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Aspeed Technology (5274) Fair Value & Analysis

Technology · TW · Market cap 515B TWD (≈ $16.2B) · ISIN TW0005274005

What is Aspeed Technology really worth?

AT Aspeed Technology 5274 · TWO
Price17,470 TWD
Fair Value2,196 TWD
Upside−87.4% ⚠
Quality82/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

A strong business, but trading 696% above our fair value of 2,196 TWD.

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Strengths

✓Healthy Growth (revenue 5y +24.3 %/yr)
✓Highly profitable · 43.8% net margin
✓generates free cash flow
✓Wide moat 90/100

Risks

!Mixed vs. peers (6/12)
!Evidence only low, so the estimate is less certain
!The models disagree: range 1,656 TWD to 4,650 TWD
!Weak on dividend: 9 out of 100

For context

·0.46% dividend yield
Evidence: Low Range 1,656 TWD – 4,650 TWD

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 8 days ago

Share price +9.4% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (4,650 TWD). The favourable scenario is already priced in.
  • The model range is unusually wide (1,656 TWD to 4,650 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

48,091 TWD 1,283 TWD Fair Value 2,196 TWD Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range 1,283 TWD – 48,091 TWD · fair‑value band 1,656 TWD – 4,650 TWD · the 17,470 TWD price screens above the 2,196 TWD fair value. Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Aspeed Technology (5274) currently trades at 17,470 TWD, while our model-based Fair Value estimate is 2,196 TWD, implying the stock looks roughly 695.5% overvalued today. The Quality Score stands at 82/100 (high quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 3,577 TWD per share, and 0 of the 24 models we run sit above the 17,470 TWD price. Bear case: the Multiples group reads lowest at 1,232 TWD, and 24 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Aspeed Technology generated revenue of 10.2B TWD at a net margin of 43.8%. Revenue grew 52.4% year over year. It earns a return on equity of 84.7%. The balance sheet holds a net cash position of 1.6B TWD. Fundamentals as of Aug 28, 2026

Our scenario range runs from 1,656 TWD (bear case) to 4,650 TWD (bull case); at 17,470 TWD, the current price sits above 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 10% 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 −87%, 5274 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 15.82 TWD per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (121.98 TWD to 4,764 TWD). Read the values as a conservative anchor, not as a price target.
Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 1,923 TWD 3,016 TWD 6,588 TWD 73
Growth DCF 1,821 TWD 3,392 TWD 6,705 TWD 71
EPV 1,148 TWD 1,326 TWD 1,484 TWD 70
All 24 models by family
DCF Models
FCF DCF best evidence 1,923 TWD 3,016 TWD 6,588 TWD 73
Owner Earnings 1,704 TWD 3,805 TWD 8,414 TWD 67
5Y Revenue Exit 1,239 TWD 1,969 TWD 3,493 TWD 68
5Y EBITDA Exit 1,856 TWD 3,218 TWD 5,891 TWD 69
5Y P/E Exit 2,138 TWD 4,717 TWD 8,251 TWD 65
10Y Revenue Exit 1,417 TWD 2,781 TWD 3,596 TWD 64
10Y EBITDA Exit 1,914 TWD 4,141 TWD 8,041 TWD 62
10Y P/E Exit 2,124 TWD 4,764 TWD 9,150 TWD 58
Earnings-Based
Graham-Dodd 642.31 TWD 4,479 TWD 6,286 TWD 63
Lynch FV 1,756 TWD 2,509 TWD 3,261 TWD 61
PEG = 1.0 1,756 TWD 2,509 TWD 3,261 TWD 57
EPV 1,148 TWD 1,326 TWD 1,484 TWD 70
Multiples
P/E Multiple 1,984 TWD 2,645 TWD 3,306 TWD 63
P/S Multiple 901.21 TWD 1,202 TWD 1,502 TWD 58
P/B Multiple 819.29 TWD 1,092 TWD 1,365 TWD 55
EV/EBIT 2,157 TWD 2,829 TWD 3,501 TWD 63
EV/EBITDA 1,757 TWD 2,297 TWD 2,836 TWD 64
EV/Revenue 903.86 TWD 1,232 TWD 1,559 TWD 51
Asset-Based
NCAV (Graham) 91.03 TWD 121.98 TWD 182.06 TWD 51
Growth DCF
Growth DCF 1,821 TWD 3,392 TWD 6,705 TWD 71
Rev-Margin DCF 1,259 TWD 2,234 TWD 4,094 TWD 67
Economic Profit
Residual Income 915.75 TWD 1,504 TWD 32,040 TWD 64
ROIC Compounder 1,207 TWD 1,469 TWD 1,760 TWD 70
Growth Earnings
Growth-Adj P/E 2,504 TWD 3,577 TWD 4,650 TWD 67

Widest divergence: Growth Earnings (3,577 TWD) versus Asset-Based (121.98 TWD). Highest evidence: FCF DCF (73).

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Key figures & financial health

P/E ratio 184.6
P/S ratio 79.8 P/E × margin
EPS (TTM) 94.64 TWD price ÷ EPS = P/E 184.6
Dividend yield 0.5% payout 84.5%
Net margin 43.2% FY2025
Return on equity 84.7% TTM
More key figures
Profitability
Return on assets (EBIT) 37.2% avg 5y
Operating margin 52.7% TTM
Growth
Revenue (TTM) 10.2B TWD TTM
Revenue growth (YoY) +52.4% 3y avg +20.4%
EPS growth (YoY) +59.7%
Balance sheet & cash flow
Free cash flow 4.2B TWD FY2025
Net cash 1.6B TWD FY2023

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 82/100

Of which business quality 82 · Market factors (momentum, volatility) 65

Profitability 93
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 31
Calm price path (market factor)
Momentum 88
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

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

ASPEED Technology Inc. operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally. The company is involved in the design and sales of multimedia IC, computer peripheral IC, and advanced image processing IC.

Full company description

ASPEED Technology Inc. operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally. The company is involved in the design and sales of multimedia IC, computer peripheral IC, and advanced image processing IC. It also offers 2D VGA, BMC, and KVM over IP for server design and manufacturing firms; analog signal amplification and transmission, digital signal transmission, and digital network packet transmission computer peripheral ICs; and AST1230 SoC, a product that integrates real-time multi-image stitching and audio processing capabilities. In addition, the company engages in wholesale of information software; retail and service industry; international trade; intellectual property; product design; and other industrial and commercial services. ASPEED Technology Inc. was incorporated in 2004 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

Aspeed Technology reported revenue of 9.1B TWD in FY2025 versus 3.6B TWD in FY2021, a compound +25.7%/yr. Reported net income was 3.9B TWD in FY2025, compounding +31.5%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
9.1B TWD
Latest YoY
+40.6%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.4%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.3%
Avg. revenue growth/yr (15Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+26.0%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+31.8% (31.3 + 0.5)
Revenue +25.7%/yr
FY21 3.6B TWD
FY22 5.2B TWD
FY23 3.1B TWD
FY24 6.5B TWD
FY25 9.1B TWD
Net income +31.5%/yr
FY21 1.3B TWD
FY22 2.1B TWD
FY23 1.0B TWD
FY24 2.6B TWD
FY25 3.9B TWD
Character of growth · EPS growth decomposed (2012-2023) +23.7 % p.a.
Revenue per share +21.1 %

of which total revenue +22.5 % · buybacks/dilution −1.2 %

EBIT margin +3.3 %
Tax rate −0.8 %
Residual (interest, one-offs) −0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

5274 screens 696% overvalued. Compare with NVIDIA Corporation →

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Aspeed Technology · Fair Value
2,196 TWD −696%Fair Value
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Cite: Fair Value Calculator (2026). "Aspeed Technology Fair Value". https://www.fairvalue-calculator.com/stock/5274

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.

Quality Score 82 · Top 25%
Fair Value upside −87% · Bottom 25%
Return on equity (TTM) 85% · Top 25%
Return on assets 32% · Top 25%
Net margin (TTM) 44% · Top 25%
Operating margin (TTM) 53% · Top 25%
Revenue growth 52% · Top 25%
Dividend yield (TTM) 0.5% · Below median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 184.6× · Pricier than 75% of peers
P/S (TTM) 50.68× · Pricier than 75% of peers
P/FCF 3.9× · Pricier than median
EV/EBITDA 90.9× · Pricier than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 65
PAST100 · sector 25
HEALTH0 · sector 96
DIVIDEND9 · sector 18

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 28, 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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Frequently asked questions

Is Aspeed Technology (5274) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of 2,196 TWD versus a price of 17,470 TWD, about −87% upside (overvalued).
What is the fair value of 5274?
Our model-based fair value for Aspeed Technology is 2,196 TWD (as of Aug 28, 2026), built from audited fundamentals. The current price: 17,470 TWD.
What is the quality score of 5274?
Aspeed Technology has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Aspeed Technology (5274)?
Aspeed Technology reported trailing-twelve-month revenue of about 10.2B TWD (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 5274?
The net profit margin of Aspeed Technology is about 43.8%, meaning it keeps roughly 43.8% of revenue as net income. Based on the latest reported figures.
Does Aspeed Technology pay a dividend?
Aspeed Technology currently shows a dividend yield of about 0.46% relative to its recent price (as of Aug 28, 2026).
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