MPI Corporation (6223) Fair Value & Analysis
Technology · TW · Market cap 549B TWD
Fair value as of: Aug 14, 2026
From 17 valuation models · updated today
Fair value updated Aug 14, 2026, revised from 609.44 TWD to 738.64 TWD (+21.2%) since Jul 17, 2026. Share price +1.7% over the past month.
A solid business, but screening 89% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1,054 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (517.05 TWD to 1,054 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 14, 2026.
How to read this chart
60‑month range 68.05 TWD – 7,355 TWD · fair‑value band 517.05 TWD – 1,054 TWD · the 6,440 TWD price screens above the 738.64 TWD fair value. Dashed = 300-day average. As of Aug 14, 2026.
Analysis
MPI Corporation (6223) currently trades at 6,440 TWD, while our model-based Fair Value estimate is 738.64 TWD, implying the stock looks roughly 88.5% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, MPI Corporation generated revenue of 14.5B TWD at a net margin of 25.4%. Revenue grew 39.0% year over year. It earns a return on equity of 28.1%. The balance sheet holds a net cash position of 705M TWD. Fundamentals as of Aug 14, 2026
Our scenario range runs from 517.05 TWD (bear case) to 1,054 TWD (bull case); at 6,440 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 3% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -72% fair-value upside, at -89%, 6223 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 17 models by family
Widest divergence: Growth Earnings (738.64 TWD) versus DCF Models (45.84 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 71
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.
About the company
MPI Corporation, together with its subsidiaries, manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally. It offers probe cards comprising cantilever, kestrel, FCB, EVS, and osprey probe cards.
Full company description
MPI Corporation, together with its subsidiaries, manufactures, processes, repairs, imports/exports, and trades in semiconductor manufacturing and testing equipment in Taiwan, China, the United States, Singapore, Korea, and internationally. It offers probe cards comprising cantilever, kestrel, FCB, EVS, and osprey probe cards. The company also provides probe systems, RF and high-power characterization platforms, photonics automation, high bandwidth memory test, and thermal technologies. In addition, it offers celadon systems, including multiprobe, high performance cables, production wafer level burn-in, 3KV high voltage test, cryogenic, multisite testing-rail system, parametric test, wafer level reliability and burn-in, and modeling and characterization services. Further, the company provides MPI Thermal Cycling Test Systems for semiconductor, automotive, aerospace/defence, electronic test, fiber optics, advanced technology telecommunications, and sensors; and accessories, such as thermal end effectors, hi-temp silicon insulation foam rubber and non-conductive shrouds, thermal glass caps, flex-hose extenders in a range of lengths, and hood and clamshell style thermal test chamber. It serves automotive, datacenters, aerospace, and emerging computing platforms. MPI Corporation was incorporated in 1995 and is headquartered in Zhubei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
MPI Corporation reported revenue of 13.4B TWD in FY2025 versus 6.5B TWD in FY2021, a compound +19.7%/yr. Reported net income was 3.2B TWD in FY2025, compounding +46.3%/yr from FY2021.
of which total revenue +9.1 pp · buybacks/dilution −2.1 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
6223 screens 89% overvalued. Compare with ASML Holding →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Leading Competitors Including FormFactor, Keithley Instruments, Cascade Microtech, MPI Corporation, and Lake Shore Cryotronics Propel the Pr
- MPI Corporation Expands High-Frequency Test Leadership with New 250 GHz Broadband Probe Solution
- Lightium, MPI Corporation, and Axiomatic_AI Announce Strategic Partnership to Revolutionize Photonic Integrated Circuit (PIC) Device Testing
Peer Group
Semiconductor Equipment & Materials · 210 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 Semiconductor Equipment & Materials median · lower = cheaper
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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | C$46.39 | C$21.15 | -54% |
| Applied Materials, Inc AMAT | $548.15 | $183.10 | -67% |
| Lam Research Corporation LRCX | $326.11 | $91.80 | -72% |
| KLA Corporation KLAC | $200.47 | $74.58 | -63% |
| NAURA Technology Group 002371 | ¥760.00 | ¥205.30 | -73% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥380.95 | ¥55.05 | -86% |
| Piotech Inc 688072 | ¥685.11 | ¥89.27 | -87% |
| Hon. Precision, Inc 7769 | 6,480 TWD | 1,804 TWD | -72% |
| HANMI Semiconductor Co 042700 | 217,500 KRW | 47,976 KRW | -78% |
| Wonik IPS Co 240810 | 120,000 KRW | 36,380 KRW | -70% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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