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AMKR, Amkor Technology

Semiconductors capital-intensive

Amkor is the world's largest U.S. headquartered outsourced semiconductor assembly and test service provider and is a global leader in outsourced semiconductor packaging and test services.

With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world's leading semiconductor and electronics companies to bring advanced technologies to market.

The company's comprehensive portfolio includes advanced packaging, wafer-level processing and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables.

Latest annual: FY2025 10-K

AMKR · Amkor Technology

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$6.7B

+6.2% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.1B 5-yr avg $6.6B

Gross margin 14% 5-yr avg 16%

Operating margin 7.6% 5-yr avg 9.2%

ROIC 9% 5-yr avg 14%

Owner-earnings margin 8% 5-yr avg 8%

Free cash flow margin 2% 5-yr avg 5%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Advanced Products (83%) and Mainstream Products (17%).
What moves the needle: Gross margin has run about 16% and operating margin about 7.2% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. Capital spending runs about 13% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 6% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Advanced Products is 83% of revenue, with Mainstream Products the other meaningful line at 17%.

Revenue by product line, FY2025

Advanced Products83%$5.6B
Mainstream Products17%$1.2B

By geographyUnited States66%EMEA13%Asia Pacific (excluding Japan)11%Japan11%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$3.9B	$4.2B	$4.3B	$4.1B	$5.1B	$6.1B	$7.1B	$6.5B	$6.3B	$6.7B	$7.1B	RevenueRevenue
18%	18%	16%	16%	18%	20%	19%	15%	15%	14%	14%	Gross marginGross mgn
7%	7%	7%	7%	6%	5%	4%	5%	5%	5%	5%	SG&A / revenueSG&A/rev
3%	4%	4%	3%	3%	3%	2%	3%	3%	2%	2%	R&D / revenueR&D/rev
$309M	$406M	$258M	$233M	$457M	$763M	$897M	$470M	$438M	$467M	$536M	Operating incomeOp. inc.
7.9%	9.6%	6.0%	5.8%	9.1%	12.4%	12.7%	7.2%	6.9%	7.0%	7.6%	Operating marginOp. mgn
$176M	$264M	$127M	$121M	$338M	$643M	$766M	$360M	$354M	$374M	$436M	Net incomeNet inc.
23%	13%	31%	24%	12%	10%	11%	19%	18%	15%	15%	Effective tax rateTax rate
											Cash flow & returns
$729M	$618M	$663M	$564M	$770M	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B	$1.2B	Operating cash flowOp. cash
$555M	$582M	$572M	$524M	$510M	$564M	$613M	$632M	$595M	$642M	$659M	DepreciationDeprec.
($5M)	($232M)	($41M)	($88M)	($87M)	($96M)	($293M)	$270M	$122M	$60M	$101M	Working capital & otherWC & other
$650M	$551M	$547M	$472M	$553M	$780M	$908M	$749M	$744M	$905M	$1.0B	CapexCapex
16.5%	13.1%	12.7%	11.7%	10.9%	12.7%	12.8%	11.5%	11.8%	13.5%	14.8%	Capex / revenueCapex/rev
$79M	$67M	$116M	$91M	$217M	$558M	$486M	$521M	$494M	$454M	$557M	Owner earningsOwner earn.
2.0%	1.6%	2.7%	2.3%	4.3%	9.1%	6.9%	8.0%	7.8%	6.8%	7.9%	Owner earnings marginOE mgn
$79M	$67M	$116M	$91M	$217M	$342M	$190M	$521M	$345M	$191M	$167M	Free cash flowFCF
2.0%	1.6%	2.7%	2.3%	4.3%	5.6%	2.7%	8.0%	5.5%	2.8%	2.4%	Free cash flow marginFCF mgn
$0	$44M	$0	$0	—	—	—	—	—	—	$0	AcquisitionsAcquis.
—	—	—	$0	$0	$51M	$55M	$75M	$179M	$82M	$82M	Dividends paidDiv. paid
11%	14%	7%	7%	14%	21%	20%	9%	9%	9%	9%	ROICROIC
13%	16%	7%	6%	15%	22%	21%	9%	9%	8%	10%	Return on equityROE
—	—	—	6%	15%	20%	19%	7%	4%	7%	8%	Retained to equityRetained/eq
											Balance sheet
$550M	$596M	$682M	$901M	$832M	$1.1B	$1.2B	$1.6B	$1.6B	$2.0B	$1.8B	Cash & investmentsCash+inv
$563M	$798M	$724M	$851M	$963M	$1.3B	$1.4B	$1.1B	$1.1B	$1.4B	$1.3B	ReceivablesReceiv.
$268M	$214M	$231M	$221M	$297M	$485M	$630M	$393M	$311M	$438M	$495M	InventoryInvent.
$487M	$569M	$530M	$571M	$636M	$829M	$899M	$754M	$713M	$913M	$832M	Accounts payablePayables
$344M	$443M	$425M	$500M	$624M	$915M	$1.1B	$788M	$653M	$880M	$950M	Operating working capitalOper. WC
$1.4B	$1.6B	$1.7B	$2.0B	$2.1B	$2.9B	$3.3B	$3.2B	$3.1B	$3.9B	$3.8B	Current assetsCur. assets
$1.0B	$1.3B	$1.2B	$1.1B	$1.3B	$1.7B	$1.7B	$1.4B	$1.5B	$1.7B	$1.9B	Current liabilitiesCur. liab.
1.4×	1.2×	1.4×	1.9×	1.6×	1.7×	2.0×	2.3×	2.1×	2.3×	2.0×	Current ratioCurr. ratio
$24M	$25M	$26M	$26M	$27M	$25M	$22M	$20M	$18M	$18M	$18M	GoodwillGoodwill
$4.1B	$4.5B	$4.5B	$4.7B	$5.0B	$6.0B	$6.8B	$6.8B	$6.9B	$8.1B	$8.3B	Total assetsAssets
$1.4B	$1.4B	$1.3B	$1.5B	$1.2B	$1.1B	$1.2B	$1.2B	$1.2B	$1.5B	$1.4B	Total debtDebt
$850M	$768M	$651M	$549M	$323M	$69M	($1M)	($385M)	($482M)	($535M)	($424M)	Net debt / (cash)Net debt
3.9×	4.8×	3.3×	—	7.1×	14.8×	15.3×	8.0×	6.8×	6.2×	7.0×	Interest coverageInt. cov.
$1.4B	$1.7B	$1.8B	$2.0B	$2.3B	$2.9B	$3.7B	$4.0B	$4.1B	$4.5B	$4.5B	Shareholders’ equityEquity
0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.2%	0.1%	0.3%	0.3%	0.3%	Stock comp / revenueSBC/rev
											Per share
238M	240M	240M	240M	242M	246M	246M	247M	248M	248M	250M	Shares out (diluted)Shares
$16.50	$17.55	$18.00	$16.88	$20.85	$24.98	$28.80	$26.31	$25.49	$27.00	$28.33	Revenue / shareRev/sh
$0.74	$1.10	$0.53	$0.50	$1.40	$2.62	$3.11	$1.46	$1.43	$1.50	$1.75	EPS (diluted)EPS
$0.33	$0.28	$0.49	$0.38	$0.90	$2.27	$1.97	$2.11	$1.99	$1.83	$2.23	Owner earnings / shareOE/sh
$0.33	$0.28	$0.49	$0.38	$0.90	$1.39	$0.77	$2.11	$1.39	$0.77	$0.67	Free cash flow / shareFCF/sh
—	—	—	$0.00	$0.00	$0.21	$0.22	$0.30	$0.72	$0.33	$0.33	Dividends / shareDiv/sh
$2.73	$2.30	$2.28	$1.97	$2.28	$3.17	$3.69	$3.03	$3.00	$3.64	$4.20	Cap. spending / shareCapex/sh
$5.81	$7.08	$7.64	$8.18	$9.60	$11.97	$14.90	$16.03	$16.74	$18.00	$18.17	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+5.6%/yr	+5.3%/yr
Owner earnings / share	+20.8%/yr	+15.3%/yr
EPS	+8.2%/yr	+1.5%/yr
Capital spending / share	+3.2%/yr	+9.8%/yr
Book value / share	+13.4%/yr	+13.4%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

248Mpeak FY2025

ROIC

9%low FY2019

Gross margin

14%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$454Mowner earningsvs.$374Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $454M of owner earnings, the operating cash left after the $642M it takes just to hold its position. It put $263M more into growth; free cash flow, after that spending, was $191M.

Reported net income$374M

Owner earnings$454M · 7% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$374M	$354M	$360M	$766M	$643M
Depreciation & amortizationnon-cash charge added back	+$642M	+$595M	+$632M	+$613M	+$564M
Stock-based compensationreal costnon-cash, but a real cost	+$20M	+$18M	+$8M	+$14M	+$11M
Working capital & othertiming of cash in and out, other non-cash items	+$60M	+$122M	+$270M	−$293M	−$96M
Cash from operations	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$642M	−$595M	−$749M	−$613M	−$564M
Owner earnings	$454M	$494M	$521M	$486M	$558M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$263M	−$149M	—	−$296M	−$216M
Free cash flow	$191M	$345M	$521M	$190M	$342M
Owner-earnings marginowner earnings ÷ revenue	7%	8%	8%	7%	9%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $642M, roughly its depreciation, the rate its assets wear out). The other $263M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $20M), owner earnings is nearer $433M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.2×

Comfortable

Operating income $467M ÷ interest expense $75M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$535M

Net cash

Cash $1.4B + ST investments $613M − debt $1.5B

What this means
Cash and short-term investments exceed every dollar of debt by $535M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 44d

Tight

DSO 74 + DIO 28 − DPO 58 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

10-yr median, range 7%–21%; 9% latest = NOPAT $395M ÷ invested capital $4.5B

Industry peers: median 19%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 4%

Thin through the cycle

10-yr median margin, range 2%–9%; latest $454M = operating cash $1.1B − maintenance capex $642M

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 7% of revenue this year, a 4% median across 10 years. It chose to put $263M more into growth, so free cash flow this year was $191M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $20M of SBC) leaves $433M.
Are earnings backed by cash? 2.93×

Cash-backed

Cash from ops $1.1B ÷ net income $374M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 18%

Reinvests most of it

Dividends + buybacks $82M ÷ Owner Earnings $454M

What this means
Of $454M Owner Earnings, $82M (18%) went back to shareholders, $82M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.41×

Expanding

Capex $905M ÷ depreciation $642M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 5 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $6.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.27×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.5B vs $2.2B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +92%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.46/share (latest year $1.51), the averaged base the calculator's gate runs on, and book value is $18.04/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → 7% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin held roughly steady — about 8% early, 7% lately, median 7%.
Reinvestment, incremental ROIC 7%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +23%/yr

What this means
Owner earnings grew about 23% a year over the record.
Worst year 2019 · 5.8% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.5%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.8B

Cash & short-term investments$1.8B
Receivables$1.3B
Inventory$495M
Other current assets$121M

Current liabilities$1.9B

Debt due within a year$157M
Accounts payable$832M
Other current liabilities$878M

Current ratio2.01×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.74×stricter: inventory excluded

Cash ratio0.99×strictest: cash alone against what's due

Working capital$1.9Bthe cushion left after near-term bills

Debt due this year vs. cash$157M due · $1.8B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+27.5%the freshest read on whether the business is still growing

Current ratio, recent quarters2.1× → 2.0×

Deeper floors

Tangible book value$4.5Bequity stripped of goodwill & intangibles

Net current asset value$22MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.5B$68M of it operating leases

Deferred revenue$82Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $9.0B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$6.9B · 76%
Dividends$442M · 5%
Retained (debt / cash)$1.7B · 19%

Returned to owners$442M
14% of the owner earnings the business produced over the span, $442M as dividends and $0 as buybacks.
Net change in share count4.8%
The diluted count rose from 238M to 250M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.33/sh
Paid in 5 of the years on record. It was cut at least once along the way.
Return on what it retained13%
Of the earnings it kept rather than paid out ($3.1B over the span), annual owner earnings (first three years vs last three) grew $402M, so each retained $1 added about 0.13 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Rutten	$3.8M	$9.8M	$558M
2022	Mr. Rutten	$3.6M	$2.4M	$486M
2023	Mr. Rutten	$12.8M	$9.7M	$521M
2024	Mr. Rutten	$16.6M	$14.2M	$494M
2025	Mr. Rutten	$12.1M	$22.7M	$454M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

CEO pay ratio656:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$20M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Amkor Technology is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?4.8%
Diluted shares grew 4.8% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$5.1B · 72% of revenue on the largest customers (TTM)
“Our ten largest customers accounted for, in the aggregate, 72% of our net sales for the year ended December 31, 2025.”verify →
Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
TXNTexas Instruments Incorporated	$17.7B	64%	40.7%	35%	35%
MSIMotorola Solutions Inc.	$11.7B	49%	20.1%	36%	18%
AMKRAmkor Technology	$6.7B	17%	7.5%	10%	6%
SNSharkNinja Inc.	$6.4B	48%	11.7%	21%	6%
FSLRFirst Solar	$5.2B	23%	8.9%	5%	4%
CIENCiena Corporation	$4.8B	43%	7.5%	9%	9%
AYIAcuity	$4.3B	42%	12.7%	19%	11%
GNRCGenerac	$4.2B	36%	14.5%	14%	11%
Group median	—	43%	12.2%	16%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Amkor Technology has delivered.

Amkor Technology’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Amkor Technology earns about $371M on its 5.5% median owner-earnings margin. This year’s 6.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($371M) Net of stock comp (−$20M) Steady-state · maintenance capex ($575M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−2%/yr

Owner-earnings growth · ’16→’25+15%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $167M on 248M shares outstanding, per the 10-Q cover, as of 2026-04-21; net cash $424M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($1.0B) runs well above depreciation ($659M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $575M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh AMKR against another business →

The owners of AMKR: the meeting and the votes →

Cite: Owner Scorecard, "Amkor Technology (AMKR), the owner's record," https://ownerscorecard.com/c/AMKR, data as of 2026-07-09.

Manual order: ← AMH its page in the Manual AMN →

Industry order: ← AMD the Semiconductors chapter AOSL →