Formosa Sumco Technology Corp (3532) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Formosa Sumco Technology Corp TWD 853, price TWD 445, upside +91.7%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Formosa Sumco Technology Corporation engages in the manufacture, sale, and trade of silicon wafers in Taiwan, Japan, and China. It offers polished, annealed, and epitaxial wafers, as well as monocrystalline ingots. Formosa Sumco Technology Corporation was incorporated in 1995 and is based in Taipei, Taiwan.
Stock analysis
Formosa Sumco Technology Corp (3532) currently trades at 445.00 TWD, while our model-based Fair Value estimate is 853.12 TWD, implying the stock looks roughly 47.8% undervalued today.
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Valuation
How firm this estimate is: it rests on 14 models at a data quality of 95/100, which puts the evidence level at high.
Scenario range: 853.12 TWD (bear) to 1,067 TWD (bull), the price of 445.00 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 41/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Formosa Sumco Technology Corp reported revenue of 12.3B TWD in FY2025 versus 12.2B TWD in FY2021, a compound +0.3%/yr. Reported net income was 614M TWD in FY2025, compounding −18.8%/yr from FY2021.
Key figures
Market cap 173B TWD (≈ $5.4B) · P/E ratio 283.4 · P/S ratio 14.1 · EPS (TTM) 1.57 TWD · Dividend yield 0.2% · Net margin 5.0% · Return on equity 1.3% · Return on assets (EBIT) 7.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at 92%, 3532 screens cheaper than that median.
Fair Value models
Bear 853.12 TWDFair Value 853.12 TWDBull 1,067 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 (0.4170 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.14/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−0.7%
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.
−9.0%
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.
+0.7%
Start year 2020 (pandemic). Over 10 years: +1.6% a year
Revenue growth 17 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.
+2.6%
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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.
−15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.4%
Dividend (yield on the price)0.2%
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.−15% vs −6%, 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.13% → 8%
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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 · 216 stocks
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Is Formosa Sumco Technology Corp (3532) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 853.12 TWD versus a price of 445.00 TWD, about +92% upside (undervalued).
What is the fair value of 3532?
Our model-based fair value for Formosa Sumco Technology Corp is 853.12 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 445.00 TWD.
What is the quality score of 3532?
Formosa Sumco Technology Corp 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 Formosa Sumco Technology Corp (3532)?
Our model-based price target is the fair value of 853.12 TWD (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 853.12 TWD, optimistic scenario 1,067 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Formosa Sumco Technology Corp stock forecast for 2026?
Our models put fair value at 853.12 TWD, about +92% upside versus a price of 445.00 TWD (undervalued). Cautious scenario 853.12 TWD, optimistic scenario 1,067 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Formosa Sumco Technology Corp (3532)?
Formosa Sumco Technology Corp reported trailing-twelve-month revenue of about 12.7B TWD (latest available figure, as of Sep 24, 2026).
Does Formosa Sumco Technology Corp pay a dividend?
Formosa Sumco Technology Corp currently shows a dividend yield of about 0.22% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Formosa Sumco Technology Corp (3532)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formosa Sumco Technology Corp it is 853.12 TWD per share (as of Sep 24, 2026), against a price of 445.00 TWD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Formosa Sumco Technology Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3532 trades below its calculated fair value: price 445.00 TWD, fair value 853.12 TWD, a gap of about +92% (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 3532?
No. The price is what the market pays today (445.00 TWD); the fair value is what the company's own numbers justify (853.12 TWD). For Formosa Sumco Technology Corp the two are 408.12 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Formosa Sumco Technology Corp worth?
The market values Formosa Sumco Technology Corp at about 173B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 445.00 TWD; our models calculate a fair value of 853.12 TWD per share.
What do the bullish and bearish scenarios say about 3532?
Our models span a range for Formosa Sumco Technology Corp: cautious scenario 853.12 TWD, base 853.12 TWD, optimistic 1,067 TWD per share (as of Sep 24, 2026, price 445.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3532?
Formosa Sumco Technology Corp trades at a price-to-earnings ratio of 283.4 (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 853.12 TWD is built from several models across several years. Other multiples: P/B 7.0, P/S 13.7, EV/EBITDA 63.9.
How solid is the balance sheet of Formosa Sumco Technology Corp (3532)?
Balance-sheet figures for Formosa Sumco Technology Corp (as of Sep 24, 2026): return on equity 1.3%, debt of 0.83 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 3532 from its 52-week high?
Formosa Sumco Technology Corp trades at 445.00 TWD, about 27% below its 52-week high of 350.50 TWD and 520% above the low of 71.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 853.12 TWD is for.
Which stocks are comparable to Formosa Sumco Technology Corp?
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 Formosa Sumco Technology Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 445.00 TWD, calculated fair value 853.12 TWD (+92%), Quality Score 41/100, from 11 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 3532 calculated?
We run Formosa Sumco Technology Corp through 11 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 853.12 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 14.1 % above its aggregate fair value. Formosa Sumco Technology Corp currently trades 92 % 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 Formosa Sumco Technology Corp (3532)?
The closing price on Sep 23, 2026 was 445.00 TWD. Our model-based fair value is 853.12 TWD, about +92% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formosa Sumco Technology Corp right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (853.12 TWD). The market is more pessimistic than our downside scenario.
Where does the earnings growth of Formosa Sumco Technology Corp (3532) come from?
Earnings per share at Formosa Sumco Technology Corp grew +6.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.2 %, EBIT margin +4.5 %, tax rate −0.4 %, 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 Formosa Sumco Technology Corp
How large is the market capitalisation of Formosa Sumco Technology Corp (3532)?
The market capitalisation of Formosa Sumco Technology Corp is 173B TWD (≈ $5.4B). 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 Formosa Sumco Technology Corp (3532)?
The price-to-sales ratio of Formosa Sumco Technology Corp is 14.1 (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 Formosa Sumco Technology Corp (3532)?
Earnings per share at Formosa Sumco Technology Corp are 1.57 TWD (price ÷ EPS = P/E 283.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Formosa Sumco Technology Corp (3532)?
The dividend yield of Formosa Sumco Technology Corp is 0.2% (payout 63.7%). 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 Formosa Sumco Technology Corp (3532)?
The net margin of Formosa Sumco Technology Corp is 5.0% (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 Formosa Sumco Technology Corp (3532)?
The return on equity (ROE) of Formosa Sumco Technology Corp is 1.3% (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 Formosa Sumco Technology Corp (3532)?
On an EBIT basis the return on assets of Formosa Sumco Technology Corp is 7.4% (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 Formosa Sumco Technology Corp (3532)?
The operating margin of Formosa Sumco Technology Corp is −3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formosa Sumco Technology Corp (3532)?
Revenue at Formosa Sumco Technology Corp is growing +10.9% versus a year earlier (3y avg −9.0%). 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 Formosa Sumco Technology Corp (3532)?
Earnings per share at Formosa Sumco Technology Corp are growing −22.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Formosa Sumco Technology Corp (3532) generate?
The free cash flow of Formosa Sumco Technology Corp is −1.4B 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 Formosa Sumco Technology Corp (3532) carry?
The net debt of Formosa Sumco Technology Corp is 18.8B TWD (fiscal year 2025). 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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