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Financial statementsUNITED MICROELECTRONICS CORP financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data UNITED MICROELECTRONICS CORP 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 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,037 | 4,941 | 4,955 | 6,297 | 7,679 | 9,069 | 7,268 | 7,085 |
| Cost of revenue | 4,124 | 4,195 | 4,242 | 4,908 | 5,082 | 4,977 | 4,729 | 4,777 |
| Gross profit | 913 | 746 | 713 | 1,389 | 2,597 | 4,093 | 2,539 | 2,307 |
| Research and development | 461 | 426 | 397 | 459 | 466 | 422 | 434 | 476 |
| Operating income | 222 | 186 | 163 | 781 | 1,863 | 3,394 | 1,891 | 1,574 |
| Interest expense | 84.2 | 93.1 | 100 | 73.8 | 70.8 | 60.7 | 51.3 | 53.6 |
| Pre-tax income | 259 | 69.2 | 161 | 803 | 2,109 | 3,567 | 2,235 | 1,740 |
| Income tax | 33.5 | -36.9 | 7.7 | 60.2 | 285 | 629 | 271 | 255 |
| Net income to minority interests | -101 | -145 | -120 | -71.5 | -24.1 | 26.7 | 14.7 | -3.19 |
| Net income | 326 | 251 | 273 | 814 | 1,847 | 2,912 | 1,949 | 1,488 |
| EPS, basic | 0.03 | 0.02 | 0.02 | 0.07 | 0.15 | 0.24 | 0.16 | 0.12 |
| EPS, diluted | 0.03 | 0.02 | 0.02 | 0.07 | 0.15 | 0.23 | 0.16 | 0.12 |
Balance sheet
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 2,668 | 2,797 | 3,401 | 3,390 | 4,316 | 5,677 | 4,043 | 3,202 |
| Inventory | 616 | 595 | 726 | 803 | 830 | 1,011 | 1,166 | 1,091 |
| Total current assets | 4,699 | 4,613 | 5,143 | 5,851 | 8,409 | 8,213 | 7,080 | 5,785 |
| Property, plant and equipment | 6,941 | 5,647 | 5,028 | 4,728 | 4,684 | 5,564 | 7,809 | 8,510 |
| Lease right-of-use assets | 277 | 276 | 257 | 248 | 229 | 245 | ||
| Total assets | 13,196 | 11,846 | 12,245 | 13,050 | 16,257 | 17,073 | 17,850 | 17,084 |
| Short-term debt | 858 | 428 | 402 | 394 | 69.4 | 0 | 442 | 260 |
| Total current liabilities | 2,996 | 1,634 | 2,439 | 2,831 | 3,902 | 3,664 | 3,328 | 2,360 |
| Lease liabilities | 183 | 179 | 163 | 169 | 159 | 176 | ||
| Total liabilities | 6,124 | 5,168 | 5,461 | 5,104 | 6,726 | 6,568 | 6,625 | 5,931 |
| Paid-in capital | 1,244 | 1,185 | 1,150 | 1,311 | 1,438 | 105 | 131 | 151 |
| Shareholders' equity | 7,040 | 6,662 | 6,770 | 7,943 | 9,522 | 10,494 | 11,214 | 11,145 |
| Minority interests | 32.3 | 15.2 | 13.7 | 4.04 | 8.05 | 11.2 | 11.1 | 7.83 |
| Total equity | 7,072 | 6,677 | 6,784 | 7,947 | 9,530 | 10,505 | 11,225 | 11,153 |
| Total liabilities and equity | 13,196 | 11,846 | 12,245 | 13,050 | 16,257 | 17,073 | 17,850 | 17,084 |
Cash flow statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 225 | 106 | 153 | 743 | 1,823 | 2,938 | 1,964 | 1,484 |
| Cash from operations | 1,770 | 1,664 | 1,836 | 2,341 | 3,257 | 4,747 | 2,809 | 2,863 |
| Capital expenditures | -1,492 | -640 | -552 | -938 | -1,732 | -2,607 | -2,987 | -2,700 |
| Cash from investing | -1,195 | -506 | -1,059 | -1,428 | -2,241 | -1,771 | -3,194 | -2,621 |
| Share buybacks | 0 | -201 | -99.4 | -59.8 | 0 | 0 | ||
| Dividends paid | -206 | -280 | -231 | -348 | -716 | |||
| Cash from financing | 309 | -1,094 | -330 | -912 | 450 | -1,863 | -950 | -1,195 |
| Exchange rate effect | -71.7 | 1.2 | -51 | -52.6 | -75.9 | 228 | -12.8 | 113 |
| Net change in cash | 813 | 64.9 | 396 | -51.4 | 1,391 | 1,341 | -1,348 | -840 |
| Free cash flow | 278 | 1,024 | 1,283 | 1,403 | 1,525 | 2,139 | -179 | 163 |
| Interest paid | 64.3 | 72.6 | 71.8 | 61.8 | 55.5 | 46.3 | 33.6 | 40.9 |
| Income taxes paid | 59.6 | 32.5 | 20.7 | 0.66 | 69.8 | 154 | 523 | 304 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 32.6% | Gross profit / revenue. |
| Operating margin | 22.2% | Operating income / revenue. |
| Pre-tax margin | 24.6% | Pre-tax income / revenue. |
| Net margin | 21.0% | Net income / revenue. |
| FCF margin | 2.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 40.4% | Cash from operations / revenue. |
| Effective tax rate | 14.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 13.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 8.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 17.8% | 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 | 6.7% | Research and development expense / revenue. |
| Capex / revenue | 38.1% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -2.5% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -2.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 7.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -9.1% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -3.9% | 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 | 26.5% | 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 | -16.7% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -5.5% | 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 | 57.3% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -23.7% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -7.0% | 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 | 40.4% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -25.0% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -7.2% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 43.1% | 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 | 1.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -4.2% | 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 | 9.3% | 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 CAGR, 3y | -52.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -33.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -0.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 5.4% | 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 | 10.5% | 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 | -4.3% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 1.7% | 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 | 6.9% | 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 | 2.45x | Current assets / current liabilities. |
| Quick ratio | 1.36x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.36x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 34.7% | Total liabilities / total assets. |
| Interest coverage | 29.4x | Operating income / interest expense. |
| Working capital | $3.42B | Current assets - current liabilities. |
| Tangible book value | $11.15B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.41x | Revenue / average total assets. |
| Fixed asset turnover | 0.87x | Revenue / average property, plant and equipment. |
| Inventory turnover | 4.23x | Cost of revenue / average inventory. |
| Days inventory | 86 days | 365 x average inventory / cost of revenue. |
| FCF conversion | 10.9% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 94.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.12 | 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 | $0.12 | Net income per basic share, as reported (split-adjusted). |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $61.20B | Share price x shares outstanding. |
| Enterprise value | $58.00B | Market cap + total debt - cash - short-term investments. |
| P/E | 41.1x | Market cap / net income. Only when net income is positive. |
| P/S | 8.64x | Market cap / revenue. |
| P/B | 5.49x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 5.49x | Market cap / tangible book value, when positive. |
| P/FCF | 377x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 21.4x | Market cap / cash from operations, when positive. |
| EV/Sales | 8.19x | Enterprise value / revenue. |
| EV/EBIT | 36.8x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 357x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 0.3% | Free cash flow / market cap. |
| Earnings yield | 2.4% | Net income / market cap (the inverse of P/E). |
What was UNITED MICROELECTRONICS CORP's revenue in fiscal 2024?
UNITED MICROELECTRONICS CORP reported revenue of $7.08B for fiscal 2024, 2.5% lower than the year before.
Was UNITED MICROELECTRONICS CORP profitable in fiscal 2024?
Yes. Net income was $1.49B, a net margin of 21%.
How much free cash flow did UNITED MICROELECTRONICS CORP generate in fiscal 2024?
Cash from operations of $2.86B minus capital expenditures of $2.70B left free cash flow of $162.5M.