Amkor Technology (AMKR) ☆

Amkor is a back-end contractor; the 10-K says "We provide turnkey packaging and test services including wafer bump, wafer probe, wafer back-grind, package design, packaging, burn-in, system level and final test and drop shipment services." It also says "Our customers include most of the world's largest semiconductor companies." Advanced Products (flip chip, memory and wafer-level packages) were 82.8% of its $6,708M in 2025 net sales. The durable part of its position is scale and a multi-country footprint, which the filing calls "a key differentiator", backed by multi-month customer qualification and customer relationships it dates back "over the last five decades". On Arizona, the filing says: "Construction began in the second half of 2025, and we believe that this investment will strengthen our ability to serve customers seeking to regionalize their supply chains and will enhance our participation in U.S. semiconductor initiatives." Price caps the moat. The 10-K says "We expect downward pressure on average selling prices for our packaging and test services to continue in the future, and this pressure may intensify during downturns in business." It also says foundries "substantially larger than us" have expanded their operations to include packaging and test services.

評級: 窄

The FY2025 10-K describes a real but bounded edge. On the plus side, Amkor says "Our scale and geographic diversity allow us to qualify production at multiple sites, optimize asset utilization and absorb large orders that require quick turnaround." It also says "Amkor has built long-standing relationships with most of the world's leading semiconductor companies over the last five decades." And it says that "in line with industry practice, customers usually require us to pass a lengthy and rigorous qualification process that may take several months". It falls short of wide because the same filing calls the market "highly competitive", names ASE Technology, JCET Group and Powertech Technology as rivals, and says Amkor faces Asian providers "including companies with significantly greater processing capacity, financial resources". It also says foundries "substantially larger than us" have expanded into packaging and test, and that IDMs and foundries "may decide to shift some or all of their outsourced packaging and test services to internally sourced capacity". Returns are thin: MD&A gross margin was 14.0% in 2025, 14.8% in 2024 and 14.5% in 2023, with a 7.0% operating margin in 2025.

類型: 成本規模

Part of the 10-K's cost/scale case applies to the whole industry, not to Amkor alone. It says packaging and test service providers "can typically use their assets to support a broad range of customers and multiple end markets, potentially generating more efficient use of their production assets and a more cost-effective solution", in contrast to IDMs running their own lines. The Amkor-specific support is its footprint, which it calls "a key differentiator", and its purchasing scale: "By leveraging our purchasing power and operational expertise, we look to secure favorable pricing and supply agreements for materials and equipment, further enhancing our competitive position." It adds: "We also negotiate worldwide pricing agreements with our major suppliers to take advantage of the scale of our operations." Against other OSATs the scale edge is limited, because Item 1A concedes Asian rivals "including companies with significantly greater processing capacity, financial resources". Multi-month customer qualification and long customer relationships add a secondary switching-cost element. IP is not the source: "Although our patents are an important element of our intellectual property strategy, we are not materially dependent on any one patent or any one technology."

領先地位: 並列領先者

The FY2025 10-K opens: "Amkor is the world's largest U.S. headquartered outsourced semiconductor assembly and test service provider (“OSAT”) and is a global leader in outsourced semiconductor packaging and test services." It claims to be a global leader, not the leader, and its one superlative is limited to U.S.-headquartered providers. It names ASE Technology, JCET Group and Powertech Technology as rivals. It concedes Asian competitors "including companies with significantly greater processing capacity, financial resources". About the key competitive factors it lists, it says only "We believe we are competitive in these areas."

定價權: 弱

Item 1A of the FY2025 10-K says "Prices for packaging and test services have generally declined over time, and sometimes prices can change significantly in relatively short periods of time." It also says "We expect downward pressure on average selling prices for our packaging and test services to continue in the future, and this pressure may intensify during downturns in business." MD&A gross margin was 14.0% in 2025 against 14.8% in 2024 and 14.5% in 2023. The notes say the longer test-equipment depreciation life "reduced depreciation expense by approximately $59 million in 2024". Materials alone were 55.2% of 2025 net sales. The customer base is concentrated: the ten largest customers were 72% of 2025 net sales, with Apple at 29.8% and Qualcomm at 11.1%, and the filing flags "a reduction in orders or decrease in price from a significant customer" as a risk.

依所引來源做出的人工整理護城河判斷。 來源：sec.gov

與其他公司比較…

產業鏈位置

層級: foundry & packaging

• 上游（供應商）： Kulicke & Soffa
• 下游（客戶）： NVIDIA
• 競爭對手： ASE Technology Holding

Back-end packaging and test step between wafer fabs and chip vendors. The 10-K says "the wafers that we receive from our customers are generally consigned to us", and Amkor serves IDMs, fabless companies, OEMs and contract foundries that outsource packaging and test.

由這家公司已對應的供應鏈關係及其所屬產業層級推導而來。

訊號貢獻 編輯先驗

護城河先驗在長週期（約 6 個月）投出 +0.05 票，權重為 0.20——該週期上的群體判斷是 neutral（分數 0.24，信念度 6）。

編輯先驗——主觀、未經回測。它有界（±0.6）、低信賴度，且從不對短週期與中週期投票。 檢視它究竟如何投票 →

產品線

產品與服務，附編輯判定的市佔區間與技術門檻區間——這些是與所引依據綁定的定性判斷，絕非杜撰的數字。

你正在看的是什麼

這些圖表繪製的是 Amkor Technology 在其 SEC 申報文件中已申報的損益表、現金流量表與資產負債表（截至 2026-10-27）。每一個數字都是申報原值 XBRL——沒有任何一項是預估。

在已申報的區間內，FY2025 淨利為 $373.9M。

我們的模型在中週期上對這檔股票偏向 Bullish——這是對市場方向的判斷，不是對獲利的預測。檢視「訊號」分頁。

申報文件

• 2025Q4 · 申報於 2026-10-27 來源：sec.gov
• 2026Q3 · 申報於 2026-10-27 來源：sec.gov
• 2025Q3 · 申報於 2026-10-27 來源：sec.gov
• 2026Q2 · 申報於 2026-07-28 來源：sec.gov
• 2025Q2 · 申報於 2026-07-28 來源：sec.gov

關鍵比率與同業比較

正在與同業比較…

機構持有人（13F, 2026Q2）

TradingPilot 計算的欄位（佔 13F 比例、佔流通股比例）由申報原值推導而來；只有名稱、股數與金額是申報原值。