ASE Technology
In 2010, upon several acquisitions through cash and stock tender offer, Universal Scientific Industrial became our subsidiary.
20-F, Apr 1, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Business
How does ASE Technology make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every TWD 100?
Of every TWD 100 in revenue, TWD 6 is net income.
Source and method
Of every TWD 100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: TWD 645.4B
- Gross profit: TWD 114.2B
- Operating income: TWD 51.4B
- Net income: TWD 40.0B
- Free cash flow: −TWD 22.4B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“In 2012, USI Shanghai completed its IPO on the Shanghai Stock Exchange with the symbol “601231.”
“In 2015, Universal Scientific Industrial completed a spin-off from USI Inc. In 2016, following the completion of a series of share transfers, USI Inc. became the parent company of the USI Group.”
“In 2018, as a result of a series of organizational changes including spin-offs and mergers, ASEH directly controlled USI Inc. In 2020 and 2023, USI Shanghai completed the acquisition of FAFG and Hirschmann, respectively.”
Item 4 · Information on the Company · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)
“We have significant packaging, testing, and EMS operations in Taiwan, currently one of the leading centers for outsourced semiconductor and electronics manufacturing in the world.”
Item 4 · Information on the Company · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
R&D +15%
“Statute for Industrial Innovation Act for qualifying research and development expenses related to innovation activities, but the amount of tax credit is limited to only up to 15% of the total research and development expenses for the year, subject to a cap of 30% of the income tax payable for the year in which the expenses were incurred.”
Item 5 · Operating and Financial Review · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Number check (R&D expense): stated 15% matches stored growth (+13.9%, ±10%)
R&D expense: TWD 32.9B FY2025 · +13.9% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 20-F and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Operating revenue +8%: no stored value to check the quoted number against.
KPIs
How fast is revenue growing?
Revenue grew 8.4% to TWD 645.4B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. ASE Technology files annual reports with the SEC on Form 20-F (IFRS, TWD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 6.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
8.0% operating margin, up from 6.8%.
17.7% gross margin, up from 16.3%.
Operating income grew 27% to TWD 51.4B.
Net income grew 24% to TWD 40.0B.
R&D grew 14% to TWD 32.9B.
EPS diluted grew 22% to TWD 8.75.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. ASE Technology files annual reports with the SEC on Form 20-F (IFRS, TWD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Negative free cash flow: −TWD 22.4B.
Operating cash flow grew 57% to TWD 142.2B.
Capex grew 107% to TWD 164.6B.
Stock-based compensation grew 13% to TWD 2.5B.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. ASE Technology files annual reports with the SEC on Form 20-F (IFRS, TWD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
TWD 92.5B cash vs TWD 249.1B debt.
Total debt grew 39% to TWD 249.1B.
Interest expense grew 11% to TWD 7.5B.
Total assets grew 20% to TWD 889.5B.
Equity grew 6.9% to TWD 342.2B.
Cash grew 21% YoY to TWD 92.5B.
Total debt grew 39% YoY to TWD 249.1B.
Total assets grew 20% YoY to TWD 889.5B.
Equity grew 6.9% YoY to TWD 342.2B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. ASE Technology files annual reports with the SEC on Form 20-F (IFRS, TWD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does ASE Technology depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (ASE Technology annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by ASE Technology
ASE Technology holds stakes in
No stake in a covered company found in SEC filings.
Others name ASE Technology
1 other mention (e.g. Broadcom) · 1 supplier mention (e.g. Qualcomm) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 53 risk factors, one per theme.
Customer concentration
“We rely on a limited number of key customers in certain products for our revenues, and our results of operations may be adversely affected by a reduction of our key customers’ business.”
Item 3.D · Risk Factors · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Supply chain and manufacturing
“The loss of a large customer or disruption of our strategic alliance or other commercial arrangements with semiconductor foundries and providers of other complementary semiconductor manufacturing services may result in a decline in our revenues and profitability.”
Item 3.D · Risk Factors · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Competition
“If we are unable to compete favorably in the highly competitive markets of semiconductor packaging and testing and EMS, our revenues and net income may decrease.”
Item 3.D · Risk Factors · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Acquisitions
“We may not be successful in pursuing mergers and acquisitions. Any mergers or acquisitions we make may lead to a diversion of management resources.”
Item 3.D · Risk Factors · 20-F · 0001193125-26-135585 · filed Apr 1, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
13G/13D data not yet loaded for this company.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.17.1%
26.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Bank Of America Corp /De/6.1%
9.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Goldman Sachs Group Inc5.4%
8.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Lazard Asset Management LLC5.2%
8.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
UBS Group AG5.1%
7.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
485 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 39 sales · $370M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | not reported | not reported | ||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Long-term bank loans (IFRS) | ||||||||||
| NCI income | ||||||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values