MeritValue

AMKOR TECHNOLOGY, INC.

AMKRdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

AMKOR TECHNOLOGY, INC. earns about 14% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $15.53 and $64.13 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.14B1$7.09B2$6.5B3$6.32B3$6.71B3
Net income$643M4$765.8M5$359.8M6$354M6$373.9M6
Operating cash flow$1.12B7$1.1B8$1.27B9$1.09B9$1.1B9
Capital expenditure$779.8M10$908.3M11$749.5M12$743.8M12$904.6M12
Free cash flow (derived)$341.5M7$190.5M8$520.6M9$345.1M9$191M9
Total debt$1.14B13$1.23B14$1.2B15$1.16B16$1.45B16
Cash & equivalents$826.7M17$959.1M18$1.12B19$1.13B20$1.38B20
Diluted shares245.7M246.2M247.2M247.8M248.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$179.96
your share of equity
Profit it earned you last year
$15.05
Free cash flow it threw off
$7.69
Debt you’d be carrying
$58.17

10 shares is a claim on $179.96 of net worth that earned you $15.05 and generated $7.69 of cash last year, against $58.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 21%FY22 21%FY23 10%FY24 9%FY25 8%

It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 27% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $15.53 and $64.13 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$64.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth16.7%
  • fcfBase$345.1M
DCF · Growth Exit 5Y
$39.33
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth16.7%
  • fcfBase$345.1M
Earnings Power Value
$15.53
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$373.9M
  • growthAssumed0.0%
Graham Number
$24.7
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years16.7%
Discount rate (WACC)8.97%
Terminal growth2.5%
At your growth, a share is worth $39.33
The three cases
Bear0.0%$19.46
Base16.7%$39.33
Bull20.0%$44.72

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 16.7%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001047127-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001047127-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001047127-26-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001047127-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001047127-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001047127-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001047127-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001047127-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001047127-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001047127-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001047127-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001047127-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001047127-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001047127-24-000019 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001047127-25-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001047127-26-000014 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001047127-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001047127-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001047127-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001047127-26-000014 (CashAndCashEquivalentsAtCarryingValue)