Amkor Technology

AMKR · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

AMKR · Last close · October 26, 2026

$36.81

Amkor Technology's revenue rose 6.2% to $6.7 billion in fiscal 2025. Its operating margin was 7.0%, about the same as 6.9% a year earlier. Free cash flow was $191 million, down 44.6%. It paid out $82 million in dividends and buybacks, 43% of free cash flow. The diluted share count rose 0.3%.

AMKOR TECHNOLOGY, INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001047127-26-000014 Updated October 16, 2026

Revenue

$6.7B

6.2%

Operating margin

7.0%

0.0 pts

Net income

$374M

5.6%

Free cash flow

$191M

44.6%

Return on capital

10.4%

0.4 pts

Market cap

$9.2B

Oct 26 close

P/E

21.0x

On $1.75 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.2% a year and net income 8.8% a year, as new shares raised the share count by 4% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Amkor Technology yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Amkor Technology's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Amkor Technology's fiscal 2025 free cash flow of $191M, net cash of $560M at December 31, 2025 and 248 million diluted shares, from its filings. The scenarios are fitted to Amkor Technology: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Semiconductors), plus 1 point as a smaller company, worth $9.2B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Amkor Technology's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $36.81
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Amkor Technology's earnings per share of $1.75 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 34×, the middle of Amkor Technology's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: ON Semiconductor, Marvell Technology, First Solar.

Earnings growth in the years ahead (% a year) Starts at Amkor Technology's revenue growth over the last 3 years, -1.8% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $36.81
Value at this multiple, against the last close: —
Amkor Technology's P/E at the last close: 21.0×

Company	Last close	Earnings per share	P/E today
Marvell TechnologyMRVL	$233.78	$3.03	77.2×
ON SemiconductorON	$74.06	$1.55	47.8×
Amkor TechnologyAMKR	$36.81	$1.75	21.0×
First SolarFSLR	$168.15	$16.22	10.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,078	1,241	1,595	1,646	1,991
Debt incl. finance leases	1,069	1,200	1,177	1,102	1,432
Net debt (negative means net cash)	−9	−41	−417	−545	−560
Net debt to EBITDA	−0.0x	−0.0x	−0.4x	−0.5x	−0.5x
Debt to equity	0.4x	0.3x	0.3x	0.3x	0.3x
Interest coverage	14.8x	15.3x	8.0x	6.8x	6.2x
Current ratio	1.7x	2.0x	2.3x	2.1x	2.3x
Quick ratio	1.4x	1.6x	2.0x	1.9x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Amkor Technology shares on the open market, and 12 insiders sold $507.0 million, $6.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Megan FaustCFO	Sold plan	1,000	$49.05	$49,050	Form 4
Aug 17, 2026	Mark N RogersEVP & General Counsel	Sold plan	5,000	$59.78	$298,900	Form 4
Aug 11, 2026	Megan FaustCFO	Sold plan	1,000	$54.45	$54,450	Form 4
Aug 7, 2026	Douglas A AlexanderDirector	Sold plan	5,000	$55.81	$279,050	Form 4
Aug 6, 2026	Guillaume Marie Jean RuttenDirector	Sold	25,000	$54.50	$1.4 million	Form 4
Aug 5, 2026	Guillaume Marie Jean RuttenDirector	Sold	25,000	$55.35	$1.4 million	Form 4
Jul 30, 2026	Kevin K. EngelPresident and CEO, Director	Sold	3,221	$47.00	$151,387	Form 4
Jul 16, 2026	Mark N RogersEVP & General Counsel	Sold plan	5,000	$65.12	$325,600	Form 4
Jul 14, 2026	Megan FaustCFO	Sold plan	1,000	$69.91	$69,910	Form 4
Jun 16, 2026	Mark N RogersEVP & General Counsel	Sold plan	5,000	$86.21	$431,050	Form 4
Jun 12, 2026	Winston J ChurchillDirector	Sold	5,000	$78.20	$391,000	Form 4
Jun 9, 2026	Megan FaustCFO	Sold plan	1,000	$70.30	$70,300	Form 4

The latest 12 of 38 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	5 of 9	6 of 9
Accruals ratio	−13.4%	−10.7%	−9.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Amkor Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Amkor Technology	FY25	6.2%	7.0%	2.9%	10.4%	−0.5x	6
GlobalFoundries	FY25	0.6%	11.7%	14.9%	7.1%	−0.3x	8	Compare
ON Semiconductor	FY25	−15.3%	1.4%	23.7%	0.9%	0.6x	5	Compare
Marvell Technology	FY26	42.1%	16.1%	17.0%	7.0%	0.9x	6	Compare
First Solar	FY25	24.1%	30.6%	22.8%	22.7%	−1.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,928	4,207	4,316	4,053	5,051	6,138	7,092	6,503	6,318	6,708
Revenue growth	36.2%	7.1%	2.6%	−6.1%	24.6%	21.5%	15.5%	−8.3%	−2.9%	6.2%
Gross profit	710	761	711	649	901	1,226	1,330	943	933	939
Research and development	117	167	157	138	141	166	149	178	163	167
Operating income	309	406	258	233	457	763	897	470	438	467
Net income	176	264	127	121	338	643	766	360	354	374
Diluted EPS (US$)	0.74	1.10	0.53	0.50	1.40	2.62	3.11	1.46	1.43	1.50
Diluted shares (millions)	238	240	240	240	242	246	246	247	248	248
Cash flow
Cash from operations	729	618	663	564	770	1,121	1,099	1,270	1,089	1,096
Capital expenditure	650	551	547	472	553	780	908	750	744	905
Free cash flow	79	67	116	91	217	342	190	521	345	191
Dividends paid	0	0	0	0	0	51	55	75	179	82
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	44	0	0	0	0	0	0	0	0
Stock-based compensation	3	5	5	7	8	11	14	8	18	20
Balance sheet at fiscal year end
Cash and short-term investments	550	596	682	901	832	1,078	1,241	1,595	1,646	1,991
Debt incl. finance leases	1,365	1,241	1,218	1,329	1,031	1,069	1,200	1,177	1,102	1,432
Total assets	4,092	4,508	4,495	4,696	5,022	6,039	6,822	6,771	6,944	8,136
Total liabilities	2,689	2,789	2,640	2,705	2,668	3,066	3,122	2,776	2,761	3,630
Shareholders' equity	1,384	1,696	1,830	1,964	2,326	2,942	3,669	3,962	4,150	4,471
Margins and ratios
Gross margin	18.1%	18.1%	16.5%	16.0%	17.8%	20.0%	18.8%	14.5%	14.8%	14.0%
Operating margin	7.9%	9.6%	6.0%	5.8%	9.1%	12.4%	12.7%	7.2%	6.9%	7.0%
Net margin	4.5%	6.3%	2.9%	3.0%	6.7%	10.5%	10.8%	5.5%	5.6%	5.6%
Free cash flow margin	2.0%	1.6%	2.7%	2.3%	4.3%	5.6%	2.7%	8.0%	5.5%	2.9%
Return on capital	11.0%	15.3%	7.6%	7.4%	16.2%	25.0%	24.2%	10.6%	10.0%	10.4%
Return on equity	13.6%	17.1%	7.2%	6.4%	15.8%	24.4%	23.2%	9.4%	8.7%	8.7%
Return on assets	4.3%	6.1%	2.8%	2.6%	7.0%	11.6%	11.9%	5.3%	5.2%	5.0%
Net debt to EBITDA	0.9x	0.7x	0.7x	0.6x	0.2x	−0.0x	−0.0x	−0.4x	−0.5x	−0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Amkor Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Amkor Technology.