Formosa Sumco Technology Corp (3532) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Formosa Sumco Technology Corp stock TWD 58.87, price TWD 257, that is 77.0% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 4, 2026.
How to read this chart
60‑month range 62.60 TWD – 523.00 TWD · fair‑value band 47.37 TWD – 64.28 TWD · the 256.50 TWD price screens above the 58.87 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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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.
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Formosa Sumco Technology Corporation was incorporated in 1995 and is based in Taipei, Taiwan.
Stock analysis
Formosa Sumco Technology Corp (3532) currently trades at 256.50 TWD, while our model-based Fair Value estimate is 58.87 TWD, 77% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 44.36 TWD per share, and 0 of the 11 models we run sit above the 256.50 TWD price.
Bear case: the Dividend Discount group reads lowest at 15.86 TWD, and 11 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: 47.37 TWD (bear) to 64.28 TWD (bull), the price of 256.50 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 42/100 (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 99.5B TWD (≈ $3.0B) Mid · P/E ratio 198.8 · P/S ratio 7.49 · EPS (TTM) 1.29 TWD · Dividend yield 0.4% · Net margin 3.8% · Return on equity 2.1% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (low confidence).
What moves the price
The share trades about 51% below its 52-week high and 202% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −2% fair-value upside, at −77%, 3532 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (13.18 TWD to 142.19 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear47.37 TWDFair Value 58.87 TWDBull64.28 TWD
Price 256.50 TWD · Downside -77.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.2479 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.Coverage ⓘCoverage = 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.
Best data coverage
Residual Income38.65 TWD39.58 TWD41.72 TWD76
Gordon GGM12.79 TWD15.61 TWD18.14 TWD69
DDM Multi-Stage12.79 TWD16.10 TWD19.44 TWD67
All 11 models by family
Earnings-Based
Graham-Dodd10.77 TWD19.21 TWD23.65 TWD66
Dividend Discount
Gordon GGM12.79 TWD15.61 TWD18.14 TWD69
DDM Multi-Stage12.79 TWD16.10 TWD19.44 TWD67
Multiples
P/E Multiple33.27 TWD44.36 TWD55.45 TWD63
P/S Multiple20.20 TWD26.93 TWD33.67 TWD58
P/B Multiple106.64 TWD142.19 TWD177.74 TWD55
EV/EBITn/a13.18 TWD28.59 TWD61
EV/EBITDA58.16 TWD93.70 TWD129.23 TWD66
Asset-Based
NCAV (Graham)31.85 TWD42.68 TWD63.70 TWD54
Economic Profit
Residual Income38.65 TWD39.58 TWD41.72 TWD76
Growth Earnings
Growth-Adj P/E23.27 TWD33.25 TWD43.22 TWD67
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.
−15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.4%
Dividend (yield on the price)0.4%
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.−15.4% vs −5.6%, 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 · 235 stocks
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.
Is Formosa Sumco Technology Corp (3532) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 58.87 TWD versus a price of 256.50 TWD, about 77% lower (overvalued).
What is the fair value of 3532?
Our model-based fair value for Formosa Sumco Technology Corp is 58.87 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 256.50 TWD.
What is the quality score of 3532?
Formosa Sumco Technology Corp has a Quality Score of 42/100. 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 58.87 TWD (as of Nov 4, 2026) from 11 valuation models. Cautious scenario 47.37 TWD, optimistic scenario 64.28 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 58.87 TWD, about 77% lower versus a price of 256.50 TWD (overvalued). Cautious scenario 47.37 TWD, optimistic scenario 64.28 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 13.3B TWD (latest available figure, as of Nov 4, 2026).
Does Formosa Sumco Technology Corp pay a dividend?
Formosa Sumco Technology Corp currently shows a dividend yield of 0.39% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Formosa Sumco Technology Corp (3532) and when is the ex-dividend date?
Formosa Sumco Technology Corp pays a dividend of 1.00 TWD per share a year, a dividend yield of 0.4%. The last ex-dividend date was Jul 14, 2026. The payout ratio is 77.5% of earnings. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
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 58.87 TWD per share (as of Nov 4, 2026), against a price of 256.50 TWD. It is the blended result of 11 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Formosa Sumco Technology Corp stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 3532 trades above its calculated fair value: price 256.50 TWD, fair value 58.87 TWD, a gap of about −77% (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 3532?
No. The price is what the market pays today (256.50 TWD); the fair value is what the company's own numbers justify (58.87 TWD). For Formosa Sumco Technology Corp the two are 197.63 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 99.5B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 256.50 TWD; our models calculate a fair value of 58.87 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 47.37 TWD, base 58.87 TWD, optimistic 64.28 TWD per share (as of Nov 4, 2026, price 256.50 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 198.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 58.87 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 25.3. Other multiples: P/B 4.0, P/S 7.5, EV/EBITDA 35.6.
How solid is the balance sheet of Formosa Sumco Technology Corp (3532)?
Balance-sheet figures for Formosa Sumco Technology Corp (as of Nov 4, 2026): return on equity 2.1%, debt of 0.83 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 3532 from its 52-week high?
Formosa Sumco Technology Corp trades at 256.50 TWD, about 51% below its 52-week high of 523.00 TWD and 202% above the low of 85.00 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 58.87 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 Nov 4, 2026: price 256.50 TWD, calculated fair value 58.87 TWD (−77%), Quality Score 42/100, 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 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 58.87 TWD builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Formosa Sumco Technology 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 Formosa Sumco Technology Corp (3532)?
The closing price on Nov 6, 2026 was 256.50 TWD. Our model-based fair value is 58.87 TWD, about 77% lower (overvalued). 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 price sits above even our optimistic bull case (64.28 TWD). The favourable scenario is already priced in. Weak quality (42/100) 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.
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 99.5B TWD (≈ $3.0B). 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 7.49 (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 Formosa Sumco Technology Corp (3532)?
Earnings per share at Formosa Sumco Technology Corp are 1.29 TWD (price ÷ EPS = P/E 198.8). 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 0.4% (payout 77.5%). 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 Formosa Sumco Technology Corp (3532)?
The net margin of Formosa Sumco Technology Corp is 3.8% (last twelve months). 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 2.1% (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 2.6% (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 +20.6% 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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Thin data
Nov 4, 2026