United Microelectronics (UMC) fair value: what the stock is really worth
As of Oct 16, 2026: fair value (intrinsic value) of United Microelectronics stock $22.23, price $19.82, upside +12.1%, quality 64 out of 100. Rating: undervalued. 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 2, 2026.
How to read this chart
60‑month range $4.37 – $27.53 · fair‑value band $15.38 – $29.42 · the $19.82 price screens below the $22.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits.
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The company offers circuit design; mask tooling; wafer fabrication; and assembly and testing services for communication devices, consumer electronics, computer, and other applications.
It also provides venture capital and marketing support; consulting and planning; energy technical; solar engineering integrated design; research and development services; and insurance services. United Microelectronics Corporation was incorporated in 1980 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
United Microelectronics (UMC) currently trades at $19.82, while our model-based Fair Value estimate is $22.23, implying the stock looks roughly 10.8% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $161.60 per share, and 24 of the 25 models we run sit above the $19.82 price.
Bear case: the Economic Profit group reads lowest at $143.91, and 1 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $15.38 (bear) to $29.42 (bull), the price of $19.82 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 64/100 (solid quality), in the Technology sector.
Mixed Growth: Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
United Microelectronics reported revenue of $238B in FY2025 versus $213B in FY2021, a compound +2.8%/yr. Reported net income was $41.7B in FY2025, compounding −5.0%/yr from FY2021.
Key figures
Market cap $61.4B Large · P/E ratio 19.2 · P/S ratio 3.38 · EPS (TTM) $1.03 · Dividend yield 1.6% · Net margin 17.6% · Return on equity 21.3% · Return on assets (EBIT) 11.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (medium confidence).
What moves the price
The share trades about 28% below its 52-week high and 187% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at 12%, UMC screens cheaper than that median.
Fair Value models
Bear$15.38Fair Value $22.23Bull$29.42
Price $19.82 · Upside +12.1%
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.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.
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.55/100
Spin-off in 2008: revenue and profit before it include the divested business. Growth is measured afresh from 2008.
Revenue growth 1 year
+2.3%
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.
−5.2%
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.
+6.1%
Start year 2020 (pandemic). Over 10 years: +5.1% 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.
+5.4%
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What shareholders gained per year (last 5 years) ⓘ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: adjusted.
+10.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.9%
Dividend (yield on the price)1.6%
Per share before 2008divided by the spin-off factor 1.045
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.12.8% vs 14.4%, steady
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.12% → 19%
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: UMC shows strength in revenue growth from capacity expansion yet its main weakness is limited differentiation versus TSMC that produces lower margins and weaker returns.
Main risk: UMC's weaker differentiation versus the leading foundry risks sustained margin pressure and loss of orders in its contract manufacturing model.
UMC reported September sales up 27 percent year over year alongside a major equipment purchase to boost production capacity. The company priced 1.8 billion dollars in zero-coupon convertible bonds to fund further plant and machinery investments. Does the acceleration in revenue and capacity expansion deliver more value than any dilution from the new financing?
Compare United Microelectronics with another stock
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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 · 351 stocks
Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+12.1% · Top 25%
Profitability
Return on equity (12 months)21.3% · Top 25%
Return on assets7.2% · Above median
Net margin (12 months)33.3% · Top 25%
Operating margin (12 months)21.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)17.0% · Below median
Dividend yield (12 months)1.6% · Above median
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Cite: Fair Value Calculator (2026). "United Microelectronics Fair Value". https://www.fairvalue-calculator.com/stock/UMC
Frequently asked questions
Is United Microelectronics (UMC) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $22.23 versus a price of $19.82, about +12% upside (undervalued).
What is the fair value of UMC?
Our model-based fair value for United Microelectronics is $22.23 (as of Oct 2, 2026), built from audited fundamentals. The current price: $19.82.
What is the quality score of UMC?
United Microelectronics has a Quality Score of 64/100. 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 Microelectronics (UMC)?
Our model-based price target is the fair value of $22.23 (as of Oct 2, 2026) from 25 valuation models. Cautious scenario $15.38, optimistic scenario $29.42. It is a calculation from audited fundamentals, not an analyst target.
What is the United Microelectronics stock forecast for 2026?
Our models put fair value at $22.23, about +12% upside versus a price of $19.82 (undervalued). Cautious scenario $15.38, optimistic scenario $29.42. The calculation is refreshed regularly with new filings.
What is the revenue of United Microelectronics (UMC)?
United Microelectronics reported trailing-twelve-month revenue of about $251B (latest available figure, as of Oct 2, 2026).
Does United Microelectronics pay a dividend?
United Microelectronics currently shows a dividend yield of 1.64% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of United Microelectronics (UMC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Microelectronics it is $22.23 per share (as of Oct 2, 2026), against a price of $19.82. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is United Microelectronics stock overvalued or undervalued in 2026?
As of Oct 2, 2026, UMC trades below its calculated fair value: price $19.82, fair value $22.23, a gap of about +12% (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 UMC?
No. The price is what the market pays today ($19.82); the fair value is what the company's own numbers justify ($22.23). For United Microelectronics the two are $2.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is United Microelectronics worth?
The market values United Microelectronics at about $61.4B (market capitalisation, as of Oct 2, 2026). Per share that is $19.82; our models calculate a fair value of $22.23 per share.
What do the bullish and bearish scenarios say about UMC?
Our models span a range for United Microelectronics: cautious scenario $15.38, base $22.23, optimistic $29.42 per share (as of Oct 2, 2026, price $19.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UMC?
United Microelectronics trades at a price-to-earnings ratio of 19.2 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.23 is built from several models across several years. Other multiples: PEG 1.3.
What is the PEG ratio of UMC?
The PEG ratio of United Microelectronics is 1.33 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of United Microelectronics (UMC)?
Balance-sheet figures for United Microelectronics (as of Oct 2, 2026): return on equity 21.3%, debt of 0.12 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is UMC from its 52-week high?
United Microelectronics trades at $19.82, about 28% below its 52-week high of $27.53 and 187% above the low of $6.90 (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of $22.23 is for.
Which stocks are comparable to United Microelectronics?
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 United Microelectronics stock attractive at the current price?
The data as of Oct 2, 2026: price $19.82, calculated fair value $22.23 (+12%), Quality Score 64/100, from 25 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 UMC calculated?
We run United Microelectronics through 25 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 $22.23, 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. United Microelectronics currently trades 11 % 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 Microelectronics (UMC)?
The closing price on Oct 16, 2026 was $19.82. Our model-based fair value is $22.23, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Microelectronics right now?
A fairly wide model range ($15.38 to $29.42) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of United Microelectronics (UMC) come from?
Earnings per share at United Microelectronics grew +18.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.8 %, EBIT margin +15.1 %, tax rate −0.3 %, residual (interest, one-offs) −2.2 %. 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 United Microelectronics
How large is the market capitalisation of United Microelectronics (UMC)?
The market capitalisation of United Microelectronics is $61.4B. 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 Microelectronics (UMC)?
The price-to-sales ratio of United Microelectronics is 3.38 (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 Microelectronics (UMC)?
Earnings per share at United Microelectronics are $1.03 (price ÷ EPS = P/E 19.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Microelectronics (UMC)?
The dividend yield of United Microelectronics is 1.6% (payout 31.6%). 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 Microelectronics (UMC)?
The net margin of United Microelectronics is 17.6% (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 Microelectronics (UMC)?
The return on equity (ROE) of United Microelectronics is 21.3% (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 Microelectronics (UMC)?
On an EBIT basis the return on assets of United Microelectronics is 11.7% (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 Microelectronics (UMC)?
The operating margin of United Microelectronics is 21.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Microelectronics (UMC)?
Revenue at United Microelectronics is growing +17.0% versus a year earlier (3y avg −5.2%). 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 Microelectronics (UMC)?
Earnings per share at United Microelectronics are growing +375% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does United Microelectronics (UMC) generate?
The free cash flow of United Microelectronics is $52.4B (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 United Microelectronics (UMC) hold?
United Microelectronics holds more cash than debt, $50.9B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Oct 2, 2026