ASE Technology Holding Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data ASE Technology Holding Co., Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	9,799	12,123	13,814	16,986	20,548	21,831	19,004	18,158	20,573
Cost of revenue	8,020	10,125	11,664	14,209	16,569	17,440	16,008	15,202	16,933
Gross profit	1,779	1,998	2,150	2,777	3,979	4,391	2,997	2,956	3,640
Research and development	396	489	615	687	759	793	833	879	1,047
Selling, general and administrative	420	478	556	648	750	764	632	655	739
Operating income	854	883	778	1,260	2,282	2,642	1,360	1,230	1,639
Interest expense	60.7	117	141	123	102	130	205	207	239
Interest income	23.9	35.7	45.4	52.5	57.7	56.3	88.5	89.2	89.2
Pre-tax income	1,047	1,043	778	1,274	2,891	2,661	1,392	1,273	1,635
Income tax	220	147	168	253	647	558	173	241	322
Net income to minority interests	56.6	39.3	40.4	59.9	75.7	101	60.4	43.9	37.6
Net income	770	857	570	960	2,168	2,001	1,158	987	1,276
EBITDA	1,840	2,277	2,465	3,085	4,248	4,447	3,258	3,054	3,789
EPS, basic	0.09	0.20	0.13	0.23	0.50	0.47	0.27	0.23	0.29
EPS, diluted	0.09	0.20	0.13	0.22	0.49	0.45	0.26	0.22	0.28

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,505	1,722	2,141	1,858	2,476	1,896	2,052	2,438	2,948
Inventory	819	1,197	1,133	1,728	2,445	2,842	1,947	1,748	2,093
Total current assets	4,890	6,585	6,754	7,978	10,539	9,774	8,535	8,395	10,003
Property, plant and equipment	4,560	7,011	7,760	8,305	8,647	8,729	8,648	9,531	13,424
Lease right-of-use assets			327	307	385	360	374	361	403
Goodwill	325	1,671	1,788	1,900	1,695	1,708	1,599	1,674	1,675
Intangible assets	47.5	1,009	970	955	885	689	582	479	412
Total assets	12,278	17,447	18,630	20,783	24,271	23,026	21,780	22,600	28,355
Short-term debt	606	1,413	1,248	1,114	1,237	1,124	1,232	1,067	1,015
Total current liabilities	3,656	5,182	5,159	6,218	7,831	7,463	7,370	7,149	7,921
Lease liabilities			173	182	238	219	234	208	251
Total liabilities	5,486	10,292	11,515	12,530	14,603	12,832	11,501	12,162	16,604
Paid-in capital	1,371	4,681	4,644	4,977	5,180	4,641	4,712	4,535	4,983
Retained earnings	2,487	776	1,008	1,597	3,085	3,726	3,642	3,698	4,362
Shareholders' equity	6,347	6,579	6,668	7,696	9,143	9,589	9,617	9,760	10,908
Minority interests	445	576	447	556	524	606	662	678	843
Total equity	6,792	7,155	7,115	8,253	9,667	10,194	10,279	10,438	11,751
Total liabilities and equity	12,278	17,447	18,630	20,783	24,271	23,026	21,780	22,600	28,355

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	826	896	611	1,020	2,244	2,103	1,218	1,031	1,313
Depreciation and amortization	985	1,395	1,687	1,825	1,966	1,804	1,898	1,824	2,150
Cash from operations	1,600	1,669	2,417	2,673	2,946	3,612	3,737	2,769	4,535
Capital expenditures	-833	-1,352	-1,899	-2,211	-2,556	-2,364	-1,769	-2,425	-5,248
Cash from investing	-543	-4,232	-1,825	-2,170	-1,770	-2,407	-1,800	-2,559	-5,280
Share buybacks		-2.33			-199	-6.69		0
Cash from financing	-652	2,715	-217	-783	-212	-2,033	-1,604	-222	1,443
Exchange rate effect	-146	26	-87.4	-25.3	-80.6	240	-31.2	293	-188
Net change in cash	259	178	288	-306	884	-587	302	281	509
Free cash flow	767	317	518	462	390	1,248	1,968	344	-714
Interest paid	56.2	106	134	123	94.7	114	196	196	251
Income taxes paid						464	505	277	227

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $44.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.7%	Gross profit / revenue.
Operating margin	8.0%	Operating income / revenue.
EBITDA margin	18.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.9%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
FCF margin	-3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.0%	Cash from operations / revenue.
Effective tax rate	19.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	17.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.1%	Research and development expense / revenue.
SG&A / revenue	3.6%	Selling, general and administrative expense / revenue.
Capex / revenue	25.5%	Capital expenditures / revenue.
D&A / revenue	10.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	27.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	4.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	63.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-307.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.26x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	58.6%	Total liabilities / total assets.
Interest coverage	6.85x	Operating income / interest expense.
Working capital	$2.08B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.82B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	1.79x	Revenue / average property, plant and equipment.
Inventory turnover	8.82x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
FCF conversion	-56.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	115.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.29	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$98.67B	Share price x shares outstanding.
Enterprise value	$95.73B	Market cap + total debt - cash - short-term investments.
P/E	77.4x	Market cap / net income. Only when net income is positive.
P/S	4.80x	Market cap / revenue.
P/B	9.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.2x	Market cap / tangible book value, when positive.
P/OCF	21.8x	Market cap / cash from operations, when positive.
EV/Sales	4.65x	Enterprise value / revenue.
EV/EBIT	58.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.7%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was ASE Technology Holding Co., Ltd.'s revenue in fiscal 2025?

ASE Technology Holding Co., Ltd. reported revenue of $20.57B for fiscal 2025, 13.3% higher than the year before.

Was ASE Technology Holding Co., Ltd. profitable in fiscal 2025?

Yes. Net income was $1.28B, a net margin of 6.2%.

How much free cash flow did ASE Technology Holding Co., Ltd. generate in fiscal 2025?

Cash from operations of $4.53B minus capital expenditures of $5.25B left free cash flow of -$713.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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