IMOSChipMOS TECHNOLOGIES INC.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (5.3×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Margins have held roughly steady, a stable cost structure.
A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IMOS?
ChipMOS TECHNOLOGIES INC. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.6 points above what the capital costs: growth creates value
- Operating margin
- 5.6%
Operating margin · Semiconductors median 7.5% · fiscal year to FY2024
- Cash conversion
- 5.33×
Cash conversion · 3.99× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.13%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2019 | 12% |
| FY2020 | 16% |
| FY2021 | 20% |
| FY2022 | 14% |
| FY2023 | 8.9% |
| FY2024 | 5.6% |
Details›
- Gross marginfiscal year to FY2024
- 13%
- Operating marginfiscal year to FY2024
- 5.6%
- Net marginfiscal year to FY2024
- 6.3%
- Free cash flow margin
- 3.8%
- R&D as % of revenue
- 5.1%
- Revenue, trailing twelve months
- $22.7B
- Free cash flow, trailing twelve months
- $859M
- Net income, trailing twelve months
- $1.44B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Semiconductors
The closest names by size in the same industry