ASE Technology Holding Co., Ltd.
ASXdata completeness 88%9 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
ASE Technology Holding Co., Ltd. earns about 22% on invested capital, far 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 $1.68 and $2.97 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $20.5B1 | $21.8B2 | $19B3 | $18.2B4 | $20.6B5 |
| Net income | $2.17B6 | $2B7 | $1.16B8 | $987.5M9 | $1.28B10 |
| Operating cash flow | $2.95B11 | $3.61B12 | $3.74B13 | $2.77B14 | $4.53B15 |
| Capital expenditure | $2.56B16 | $2.36B17 | $1.77B18 | $2.43B19 | $5.25B20 |
| Free cash flow (derived) | $390.3M11 | $1.25B12 | $1.97B13 | $343.6M14 | −$713.8M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $2.48B21 | $1.9B22 | $2.05B23 | $2.44B24 | $2.95B24 |
| Diluted shares | 4.41B | 4.37B | 4.38B | 4.41B | 4.45B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $24.53 of net worth that earned you $2.87 and generated −$1.61 of cash last year.
It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.68 and $2.97 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$343.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$343.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.28B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $1.77 |
| Base | 0.0% | $1.77 |
| Bull | 5.0% | $2.03 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
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