD · Dividend yield 0.4% · Net margin 21.1% · Return on equity 20.8% · Return on assets (EBIT) 11.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 270% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at 81%, 3491 screens cheaper than that median.
Fair Value models
Bear 1,624 TWDFair Value 2,812 TWDBull 3,891 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 (0.5940 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.54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.0%
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.
+10.1%
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.
+10.6%
Start year 2020 (pandemic)
Revenue growth 8 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.
+6.5%
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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. 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.
≈ +14.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.6%
Dividend (yield on the price)0.4%
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.14% → 23%
⚠ Rate on operating basis: 2025 sits 82% above its own trend.
Compare Universal Microwave Technology with another stock
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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.Communication Equipment · 310 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+80.8% · Top 25%
Profitability
Return on equity (TTM)20.8% · Top 25%
Return on assets8.9% · Top 25%
Net margin (TTM)22.0% · Top 25%
Operating margin (TTM)30.8% · Top 25%
Growth and dividend
Revenue growth64.5% · Top 25%
Dividend yield (TTM)0.4% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
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Is Universal Microwave Technology (3491) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 2,812 TWD versus a price of 1,555 TWD, about +81% upside (undervalued).
What is the fair value of 3491?
Our model-based fair value for Universal Microwave Technology is 2,812 TWD (as of Sep 27, 2026), built from audited fundamentals. The current price: 1,555 TWD.
What is the quality score of 3491?
Universal Microwave Technology has a Quality Score of 45/100. 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 Universal Microwave Technology (3491)?
Our model-based price target is the fair value of 2,812 TWD (as of Sep 27, 2026) from 16 valuation models. Cautious scenario 1,624 TWD, optimistic scenario 3,891 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Universal Microwave Technology stock forecast for 2026?
Our models put fair value at 2,812 TWD, about +81% upside versus a price of 1,555 TWD (undervalued). Cautious scenario 1,624 TWD, optimistic scenario 3,891 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Universal Microwave Technology (3491)?
Universal Microwave Technology reported trailing-twelve-month revenue of about 2.9B TWD (latest available figure, as of Sep 27, 2026).
Does Universal Microwave Technology pay a dividend?
Universal Microwave Technology currently shows a dividend yield of about 0.44% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Universal Microwave Technology (3491)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Universal Microwave Technology it is 2,812 TWD per share (as of Sep 27, 2026), against a price of 1,555 TWD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Universal Microwave Technology stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 3491 trades below its calculated fair value: price 1,555 TWD, fair value 2,812 TWD, a gap of about +81% (undervalued). 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 3491?
No. The price is what the market pays today (1,555 TWD); the fair value is what the company's own numbers justify (2,812 TWD). For Universal Microwave Technology the two are 1,257 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Universal Microwave Technology worth?
The market values Universal Microwave Technology at about 105B TWD (market capitalisation, as of Sep 27, 2026). Per share that is 1,555 TWD; our models calculate a fair value of 2,812 TWD per share.
What do the bullish and bearish scenarios say about 3491?
Our models span a range for Universal Microwave Technology: cautious scenario 1,624 TWD, base 2,812 TWD, optimistic 3,891 TWD per share (as of Sep 27, 2026, price 1,555 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3491?
Universal Microwave Technology trades at a price-to-earnings ratio of 202.5 (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 2,812 TWD is built from several models across several years. Other multiples: P/B 29.0, P/S 36.8.
How solid is the balance sheet of Universal Microwave Technology (3491)?
Balance-sheet figures for Universal Microwave Technology (as of Sep 27, 2026): return on equity 20.8%, debt of 0.04 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 3491 from its 52-week high?
Universal Microwave Technology trades at 1,555 TWD, about 29% below its 52-week high of 2,200 TWD and 270% above the low of 420.50 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 2,812 TWD is for.
Which stocks are comparable to Universal Microwave Technology?
From the same area (Technology) we also value Cisco Systems, Inc, Foxconn Industrial Internet Co, Zhongji Innolight Co, Eoptolink 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 Universal Microwave Technology stock attractive at the current price?
The data as of Sep 27, 2026: price 1,555 TWD, calculated fair value 2,812 TWD (+81%), Quality Score 45/100, from 16 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 3491 calculated?
We run Universal Microwave Technology through 16 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 2,812 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. Universal Microwave Technology currently trades 81 % below its own fair value, and the market average says nothing about that. 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 Universal Microwave Technology (3491)?
The closing price on Sep 24, 2026 was 1,555 TWD. Our model-based fair value is 2,812 TWD, about +81% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Universal Microwave Technology right now?
The price is below even our cautious bear case (1,624 TWD). The market is more pessimistic than our downside scenario. Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1,624 TWD to 3,891 TWD) leaves room in how you read the outcome.
Key figures of Universal Microwave Technology
How large is the market capitalisation of Universal Microwave Technology (3491)?
The market capitalisation of Universal Microwave Technology is 105B TWD (≈ $3.3B). 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 Universal Microwave Technology (3491)?
The price-to-sales ratio of Universal Microwave Technology is 42.8 (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 Universal Microwave Technology (3491)?
Earnings per share at Universal Microwave Technology are 7.68 TWD (price ÷ EPS = P/E 202.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Universal Microwave Technology (3491)?
The dividend yield of Universal Microwave Technology is 0.4% (payout 88.5%). 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 Universal Microwave Technology (3491)?
The net margin of Universal Microwave Technology is 21.1% (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 Universal Microwave Technology (3491)?
The return on equity (ROE) of Universal Microwave Technology is 20.8% (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 Universal Microwave Technology (3491)?
On an EBIT basis the return on assets of Universal Microwave Technology is 11.0% (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 Universal Microwave Technology (3491)?
The operating margin of Universal Microwave Technology is 30.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Universal Microwave Technology (3491)?
Revenue at Universal Microwave Technology is growing +64.5% versus a year earlier (3y avg +10.1%). 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 Universal Microwave Technology (3491)?
Earnings per share at Universal Microwave Technology are growing +77.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Universal Microwave Technology (3491) generate?
The free cash flow of Universal Microwave Technology is −345M 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 cash does Universal Microwave Technology (3491) hold?
Universal Microwave Technology holds more cash than debt, 290M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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