Nanya Technology Corp

Nanya Technology Corp exhibits a strong liquidity position, with a current ratio of 4.45 and cash and equivalents amounting to TWD 60.21 billion. The company's debt-to-equity ratio is 0.14, indicating a conservative capital structure with minimal leverage. However, the company reported negative operating income of TWD -2.32 billion and net income of TWD -814.49 million, reflecting a challenging operating environment.

Profitability metrics show a significant decline, with a return on equity of -0.49% and a return on assets of -0.41%. These figures are below the industry median for semiconductor firms, which typically maintain positive returns in stable market conditions. The company's gross profit of TWD 286.96 million is also low relative to its revenue of TWD 9.92 billion, suggesting margin compression.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification in the provided data. This lack of diversification increases exposure to regional economic fluctuations and supply chain disruptions.

Looking ahead, the company's revenue is expected to remain under pressure, with no significant growth indicators in the current fiscal year. Capital expenditures of TWD -5.55 billion suggest ongoing investment in production capacity, but the negative operating cash flow of TWD 2.21 billion indicates that these investments are not yet generating sufficient returns.

Risk factors include the potential for further margin compression due to industry overcapacity and pricing pressures. The company's liquidity risk is currently low, supported by its strong cash reserves, but the risk of dilution remains low with no immediate filing-based flags detected.

Recent events include analyst estimates showing a mean price target of TWD 303.33 and a median of TWD 295.00, with a mean recommendation of 1.93 (leaning toward buy). The company has a strong buy rating from 7 analysts and a buy rating from 4, indicating some optimism despite current financial challenges.

Nanya projects FY2026 revenue of TWD 66.6 billion, representing a 95.1% year-over-year increase from FY2025 levels.

The company forecasts a return to profitability in FY2026 with net income of TWD 6.6 billion.

Free cash flow is expected to surge 237.4% year-over-year to TWD 7.2 billion in FY2026.

Analysts maintain a buy recommendation with a mean price target of TWD 303.33, indicating institutional confidence.

Nanya's debt-to-equity ratio of 0.14 is above the semiconductor cohort median, suggesting manageable leverage relative to peers.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations or securing favorable financing.

Long-term debt increased significantly to TWD 29.7 billion in FY2025, reflecting a heavy balance sheet burden.

Current market price of TWD 340.0 exceeds the mean analyst target of TWD 303.33, implying limited upside potential.

Revenue TWD 49.09B, +582,9% YoY; Operating income +1 091,4% YoY.

• ▍Revenue TWD 49.09B, +582,9% YoY
• ▍Operating income +1 091,4% YoY
• ▍Net income +1 442,8% YoY
• ▍Free cash flow +684,2% YoY
• ▍Net margin 53.1%

Revenue TWD 30.09B, +357,7% YoY; Operating income +520,0% YoY.

• ▍Revenue TWD 30.09B, +357,7% YoY
• ▍Operating income +520,0% YoY
• ▍Net income +804,9% YoY
• ▍Free cash flow +1 274,8% YoY
• ▍Net margin 36.9%

Revenue TWD 18.78B, +130,9% YoY; Operating income +144,6% YoY.

• ▍Revenue TWD 18.78B, +130,9% YoY
• ▍Operating income +144,6% YoY
• ▍Net income +205,2% YoY
• ▍Free cash flow +168,7% YoY
• ▍Net margin 8.3%

Revenue TWD 10.53B, +6,1% YoY; Operating income −94,1% YoY.

• ▍Revenue TWD 10.53B, +6,1% YoY
• ▍Operating income −94,1% YoY
• ▍Net income −403,6% YoY
• ▍Free cash flow −724,6% YoY
• ▍Net margin -39.0%

Revenue TWD 7.19B; Operating income -TWD 3.04B.

• ▍Revenue TWD 7.19B
• ▍Operating income -TWD 3.04B
• ▍Net margin -27.0%

Revenue TWD 6.58B; Operating income -TWD 2.87B.

• ▍Revenue TWD 6.58B
• ▍Operating income -TWD 2.87B
• ▍Net margin -23.9%

Revenue TWD 8.13B; Operating income -TWD 2.51B.

• ▍Revenue TWD 8.13B
• ▍Operating income -TWD 2.51B
• ▍Net margin -18.3%

Revenue TWD 9.92B; Operating income -TWD 2.32B.

• ▍Revenue TWD 9.92B
• ▍Operating income -TWD 2.32B
• ▍Net margin -8.2%

Revenue TWD 66.59B, +95,1% YoY; Operating income +153,1% YoY.

• ▍Revenue TWD 66.59B, +95,1% YoY
• ▍Operating income +153,1% YoY
• ▍Net income +230,1% YoY
• ▍Free cash flow +237,4% YoY
• ▍Net margin 9.9%

Revenue TWD 34.13B, +14,2% YoY; Operating income +26,4% YoY.

• ▍Revenue TWD 34.13B, +14,2% YoY
• ▍Operating income +26,4% YoY
• ▍Net income +31,7% YoY
• ▍Free cash flow +57,2% YoY
• ▍Net margin -14.9%

Revenue TWD 29.89B, −47,5% YoY; Operating income −231,5% YoY.

• ▍Revenue TWD 29.89B, −47,5% YoY
• ▍Operating income −231,5% YoY
• ▍Net income −150,9% YoY
• ▍Free cash flow −384,2% YoY
• ▍Net margin -24.9%

Revenue TWD 56.95B, −33,5% YoY; Operating income −59,6% YoY.

• ▍Revenue TWD 56.95B, −33,5% YoY
• ▍Operating income −59,6% YoY
• ▍Net income −36,0% YoY
• ▍Free cash flow −111,2% YoY
• ▍Net margin 25.7%