Start here if you're new
what it is
Amkor packages and tests chips after they are made, so your phone, car, and server can actually use them.
how it gets paid
Last year Amkor Technology made $6.7B in revenue. Communications was the main engine at $3.08B, or 46% of sales.
why it's growing
Revenue grew 6.2% last year. Revenue was $4.8B, up 143% vs. prior year, while EPS rose 59% to $0.81 on the SEC-reported quarter data.
what just happened
Amkor's latest quarter landed at $0.69 EPS, well above the $0.48 estimate.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
28.6x trailing p/e — priced about right
0.9% dividend yield — cash in your pocket every quarter
16.5% return on capital — nothing to write home about
xvary composite: 71/100 — average
What they do
Amkor packages and tests chips after they are made, so your phone, car, and server can actually use them.
Amkor sits in the messy middle of the chip supply chain where scale matters. It serves huge customers, and the top 10 account for 67% to 73% of sales, which tells you the biggest chip players already trust it with hard-to-replace work. Packaging and test → finishing chips so they work → if your device launch depends on it, you do not casually swap vendors.
How they make money
$6.7B
annual revenue · their business grew +6.2% last year
Communications
$3.08B
Computing
$1.34B
Automotive & industrial
$1.27B
Consumer
$1.01B
The products that matter
packages handset and networking chips
Communications Packaging
$3.1B revenue · 46% of sales
it is the biggest piece of the company at $3.1B, which means customer wins or losses here move the whole story fast.
46% of sales
packages auto and industrial chips
Automotive & Industrial Packaging
$1.3B revenue · 19% of sales
this $1.3B segment is smaller, but it is where investors look for stickier demand and a better mix than commodity handset exposure.
mix upgrade
packages consumer and other chips
Consumer & Other Operations
$2.3B revenue · 35% of sales
at $2.3B, this is too large to ignore. it fills the factories, but it also reminds you how exposed the company is to broader electronics demand.
volume base
Key numbers
28.6x
trailing p/e
You are paying a premium multiple for a cyclical manufacturer, which leaves less room for a slowdown.
7.0%
operating margin
Operating margin → money left after running the business → so what: this is not a fat-margin business.
16.5%
return on capital
Return on capital → profit earned on money invested → so what: Amkor is productive even in a tougher industry.
$51
18-month target
That target implies about 18% upside from $43.22, which is decent but not huge for a stock with beta of 1.6.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $1.3B (11% of capital)
- net profit margin 10.2% — keeps 10 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in AMKR 3 years ago → it's now worth $17,460.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Amkor's latest quarter landed at $0.69 EPS, well above the $0.48 estimate.
Revenue was $4.8B, up 143% vs. prior year, while EPS rose 59% to $0.81 on the SEC-reported quarter data. The quarterly history also shows momentum improved through 2025, ending with $0.69 in Q4 versus $0.09 in Q1.
$4.8B
revenue
$0.81
eps
12.9%
gross margin
the number that mattered
The 43.75% earnings beat mattered most because it showed the rebound was stronger than analysts modeled.
-
amkor may have difficulty producing an encore in 2026.in the first half of last year, wall street punished amkor stock for the loss of a signifcant customer order and lack of earnings progress.
-
however, operating results seemed to bottom during the summer, igniting a big stock rally.fourth-quarter results came in at $0.69 versus our $0.48 estimate, though much of this was due to recognition of deferred tax assets and $30 million of asset sales.
-
with the stock at near record highs and earnings barely above their recent trough, we believe that an upcoming cyclical recovery is already discounted by the stock price.
-
business is picking up.march-period revenues are expected to come in between $1.6 billion and $1.7 billion, leading to earnings in a range of $0.18 to $0.28 per share. more efficient production, better pricing, and a higher mix of advanced packaging products ought to expand margins. this will partly depend on continued ramping of advanced packaging at korean and taiwanese facilities, as well as greater utilization at vietnamese operations. meanwhile, demand from advanced computing markets is firming, and a pickup in the advanced automotive market may provide some upside.
-
the ambitious capex program was accelerated.a massive fab in arizona is being constructed to accommodate expected demand from onshoring of chip production.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is losing volume from a major handset or computing customer.
med
customer concentration
communications packaging is a $3.1B business, or 46% of total sales. when a major order moves, the income statement notices immediately.
the last significant customer loss was enough to pressure the stock and stall earnings progress. with a 7.1% net margin, you do not need a huge revenue hole for profit to feel it.
med
semiconductor cyclicality
all $6.7B of revenue lives inside the chip cycle. when handset, consumer electronics, or broader semiconductor demand slows, outsourced packaging demand usually slows with it.
this is why a 45/100 earnings predictability score matters. the business is exposed to volume swings, and the stock tends to react before the income statement fully does.
med
global footprint and new-facility execution
amkor operates across korea, taiwan, vietnam, china, and now a faster-moving arizona expansion. that gives it reach, but it also spreads execution across multiple political and operating environments.
if the onshoring buildout ramps ahead of demand, returns get pressured. if export controls or regional disruption intensify, capacity and customer timing can get messy fast.
the combined risk picture is simple: a company earning 7.1% net margins on $6.7B of revenue does not get much room for customer losses, weak utilization, or capex mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march quarter results
revenue is guided to $1.6B–$1.7B and EPS to $0.18–$0.28. this is the fastest way to tell whether the rebound has legs.
trend
advanced packaging ramp
korea and taiwan are the ramp story, with vietnam utilization in the background. better mix should help margins if volumes actually show up.
risk
customer concentration
communications is 46% of sales. any sign of another major order loss matters more than a modest beat elsewhere.
metric
arizona payback
the plant expansion is a real strategic bet. watch whether onshoring demand turns that spend into utilization instead of just more fixed cost.
Analyst rankings
short-term outlook
top 5%
momentum score 1 is the highest rating. in human-speak, analysts think the stock still has unusual short-term strength.
risk profile
average
stability score 3 means typical stock risk. not especially safe, not unusually dangerous.
chart momentum
top 20%
technical score 2 signals above-average price performance potential over the next 12 months. the chart still looks constructive.
earnings predictability
45 / 100
earnings predictability at 45/100 means estimates can get messy. if you own it, expect more variance than you would from a steadier compounder.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 166 buyers vs. 148 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$27
$75
$43
current price
$51
target midpoint · +18% from current · 3-5yr high: $65 (+45% · 11% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive