olivLaw · US equity research
Amkor Technology, Inc. AMKR
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Amkor Technology is the largest U.S. headquartered outsourced semiconductor assembly and test provider, serving leading chipmakers. The company matters now because of rising demand for advanced packaging tied to artificial intelligence and large capacity investments, including in Arizona. Net sales in the third quarter of 2026 reached 1,991 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Amkor Technology, Inc. (AMKR) stock was 35.66 USD (−5.21% on the day), with market capitalisation 8.8 bn USD, P/E 14.4 on diluted EPS of 2.48 USD over the last 12 months, dividend yield 0.94%, beta 2.38, 52-week range 30.19–93.55 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (+0.2% YoY), net income of 190.6 m USD (+50.6% YoY), diluted EPS 0.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 33.69 – 50.52
- in the lower half of the band · %B 0.12 · band width 40.0%
- SMA 50 / 200
- 47.23 / 57.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.35 / -3.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −34.7% | −1.1% | −33.6 pp | — |
| 3 months | −33.8% | −0.5% | −33.3 pp | — |
| 6 months | −53.8% | +4.4% | −58.2 pp | — |
| Year to date | −9.7% | +12.3% | −22.0 pp | — |
| 1 year | +1.2% | +13.5% | −12.4 pp | +37.6% |
| 3 years | +49.6% | +76.4% | −26.8 pp | +125.7% |
| 5 years | +51.6% | +63.7% | −12.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.3 bn | 1.5 bn | 2.0 bn | 1.9 bn | 1.7 bn | 1.9 bn | 2.0 bn |
| Cost of revenue | 1.4 bn | 1.2 bn | 1.3 bn | 1.7 bn | 1.6 bn | 1.4 bn | 1.6 bn | 1.6 bn |
| Gross profit | 246.7 m | 157.6 m | 181.9 m | 284.5 m | 314.6 m | 239.0 m | 318.6 m | 363.5 m |
| Research & development | 42.8 m | 45.7 m | 42.0 m | 42.4 m | 36.7 m | 41.8 m | 39.8 m | 39.8 m |
| SG&A | 69.4 m | 80.4 m | 47.9 m | 83.2 m | 92.9 m | 97.0 m | 78.9 m | 99.0 m |
| Operating income | 134.4 m | 31.5 m | 92.0 m | 158.9 m | 185.0 m | 100.3 m | 199.9 m | 224.7 m |
| Depreciation & amortisation | 149.2 m | 153.8 m | 158.8 m | 163.6 m | 165.7 m | 170.9 m | 179.7 m | 186.6 m |
| Interest expense | 17.1 m | 16.8 m | 16.8 m | 21.2 m | 20.6 m | 17.7 m | 17.0 m | 17.9 m |
| Pre-tax income | 135.6 m | 25.8 m | 83.2 m | 154.4 m | 181.2 m | 96.3 m | 203.2 m | 230.2 m |
| Income tax | 29.8 m | 3.9 m | 28.2 m | 27.7 m | 8.7 m | 12.3 m | 28.3 m | 39.2 m |
| Net income | 105.6 m | 21.1 m | 54.4 m | 126.6 m | 171.8 m | 83.4 m | 173.8 m | 190.6 m |
| Diluted EPS | 0.43 ≈ | 0.09 | 0.22 | 0.51 | 0.69 ≈ | 0.33 | 0.70 | 0.76 |
| Operating cash flow | 537.6 m | 24.1 m | 258.5 m ≈ | 168.5 m ≈ | 644.5 m | 145.1 m | 236.5 m ≈ | 486.8 m ≈ |
| Capex | 285.7 m | 79.9 m | 146.2 m ≈ | 246.4 m ≈ | 432.1 m | 224.6 m | 463.8 m ≈ | 548.4 m ≈ |
| Dividends paid | 120.4 m | 0 | 40.9 m ≈ | 20.4 m ≈ | 20.6 m | 20.7 m | 20.7 m ≈ | 20.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 40-quarter history (min 5.1, median 13.2, max 43.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 4.1 bn | 5.1 bn | 6.1 bn | 7.1 bn | 6.5 bn | 6.3 bn | 6.7 bn |
| Revenue YoY | +2.6% | −6.1% | +24.6% | +21.5% | +15.5% | −8.3% | −2.9% | +6.2% |
| Net income | 127.1 m | 120.9 m | 338.1 m | 643.0 m | 765.8 m | 359.8 m | 354.0 m | 373.9 m |
| Net income YoY | −51.8% | −4.9% | +179.7% | +90.2% | +19.1% | −53.0% | −1.6% | +5.6% |
| Diluted EPS | 0.53 | 0.50 | 1.40 | 2.62 | 3.11 | 1.46 | 1.43 | 1.50 |
| Diluted EPS YoY | −51.8% | −5.7% | +180.0% | +87.1% | +18.7% | −53.1% | −2.1% | +4.9% |
| net % | 2.9% | 3.0% | 6.7% | 10.5% | 10.8% | 5.5% | 5.6% | 5.6% |
| Free cash flow | 116.3 m | 91.4 m | 217.0 m | 341.5 m | 190.5 m | 520.6 m | 345.1 m | 191.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn USD
- Financial debt
- 1.4 bn USD
- Net debt
- 66.9 m USD
- Equity
- 4.5 bn USD
- Total assets
- 8.1 bn USD
- Debt / equity
- 0.32x
- Current ratio
- 2.27x
- ROE
- 8.6%
- ROA
- 5.0%
- FCF margin
- 2.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.1 bn | 6.1 bn | 7.1 bn | 6.5 bn | 6.3 bn | 6.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 4.1 bn | 4.9 bn | 5.8 bn | 5.6 bn | 5.4 bn | 5.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 900.8 m | 1.2 bn | 1.3 bn | 943.2 m | 933.2 m | 938.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 140.7 m | 166.0 m | 149.4 m | 177.5 m | 163.0 m | 166.7 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 302.8 m | 296.1 m | 283.4 m | 295.4 m | 331.8 m | 304.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 457.2 m | 763.4 m | 897.2 m | 470.3 m | 438.5 m | 467.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 510.4 m | 563.6 m | 612.7 m | 631.5 m | 594.7 m | 642.0 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 967.6 m ≈ | 1.3 bn ≈ | 1.5 bn ≈ | 1.1 bn ≈ | 1.0 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 64.2 m | 51.5 m | 58.6 m | 59.0 m | 64.9 m | 75.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 386.7 m | 715.1 m | 856.9 m | 443.8 m | 431.0 m | 444.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 46.2 m | 69.5 m | 89.9 m | 81.7 m | 75.5 m | 68.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 338.1 m | 643.0 m | 765.8 m | 359.8 m | 354.0 m | 373.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 1.40 | 2.62 | 3.11 | 1.46 | 1.43 | 1.50 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 242.2 m | 245.7 m | 246.2 m | 247.2 m | 247.8 m | 248.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.04 | 0.17 | 0.23 | 0.30 | 0.72 | 0.33 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 698.0 m | 826.7 m | 959.1 m | 1.1 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 962.6 m | 1.3 bn | 1.4 bn | 1.1 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 297.3 m | 485.0 m | 629.6 m | 393.1 m | 310.9 m | 437.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 2.1 bn | 2.9 bn | 3.3 bn | 3.2 bn | 3.1 bn | 3.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 2.6 bn | — | — | — | — | — | SEC (XBRL)· 30 Apr 2021verified |
| Goodwill | 27.3 m | 24.5 m | 21.5 m | 20.0 m | 17.9 m | 18.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 5.0 bn | 6.0 bn | 6.8 bn | 6.8 bn | 6.9 bn | 8.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 636.4 m | 828.7 m | 899.2 m | 754.5 m | 712.9 m | 912.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 149.0 m | 153.0 m | 143.8 m | 131.6 m | 236.0 m | 162.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 1.0 bn | 985.0 m | 1.1 bn | 1.1 bn | 923.4 m | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 1.3 bn | 1.7 bn | 1.7 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 2.7 bn | 3.1 bn | 3.1 bn | 2.8 bn | 2.8 bn | 3.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 2.4 bn | 3.0 bn | 3.7 bn | 4.0 bn | 4.2 bn | 4.5 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 770.0 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 553.0 m | 779.8 m | 908.3 m | 749.5 m | 743.8 m | 904.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 217.0 m ≈ | 341.5 m ≈ | 190.5 m ≈ | 520.6 m ≈ | 345.1 m ≈ | 191.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -638.7 m | -943.9 m | -1.0 bn | -951.9 m | -800.3 m | -885.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -333.7 m | -30.1 m | 55.6 m | -149.2 m | -260.4 m | 98.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 0 | 51.2 m | 55.1 m | 74.7 m | 178.6 m | 81.9 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet57
- Valuation50
- Quality15
- Growth9
- Returns49
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 64.96 – 438.84 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales128.97 – 438.84 (Mid 251.50)24 companies used · median multiple 8.5x · quartiles 4.4x – 14.7xAAOI, ADI, AMAT, AMD, AVGO, AXTI, FSLR, FTCI, INTC, MCHP, MRAM, MRVL, MTSI, MU, MXL, NVDA, NXPI, ON, Q, SMTC, TE, TSEM, TXN, UCTT
- Peers: EV/EBITDA64.96 – 169.08 (Mid 98.87)9 companies used · median multiple 18.0x · quartiles 12.0x – 30.3xAMAT, FSLR, MCHP, MU, NVDA, NXPI, ON, TSEM, UCTT
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 16.6% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 9.5% | 47 (vs peers) | 9% |
| FCF margin · Quality | -2.1% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -1.8% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 6.2% | 28 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.6x | 33 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.2x | 81 (on a fixed band) | 6% |
| EV/Sales · Valuation | 1.3x | 88 (vs peers) | 17% |
| FCF yield · Valuation | -1.8% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.9% | 49 (on a fixed band) | 4% |
Score groups
- Balance sheet57/100 · 2/2 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality15/100 · 3/3 factors with a value
- Returns49/100 · 1/1 factors with a value
- Valuation50/100 · 2/2 factors with a value
Memo
AMKOR TECHNOLOGY, INC. (AMKR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 6.7 bn USD in 2025; YoY growth 6.2%; net margin 8.3%; ROE 13.6%; net debt/EBITDA 0.6x.
The estimated value range is 96.96–303.96 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 175.19 USD, the price of 35.66 USD leaves a potential of 391.3% (value / price − 1) and a margin of safety of 79.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- EV/Sales: 1.3x
- The price is below the estimated value range
What contradicts it
- Gross margin: 16.6%
- FCF margin: -2.1%
- Revenue CAGR 3Y: -1.8%
- Revenue growth (YoY): 6.2%
- FCF yield: -1.8%
- The valuation methods diverge
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Company Limited | 10,262.8 bn | 291.0 | 29.3% | 40.0% | +25.0% | +36% / +307% |
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| TSEMTower Semiconductor Ltd. | 16.7 bn | 76.7 | 7.9% | 14.1% | +9.1% | +38% / +443% |
| SMTCSemtech Corporation | 10.3 bn | — | -5.8% | -3.0% | +15.5% | +50% / +578% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| AMKRAmkor Technology, Inc. | 8.8 bn | 14.4 | 13.6% | 8.3% | +6.2% | +1% / +50% |
| MXLMaxLinear, Inc. | 5.2 bn | — | -5.9% | -4.4% | +29.7% | +265% / +204% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
1- and 3-year price returns: for AMKR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.91 Total return -43% · Per year -43% | 35.31 Total return -0% · Per year -0% | 53.35 Total return 51% · Per year 51% |
| 3 years | 16.94 Total return -51% · Per year -21% | 34.03 Total return -2% · Per year -1% | 56.78 Total return 63% · Per year 18% |
| 5 years | 14.41 Total return -57% · Per year -15% | 32.79 Total return -4% · Per year -1% | 60.43 Total return 75% · Per year 12% |
- Exit P/E± 8.51
- Net margin± 5.95
- Annual revenue growth± 5.20
- Annual dilution± 0.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
In brief
Amkor Technology is the largest U.S. headquartered outsourced semiconductor assembly and test provider, serving leading chipmakers. The company matters now because of rising demand for advanced packaging tied to artificial intelligence and large capacity investments, including in Arizona. Net sales in the third quarter of 2026 reached 1,991 million USD 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Semiconductor cyclicalityhigh
Industry or economic downturns can reduce demand and capacity utilization 1.
- Customer concentrationhigh
Large customers generate a major share of sales, and losing one could affect results 3.
- Large capital investmentsmedium
Capital spending is large and made ahead of revenue without firm customer commitments 13.
- Trade and tariffsmedium
Tariffs, export restrictions and regional conflicts can affect international operations 12.
- Material costsmedium
Materials, gold and other commodities have volatile prices, and long-term contracts with price adjustment are rare 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI-linked advanced packaging continues, the company could benefit from its new capacity and rising margins.
- Its position as the largest U.S. headquartered OSAT could attract customers regionalizing their supply chains.
- The gross margin increase in the third quarter of 2026 shows better capacity use can support profitability 3.
What would break the thesis
- A slowdown in the semiconductor industry could reduce factory utilization given high fixed costs.
- Dependence on a few large customers could make revenue vulnerable to their decisions.
- Large capital spending and rising debt could limit financial flexibility if demand falls.
What to watch
- Delivery of the fourth quarter guidance for net sales and gross marginQ4 2026
- Capital expenditure trajectory, updated to about 2.5 billion USD for 20262026
- Share of communications end market in sales, which declined from the prior yearQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
The business
Amkor provides packaging and test services for integrated device manufacturers, fabless companies, OEMs and contract foundries 1. Its portfolio includes advanced packaging, wafer-level processing and system-in-package solutions for smartphones, data centers, artificial intelligence, automobiles and wearables 1. In fiscal 2025 net sales were 6708.0 million USD 1, and Advanced Products made up 82.8% of sales 1.
The strategy rests on three pillars: technology leadership in advanced packaging, a broader geographic footprint and deeper partnerships with lead customers 1. The company states its primary financial objective is profitable sales growth 1. It has no meaningful backlog, and customer commitments are short term 1.
Amkor is expanding production through a new Arizona facility, under construction since the second half of 2025, and by scaling its Vietnam facility, which opened in 2024 12. Capital spending has focused on advanced packaging and test equipment and the Arizona facility 1.
Segments
Market context
Packaging demand follows the semiconductor cycle, which is cyclical and tied to worldwide GDP and consumer spending 1. The advanced segment is driven by artificial intelligence, data centers and rising semiconductor content in automobiles 12.
In the third quarter of 2026, communications represented 37% of sales and computing 26% 3. Customer concentration remains high, with the top ten customers accounting for 66% of net sales 3.
Trends
- Artificial intelligence and HPCtailwind
Demand for advanced packaging grows as AI applications spread across data centers and edge devices 1. Computing sales rose 16% in fiscal 2025 on AI-related PC devices and networking 1.
- Rising semiconductor content in automobilestailwind
Chips for ADAS, electrification and infotainment raise content per vehicle and create demand for power packaging 12.
- Industry cyclicalityheadwind
The company says it cannot predict the timing or duration of any downturn or recovery 1. A downturn could reduce utilization 1.
- Tariffs and trade restrictionsmixed
Tariffs, export controls and related trade actions could affect customers and operations, though the impact depends on uncertain future developments 12.
Competitive position
Amkor competes with other independent OSAT providers, with integrated device manufacturers that package their own chips, and with contract foundries that also offer packaging and test 1. The company notes that prices have historically pressed margins downward 1.
Amkor's advantages include global scale, a diversified geographic footprint and long relationships with lead customers 1. Competitors may have in-house capabilities or different customer access, which could shift its position 1.
- Integrated device manufacturers (IDMs)
Package and test chips in their own factories but may outsource part of the work 1.
- Contract foundries
May offer packaging and test services to their own customers 1.
- Other independent OSAT providers
Compete directly on packaging and test services; the sources do not name them 1.
- Fabless companies with in-house packaging
May prefer internal solutions or other partners for packaging 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report27 Oct 2026
- Current report26 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 May 2026Shareholder vote
- Current report05 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report01 May 2026Other events · Financial statements and exhibits
- Current report30 Apr 2026Other events · Financial statements and exhibits
- Quarterly report28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Amkor Technology, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Amkor Technology, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Amkor Technology, Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.