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Data-driven stock valuation

Zen Voce (3581) fair value: what the stock is really worth

As of Oct 21, 2026: fair value (intrinsic value) of Zen Voce stock TWD 11.16, price TWD 106, upside -89.4%, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · TW · ISIN TW0003581005

ZV Zen Voce logo Thin data Oct 21, 2026

Zen Voce

3581 · TWO

Stretched ValuationStrong overvaluation with only moderate quality.

Our calculation puts a fair price 89% below what the stock costs today.

Quality 61/100
Low debt
Expensive Growth (revenue 5y +5.5 %/yr in TWD)
Thin margins · 6.8% net margin (TTM)
Mixed vs. peers (6/13)
Fair value 11.16 TWD · Strongly overvalued (−89.4%)
Negative free cash flow
Narrow moat 40/100
Thin data
Structural break⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

278.75 TWD 17.17 TWD Fair Value 11.16 TWD May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 21, 2026.

How to read this chart

60‑month range 17.17 TWD – 278.75 TWD · fair‑value band 10.68 TWD – 11.54 TWD · the 105.50 TWD price screens above the 11.16 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 21, 2026.

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Company profile

Zen Voce Corporation manufactures, processes, maintains, and sells semiconductor packaging and testing equipment and fixtures in Taiwan, the United States, China, Singapore, and internationally.

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The company engages in the design and manufacturing of equipment, including IC packaging machines and bumping products, wafer cutting and cleaning machines, and board cutting and cleaning machines; and test products, such as wafer test probe card PCBs, IC test HIFIX and CHANG kits, SOCKET IC test products, IC handlers, and SOCKET IC burn-in test products.

It also offers wafer and packaging dicing equipment, solder ball mounting equipment, consumables and accessories, logical and memory applications, and burn-ins; and optoelectronic assembly testing products.

In addition, the company acts as an agent for semiconductor burn-in test connectors, MEMS equipment, solar equipment, and LCD inspection equipment. It exports its products. The company serves semiconductor, optoelectronics, microelectronics, and LCD equipment industries.

Zen Voce Corporation was founded in 1999 and is headquartered in Hsinchu City, Taiwan.

Stock analysis

Zen Voce (3581) currently trades at 105.50 TWD, while our model-based Fair Value estimate is 11.16 TWD, 89.4% 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 22.55 TWD per share, and 0 of the 14 models we run sit above the 105.50 TWD price.

Bear case: the DCF Models group reads lowest at 9.12 TWD, and 14 of the 14 models stay below the price. Data coverage for this calculation is low.

Scenario range: 10.68 TWD (bear) to 11.54 TWD (bull), the price of 105.50 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 61/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Zen Voce reported revenue of 1.6B TWD in FY2025 versus 1.3B TWD in FY2021, a compound +4.7%/yr. Reported net income was 41.1M TWD in FY2025, compounding −21.4%/yr from FY2021.

Key figures

Market cap 5.3B TWD (≈ $163M) Micro · P/E ratio 45.1 · P/S ratio 3.06 · EPS (TTM) 2.34 TWD · Net margin 6.8% · Return on equity 16.8% · Return on assets (EBIT) 5.8% · Operating margin 6.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (medium confidence).

What moves the price

The share trades about 62% below its 52-week high and 113% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −10% fair-value upside, at −89%, 3581 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (3.55 TWD to 88.82 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 10.68 TWD Fair Value 11.16 TWD Bull 11.54 TWD
Price 105.50 TWD · Upside -89.4%
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 (1.89 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
Owner Earnings 8.44 TWD 9.12 TWD 9.85 TWD 77
EPV 10.68 TWD 11.16 TWD 11.54 TWD 73
Residual Income 10.87 TWD 10.19 TWD 9.90 TWD 71
All 14 models by family
DCF Models
Owner Earnings 8.44 TWD 9.12 TWD 9.85 TWD 77
Earnings-Based
Graham-Dodd 5.48 TWD 13.64 TWD 17.68 TWD 65
PEG = 1.0 2.49 TWD 3.55 TWD 4.62 TWD 57
EPV 10.68 TWD 11.16 TWD 11.54 TWD 73
Multiples
P/E Multiple 16.91 TWD 22.55 TWD 28.18 TWD 63
P/S Multiple 10.27 TWD 13.69 TWD 17.11 TWD 57
P/B Multiple 66.62 TWD 88.82 TWD 111.03 TWD 55
EV/EBIT 22.92 TWD 29.84 TWD 36.77 TWD 65
EV/EBITDA 20.82 TWD 27.04 TWD 33.26 TWD 67
EV/Revenue 12.65 TWD 17.15 TWD 21.65 TWD 53
Asset-Based
NCAV (Graham) 9.59 TWD 14.53 TWD 18.16 TWD 54
Economic Profit
Residual Income 10.87 TWD 10.19 TWD 9.90 TWD 71
ROIC Compounder 10.68 TWD 11.16 TWD 11.54 TWD 71
Growth Earnings
Growth-Adj P/E 12.77 TWD 18.24 TWD 23.71 TWD 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 61/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 61
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 84
Debt, balance sheet and risk of trouble
Investment 98
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Momentum 45
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 62
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.9%
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.
+1.3%
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.
+5.5%
Start year 2020 (pandemic). Over 10 years: +6.6% 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.
+4.1%
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.
−11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.7%
Dividend (yield on the price)0.0%
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.15% → 8%

3581 screens overvalued: fair value 89% below the price. Compare with NVIDIA Corporation →

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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 · 345 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 61 · Above median
Fair Value upside −89.4% · Bottom 25%
Profitability
Return on equity (12 months) 16.8% · Above median
Return on assets 4.3% · Above median
Net margin (12 months) 14.4% · Above median
Operating margin (12 months) 6.1% · Below median
Growth and dividend
Revenue growth (quarter YoY) 47.0% · Top 25%
Dividend yield (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/E (12 months) 45.1× · Pricier than median
P/B 6.01× · Pricier than median
P/S (12 months) 6.42× · Pricier than median
EV/EBITDA 68.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 93
PAST (return on equity)67 · sector 29
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 18

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Micron Technology, Inc MU $896.07 $1,770 +98% vs 3581
SK hynix Inc 000660 1,223,000 KRW 1,453,074 KRW +19% vs 3581
Taiwan Semiconductor Manufacturing Company TSM $425.08 $467.59 +10% vs 3581
NVIDIA Corporation NVDA $216.47 $198.56 −8% vs 3581
Broadcom Inc AVGO $334.37 $300.84 −10% vs 3581
Marvell Technology, Inc MRVL $240.42 $101.64 −58% vs 3581
Intel Corporation INTC $91.69 $33.67 −63% vs 3581
Texas Instruments Incorporated TXN $276.15 $81.34 −71% vs 3581
Advanced Micro Devices, Inc AMD $534.74 $148.70 −72% vs 3581
Arm Holdings ARM $228.05 $45.16 −80% vs 3581

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Zen Voce · Fair Value
11.16 TWD −89%Fair Value
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Cite: Fair Value Calculator (2026). "Zen Voce Fair Value". https://www.fairvalue-calculator.com/stock/3581

Frequently asked questions

Is Zen Voce (3581) overvalued or undervalued?
As of Oct 21, 2026, our model estimates a fair value of 11.16 TWD versus a price of 105.50 TWD, about −89% upside (overvalued).
What is the fair value of 3581?
Our model-based fair value for Zen Voce is 11.16 TWD (as of Oct 21, 2026), built from audited fundamentals. The current price: 105.50 TWD.
What is the quality score of 3581?
Zen Voce has a Quality Score of 61/100. 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 Zen Voce (3581)?
Our model-based price target is the fair value of 11.16 TWD (as of Oct 21, 2026) from 14 valuation models. Cautious scenario 10.68 TWD, optimistic scenario 11.54 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Zen Voce stock forecast for 2026?
Our models put fair value at 11.16 TWD, about −89% upside versus a price of 105.50 TWD (overvalued). Cautious scenario 10.68 TWD, optimistic scenario 11.54 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Zen Voce (3581)?
Zen Voce reported trailing-twelve-month revenue of about 1.8B TWD (latest available figure, as of Oct 21, 2026).
What is the intrinsic value of Zen Voce (3581)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zen Voce it is 11.16 TWD per share (as of Oct 21, 2026), against a price of 105.50 TWD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Zen Voce stock overvalued or undervalued in 2026?
As of Oct 21, 2026, 3581 trades above its calculated fair value: price 105.50 TWD, fair value 11.16 TWD, a gap of about −89% (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 3581?
No. The price is what the market pays today (105.50 TWD); the fair value is what the company's own numbers justify (11.16 TWD). For Zen Voce the two are 94.34 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Zen Voce worth?
The market values Zen Voce at about 5.3B TWD (market capitalisation, as of Oct 21, 2026). Per share that is 105.50 TWD; our models calculate a fair value of 11.16 TWD per share.
What do the bullish and bearish scenarios say about 3581?
Our models span a range for Zen Voce: cautious scenario 10.68 TWD, base 11.16 TWD, optimistic 11.54 TWD per share (as of Oct 21, 2026, price 105.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3581?
Zen Voce trades at a price-to-earnings ratio of 45.1 (as of Oct 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 11.16 TWD is built from several models across several years. Other multiples: P/B 6.0, P/S 6.4, EV/EBITDA 68.9.
How solid is the balance sheet of Zen Voce (3581)?
Balance-sheet figures for Zen Voce (as of Oct 21, 2026): return on equity 16.8%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 3581 from its 52-week high?
Zen Voce trades at 105.50 TWD, about 62% below its 52-week high of 278.75 TWD and 113% above the low of 49.58 TWD (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of 11.16 TWD is for.
Which stocks are comparable to Zen Voce?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron 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 Zen Voce stock attractive at the current price?
The data as of Oct 21, 2026: price 105.50 TWD, calculated fair value 11.16 TWD (−89%), Quality Score 61/100, from 14 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 3581 calculated?
We run Zen Voce through 14 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 11.16 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 13.6 % above its aggregate fair value. Zen Voce 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 Zen Voce (3581)?
The closing price on Oct 21, 2026 was 105.50 TWD. Our model-based fair value is 11.16 TWD, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zen Voce right now?
The price sits above even our optimistic bull case (11.54 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (10.68 TWD to 11.54 TWD), unusually little disagreement for a valuation.

Key figures of Zen Voce

How large is the market capitalisation of Zen Voce (3581)?
The market capitalisation of Zen Voce is 5.3B TWD (≈ $163M). 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 Zen Voce (3581)?
The price-to-sales ratio of Zen Voce is 3.06 (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 Zen Voce (3581)?
Earnings per share at Zen Voce are 2.34 TWD (price ÷ EPS = P/E 45.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zen Voce (3581)?
The net margin of Zen Voce is 6.8% (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 Zen Voce (3581)?
The return on equity (ROE) of Zen Voce is 16.8% (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 Zen Voce (3581)?
On an EBIT basis the return on assets of Zen Voce is 5.8% (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 Zen Voce (3581)?
The operating margin of Zen Voce is 6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zen Voce (3581)?
Revenue at Zen Voce is growing +47.0% versus a year earlier (3y avg +1.3%). 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 Zen Voce (3581)?
Earnings per share at Zen Voce are growing +12.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zen Voce (3581) generate?
The free cash flow of Zen Voce is −28.6M 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 Zen Voce (3581) hold?
Zen Voce holds more cash than debt, 233M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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