MPI Corporation (6223) Fair Value & Analysis
Technology · TW · Market cap 549B TWD (≈ $17.3B) · ISIN TW0006223001
What is MPI Corporation really worth?
Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
A solid business, but trading 594% above our fair value of 738.64 TWD.
Strengths
Risks
For context
Fair value as of: Aug 14, 2026
From 17 valuation models · updated 18 days ago
Fair value updated Aug 14, 2026, revised from 609.44 TWD to 738.64 TWD (+21.2%) since Jul 17, 2026. Share price −2.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (1,054 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 1,054 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.
How to read this chart
60‑month range 68.05 TWD – 7,355 TWD · fair‑value band 517.05 TWD – 1,054 TWD · the 5,130 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 Aug 14, 2026.
Analysis
MPI Corporation (6223) currently trades at 5,130 TWD, while our model-based Fair Value estimate is 738.64 TWD, implying the stock looks roughly 594.4% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Technology sector. 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 5,130 TWD price. Bear case: the Asset-Based group reads lowest at 99.69 TWD, and 17 of the 17 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, MPI Corporation generated revenue of 14.5B TWD at a net margin of 25.4%. Revenue grew 39.0% year over year. It earns a return on equity of 28.1%. The balance sheet holds a net cash position of 705M TWD. Fundamentals as of Aug 14, 2026
Our scenario range runs from 517.05 TWD (bear case) to 1,054 TWD (bull case); at 5,130 TWD, the current price sits above 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 23% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −71% fair-value upside, at −86%, 6223 screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 7.75 TWD per share, which is 1.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 17 models by family
Widest divergence: Growth Earnings (738.64 TWD) versus DCF Models (45.84 TWD). Highest evidence: Owner Earnings (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 62
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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. It offers probe cards comprising cantilever, kestrel, FCB, EVS, and osprey probe cards.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +9.1 % · buybacks/dilution −1.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
6223 screens 594% overvalued. Compare with ASML Holding →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Leading Competitors Including FormFactor, Keithley Instruments, Cascade Microtech, MPI Corporation, and Lake Shore Cryotronics Propel the Pr
- MPI Corporation Expands High-Frequency Test Leadership with New 250 GHz Broadband Probe Solution
- Lightium, MPI Corporation, and Axiomatic_AI Announce Strategic Partnership to Revolutionize Photonic Integrated Circuit (PIC) Device Testing
Peer Group
Semiconductor Equipment & Materials · 213 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.
Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper
Strength profile in five axes (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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | €1,494 | €604.27 | −60% |
| Applied Materials, Inc AMAT | $482.36 | $183.10 | −62% |
| Lam Research Corporation LRCX | $301.90 | $91.80 | −70% |
| KLA Corporation KLAC | $175.54 | $74.58 | −58% |
| NAURA Technology Group 002371 | ¥707.90 | ¥205.30 | −71% |
| Teradyne, Inc TER | $354.97 | $65.80 | −81% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥380.95 | ¥55.05 | −86% |
| Piotech Inc 688072 | ¥685.11 | ¥89.27 | −87% |
| Hon. Precision, Inc 7769 | 6,445 TWD | 1,804 TWD | −72% |
| Hangzhou Changchuan Technology Co 300604 | ¥284.80 | ¥46.26 | −84% |
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