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ChipMOS TECHNOLOGIES

IMOS
40
Semiconductors · Technology
Exchange
NASDAQ
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Good
Stability
Good
Valuation
Good
Dividends
Weak

Winston Score History

The full picture

ChipMOS TECHNOLOGIES is a Taiwan-based company that tests and packages semiconductor chips for other companies. It does not design or sell its own chips — instead, it handles the final manufacturing steps that make chips ready to use in products like televisions, smartphones, and flat-panel displays. The company specializes in chips used for display drivers and memory, serving fabless chip designers and large electronics brands across Asia.

ChipMOS earns revenue by charging customers a fee for each chip it tests or packages, making it a contract services business rather than a product seller. It operates primarily in Taiwan, with most of its customers concentrated in the Asian electronics supply chain. Its long-term relationships with display and memory chip clients provide some stability, but the business is highly cyclical — when demand for consumer electronics falls, orders drop quickly. Thin margins and heavy capital spending on equipment are ongoing financial pressures the company must manage.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+208.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

20.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$13.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$13.0B cash & investments at current burn rate

Revenue accelerating

ChipMOS TECHNOLOGIES grew revenue 25% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
13.8%
Thin — 13.8% gross margin
Profit after running costs
Operating Margin
7.5%
Modest — 7.5% operating margin
Return on the money invested
ROCE
3.9%
Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+11.7%
Steady sales growth (+11.7% YoY)
Profit growth
EPS YoY
-24.5%
Earnings shrinking (-24.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
397%
Turns 397% of profit into real cash
Spare cash per sale
FCF Margin
-1.0%
Burning cash (-1.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.61
Moderate — manageable debt (0.61)
Covers its interest
Interest Cover
4.86x
Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.1x
no trend
Growth-priced — P/E 27.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+5.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.1 → 21.2)

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Dividends

Dividend
Dividend Yield
1.59%
no trend
Small dividend — 1.59% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-33.2%
no trend
Dividend cut (-33.2% YoY) — warning sign

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