United Microelectronics Corp. (UMC) intrinsic value & 10-year financials
United Microelectronics Corp. (UMC) has a Graham intrinsic value of TWD 654.35 per share. At TWD 19.28 on Oct 27, 2026, the stock trades 97% below that value. Over the last 10 fiscal years revenue grew 5.4% a year to TWD 232.3B, with an average return on invested capital of 18.7%.
- Graham intrinsic value
- TWD 654.35
- Share price (Oct 27, 2026)
- TWD 19.28
- Price vs Graham value
- 97% below
- Market cap
- TWD 46.9B
- Revenue (FY2024)
- TWD 232.3B
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 18.7%
- Free cash flow (FY2024)
- TWD 5.3B
UMC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | TWD 232.3B | TWD 48.7B | TWD 19.70 | TWD 5.3B | 22.2% | 17.8% |
| FY2023 | TWD 222.5B | TWD 60.1B | TWD 24.10 | -TWD 5.5B | 26.0% | 27.2% |
| FY2022 | TWD 278.7B | TWD 90.3B | TWD 35.80 | TWD 65.7B | 37.4% | 60.8% |
| FY2021 | TWD 213.0B | TWD 50.6B | TWD 20.95 | TWD 42.3B | 24.3% | 32.6% |
| FY2020 | TWD 176.8B | TWD 20.9B | TWD 9.35 | TWD 39.4B | 12.4% | 15.6% |
| FY2019 | TWD 148.2B | TWD 4.6B | TWD 3.25 | TWD 38.4B | 3.3% | 3.7% |
| FY2018 | TWD 151.3B | TWD 3.2B | TWD 3.00 | TWD 31.3B | 3.8% | 4.0% |
| FY2017 | TWD 149.3B | TWD 6.7B | TWD 3.75 | TWD 8.2B | 4.4% | 3.5% |
| FY2016 | TWD 147.9B | TWD 4.2B | TWD 3.35 | -TWD 45.1B | 4.2% | 3.1% |
| FY2015 | TWD 144.8B | TWD 12.6B | TWD 5.10 | -TWD 715.9M | 7.5% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in TWD.
Executive summary
UNITED MICROELECTRONICS CORP has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
UNITED MICROELECTRONICS CORP has earned high returns on invested capital, averaging 18.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
UNITED MICROELECTRONICS CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, UNITED MICROELECTRONICS CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $654.35 per share.