ASXNYSESemiconductors & Related DevicesFiscal year ends December 31
ASE Technology Holding Co., Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 1, 2026
$40.80+1.27 (+3.21%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
17.7%+1.3 pts over 5 years
Operating margin
8.0%+0.6 pts over 5 years
Net margin
6.2%+0.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.4% | -1.3% | +6.2% | +8.6% | |
| Gross profit | +17.8% | -5.4% | +7.9% | +8.6% | |
| Operating income | +27.5% | -14.1% | +7.8% | +7.6% | |
| Net income | +23.6% | -13.3% | +8.2% | +7.3% | |
| EPS, diluted | +21.5% | -14.1% | +7.2% | +5.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 13.0% | 12.1% | |
| Return on assets | 5.9% | 4.7% | 4.9% | |
| Current ratio | 1.33 | 1.28 | 1.26 | |
| Debt to equity | 0.48 | 0.63 | 0.69 | |
| Net debt to EBITDA | 0.64× | 0.97× | 1.22× | |
| Interest coverage | 11.4× | 10.2× | 6.9× | |
| Inventory turnover | – | 9.7× | 8.6× | |
| Capex to revenue | 9.7% | 13.0% | 25.5% | |
| Diluted shares | 4.14B | 4.29B | 4.43B |
Where the cash went
Fiscal 2021 to 2025, five years combined
ASE Technology Holding generated 540.19B TWD from operations and spent 447.60B TWD on capital expenditure, dividends and share buybacks. 99% of that went back into the business.
Generated
540.19B TWD
Used
447.60B TWD
Capital expenditure441.87B TWD99%Dividends0 TWD0%Share buybacks5.73B TWD1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.2%
×Asset turnover0.79×
×Equity multiplier2.46×
=Return on equity, FY202512.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.2% | 0.79× | 2.46× | 12.1% |
| FY2024 | 5.4% | 0.85× | 2.29× | 10.5% |
| FY2023 | 6.1% | 0.85× | 2.33× | 12.0% |
| FY2022 | 9.2% | 0.97× | 2.52× | 22.4% |
| FY2021 | 10.6% | 0.91× | 2.68× | 25.6% |
| FY2020 | 5.7% | 0.84× | 2.75× | 13.0% |
| FY2019 | 4.1% | 0.76× | 2.72× | 8.5% |
| FY2018 | 7.1% | 0.83× | 2.31× | 13.5% |
| FY2017 | 7.9% | 0.80× | 2.10× | 13.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero40.02B TWD
- Cash generatingOperating cash flow above zero142.25B TWD
- Return on assets improvedROA up on the prior year4.9% → 5.4%
- Earnings backed by cashOperating cash flow above net income142.25B TWD vs 40.02B TWD
- Less leverageLong-term debt to assets fell16.4% → 22.8%
- Better liquidityCurrent ratio rose1.17 → 1.26
- No dilutionShare count did not rise4.39B → 4.43B
- Gross margin improvedGross margin up on the prior year16.28% → 17.69%
- More efficientAsset turnover rose0.89 → 0.87