
ASE Technology Holding Co., Ltd.
- Growing?
- No: revenue went from TWD 670.9B in FY22 to TWD 645.4B in FY25.
- Expensive?
- P/E (trailing) 34.9×. Priced 66% above the peer median of 21x.
- Analysts?
- 100% of 2 say buy; average 12-month target $54.94, 51% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 63% over the past year (the S&P 500's 14%), and it fell as much as 43% since Nov 2021.
ASE Technology Holding Co., Ltd. (NYSE: ASX) is a global provider of outsourced semiconductor assembly, packaging, and testing services (often referred to as OSAT) and also provides electronic manufacturing services (EMS) through its USI operations.
More about ASE Technology Holding Co.
It primarily earns revenue by charging customers (fabless chip companies and integrated device manufacturers) for packaging/assembly, test, and manufacturing services across the semiconductor and electronics supply chain.
Market Position
ASE is widely regarded as one of the largest OSAT providers globally, competing on advanced packaging (e.g., System-in-Package (SiP) / heterogeneous integration), broad process capabilities, and scaled manufacturing footprint. Its combination of leading OSAT capabilities (ASE/SPIL) plus EMS (USI) allows it to offer more end-to-end solutions than many pure-play packaging/test peers.
Key Segments
ASE generally operates across two major segment groupings: Assembly, Testing & Materials (ATM) (semiconductor packaging/assembly, testing, and related materials/services) and EMS (electronics manufacturing and design/manufacturing solutions, largely via USI).
How has the stock done?
Over the past month ASX fell 23.6%; the semiconductor ETF (SMH) fell 15.1% and the S&P 500 fell 2.7%.
Over the past six months ASX rose 5.9%; the semiconductor ETF (SMH) fell 10.6% and the S&P 500 rose 2.6%.
Over the past year ASX rose 142.1%; the semiconductor ETF (SMH) rose 41.1% and the S&P 500 rose 10.8%.
Over five years ASX rose 376.9%; the semiconductor ETF (SMH) rose 233.3% and the S&P 500 rose 62.0%.
From Dec 7, 2021 to Oct 11, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 2.9% the same way
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from TWD 670.9B in FY22 to TWD 645.4B in FY25; net income from TWD 61.5B to TWD 40.0B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | TWD 670.9B | TWD 61.5B |
| FY23 | TWD 581.9B | TWD 35.5B |
| FY24 | TWD 595.4B | TWD 32.4B |
| FY25 | TWD 645.4B | TWD 40.0B |
Fiscal years: Yahoo Finance.
How it makes money
Of every $100 in revenue, $6.2 ends up as net income. Net margin fell from 9.2% to 6.2% over the past 3 years.
−2.4 pts over 3 years
−4.2 pts over 3 years
−3.0 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Where it is in the chip cycle
Gross margin 22.1% and rising for 4 quarters; inventory at 48 days, up from 45 a year earlier; capital spending 37.3% of revenue over the last 4 quarters.
Show the data
| Period | Gross margin |
|---|---|
| Sep ’25 | 17.1% |
| Dec ’25 | 19.5% |
| Mar ’26 | 20.1% |
| Jun ’26 | 21.0% |
| Sep ’26 | 22.1% |
Chip prices rise and fall with the cycle, and margins move with them: a margin that stops rising is often the first sign the cycle is turning.
Show the data
| Period | Inventory days |
|---|---|
| FY22 | 63 |
| FY23 | 47 |
| FY24 | 45 |
| FY25 | 48 |
How many days of sales are sitting in stock. Rising inventory days often come before a downturn: chips are being made faster than they sell.
Show the data
| Period | Capital spending |
|---|---|
| Sep ’25 | 26.6% |
| Dec ’25 | 23.3% |
| Mar ’26 | 26.7% |
| Jun ’26 | 41.8% |
| Sep ’26 | 51.5% |
Money put into factories and equipment. Heavy spending late in an upswing can leave the industry with too much capacity when demand cools.
Inventory days: year-end inventory over that year's cost of revenue, times 365.
Customers and suppliers
In its latest annual report ASE Technology Holding Co. buys from Kinsus Interconnect Technology, Nan Ya Printed Circuit Board, Unimicron Technology and 7 more.
Their suppliers
Suppliers
Customers
Their customers
Partners
Changes since the previous annual report (20-F filed Mar 27, 2025)
Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Hung Ching | partner · ASE Technology Holding Co. invested in it | “Hung Ching is our equity method investee. As of February 28, 2026, we held 26.22% of the outstanding shares of Hung Ching.” |
| TSMC | partner | “Since 1997, we have maintained a strategic alliance with Taiwan Semiconductor Manufacturing Company Limited, or TSMC, one of the largest dedicated semiconductor foundries in the world. TSMC designates us as its non-exclusive preferred provider of packaging and testing services for semiconductors manufactured by TSMC.” |
| Kinsus Interconnect Technology | supplier | “Raw materials such as IC substrates are prone to supply shortages since such materials are produced by a limited number of suppliers, such as Kinsus Interconnect Technology Corporation, Nan Ya Printed Circuit Board Corporation, and Unimicron Technology Corporation.” |
| Nan Ya Printed Circuit Board | supplier | “Raw materials such as IC substrates are prone to supply shortages since such materials are produced by a limited number of suppliers, such as Kinsus Interconnect Technology Corporation, Nan Ya Printed Circuit Board Corporation, and Unimicron Technology Corporation.” |
| Unimicron Technology | supplier | “Raw materials such as IC substrates are prone to supply shortages since such materials are produced by a limited number of suppliers, such as Kinsus Interconnect Technology Corporation, Nan Ya Printed Circuit Board Corporation, and Unimicron Technology Corporation.” |
| Hong Kong United Ascend Holdings | partner · ASE Technology Holding Co. invested in it | “The board of directors of Global Advanced Packaging Technology Limited resolved to settle the acquisition of 16.48% shareholding of Hong Kong United Ascend Holdings Limited by using the remaining proceeds of US$380,000 thousand from the disposal of subsidiaries in 2021. The investment has been completed in September 2024 and was included in the line item of financial assets at FVTOCI - non-current as of December 31, 2024.” |
| One customer (including other customers for whom OEM services were provided on its behalf) (unnamed) | customer | “Except for NT$170,970,446 thousand, NT$174,486,187 thousand and NT$161,282,046 thousand (US$5,141,283 thousand) of the operating revenues for each of the three years ended December 31, 2023, 2024, and 2025, respectively, which came from one customer (including other customers for whom OEM services were provided on its behalf) in packaging and EMS segments, no other single customer accounted for 10% or more of the total operating revenues of the Group for the years ended December 31, 2023, 2024 and 2025.” |
| All Ring Tech | supplier | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.” |
| Marketech lnternational | supplier | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.” |
| Grand Process Technology | supplier | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.” |
| Tokyo Electron | supplier | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation....We purchase testers from major international manufacturers, primarily Teradyne, Inc., Tokyo Electron Limited, and Advantest Corporation.” |
| Lam Research | supplier | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.” |
| Teradyne | supplier | “We purchase testers from major international manufacturers, primarily Teradyne, Inc., Tokyo Electron Limited, and Advantest Corporation.” |
| Advantest | supplier | “We purchase testers from major international manufacturers, primarily Teradyne, Inc., Tokyo Electron Limited, and Advantest Corporation.” |
| Infineon Technologies | partner · licensing deal with it | “We have also entered into various non-exclusive technology license agreements with other companies involved in the semiconductor manufacturing process, including Infineon Technologies AG, TDK Corporation, and DECA Technologies Inc.” |
| TDK | partner · licensing deal with it | “We have also entered into various non-exclusive technology license agreements with other companies involved in the semiconductor manufacturing process, including Infineon Technologies AG, TDK Corporation, and DECA Technologies Inc.” |
| DECA | partner · licensing deal with it | “We have also entered into various non-exclusive technology license agreements with other companies involved in the semiconductor manufacturing process, including Infineon Technologies AG, TDK Corporation, and DECA Technologies Inc.” |
| QUESTYLE | partner · ASE Technology Holding Co. invested in it | “At the end of 2024, the Group’s subsidiary, USISH, evaluated the recoverable amount of its investment in QUESTYLE by using the value in use.” |
| MUtek | partner · ASE Technology Holding Co. invested in it | “At the end of 2025, the Group’s subsidiary, UGTW, evaluated the recoverable amount of its investment in MUtek by using the value in use.” |
| Ample Trading | partner · invested in ASE Technology Holding Co. | “In March 2023, the board of directors of USISH resolved to establish a special purpose vehicle (“SPV”, of which 75.1% ownership is owned by USISH’s wholly-owned subsidiary, Universal Global Technology Co., Limited (“UGT”), and 24.9% ownership is owned by an unrelated party, Ample Trading, Co., Ltd. (“Ample Trading”)).” |
| AMD (10-K filed Feb 4, 2026) | calls it a supplier | “The ATMP JVs, Siliconware Precision Industries Ltd. (SPIL) and King Yuan Electronics Company (KYEC) provide ATMP services for our products.” |
| Ambarella (10-K filed Mar 23, 2026) | calls it a supplier | “In the case of purchases of tested die from Samsung, we contract the assembly to Advanced Semiconductor Engineering, Inc., or ASE.” |
| Astera Labs (10-K filed Feb 20, 2026) | calls it a supplier | “We also use Advanced Semiconductor Engineering and Amkor Technologies to assemble, package, and test our integrated circuits.” |
| Broadcom (10-K filed Dec 18, 2025) | calls it a supplier | “We use third-party CMs for a significant majority of our assembly and test operations, including TSMC, Advanced Semiconductor Engineering, Inc., Foxconn Technology Group, Amkor Technology, Inc. and Siliconware Precision Industries Co., Ltd.” |
| Credo Technology Group Holding (10-K filed Jun 15, 2026) | calls it a supplier | “•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Engineering, Inc. (ASE) for packaging our IC products, King Yuan Electronics Company (KYEC) and Sigurd Microelectronics Corp. (Sigurd) for testing our IC products and BizLink Technology, Inc. (BizLink) for manufacturing our AEC products.” |
| MaxLinear (10-K filed Jan 29, 2026) | calls it a supplier | “The majority of our assembly/packaging and test requirements are supported by the following independent subcontractors: Advanced Semiconductor Engineering, or ASE, Greatek Electronics, Inc., Signetics Corporation, SIGURD Microelectronics Corp., and Silicon Precision Industries.” |
| Qualcomm (10-K filed Nov 4, 2026) | calls it a supplier | “Our primary semiconductor assembly and test suppliers are Amkor Technology, Advanced Semiconductor Engineering, Siliconware Precision Industries and STATS ChipPAC.” |
| Silicon Motion Technology (20-F filed Apr 30, 2026) | calls it a supplier | “We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.” |
| UMC (20-F filed Apr 30, 2026) | calls it a supplier | “We outsource assembly and test services to leading assembly and test service providers, including Siliconware Precision Industries Co., Ltd., or Siliconware, and Advanced Semiconductor Engineering Inc. in Taiwan.” |
Only the companies ASE Technology Holding Co. names in its 20-F filed Apr 1, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
P/E of 34.9x, above the peer median of 21x, so it needs earnings to keep growing to hold up.
Priced 66% above the peer median of 21x.
Show the data
| Company | P/E (trailing) |
|---|---|
| AMD · Advanced Micro Devices, Inc. | 127× |
| AVGO · Broadcom Inc. | 46.5× |
| ASX · ASE Technology Holding Co., Ltd. | 34.9× |
| NVDA · NVIDIA Corporation | 21× |
| MU · Micron Technology, Inc. | 10.8× |
| SKHY · SK hynix Inc. | 8.8× |
What analysts expect
The average analyst price target is $54.94, 51% above the current price; 100% of 2 analysts rate it a buy; earnings beat estimates in all of the last 3 quarters.
Buy or Strong Buy: 2 analysts (100%). Sell or Strong Sell: 0.
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $0.20 | $0.21 | +5.0% |
| Mar ’26 | $0.17 | $0.20 | +17.6% |
| Jun ’26 | $0.20 | $0.29 | +45.0% |
For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.39 a share, 83% more than the $0.21 of a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $2.18 a share, 75% more than the year before's estimate of $1.25.
Adjusted. Dec 2025: $0.21; range $0.39 to $0.39; 1 analysts
Adjusted. The year to Dec 2026: $1.25 expected; range $2.18 to $2.18; 1 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $0.39 | $0.39 to $0.39 | 1 | $0.21 (Dec 2025) | +83% |
| Year ending Dec 2026 | EPS (adjusted) | $1.25 | $1.25 to $1.25 | 1 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | $2.18 | $2.18 to $2.18 | 1 | $1.25 (expected, year to Dec 2026) | +75% |
Targets, ratings and earnings estimates: Yahoo Finance. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Capex of TWD 293.6B exceeds operating cash flow of TWD 204.7B, leaving free cash flow of −TWD 88.9B. It still paid TWD 29.0B to shareholders (dividends plus buybacks), so TWD 117.9B had to come from cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | TWD 204.7B |
| Capex | −TWD 293.6B |
| Free cash flow | −TWD 88.9B |
| Dividends | −TWD 29.0B |
| Buybacks | — |
| Cash retained | −TWD 117.9B |
Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.
Financial health
Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.7, debt is moderate.
Assets that can be turned into cash soon are 1.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.7 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of TWD 102.0B against debt of TWD 254.8B. Lease obligations of TWD 8.8B are not counted: they are rent owed, not money borrowed. It also holds TWD 45.2B of long-term investments, TWD 17.7B of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 4 funds whose copy leaves ASX out (not traded on the exchange): Fisher Asset Management, Mirae Asset Global Investments, Maverick Capital, Baillie Gifford &.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 7 held ASX at the end of their latest quarter (for most, Q3 2026). Over that quarter 3 added shares, 1 cut, 3 bought new and 1 sold all. The largest of them is Fisher Asset Management, 4.14M shares worth $184M at Sep 30, 2026, 5.9% fewer than a quarter earlier.
3 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Fisher Asset Management | Q3 2026 | 4.14M | $184M | −257,640 | −5.9% | Nov 6, 2026 |
| Bridgewater Associates | Q2 2026 | 0 | — | −1.55M | Sold all | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 502,751 | $22.7M | +204,751 | +69% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 347,758 | $15.5M | +21,324 | +6.5% | Nov 3, 2026 |
| Renaissance Technologies | Q3 2026 | 229,400 | $10.2M | +229,400 | New | Nov 12, 2026 |
| Maverick Capital | Q2 2026 | 20,934 | $945K | +20,934 | New | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 14,984 | $676K | +14,984 | New | Aug 14, 2026 |
| Baillie Gifford & | Q3 2026 | 405 | $18K | +43 | +12% | Nov 9, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ASX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.