United Orthopedic (4129) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of United Orthopedic TWD 114, price TWD 82.30, upside +39.0%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
United Orthopedic (4129) currently trades at 82.30 TWD, while our model-based Fair Value estimate is 114.36 TWD, implying the stock looks roughly 28.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 146.62 TWD per share, and 17 of the 24 models we run sit above the 82.30 TWD price.
Bear case: the Asset-Based group reads lowest at 28.48 TWD, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 55.51 TWD (bear) to 150.19 TWD (bull), the price of 82.30 TWD sits inside 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 60/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
United Orthopedic 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. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 8.8B TWD (≈ $277M) · P/E ratio 14.5 · P/S ratio 1.44 · EPS (TTM) 5.67 TWD · Dividend yield 5.5% · Net margin 9.9% · Return on equity 11.0% · Return on assets (EBIT) 7.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (medium confidence).
What moves the price
The share trades about 34% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at 39%, 4129 screens cheaper than that median.
Fair Value models
Bear 55.51 TWDFair Value 114.36 TWDBull 150.19 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 (0.8591 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.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+21.5%
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.
+21.4%
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.
+19.2%
Start year 2020 (pandemic). Over 10 years: +15.0% a year
Revenue growth 10 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.
+15.0%
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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. Basis: EBIT basis. 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.
+55.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+49.7%
Dividend (yield on the price)5.5%
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.42% vs 11%, 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.4% → 13%
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.
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).
+25.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +23.7% a year for the price.
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.Medical Devices · 365 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+38% · Top 25%
Profitability
Return on equity (TTM)11% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth15% · Above median
Dividend yield (TTM)5.5% · Top 25%
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Medical Devices median · lower = cheaper
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). "United Orthopedic Fair Value". https://www.fairvalue-calculator.com/stock/4129
Frequently asked questions
Is United Orthopedic (4129) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 114.36 TWD versus a price of 82.30 TWD, about +39% upside (undervalued).
What is the fair value of 4129?
Our model-based fair value for United Orthopedic is 114.36 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 82.30 TWD.
What is the quality score of 4129?
United Orthopedic 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 price target for United Orthopedic (4129)?
Our model-based price target is the fair value of 114.36 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 55.51 TWD, optimistic scenario 150.19 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the United Orthopedic stock forecast for 2026?
Our models put fair value at 114.36 TWD, about +39% upside versus a price of 82.30 TWD (undervalued). Cautious scenario 55.51 TWD, optimistic scenario 150.19 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of United Orthopedic (4129)?
United Orthopedic reported trailing-twelve-month revenue of about 5.9B TWD (latest available figure, as of Sep 24, 2026).
Does United Orthopedic pay a dividend?
United Orthopedic currently shows a dividend yield of about 5.47% relative to its recent price (as of Sep 24, 2026).
What growth is priced into United Orthopedic (4129)?
For today's price to be fair in a discounted-cash-flow model, United Orthopedic would have to grow free cash flow by +25.7 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4129 use?
Our models discount United Orthopedic at 11.8 %: a base by market capitalisation (micro), damped by beta 0.36, 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 United Orthopedic that is +25.7 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has United Orthopedic (4129) delivered so far?
Over the past 5 years revenue at United Orthopedic grew +19.2 % a year. The price currently implies +25.7 % 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 United Orthopedic (4129) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into United Orthopedic (+25.7 % 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 United Orthopedic (4129)?
The free-cash-flow yield on the price is 3.33 %: that much free cash flow United Orthopedic produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Orthopedic (4129)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Orthopedic it is 114.36 TWD per share (as of Sep 24, 2026), against a price of 82.30 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is United Orthopedic stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4129 trades below its calculated fair value: price 82.30 TWD, fair value 114.36 TWD, a gap of about +39% (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 4129?
No. The price is what the market pays today (82.30 TWD); the fair value is what the company's own numbers justify (114.36 TWD). For United Orthopedic the two are 32.06 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is United Orthopedic worth?
The market values United Orthopedic at about 8.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 82.30 TWD; our models calculate a fair value of 114.36 TWD per share.
What do the bullish and bearish scenarios say about 4129?
Our models span a range for United Orthopedic: cautious scenario 55.51 TWD, base 114.36 TWD, optimistic 150.19 TWD per share (as of Sep 24, 2026, price 82.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4129?
United Orthopedic trades at a price-to-earnings ratio of 14.5 (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 114.36 TWD is built from several models across several years. Other multiples: P/B 2.2, P/S 1.5, EV/EBITDA 7.6.
How solid is the balance sheet of United Orthopedic (4129)?
Balance-sheet figures for United Orthopedic (as of Sep 24, 2026): return on equity 11.0%, debt of 0.20 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 4129 from its 52-week high?
United Orthopedic trades at 82.30 TWD, about 34% below its 52-week high of 124.57 TWD and 1% above the low of 81.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 114.36 TWD is for.
Which stocks are comparable to United Orthopedic?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, Boston Scientific 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 United Orthopedic stock attractive at the current price?
The data as of Sep 24, 2026: price 82.30 TWD, calculated fair value 114.36 TWD (+39%), Quality Score 60/100, from 24 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 4129 calculated?
We run United Orthopedic through 24 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 114.36 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 13.2 % above its aggregate fair value. United Orthopedic currently trades 39 % 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 United Orthopedic (4129)?
The closing price on Sep 24, 2026 was 82.30 TWD. Our model-based fair value is 114.36 TWD, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Orthopedic right now?
The model range is unusually wide (55.51 TWD to 150.19 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of United Orthopedic
How large is the market capitalisation of United Orthopedic (4129)?
The market capitalisation of United Orthopedic is 8.8B TWD (≈ $277M). 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 United Orthopedic (4129)?
The price-to-sales ratio of United Orthopedic is 1.44 (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 United Orthopedic (4129)?
Earnings per share at United Orthopedic are 5.67 TWD (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Orthopedic (4129)?
The dividend yield of United Orthopedic is 5.5% (payout 79.4%). 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 United Orthopedic (4129)?
The net margin of United Orthopedic is 9.9% (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 United Orthopedic (4129)?
The return on equity (ROE) of United Orthopedic is 11.0% (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 United Orthopedic (4129)?
On an EBIT basis the return on assets of United Orthopedic is 7.2% (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 United Orthopedic (4129)?
The operating margin of United Orthopedic is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Orthopedic (4129)?
Revenue at United Orthopedic is growing +15.2% versus a year earlier (3y avg +21.4%). 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 United Orthopedic (4129)?
Earnings per share at United Orthopedic are growing −55.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does United Orthopedic (4129) carry?
The net debt of United Orthopedic is 1.2B TWD (fiscal year 2025, ≈ 4.4 yrs of FCF). 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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