Amkor Technology, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Amkor's stock has sold off sharply to $41.70 (as of 20 Oct) from the $56 range in early October, pushing RSI to an oversold 29.9, but the fundamental picture has only strengthened — Q2 2026 revenue of $1.90B grew 25.6% YoY and EPS of $0.70 beat estimates by 49%, extending a streak of four consecutive double-digit EPS surprises.
At 18.6x trailing PE versus a 47.4x peer median (a 61% discount) and 8.2x EV/EBITDA versus 20.2x, the valuation provides a meaningful margin of safety for a company levered to AI-driven advanced packaging demand with TSMC and Nvidia as long-term partners. The primary risk is capex intensity — FY2025 free cash flow was just $191M against $905M in capex, and 2026 capex is reportedly ramping to $2.5–3B — but with gross margins showing sequential recovery (Q2 2026 gross profit of $318.6M vs $239.0M in Q1) and revenue acceleration well underway, the risk/reward at this price is compelling.
What could go wrong
- Capex burden on free cash flow. FY2025 free cash flow was just $191M against $905M in capital expenditure; 2026 capex is reportedly ramping to $2.5–3B, which could pressure FCF further if AI packaging demand fails to fill new capacity.
- Margin compression trend. Gross margin declined from 18.8% in FY2022 to 14.0% in FY2025, though Q2 2026 shows early signs of sequential recovery.
- Insider selling pressure. Over the trailing 24 months, insiders net sold 16.5M shares for $908M, including CFO Megan Faust selling 1,000 shares at $46.92 on 13 Oct.
- Technical breakdown below key moving averages. Stock at $41.70 is trading well below both the 50-day MA ($50.42) and 200-day MA ($57.70), with MACD deeply negative at -2.48, indicating strong downward momentum.
What would change my mind
Where this comes from: Q2 2026 results · earnings vs estimates, 27 Jul · peer comparison, 20 Oct · FY25 fundamentals. Orin's read on AMKR; not advice.
How has the share price moved?
Up 20.4% over twelve months, from $33.18 on 27 Oct 2025 to $39.94 at the Tue 27 Oct 2026 close. Its highest close in that time was $93.55 on 22 Jun 2026; the last close is 57.3% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 21.6M, on 26 Oct 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All AMKR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $1.1B | 0.0% |
| Vanguard Portfolio Management | $837.5M | 0.0% |
| Vanguard Capital Management | $577.8M | 0.0% |
| JPMorgan Chase | $470.0M | 0.0% |
| State Street | $321.7M | 0.0% |
| AQR Capital Management | $273.8M | 0.1% |
| Earnest Partners | $246.0M | 0.9% |
| Geode Capital Management | $241.3M | 0.0% |
| Invesco | $214.4M | 0.0% |
| Point72 Asset Management | $213.6M | 0.2% |
88 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 591 Form 4 filings; open-market trades net −$907.2M. Of the 50 on hand, 0 were open-market purchases and 11 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about AMKR
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Start 3 free days →How is it priced, against its own past and its sector?
Priced at 16.0× its last 12 months of profit (Tue 27 Oct close) — higher than in 2 of its last 5 fiscal years (middle 17.8×); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 16.0×below usual | 17.8× | 46.1× |
| P/S | 1.33×above usual | 1.00× | — |
| EV/EBITDA | 7.3×above usual | 6.1× | — |
| P/B | 2.1×near usual | 2.1× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $66 (from $55 to $90) — 65% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$66
$55 – $90 · +65% against the last close
- 4 buy or overweight
- 3 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 16.0× its last 12 months of profit. Only 1 of the 1 companies it is compared to made a profit (ASX 46.8×), so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| AMKRAmkor Technology, Inc. | $10B | 16.0× | 7.3× | 16.6% | 8.3% | 13% |
| ASXASE Technology Holding Co., Ltd. | $92B | 46.8× | 19.9× | 19.5% | 8.5% | 17% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 16.0× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now16.0×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $13 a share — 66% below the $38.79 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $13 | 66% below $38.79 |
| Levered | $11 | 72% below $38.79 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.