Macronix International Co Ltd (2337) Fair Value & Analysis
Technology · TW · Market cap 263B TWD (≈ $8.3B) · ISIN TW0002337003
What is Macronix International Co Ltd really worth?
A solid business, trading 51% below our fair value of 247.01 TWD.
Strengths
Risks
Fair value as of: Aug 29, 2026
From 12 valuation models · updated 6 days ago
Fair value updated Aug 29, 2026, revised from 251.19 TWD to 247.01 TWD (−1.7%) since Aug 13, 2026. Share price +3.4% over the past month.
What runs behind every stock
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What matters now
- The price is below even our cautious bear case (144.22 TWD). The market is more pessimistic than our downside scenario.
- Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (144.22 TWD to 350.12 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range 17.05 TWD – 185.50 TWD · fair‑value band 144.22 TWD – 350.12 TWD · the 121.50 TWD price screens below the 247.01 TWD fair value. Dashed = 300-day average. As of Aug 29, 2026.
Analysis
Macronix International Co Ltd (2337) currently trades at 121.50 TWD, while our model-based Fair Value estimate is 247.01 TWD, implying the stock looks roughly 50.8% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Technology sector. How firm this estimate is: it rests on 13 models at a data quality of 94/100, which puts the evidence level at medium.
Over the trailing twelve months, Macronix International Co Ltd generated revenue of 33.2B TWD at a net margin of −2.0%. Revenue grew 70.6% year over year. It earns a return on equity of −1.4%. Net debt stands at 10.1B TWD. Fundamentals as of Aug 29, 2026
Our scenario range runs from 144.22 TWD (bear case) to 350.12 TWD (bull case); at 121.50 TWD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at 103%, 2337 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 12 models by family
Widest divergence: Growth DCF (19.49 TWD) versus Dividend Discount (5.58 TWD). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 46
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Macronix International Co., Ltd. engages in the design, manufacture, and supply of integrated circuits and memory chips. The company provides a range of NOR flash, NAND flash, e MMC, and read-only memory products.
Full company description
Macronix International Co., Ltd. engages in the design, manufacture, and supply of integrated circuits and memory chips. The company provides a range of NOR flash, NAND flash, e MMC, and read-only memory products. It also offers wafer foundry services to IC design and IDM companies; ArmorFlash, a security solution for a range of identification, authentication, and encryption requirements; and LybraFlash, a solution for gigabit flash memory. In addition, the company develops integrated circuit systems and software; and provides after-sales services. It serves the consumer, communications, computing, industrial, automotive, networking, IOT, and other markets. It sells its products in Taiwan, Japan, the United States, Europe, and rest of Asia. The company was founded in 1989 and is headquartered in Hsinchu City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Macronix International Co Ltd reported revenue of 28.9B TWD in FY2025 versus 50.6B TWD in FY2021, a compound −13.1%/yr. Reported net income was −3.3B TWD in FY2025.
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Peer Group
Semiconductors · 325 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NVIDIA Corporation NVDA | $227.98 | $98.98 | −57% |
| Taiwan Semiconductor Manufacturing Company TSM | $427.30 | $296.10 | −31% |
| Broadcom Inc AVGO | $371.54 | $118.27 | −68% |
| SK hynix Inc 000660 | 1,647,000 KRW | 1,481,291 KRW | −10% |
| Micron Technology, Inc MU | $932.86 | $148.38 | −84% |
| Advanced Micro Devices, Inc AMD | $476.67 | $55.02 | −88% |
| Intel Corporation INTC | $92.09 | $35.41 | −62% |
| Texas Instruments Incorporated TXN | $266.54 | $78.54 | −71% |
| QUALCOMM Incorporated QCOM | $164.78 | $147.20 | −11% |
| MediaTek Inc 2454 | 3,845 TWD | 1,559 TWD | −59% |
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