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United Orthopedic Corporation (4129) Fair Value & Analysis

Healthcare · TW · Market cap 8.8B TWD

UO United Orthopedic Corporation 4129 · TWO
Price86.00 TWD
Fair Value117.73 TWD
Upside+36.9%
Quality60/100
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Mixed Growth
Thin margins · 7.9% net margin
Low debt · generates free cash flow
4.95% dividend yield
Ranks above peers (12/14)
Moderate moat 54/100
Evidence: High Range 67.20 TWD – 154.33 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −1.9% over the past month.

A solid business, screening 37% undervalued on our models.

What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (67.20 TWD to 154.33 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

124.57 TWD 23.48 TWD Fair Value 117.73 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 23.48 TWD – 124.57 TWD · fair‑value band 67.20 TWD – 154.33 TWD · the 86.00 TWD price screens below the 117.73 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

United Orthopedic Corporation (4129) currently trades at 86.00 TWD, while our model-based Fair Value estimate is 117.73 TWD, implying the stock looks roughly 36.9% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, United Orthopedic Corporation generated revenue of 5.9B TWD at a net margin of 7.9%. Revenue grew 15.2% year over year. It earns a return on equity of 11.0%. Net debt stands at 1.2B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 67.20 TWD (bear case) to 154.33 TWD (bull case); at 86.00 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -22% fair-value upside, at 37%, 4129 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 35.15 TWD 71.96 TWD 128.90 TWD 80
Residual Income 40.52 TWD 50.26 TWD 117.64 TWD 76
Rev-Margin DCF 59.32 TWD 120.47 TWD 207.49 TWD 74
All 24 models by family
DCF Models
FCF DCF 36.44 TWD 65.64 TWD 139.06 TWD 38
Owner Earnings 47.29 TWD 98.30 TWD 194.87 TWD 31
5Y Revenue Exit 59.32 TWD 124.11 TWD 219.29 TWD 39
5Y EBITDA Exit 101.85 TWD 220.08 TWD 381.69 TWD 41
5Y P/E Exit 73.69 TWD 156.53 TWD 259.96 TWD 38
10Y Revenue Exit 49.01 TWD 108.86 TWD 210.25 TWD 36
10Y EBITDA Exit 80.21 TWD 181.34 TWD 360.72 TWD 37
10Y P/E Exit 61.24 TWD 133.35 TWD 251.77 TWD 35
Earnings-Based
Graham-Dodd 39.66 TWD 243.41 TWD 339.62 TWD 54
Lynch FV 69.78 TWD 99.68 TWD 129.59 TWD 50
PEG = 1.0 69.78 TWD 99.68 TWD 129.59 TWD 46
EPV 56.49 TWD 65.66 TWD 73.57 TWD 59
Multiples
P/E Multiple 96.24 TWD 128.32 TWD 160.40 TWD 63
P/S Multiple 74.37 TWD 99.16 TWD 123.95 TWD 58
P/B Multiple 74.37 TWD 99.16 TWD 123.95 TWD 55
EV/EBIT 95.84 TWD 128.31 TWD 160.78 TWD 53
EV/EBITDA 137.33 TWD 183.62 TWD 229.91 TWD 54
EV/Revenue 67.96 TWD 97.75 TWD 127.55 TWD 43
Asset-Based
NCAV (Graham) 21.25 TWD 28.48 TWD 42.51 TWD 50
Growth DCF
Growth DCF 35.15 TWD 71.96 TWD 128.90 TWD 80
Rev-Margin DCF 59.32 TWD 120.47 TWD 207.49 TWD 74
Economic Profit
Residual Income 40.52 TWD 50.26 TWD 117.64 TWD 76
ROIC Compounder 64.96 TWD 93.76 TWD 121.09 TWD 72
Growth Earnings
Growth-Adj P/E 102.64 TWD 146.62 TWD 190.61 TWD 68

Widest divergence: Growth Earnings (146.62 TWD) versus Asset-Based (28.48 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.9B TWD
Revenue growth (YoY) +15.2%
Net margin 7.9%
Return on equity 11.0%
Free cash flow 265M TWD FY2025
P/E ratio 15.9
More key figures
Operating margin 7.9%
EPS (TTM) 5.67 TWD
Dividend yield 5.0%
EPS growth (YoY) -55.0%
Net debt 1.2B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 40

Profitability 61
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 66
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

United Orthopedic Corporation engages in the research, development, manufacture, and sale of orthopedic implants and surgical equipment in Taiwan, Asia, America, Europe, Africa, and Oceania.

Full company description

United Orthopedic Corporation engages in the research, development, manufacture, and sale of orthopedic implants and surgical equipment in Taiwan, Asia, America, Europe, Africa, and Oceania. The company offers artificial hip joints, partial hip joints, joints for large trochanteric fractures, Moore hip prostheses, and customized artificial hip joints for individual tumor patients; artificial knee joints, including artificial knee replacement joints, revision knee replacement systems, restricted artificial knee joints, and customized artificial knee joints for individual tumor patients; spinal products comprising vertebral fixation devices; injury and other orthopedic products that consist of orthopedic internal fixation, bone plates, bone nails, bone pins, and bone screws and products; and OEM products, such as orthopedic internal fixation. It also provides its manufacturing equipment, as well as special metal and plastic materials. The company was incorporated in 1993 and is headquartered in New Taipei City, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Orthopedic Corporation reported revenue of 5.7B TWD in FY2025 versus 2.6B TWD in FY2021, a compound +21.8%/yr. Reported net income was 562M TWD in FY2025, compounding +81.1%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
5.7B TWD
Latest YoY
+21.5%
Avg. growth/yr (3Y) 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.
+21.4%
Avg. growth/yr (5Y) 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.
+19.2%
Avg. growth/yr (10Y) 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.
+15.0%
Revenue +21.8%/yr
FY21 2.6B TWD
FY22 3.2B TWD
FY23 3.9B TWD
FY24 4.7B TWD
FY25 5.7B TWD
Net income +81.1%/yr
FY21 52.3M TWD
FY22 222M TWD
FY23 384M TWD
FY24 456M TWD
FY25 562M TWD

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Cite: Fair Value Calculator (2026). "United Orthopedic Corporation Fair Value". https://www.fairvalue-calculator.com/stock/4129

Peer Group

Medical Devices · 352 stocks

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.

Quality Score 60 · Above median
Fair Value upside +37% · Top 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 15% · Above median
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.20× · Higher than median

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 16.1× · Cheaper than 75% of peers
P/B 2.15× · Pricier than median
P/S (TTM) 1.51× · Cheaper than median
P/FCF 1.0× · Cheaper than 75% of peers
EV/EBITDA 7.6× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 83 · sector 0
FUTURE 76 · sector 29
PAST 44 · sector 8
HEALTH 90 · sector 97
DIVIDEND 99 · sector 38

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $100.68 $74.79 -26%
Stryker Corporation SYK $316.44 $186.28 -41%
Medtronic plc MDT $83.56 $65.57 -22%
Boston Scientific Corporation BSX $43.04 $38.44 -11%
Edwards Lifesciences Corporation EW $85.73 $41.02 -52%
Siemens Healthineers AG SHL €34.59 €33.87 -2%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥149.43 ¥147.63 -1%
Shanghai United Imaging Healthcare Co 688271 ¥109.00 ¥43.60 -60%
Demant A/S DEMANT kr 276.60 kr 161.17 -42%
Getinge AB GETIB kr 206.80 kr 192.14 -7%

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Frequently asked questions

Is United Orthopedic Corporation (4129) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 117.73 TWD versus a price of 86.00 TWD, about +37% (undervalued).
What is the fair value of 4129?
Our model-based fair value for United Orthopedic Corporation is 117.73 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 86.00 TWD.
What is the quality score of 4129?
United Orthopedic Corporation has a Quality Score of 60/100. 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 revenue of United Orthopedic Corporation (4129)?
United Orthopedic Corporation reported trailing-twelve-month revenue of about 5.9B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4129?
The net profit margin of United Orthopedic Corporation is about 7.9%, meaning it keeps roughly 7.9% of revenue as net income. Based on the latest reported figures.
Does United Orthopedic Corporation pay a dividend?
United Orthopedic Corporation currently shows a dividend yield of about 5.02% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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