Detailed financial statements for United Microelectronics Corporation (UMC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
United Microelectronics Corporation (UMC) operates as a specialized semiconductor wafer foundry, extending its services globally with operations across Taiwan, Singapore, China, Hong Kong, Japan, the United States, and Europe. The company offers a comprehensive range of solutions, from initial circuit blueprinting and mask generation to wafer manufacturing, final assembly, and rigorous testing.
Analysis Summary
United Microelectronics Corporation reported revenue of 237.55B TWD in the most recent fiscal year, growing at a 5-year CAGR of 6.1%. Net income reached 40.36B TWD, with a 12.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.6%, operating margin 18.9%, net margin 33.3%. Free cash flow grew at 7.0% CAGR over 5 years.
At the current price of $23.92, UMC trades at a P/E of 24.14 and an ROE of 10.63%. Market capitalisation stands at $59.7B, placing it among large-cap names.
Balance sheet quality for UMC: current ratio of 2.3, net cash position of 68.58B TWD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 52.40B TWD represents 130% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 147.87B TWD | 149.28B TWD | 151.25B TWD | 148.20B TWD | 176.82B TWD | 213.01B TWD | 278.71B TWD | 222.53B TWD | 232.30B TWD | 237.55B TWD |
| Cost of Revenue | 117.49B TWD | 122.23B TWD | 128.41B TWD | 126.89B TWD | 137.82B TWD | 140.96B TWD | 152.94B TWD | 144.79B TWD | 156.65B TWD | 168.65B TWD |
| Gross Profit | 30.38B TWD | 27.06B TWD | 22.84B TWD | 21.31B TWD | 39.00B TWD | 72.05B TWD | 125.76B TWD | 77.74B TWD | 75.65B TWD | 68.91B TWD |
| Research & Development | 13.53B TWD | 13.67B TWD | 13.03B TWD | 11.86B TWD | 12.90B TWD | 12.93B TWD | 12.95B TWD | 13.28B TWD | 15.62B TWD | 17.72B TWD |
| Selling, General & Admin | 10.39B TWD | 8.47B TWD | 8.73B TWD | 9.13B TWD | 10.82B TWD | 12.66B TWD | 13.86B TWD | 10.70B TWD | 9.82B TWD | 9.23B TWD |
| Operating Expenses | 24.19B TWD | 20.39B TWD | 17.16B TWD | 16.43B TWD | 17.07B TWD | 20.36B TWD | 21.47B TWD | 19.85B TWD | 24.04B TWD | 25.25B TWD |
| Operating Income | 6.19B TWD | 6.57B TWD | 5.68B TWD | 4.88B TWD | 21.93B TWD | 51.69B TWD | 104.29B TWD | 57.89B TWD | 51.61B TWD | 43.66B TWD |
| EBITDA | 58.34B TWD | 62.98B TWD | 57.58B TWD | 57.13B TWD | 73.46B TWD | 107.44B TWD | 153.72B TWD | 105.85B TWD | 97.35B TWD | 108.87B TWD |
| Interest Expense | 1.25B TWD | 2.41B TWD | 2.77B TWD | 2.93B TWD | 2.00B TWD | 1.87B TWD | 1.79B TWD | 1.47B TWD | 1.68B TWD | 1.53B TWD |
| Pre-tax Income | 4.72B TWD | 7.67B TWD | 2.12B TWD | 4.81B TWD | 22.54B TWD | 58.50B TWD | 109.20B TWD | 68.45B TWD | 56.22B TWD | 48.08B TWD |
| Income Tax | 552.5M TWD | 992.5M TWD | -1.13B TWD | 230.3M TWD | 1.69B TWD | 7.92B TWD | 19.33B TWD | 8.31B TWD | 9.11B TWD | 7.90B TWD |
| Net Income | 8.62B TWD | 9.63B TWD | 7.68B TWD | 8.16B TWD | 22.86B TWD | 51.25B TWD | 89.48B TWD | 59.69B TWD | 47.21B TWD | 40.36B TWD |
| EPS | $3.55 | $4.05 | $2.90 | $3.55 | $12.10 | $22.85 | $35.45 | $24.15 | $19.00 | $16.70 |
| EPS (Diluted) | $3.35 | $3.70 | $3.00 | $3.25 | $11.75 | $22.40 | $34.35 | $24.15 | $18.70 | $16.70 |
| Shares Outstanding (Diluted) | 2.67B TWD | 2.65B TWD | 2.65B TWD | 2.63B TWD | 2.49B TWD | 2.49B TWD | 2.54B TWD | 2.52B TWD | 2.53B TWD | 2.50B TWD |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 59.13B TWD | 61.81B TWD | 61.04B TWD | 68.73B TWD |
| Gross Profit | 17.62B TWD | 18.96B TWD | 17.82B TWD | 22.32B TWD |
| Operating Income | 11.12B TWD | 12.22B TWD | 11.22B TWD | 14.88B TWD |
| EBITDA | 30.07B TWD | 31.46B TWD | 32.98B TWD | 61.75B TWD |
| Net Income | 14.98B TWD | 10.05B TWD | 16.17B TWD | 42.26B TWD |
| EPS | $6.00 | $4.05 | $6.50 | $16.95 |
| EPS (Diluted) | $5.95 | $4.05 | $6.50 | $16.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 57.58B TWD | 81.67B TWD | 83.66B TWD | 95.49B TWD | 94.05B TWD | 132.62B TWD | 173.82B TWD | 132.55B TWD | 105.00B TWD | 110.66B TWD |
| Short-term Investments | 714.2M TWD | 716.9M TWD | 528.5M TWD | 3.08B TWD | 15.52B TWD | 38.28B TWD | 4.78B TWD | 12.33B TWD | 10.24B TWD | 17.71B TWD |
| Receivables | 24.00B TWD | 22.66B TWD | 24.70B TWD | 26.02B TWD | 29.24B TWD | 36.37B TWD | 39.20B TWD | 33.16B TWD | 35.70B TWD | 34.50B TWD |
| Inventory | 17.00B TWD | 18.26B TWD | 18.20B TWD | 21.71B TWD | 22.55B TWD | 23.01B TWD | 31.07B TWD | 35.71B TWD | 35.78B TWD | 37.23B TWD |
| Total Current Assets | 110.47B TWD | 139.28B TWD | 141.19B TWD | 153.76B TWD | 164.31B TWD | 233.27B TWD | 252.37B TWD | 216.80B TWD | 189.68B TWD | 204.78B TWD |
| Property, Plant & Equipment | 226.16B TWD | 206.03B TWD | 173.51B TWD | 158.88B TWD | 141.11B TWD | 145.39B TWD | 198.03B TWD | 250.85B TWD | 292.03B TWD | 280.03B TWD |
| Goodwill | 15.2M TWD | 15.2M TWD | 15.0M TWD | 7.6M TWD | 7.6M TWD | 7.6M TWD | 7.6M TWD | 7.6M TWD | 7.6M TWD | 27.2M TWD |
| Intangible Assets | 4.07B TWD | 3.77B TWD | 2.98B TWD | 5.19B TWD | 4.87B TWD | 3.64B TWD | 4.27B TWD | 4.36B TWD | 4.15B TWD | 4.72B TWD |
| Total Assets | 384.23B TWD | 391.13B TWD | 364.60B TWD | 370.19B TWD | 377.52B TWD | 450.96B TWD | 524.65B TWD | 546.58B TWD | 560.17B TWD | 579.00B TWD |
| Accounts Payable | 6.85B TWD | 6.54B TWD | 6.80B TWD | 8.88B TWD | 7.86B TWD | 8.36B TWD | 8.98B TWD | 7.53B TWD | 7.63B TWD | 9.17B TWD |
| Short-term Debt | 20.55B TWD | 25.45B TWD | 13.10B TWD | 12.02B TWD | 38.04B TWD | 1.92B TWD | 0 | 13.53B TWD | 8.52B TWD | 8.41B TWD |
| Total Current Liabilities | 72.79B TWD | 88.82B TWD | 49.90B TWD | 72.71B TWD | 78.24B TWD | 108.25B TWD | 112.61B TWD | 99.01B TWD | 77.40B TWD | 87.60B TWD |
| Long-term Debt | 60.73B TWD | 53.32B TWD | 67.08B TWD | 47.89B TWD | 24.77B TWD | 39.83B TWD | 39.88B TWD | 45.24B TWD | 55.53B TWD | 45.37B TWD |
| Total Liabilities | 169.28B TWD | 181.51B TWD | 158.07B TWD | 162.97B TWD | 141.74B TWD | 186.58B TWD | 201.83B TWD | 202.86B TWD | 194.46B TWD | 199.14B TWD |
| Retained Earnings | 52.60B TWD | 53.06B TWD | 61.59B TWD | 60.82B TWD | 56.62B TWD | 83.16B TWD | 169.73B TWD | 187.25B TWD | 184.23B TWD | 191.42B TWD |
| Total Equity | 212.78B TWD | 208.66B TWD | 206.07B TWD | 202.50B TWD | 235.66B TWD | 264.15B TWD | 322.47B TWD | 343.38B TWD | 365.45B TWD | 379.77B TWD |
| Total Debt | 81.28B TWD | 78.76B TWD | 80.19B TWD | 65.93B TWD | 68.39B TWD | 46.82B TWD | 45.61B TWD | 64.16B TWD | 70.47B TWD | 59.78B TWD |
| Net Debt | 22.99B TWD | -3.63B TWD | -4.00B TWD | -32.63B TWD | -41.18B TWD | -124.08B TWD | -132.99B TWD | -80.72B TWD | -44.77B TWD | -68.58B TWD |
| Working Capital | 37.68B TWD | 50.46B TWD | 91.29B TWD | 81.04B TWD | 86.06B TWD | 125.02B TWD | 139.76B TWD | 117.78B TWD | 112.28B TWD | 117.19B TWD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 104.22B TWD | 110.66B TWD | 109.02B TWD | 124.71B TWD |
| Total Assets | 555.40B TWD | 579.00B TWD | 599.93B TWD | 665.97B TWD |
| Total Liabilities | 194.20B TWD | 199.14B TWD | 193.20B TWD | 222.05B TWD |
| Total Equity | 361.06B TWD | 379.77B TWD | 406.70B TWD | 443.92B TWD |
| Total Debt | 75.91B TWD | 59.78B TWD | 56.74B TWD | 54.29B TWD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.85B TWD | 7.80B TWD | 2.18B TWD | 5.74B TWD | 27.93B TWD | 61.80B TWD | 106.10B TWD | 60.99B TWD | 47.21B TWD | 41.95B TWD |
| Depreciation & Amortization | 51.98B TWD | 53.10B TWD | 52.05B TWD | 49.39B TWD | 48.91B TWD | 47.07B TWD | 44.17B TWD | 40.48B TWD | 48.17B TWD | 59.58B TWD |
| Stock-based Compensation | 0 | 0 | 695.7M TWD | 366.2M TWD | 959.2M TWD | 1.75B TWD | 1.35B TWD | 1.14B TWD | 808.8M TWD | 491.3M TWD |
| Change in Working Capital | -9.63B TWD | -2.00B TWD | -3.11B TWD | 4.82B TWD | 2.94B TWD | -4.09B TWD | -4.30B TWD | -2.10B TWD | -2.33B TWD | 2.19B TWD |
| Operating Cash Flow | 46.45B TWD | 52.47B TWD | 50.93B TWD | 54.90B TWD | 65.75B TWD | 90.35B TWD | 145.86B TWD | 86.00B TWD | 93.89B TWD | 100.41B TWD |
| Capital Expenditure | -93.11B TWD | -45.52B TWD | -20.43B TWD | -18.96B TWD | -28.35B TWD | -49.96B TWD | -82.88B TWD | -94.02B TWD | -91.34B TWD | -48.01B TWD |
| Acquisitions | -840.0M TWD | -204.3M TWD | -849.8M TWD | -13.49B TWD | -815.1M TWD | 714.4M TWD | 674.7M TWD | 1.60B TWD | 871.9M TWD | 555.6M TWD |
| Stock Repurchased | -2.40B TWD | 0 | -6.15B TWD | -2.97B TWD | -1.68B TWD | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -6.91B TWD | -6.10B TWD | -8.56B TWD | -6.91B TWD | -9.77B TWD | -19.87B TWD | -37.45B TWD | -45.01B TWD | -37.59B TWD | -35.98B TWD |
| Free Cash Flow | -46.66B TWD | 6.95B TWD | 30.51B TWD | 35.94B TWD | 37.39B TWD | 40.39B TWD | 62.98B TWD | -8.02B TWD | 2.54B TWD | 52.40B TWD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 20.94B TWD | 33.00B TWD | 21.98B TWD | 33.70B TWD |
| Capital Expenditure | -12.17B TWD | -15.49B TWD | -13.21B TWD | -9.48B TWD |
| Free Cash Flow | 8.77B TWD | 17.51B TWD | 8.77B TWD | 24.22B TWD |
| Dividends Paid | -35.50B TWD | 3.6M TWD | 0 | 0 |
| Stock-based Compensation | 204.0M TWD | -139.9M TWD | 235.0M TWD | 240.0M TWD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.0% | +1.3% | -2.0% | +19.3% | +20.5% | +30.8% | -20.2% | +4.4% | +2.3% | |
| Net Income Growth (YoY) | +11.7% | -20.3% | +6.2% | +180.3% | +124.2% | +74.6% | -33.3% | -20.9% | -14.5% | |
| EPS Growth (YoY) | +14.1% | -28.4% | +22.4% | +240.8% | +88.8% | +55.1% | -31.9% | -21.3% | -12.1% | |
| Shares Change (YoY) | -0.6% | -0.0% | -0.8% | -5.3% | -0.1% | +1.9% | -0.7% | +0.1% | -1.1% | |
| FCF Growth (YoY) | +114.9% | +338.7% | +17.8% | +4.0% | +8.0% | +55.9% | -112.7% | +131.7% | +1,960.2% | |
| Gross Margin | 20.5% | 18.1% | 15.1% | 14.4% | 22.1% | 33.8% | 45.1% | 34.9% | 32.6% | 29.0% |
| Operating Margin | 4.2% | 4.4% | 3.8% | 3.3% | 12.4% | 24.3% | 37.4% | 26.0% | 22.2% | 18.4% |
| EBITDA Margin | 39.5% | 42.2% | 38.1% | 38.5% | 41.5% | 50.4% | 55.2% | 47.6% | 41.9% | 45.8% |
| Net Margin | 5.8% | 6.4% | 5.1% | 5.5% | 12.9% | 24.1% | 32.1% | 26.8% | 20.3% | 17.0% |
| FCF Margin | -31.6% | 4.7% | 20.2% | 24.3% | 21.1% | 19.0% | 22.6% | -3.6% | 1.1% | 22.1% |
| Effective Tax Rate | 11.7% | 12.9% | -53.3% | 4.8% | 7.5% | 13.5% | 17.7% | 12.1% | 16.2% | 16.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-17.48 | $2.62 | $11.49 | $13.64 | $14.99 | $16.21 | $24.79 | $-3.18 | $1.01 | $20.99 |
| Dividends Per Share | $2.59 | $2.30 | $3.22 | $2.62 | $3.91 | $7.98 | $14.74 | $17.84 | $14.88 | $14.41 |
| Shares Outstanding (Basic) | 2.42B TWD | 2.40B TWD | 2.56B TWD | 2.36B TWD | 2.41B TWD | 2.44B TWD | 2.46B TWD | 2.52B TWD | 2.52B TWD | 2.50B TWD |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 10.63% |
| Return on Invested Capital | 7.29% |
| Return on Assets | 6.97% |
| Gross Margin | 30.60% |
| Operating Margin | 18.93% |
| Net Margin | 33.29% |
Financial Health
| Debt / Equity | 0.12 |
| Current Ratio | 2.17 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.22 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.93 | 17.89 | 18.79 | 22.51 | 19.47 | 14.15 | 5.64 | 10.75 | 11.22 | 14.75 |
| P/B | 0.64 | 0.83 | 0.68 | 0.93 | 2.41 | 2.99 | 1.53 | 1.91 | 1.47 | 1.62 |
| P/S | 0.93 | 1.16 | 0.92 | 1.27 | 3.22 | 3.71 | 1.77 | 2.94 | 2.32 | 2.59 |
| Gross Margin | 20.5% | 18.1% | 15.1% | 14.4% | 22.1% | 33.8% | 45.1% | 34.9% | 32.6% | 29.0% |
| Operating Margin | 4.2% | 4.4% | 3.8% | 3.3% | 12.4% | 24.3% | 37.4% | 26.0% | 22.2% | 18.4% |
| Net Margin | 5.8% | 6.4% | 5.1% | 5.5% | 12.9% | 24.1% | 32.1% | 26.8% | 20.3% | 17.0% |
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