Amkor Technology, Inc. AMKR
Amkor trades at a deep discount to semiconductor peers — PE of 21.12x versus a 39.18x peer median and EV/EBITDA of 9.16x versus 29.23x — but the stock has broken below both its 50-day ($62.07) and 200-day ($55.81) moving averages, closing at $47.30 on August 31 after declining from $58.99 at the prior buy call on August 16. FY2025 fundamentals show revenue growth of 6.2% but ongoing gross margin compression to 13.99% (versus 18.75% in FY2022) and FCF falling to $191M from $520.6M in FY2023 as capex reached $904.6M.
Institutional inflows are encouraging — BlackRock established a new $1.06B position and fund count rose to 58 — but until the technical downtrend reverses and the margin trajectory stabilizes, the risk/reward is balanced rather than compelling.
What could go wrong
- Margin compression continues. Gross margin has declined from 18.75% (FY2022) to 13.99% (FY2025) while operating margin fell from 12.65% to 6.97%; further compression would erode the valuation case.
- FCF deterioration from elevated capex. FY2025 capex of $904.6M against operating cash flow of $1.096B left FCF at only $191M (2.85% margin), down from $520.6M in FY2023, limiting financial flexibility.
- Technical breakdown deepens. Stock is trading well below both the 50-day ($62.07) and 200-day ($55.81) MAs with RSI at 38.6; a further leg lower could trigger additional institutional outflows.
- Persistent insider selling. Insiders have net sold 28.9M shares ($909M) over the past 24 months, with recent August transactions showing continued exercise-and-sell activity by multiple executives.
What would change my mind
Where this comes from: peer_relative composite · peer_relative composite · technicals as of 2026-08-31 · FMP FY2025 annual + derived_metrics. Orin's read on AMKR; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All AMKR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $837.5M | 0.0% of fund |
| Vanguard Capital Management | $577.8M | 0.0% of fund |
| Jpmorgan Chase & | $470.0M | 0.0% of fund |
| State Street | $321.7M | 0.0% of fund |
| Aqr Capital Management | $273.8M | 0.1% of fund |
| Earnest Partners | $246.0M | 0.9% of fund |
86 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 614 Form 4 filings, net −$908.8M. Of the 50 on hand, 0 were open-market purchases and 9 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about AMKR
Orin answers questions about AMKR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 23.5× | — | 53.3× |
| EV/EBITDA | 10.1× | — | — |
| P/S | 1.76× | — | — |
| P/B | 2.8× | — | — |
24.6%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.2B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$79
$65 – $90 · +47% against today's price
- 7 buy or overweight
- 6 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| AMKRAmkor Technology, Inc. | $13B | 23.5× | 10.1× | 15.5% | 7.4% | 12% |
| LSCCLattice Semiconductor Corporation | $17B | 462.1× | 191.6× | 67.7% | 5.6% | 5% |
| MKSIMKS Inc. | $17B | 39.4× | 22.4× | 44.1% | 10.1% | 16% |
| NVMINova Ltd. | $12B | 41.4× | 36.6× | 57.1% | 28.8% | 20% |
| OLEDUniversal Display Corporation | $3B | 17.7× | 12.7× | 75.3% | 32.2% | 11% |
| ONTOOnto Innovation Inc. | $14B | 104.4× | 53.4× | 50.4% | 11.8% | 7% |
| QRVOQorvo, Inc. | $10B | 26.7× | 13.5× | 48.2% | 11.0% | 11% |
| RMBSRambus Inc. | $11B | 47.1× | 35.3× | 78.3% | 31.7% | 17% |
| SWKSSkyworks Solutions, Inc. | $13B | 45.3× | 16.5× | 40.7% | 7.2% | 5% |
| TSEMTower Semiconductor Ltd. | $25B | 87.4× | 44.4× | 26.9% | 16.9% | 10% |
The median is of the 9 peers listed above and nothing else — check it against the column. This company trades 48.0% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.