eMemory Technology (3529) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of eMemory Technology TWD 1,241, price TWD 3,305, upside -62.5%, quality 81 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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eMemory Technology Inc. engages in the research, development, manufacturing, and sales of embedded flash memory in Taiwan and internationally.
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eMemory Technology Inc. engages in the research, development, manufacturing, and sales of embedded flash memory in Taiwan and internationally. The company offers security products, such as NeoPUF, a hardware security technology; PUFrt, which delivers a secure hardware root of trust; PUFcc, a crypto coprocessor integrating key generation, storage, and encryption; PUFhsm, an embedded hardware security module; and PUFPQC for post-quantum security. It also provides PUF flash series, including SoC, protecting embedded, NAND, and NOR Flash; NeoBit, a programmable logic device; NeoFuse, an anti-fuse solution; NeoEE, a single-poly embedded memory device; NeoMTP, a single-poly embedded memory device; and EcoBit, an ultra-low-power embedded logic MTP solution. In addition, the company offers NeoFlash, a single-poly embedded NVM device; RRAM, an embedded EEPROM/Flash; and MRAM solutions. It serves 5G, AI, automotive, IoT, mobile computing, and security markets. eMemory Technology Inc. was incorporated in 2000 and is headquartered in Jhubei City, Taiwan.
Stock analysis
eMemory Technology (3529) currently trades at 3,305 TWD, while our model-based Fair Value estimate is 1,241 TWD, implying the stock looks roughly 166.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 700.60 TWD per share, and 0 of the 26 models we run sit above the 3,305 TWD price.
Bear case: the Economic Profit group reads lowest at 178.24 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 785.12 TWD (bear) to 1,613 TWD (bull), the price of 3,305 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 81/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
eMemory Technology reported revenue of 3.8B TWD in FY2025 versus 2.4B TWD in FY2021, a compound +13.0%/yr. Reported net income was 1.9B TWD in FY2025, compounding +14.8%/yr from FY2021.
Key figures
Market cap 247B TWD (≈ $7.8B) · P/E ratio 130.0 · P/S ratio 64.6 · EPS (TTM) 25.42 TWD · Dividend yield 0.6% · Net margin 49.7% · Return on equity 48.8% · Return on assets (EBIT) 45.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 123% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −62%, 3529 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (34.46 TWD to 915.04 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 785.12 TWDFair Value 1,241 TWDBull 1,613 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 (3.68 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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.7%
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.
+6.2%
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.
+16.7%
Start year 2020 (pandemic). Over 10 years: +13.4% a year
Revenue growth 19 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.
+15.3%
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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.
+22.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.0%
Dividend (yield on the price)0.6%
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.22% vs 15%, 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.47% → 59%
Start year 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).
+45.6%
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.
+24.2%
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 +43.4% a year for the price and +22.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (8 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
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 · 335 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score81 · Top 25%
Fair Value upside−63% · Below median
Profitability
Return on equity (TTM)49% · Top 25%
Return on assets28% · Top 25%
Net margin (TTM)51% · Top 25%
Operating margin (TTM)61% · Top 25%
Growth and dividend
Revenue growth20% · Above median
Dividend yield (TTM)0.6% · Below median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)130.0× · Priciest 25%
P/S (TTM)61.23× · Priciest 25%
P/FCF4.1× · Pricier than median
EV/EBITDA98.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 64
PAST (return on equity)100· sector 24
HEALTH (low debt)0· sector 95
DIVIDEND (yield)12· sector 18
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). "eMemory Technology Fair Value". https://www.fairvalue-calculator.com/stock/3529
Frequently asked questions
Is eMemory Technology (3529) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,241 TWD versus a price of 3,305 TWD, about −62% upside (overvalued).
What is the fair value of 3529?
Our model-based fair value for eMemory Technology is 1,241 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,305 TWD.
What is the quality score of 3529?
eMemory Technology has a Quality Score of 81/100. 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 eMemory Technology (3529)?
Our model-based price target is the fair value of 1,241 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 785.12 TWD, optimistic scenario 1,613 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the eMemory Technology stock forecast for 2026?
Our models put fair value at 1,241 TWD, about −62% upside versus a price of 3,305 TWD (overvalued). Cautious scenario 785.12 TWD, optimistic scenario 1,613 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of eMemory Technology (3529)?
eMemory Technology reported trailing-twelve-month revenue of about 4.0B TWD (latest available figure, as of Sep 24, 2026).
Does eMemory Technology pay a dividend?
eMemory Technology currently shows a dividend yield of about 0.62% relative to its recent price (as of Sep 24, 2026).
What growth is priced into eMemory Technology (3529)?
For today's price to be fair in a discounted-cash-flow model, eMemory Technology would have to grow free cash flow by +45.6 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3529 use?
Our models discount eMemory Technology at 9.5 %: a base by market capitalisation (mega), damped by beta 1.09, 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 eMemory Technology that is +45.6 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has eMemory Technology (3529) delivered so far?
Over the past 5 years revenue at eMemory Technology grew +16.7 % a year. The price currently implies +45.6 % 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 eMemory Technology (3529) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into eMemory Technology (+45.6 % 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 eMemory Technology (3529)?
The free-cash-flow yield on the price is 0.77 %: that much free cash flow eMemory Technology produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of eMemory Technology (3529)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For eMemory Technology it is 1,241 TWD per share (as of Sep 24, 2026), against a price of 3,305 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is eMemory Technology stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3529 trades above its calculated fair value: price 3,305 TWD, fair value 1,241 TWD, a gap of about −62% (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 3529?
No. The price is what the market pays today (3,305 TWD); the fair value is what the company's own numbers justify (1,241 TWD). For eMemory Technology the two are 2,064 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is eMemory Technology worth?
The market values eMemory Technology at about 247B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 3,305 TWD; our models calculate a fair value of 1,241 TWD per share.
What do the bullish and bearish scenarios say about 3529?
Our models span a range for eMemory Technology: cautious scenario 785.12 TWD, base 1,241 TWD, optimistic 1,613 TWD per share (as of Sep 24, 2026, price 3,305 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3529?
eMemory Technology trades at a price-to-earnings ratio of 130.0 (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 1,241 TWD is built from several models across several years. Other multiples: P/S 61.2, EV/EBITDA 98.9.
How solid is the balance sheet of eMemory Technology (3529)?
Balance-sheet figures for eMemory Technology (as of Sep 24, 2026): return on equity 48.8%. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is 3529 from its 52-week high?
eMemory Technology trades at 3,305 TWD, about 29% below its 52-week high of 4,675 TWD and 123% above the low of 1,480 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,241 TWD is for.
Which stocks are comparable to eMemory Technology?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, SK hynix 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 eMemory Technology stock attractive at the current price?
The data as of Sep 24, 2026: price 3,305 TWD, calculated fair value 1,241 TWD (−62%), Quality Score 81/100, 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 3529 calculated?
We run eMemory Technology 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 1,241 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. eMemory Technology 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 eMemory Technology (3529)?
The closing price on Sep 23, 2026 was 3,305 TWD. Our model-based fair value is 1,241 TWD, about −62% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with eMemory Technology right now?
A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (1,613 TWD). The favourable scenario is already priced in. A fairly wide model range (785.12 TWD to 1,613 TWD) leaves room in how you read the outcome.
Where does the earnings growth of eMemory Technology (3529) come from?
Earnings per share at eMemory Technology grew +19.2 % a year from 2012 to 2023. Broken into its drivers: revenue per share +15.4 %, EBIT margin +3.5 %, tax rate −0.2 %, residual (interest, one-offs) +0.1 %. 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 eMemory Technology
How large is the market capitalisation of eMemory Technology (3529)?
The market capitalisation of eMemory Technology is 247B TWD (≈ $7.8B). 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 eMemory Technology (3529)?
The price-to-sales ratio of eMemory Technology is 64.6 (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 eMemory Technology (3529)?
Earnings per share at eMemory Technology are 25.42 TWD (price ÷ EPS = P/E 130.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of eMemory Technology (3529)?
The dividend yield of eMemory Technology is 0.6% (payout 80.6%). 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 eMemory Technology (3529)?
The net margin of eMemory Technology is 49.7% (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 eMemory Technology (3529)?
The return on equity (ROE) of eMemory Technology is 48.8% (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 eMemory Technology (3529)?
On an EBIT basis the return on assets of eMemory Technology is 45.5% (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.
What is the operating margin of eMemory Technology (3529)?
The operating margin of eMemory Technology is 60.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at eMemory Technology (3529)?
Revenue at eMemory Technology is growing +20.0% versus a year earlier (3y avg +6.2%). 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 eMemory Technology (3529)?
Earnings per share at eMemory Technology are growing +29.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does eMemory Technology (3529) hold?
eMemory Technology holds more cash than debt, 2.7B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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