MPI Corporation (6223) fair value: what the stock is really worth
As of Oct 16, 2026: fair value of MPI Corporation TWD 739, price TWD 5,205, upside -85.8%, quality 55 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range 68.05 TWD – 7,355 TWD · fair‑value band 517.05 TWD – 960.24 TWD · the 5,205 TWD price screens above the 738.64 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
Follow MPI in your weekly email
Every Wednesday you see whether MPI is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
MPI Corporation, together with its subsidiaries, manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally.
Show moreShow less
It offers probe cards comprising cantilever, kestrel, FCB, EVS, and osprey probe cards. The company also provides probe systems, RF and high-power characterization platforms, photonics automation, high bandwidth memory test, and thermal technologies.
In addition, it offers celadon systems, including multiprobe, high performance cables, production wafer level burn-in, 3KV high voltage test, cryogenic, multisite testing-rail system, parametric test, wafer level reliability and burn-in, and modeling and characterization services.
Further, the company provides MPI Thermal Cycling Test Systems for semiconductor, automotive, aerospace/defence, electronic test, fiber optics, advanced technology telecommunications, and sensors; and accessories, such as thermal end effectors, hi-temp silicon insulation foam rubber and non-conductive shrouds, thermal glass caps, flex-hose extenders in a range of lengths, and hood and clamshell style thermal test chamber.
It serves automotive, datacenters, aerospace, and emerging computing platforms. MPI Corporation was incorporated in 1995 and is headquartered in Zhubei, Taiwan.
Stock analysis
MPI Corporation (6223) currently trades at 5,205 TWD, while our model-based Fair Value estimate is 738.64 TWD, 85.8% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of 738.64 TWD per share, and 0 of the 17 models we run sit above the 5,205 TWD price.
Bear case: the Asset-Based group reads lowest at 99.69 TWD, and 17 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: 517.05 TWD (bear) to 960.24 TWD (bull), the price of 5,205 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 55/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
MPI Corporation reported revenue of 13.4B TWD in FY2025 versus 6.5B TWD in FY2021, a compound +19.7%/yr. Reported net income was 3.2B TWD in FY2025, compounding +46.3%/yr from FY2021.
Key figures
Market cap 494B TWD (≈ $15.2B) · P/E ratio 110.5 · P/S ratio 26.2 · EPS (TTM) 47.11 TWD · Dividend yield 0.4% · Net margin 23.8% · Return on equity 36.2% · Return on assets (EBIT) 12.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 204% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −25% fair-value upside, at −86%, 6223 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (61.26 TWD to 1,047 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear517.05 TWDFair Value 738.64 TWDBull960.24 TWD
Price 5,205 TWD · Upside -85.8%
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 10 months old). Earnings retained since then (19.88 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 Earnings52.45 TWD61.26 TWD76.73 TWD78
EPV371.40 TWD426.32 TWD474.38 TWD74
Residual Income203.76 TWD283.72 TWD546.37 TWD72
All 17 models by family
DCF Models
Owner Earnings52.45 TWD61.26 TWD76.73 TWD78
Earnings-Based
Graham-Dodd220.46 TWD1,047 TWD1,441 TWD64
Lynch FV278.46 TWD397.81 TWD517.15 TWD61
PEG = 1.0278.46 TWD397.81 TWD517.15 TWD57
EPV371.40 TWD426.32 TWD474.38 TWD74
Dividend Discount
Gordon GGM61.81 TWD128.52 TWD203.89 TWD66
DDM Multi-Stage61.81 TWD108.37 TWD134.89 TWD66
Multiples
P/E Multiple680.84 TWD907.79 TWD1,135 TWD63
P/S Multiple413.37 TWD551.16 TWD688.95 TWD58
P/B Multiple413.37 TWD551.16 TWD688.95 TWD55
EV/EBIT733.90 TWD964.58 TWD1,195 TWD66
EV/EBITDA669.96 TWD879.34 TWD1,089 TWD67
EV/Revenue391.72 TWD541.66 TWD691.61 TWD54
Asset-Based
NCAV (Graham)74.39 TWD99.69 TWD148.79 TWD54
Economic Profit
Residual Income203.76 TWD283.72 TWD546.37 TWD72
ROIC Compounder412.76 TWD528.93 TWD671.93 TWD72
Growth Earnings
Growth-Adj P/E517.05 TWD738.64 TWD960.24 TWD67
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+31.5%
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.
+21.6%
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.
+17.7%
Start year 2020 (pandemic). Over 10 years: +12.8% a year
Revenue growth 16 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.
+14.3%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+37.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+37.0%
Dividend (yield on the price)0.4%
Per share before 2009divided by the spin-off factor 1.03
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.35.3% vs 18.5%, 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.15% → 28%
2025 sits 142% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 226 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.
Cite: Fair Value Calculator (2026). "MPI Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6223
Frequently asked questions
Is MPI Corporation (6223) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of 738.64 TWD versus a price of 5,205 TWD, about −86% upside (overvalued).
What is the fair value of 6223?
Our model-based fair value for MPI Corporation is 738.64 TWD (as of Oct 13, 2026), built from audited fundamentals. The current price: 5,205 TWD.
What is the quality score of 6223?
MPI Corporation has a Quality Score of 55/100. 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 MPI Corporation (6223)?
Our model-based price target is the fair value of 738.64 TWD (as of Oct 13, 2026) from 17 valuation models. Cautious scenario 517.05 TWD, optimistic scenario 960.24 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the MPI Corporation stock forecast for 2026?
Our models put fair value at 738.64 TWD, about −86% upside versus a price of 5,205 TWD (overvalued). Cautious scenario 517.05 TWD, optimistic scenario 960.24 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of MPI Corporation (6223)?
MPI Corporation reported trailing-twelve-month revenue of about 16.4B TWD (latest available figure, as of Oct 13, 2026).
Does MPI Corporation pay a dividend?
MPI Corporation currently shows a dividend yield of about 0.42% relative to its recent price (as of Oct 13, 2026).
What is the intrinsic value of MPI Corporation (6223)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MPI Corporation it is 738.64 TWD per share (as of Oct 13, 2026), against a price of 5,205 TWD. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is MPI Corporation stock overvalued or undervalued in 2026?
As of Oct 13, 2026, 6223 trades above its calculated fair value: price 5,205 TWD, fair value 738.64 TWD, a gap of about −86% (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 6223?
No. The price is what the market pays today (5,205 TWD); the fair value is what the company's own numbers justify (738.64 TWD). For MPI Corporation the two are 4,466 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is MPI Corporation worth?
The market values MPI Corporation at about 494B TWD (market capitalisation, as of Oct 13, 2026). Per share that is 5,205 TWD; our models calculate a fair value of 738.64 TWD per share.
What do the bullish and bearish scenarios say about 6223?
Our models span a range for MPI Corporation: cautious scenario 517.05 TWD, base 738.64 TWD, optimistic 960.24 TWD per share (as of Oct 13, 2026, price 5,205 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6223?
MPI Corporation trades at a price-to-earnings ratio of 110.5 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 738.64 TWD is built from several models across several years. Other multiples: P/B 33.9, P/S 30.1, EV/EBITDA 87.5.
How solid is the balance sheet of MPI Corporation (6223)?
Balance-sheet figures for MPI Corporation (as of Oct 13, 2026): return on equity 36.2%, debt of 0.09 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 6223 from its 52-week high?
MPI Corporation trades at 5,205 TWD, about 29% below its 52-week high of 7,355 TWD and 204% above the low of 1,714 TWD (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of 738.64 TWD is for.
Which stocks are comparable to MPI Corporation?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, 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 MPI Corporation stock attractive at the current price?
The data as of Oct 13, 2026: price 5,205 TWD, calculated fair value 738.64 TWD (−86%), Quality Score 55/100, from 17 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 6223 calculated?
We run MPI Corporation through 17 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 738.64 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 13.8 % above its aggregate fair value. MPI Corporation 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 MPI Corporation (6223)?
The closing price on Oct 16, 2026 was 5,205 TWD. Our model-based fair value is 738.64 TWD, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MPI Corporation right now?
The price sits above even our optimistic bull case (960.24 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 (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (517.05 TWD to 960.24 TWD) leaves room in how you read the outcome.
Where does the earnings growth of MPI Corporation (6223) come from?
Earnings per share at MPI Corporation grew +10.8 % a year from 2012 to 2023. Broken into its drivers: revenue per share +7.1 %, EBIT margin +4.0 %, tax rate −0.3 %, 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 MPI Corporation
How large is the market capitalisation of MPI Corporation (6223)?
The market capitalisation of MPI Corporation is 494B TWD (≈ $15.2B). 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 MPI Corporation (6223)?
The price-to-sales ratio of MPI Corporation is 26.2 (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 MPI Corporation (6223)?
Earnings per share at MPI Corporation are 47.11 TWD (price ÷ EPS = P/E 110.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MPI Corporation (6223)?
The dividend yield of MPI Corporation is 0.4% (payout 46.7%). 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 MPI Corporation (6223)?
The net margin of MPI Corporation is 23.8% (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 MPI Corporation (6223)?
The return on equity (ROE) of MPI Corporation is 36.2% (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 MPI Corporation (6223)?
On an EBIT basis the return on assets of MPI Corporation is 12.9% (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 MPI Corporation (6223)?
The operating margin of MPI Corporation is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MPI Corporation (6223)?
Revenue at MPI Corporation is growing +58.9% versus a year earlier (3y avg +21.6%). 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 MPI Corporation (6223)?
Earnings per share at MPI Corporation are growing +141% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does MPI Corporation (6223) generate?
The free cash flow of MPI Corporation is −1.9B 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 MPI Corporation (6223) hold?
MPI Corporation holds more cash than debt, 705M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch MPI Corporation in the live analysis
One click puts MPI Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener.
Thin data
Oct 13, 2026