ASE Technology
ASX · NYSESemiconductors & Related Devices · Fiscal year ends Dec 31 · Reports in TWD
ASE Technology reported revenue of TWD 645B in the fiscal year ended Dec 2025, up 8.4% from the year before. Operating income was TWD 51.4B, an operating margin of 8.0%, and net income was TWD 41.2B. Operating cash flow of TWD 142B less capital expenditure of TWD 165B left free cash flow of −TWD 22.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | TWD 570B | TWD 671B | TWD 582B | TWD 595B | TWD 645B |
| Cost of revenue | TWD 460B | TWD 536B | TWD 490B | TWD 498B | TWD 531B |
| Gross profit | TWD 110B | TWD 135B | TWD 91.8B | TWD 96.9B | TWD 114B |
| Research & development | TWD 21.1B | TWD 24.4B | TWD 25.5B | TWD 28.8B | TWD 32.9B |
| Selling, general & admin | TWD 20.8B | TWD 23.5B | TWD 19.4B | TWD 21.5B | TWD 23.2B |
| Operating income | TWD 63.3B | TWD 81.2B | TWD 41.6B | TWD 40.3B | TWD 51.4B |
| Interest expense | TWD 2.8B | TWD 4B | TWD 6.2B | TWD 6.7B | TWD 7.5B |
| Pre-tax income | TWD 80.2B | TWD 81.8B | TWD 42.6B | TWD 41.7B | TWD 51.3B |
| Income tax | TWD 17.9B | TWD 17.1B | TWD 5.3B | TWD 7.9B | TWD 10.1B |
| Net income | TWD 62.2B | TWD 64.6B | TWD 37.3B | TWD 33.8B | TWD 41.2B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | TWD 76.1B | TWD 58B | TWD 67.3B | TWD 76.5B | TWD 92.5B |
| Inventory | TWD 67.8B | TWD 87.3B | TWD 59.7B | TWD 57.3B | TWD 65.7B |
| Current assets | TWD 292B | TWD 300B | TWD 262B | TWD 275B | TWD 314B |
| Net PP&E | TWD 240B | TWD 268B | TWD 265B | TWD 313B | TWD 421B |
| Goodwill | TWD 52.1B | TWD 52.3B | TWD 52.4B | TWD 52.5B | TWD 52.5B |
| Total assets | TWD 673B | TWD 708B | TWD 667B | TWD 741B | TWD 889B |
| Current liabilities | TWD 217B | TWD 229B | TWD 226B | TWD 234B | TWD 248B |
| Total liabilities | TWD 405B | TWD 394B | TWD 353B | TWD 399B | TWD 521B |
| Shareholders' equity | TWD 254B | TWD 295B | TWD 294B | TWD 320B | TWD 342B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | TWD 81.7B | TWD 111B | TWD 114B | TWD 90.8B | TWD 142B |
| Capital expenditure | TWD 70.9B | TWD 72.6B | TWD 54.2B | TWD 79.5B | TWD 165B |
| Free cash flow | TWD 10.8B | TWD 38.4B | TWD 60.3B | TWD 11.3B | −TWD 22.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.7% | −13.3% | 2.3% | 8.4% |
| Operating income growth (YoY) | – | 28.2% | −48.7% | −3.1% | 27.5% |
| Gross margin | 19.4% | 20.1% | 15.8% | 16.3% | 17.7% |
| Operating margin | 11.1% | 12.1% | 7.2% | 6.8% | 8.0% |
| Net margin | 10.9% | 9.6% | 6.4% | 5.7% | 6.4% |
| Return on equityBlank when equity is negative | 24.5% | 21.9% | 12.7% | 10.6% | 12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.9% | 17.0% | 9.4% | 8.0% | 8.0% |
| Free cash flow margin | 1.9% | 5.7% | 10.4% | 1.9% | −3.5% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.72x | 3.07x | 2.68x | 3.45x |
| Inventory days | 54 | 59 | 44 | 42 | 45 |
| Interest cover | 22.6x | 20.4x | 6.68x | 5.98x | 6.88x |
| Current ratio | 1.35x | 1.31x | 1.16x | 1.17x | 1.26x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.