# Amkor Technology (AMKR.US)

Canonical: https://gigainvestors.com/s/AMKR

Analysis as of: 2026-10-16T07:26:28.677Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $44.05 per share; close as of 2026-10-15.

Estimated value: low $28.61 per share, central $36.35 per share, high $41.01 per share. Buy at or below the central value $36.35 per share. Valuation as of 2026-10-16T07:26:28.677Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.13×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.3%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 16.2%

- Recent gross margin (lower of latest and 3-year median): 14.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.7%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.5%

- FY2018: 7.3%

- FY2019: 6.5%

- FY2020: 14.1%

- FY2021: 20.9%

- FY2022: 20.0%

- FY2023: 10.1%

- FY2024: 9.1%

- FY2025: 9.8%

- LTM to Jun 2026: 12.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.2B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: 17.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 11.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.67×

- FY2024: 0.58×

- FY2025: 0.85×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 9.8%

- Per-share earnings: 0.69 to 1.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: $7.2B

- Cumulative retained earnings: $2.9B

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.8%

- Per-share value change: $0.77

- Per-share value, starting three-year median: $0.69

- Per-share value, ending three-year median: $1.46

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $3.7M

- Cumulative net income, 10 years: $3.5B

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 9.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.69

- FY2017: $1.09

- FY2018: $0.53

- FY2019: $0.50

- FY2020: $1.40

- FY2021: $2.62

- FY2022: $3.11

- FY2023: $1.46

- FY2024: $1.43

- FY2025: $1.50

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.8%

- FY2017: -7.9%

- FY2018: -11.9%

- FY2019: -9.4%

- FY2020: -8.6%

- FY2021: -7.9%

- FY2022: -4.9%

- FY2023: -13.4%

- FY2024: -10.6%

- FY2025: -8.9%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Jun 2026 · "Amkor Technology Gives Flat Sales Outlook Following Q2 Beat" (finance.yahoo.com, Jul 2026) · sales +11.2%

Story as of 2026-10-16T09:58:17.877Z; price observation 2026-10-15.

Price needs cash profits to grow 9.3% a year for ten years

- 2025-10-27: Amkor outlines $7B Arizona campus investment and projects double-digit Q4 revenue growth ([seekingalpha.com](https://seekingalpha.com/news/4509068-amkor-outlines-7b-arizona-campus-investment-and-projects-double-digit-q4-revenue-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-22: Assessing Amkor Technology (AMKR) Valuation After Strong Earnings, Raised Outlook, and Dividend Hike ([finance.yahoo.com](https://finance.yahoo.com/news/assessing-amkor-technology-amkr-valuation-042058140.html))

- 2026-04-11: Amkor Technology (AMKR) Is Up 24.1% After AI Packaging Momentum Attracts Bigger Institutional Interest ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/amkor-technology-amkr-24-1-091026853.html))

- 2026-06-19: Why Amkor Technology (AMKR) Is Up 18.8% After Securing 10-Year TSMC Arizona Packaging Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-amkor-technology-amkr-18-091442461.html))

- 2026-07-27: Amkor Technology Gives Flat Sales Outlook Following Q2 Beat ([finance.yahoo.com](https://finance.yahoo.com/m/cb836889-4311-33e9-a679-4f202aec9b6b/amkor-technology-gives-flat.html))

- 2026-09-21: Amkor's AI and HPC Packaging Demand Grows: Can Growth Continue? ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/amkors-ai-hpc-packaging-demand-130700257.html))

### Sales · FY2025–2026

sales +11.2%; source https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm; observed 2026-02-20.

- FY2017: $4.2B 

- FY2018: $4.3B 

- FY2019: $4.1B 

- FY2020: $5.1B 

- FY2021: $6.1B 

- FY2022: $7.1B 

- FY2023: $6.5B 

- FY2024: $6.3B 

- FY2025: $6.7B 

- FY2026: $7.5B 

### Gross margin · FY2026

gross margin 15.5%; source https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm; observed 2026-02-20.

- FY2017: 18.1% 

- FY2018: 16.5% 

- FY2019: 16.0% 

- FY2020: 17.8% 

- FY2021: 20.0% 

- FY2022: 18.8% 

- FY2023: 14.5% 

- FY2024: 14.8% 

- FY2025: 14.0% 

- FY2026: 15.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 6.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm (filed 2026-02-20); FY2025: revenue 6707981000; grossProfit 938599000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMKR.US: Amkor Technology, Inc. provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, and the Asia Pacific. It offers turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, burn-in, system-level and final test, and drop shipment services; flip chip scale package products for smartphones, tablets, and other mobile consumer electronic devices; flip chip stacked chip scale packages that are used to stack memory digital baseband, and as applications processors in mobile devices; flip-chip ball grid array packages for various networking, storage, computing, automotive, and consumer applications; and memory products for system memory or platform data storage. The company provides wafer-level CSP packages for power management, transceivers, sensors, wireless charging, codecs, and specialty silicon; wafer-level fan-out packages used in power management, transceivers, radar, and specialty silicon; silicon wafer integrated fan-out technology that replaces a laminate substrate with a thinner structure; leadframe packages for electronic devices and mixed-signal applications; and substrate-based wirebond packages used to connect a die to a substrate. In addition, it offers micro-electro-mechanical systems packages that are miniaturized mechanical and electromechanical devices; and advanced system-in-package modules used in radio frequency and front end modules, basebands, connectivity, fingerprint sensors, display and touch screen drivers, sensors and MEMS, and NAND memory and solid-state drives. Further, the company provides wafer, package, and system level test services, as well as burn-in test and test development services. It serves integrated device manufacturers, fabless semiconductor companies, original equipment manufacturers, and contract foundries. Amkor Technology, Inc. was founded in 1968 and is headquartered in Tempe, Arizona.

### Why customers stay

Margins ranged from 14% to 14.8% during 2023–25; it earns 10.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 14.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 14.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2017,0.10477996360048246],[2018,0.07330237751446352],[2019,0.06531196777693983],[2020,0.14052442429209902],[2021,0.2092577568893995],[2022,0.20038012779850725],[2023,0.10127392233965443],[2024,0.09120134778150081],[2025,0.09817595794395943],[2026,0.12122070184121055]]; median 0.10302694297006845. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 65.1% of cash earnings on expansion; earns 17.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 94852000; upkeep 555186000; owner earnings 164190000. Growth capex / owner earnings = 0.5776965710457397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 550943000; owner earnings 291703000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 547122000; owner earnings 151931000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 472433000; owner earnings 172632000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 42625000; upkeep 510396000; owner earnings 338138000. Growth capex / owner earnings = 0.12605799998817052.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 216197000; upkeep 563582000; owner earnings 642995000. Growth capex / owner earnings = 0.336234340858016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 295592000; upkeep 612702000; owner earnings 765823000. Growth capex / owner earnings = 0.3859795279065789.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 749467000; owner earnings 241854000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 743796000; owner earnings 204879000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm (filed 2026-02-20); FY2025: growth capex 207618434.02167463; upkeep 696995565.9783254; owner earnings 318907434.02167463. Growth capex / owner earnings = 0.6510303990203119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Incremental return on capital 0.1774941886775571, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,548000],[2017,0],[2018,51213000],[2019,51213000],[2020,51213000],[2021,51213000],[2022,55116000],[2023,74686000],[2024,178605000],[2025,81946000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMKR.US SharesStats.PercentInsiders = 49.913000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.3% yearly over ten years; actual growth was 36.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.12020160180254347. Price 44.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.058152380149260025 → FY2025 1.2835673163711376. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $9.27 per share

- 2016-11: $11.82 per share

- 2016-12: $10.55 per share

- 2017-01: $9.41 per share

- 2017-02: $9.82 per share

- 2017-03: $11.59 per share

- 2017-04: $11.78 per share

- 2017-05: $11.34 per share

- 2017-06: $9.77 per share

- 2017-07: $10.37 per share

- 2017-08: $8.78 per share

- 2017-09: $10.55 per share

- 2017-10: $11.57 per share

- 2017-11: $10.57 per share

- 2017-12: $10.05 per share

- 2018-01: $10.06 per share

- 2018-02: $10.05 per share

- 2018-03: $10.13 per share

- 2018-04: $8.28 per share

- 2018-05: $9.10 per share

- 2018-06: $8.59 per share

- 2018-07: $8.68 per share

- 2018-08: $8.73 per share

- 2018-09: $7.39 per share

- 2018-10: $7.15 per share

- 2018-11: $6.85 per share

- 2018-12: $6.56 per share

- 2019-01: $8.00 per share

- 2019-02: $8.78 per share

- 2019-03: $8.54 per share

- 2019-04: $9.06 per share

- 2019-05: $6.48 per share

- 2019-06: $7.46 per share

- 2019-07: $9.23 per share

- 2019-08: $8.75 per share

- 2019-09: $9.10 per share

- 2019-10: $12.43 per share

- 2019-11: $12.09 per share

- 2019-12: $13.00 per share

- 2020-01: $11.25 per share

- 2020-02: $10.44 per share

- 2020-03: $7.79 per share

- 2020-04: $9.88 per share

- 2020-05: $10.58 per share

- 2020-06: $12.31 per share

- 2020-07: $13.60 per share

- 2020-08: $12.20 per share

- 2020-09: $11.20 per share

- 2020-10: $11.85 per share

- 2020-11: $14.74 per share

- 2020-12: $15.08 per share

- 2021-01: $15.52 per share

- 2021-02: $23.89 per share

- 2021-03: $23.71 per share

- 2021-04: $20.22 per share

- 2021-05: $21.10 per share

- 2021-06: $23.67 per share

- 2021-07: $24.64 per share

- 2021-08: $27.47 per share

- 2021-09: $24.95 per share

- 2021-10: $21.92 per share

- 2021-11: $21.56 per share

- 2021-12: $24.79 per share

- 2022-01: $22.02 per share

- 2022-02: $22.67 per share

- 2022-03: $21.72 per share

- 2022-04: $18.81 per share

- 2022-05: $20.44 per share

- 2022-06: $16.95 per share

- 2022-07: $20.17 per share

- 2022-08: $20.13 per share

- 2022-09: $17.05 per share

- 2022-10: $20.79 per share

- 2022-11: $28.02 per share

- 2022-12: $23.98 per share

- 2023-01: $29.26 per share

- 2023-02: $25.76 per share

- 2023-03: $26.02 per share

- 2023-04: $22.37 per share

- 2023-05: $24.78 per share

- 2023-06: $29.75 per share

- 2023-07: $29.09 per share

- 2023-08: $27.96 per share

- 2023-09: $22.60 per share

- 2023-10: $20.86 per share

- 2023-11: $28.17 per share

- 2023-12: $33.27 per share

- 2024-01: $31.66 per share

- 2024-02: $31.02 per share

- 2024-03: $32.24 per share

- 2024-04: $32.35 per share

- 2024-05: $32.59 per share

- 2024-06: $40.02 per share

- 2024-07: $32.66 per share

- 2024-08: $32.90 per share

- 2024-09: $30.60 per share

- 2024-10: $25.45 per share

- 2024-11: $26.44 per share

- 2024-12: $25.69 per share

- 2025-01: $24.61 per share

- 2025-02: $21.10 per share

- 2025-03: $18.06 per share

- 2025-04: $17.45 per share

- 2025-05: $18.02 per share

- 2025-06: $20.99 per share

- 2025-07: $22.56 per share

- 2025-08: $24.19 per share

- 2025-09: $28.40 per share

- 2025-10: $32.28 per share

- 2025-11: $36.39 per share

- 2025-12: $39.48 per share

- 2026-01: $48.33 per share

- 2026-02: $47.82 per share

- 2026-03: $45.03 per share

- 2026-04: $69.75 per share

- 2026-05: $69.56 per share

- 2026-06: $86.23 per share

- 2026-07: $49.87 per share

- 2026-08: $47.30 per share

- 2026-09: $52.38 per share

- 2026-10: $44.05 per share

## Annual estimated value (USD per share)

- FY2016: low $3.32 per share, central $3.50 per share, high $3.75 per share

- FY2017: low $6.96 per share, central $7.62 per share, high $8.51 per share

- FY2018: low $9.82 per share, central $11.35 per share, high $12.82 per share

- FY2019: low $11.17 per share, central $12.24 per share, high $13.67 per share

- FY2020: low $13.50 per share, central $15.96 per share, high $18.11 per share

- FY2021: low $26.63 per share, central $36.37 per share, high $42.05 per share

- FY2022: low $30.68 per share, central $41.92 per share, high $48.46 per share

- FY2023: low $28.43 per share, central $36.07 per share, high $41.23 per share

- FY2024: low $27.78 per share, central $34.90 per share, high $39.81 per share

- FY2025: low $21.50 per share, central $23.44 per share, high $26.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.