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Taiwanese chipmaker producing NOR flash and mask ROM memory used in electronics and automotive.
Taiwanese chipmaker producing NOR flash and mask ROM memory used in electronics and automotive.
Manufactures in its own fabs in Hsinchu rather than using outside foundries, so it carries the fixed cost of the plants and profit swings with utilization and NOR flash prices. Mask ROM, a long-running niche, holds fixed program code in finished products.
In one line: A NOR-flash-focused Micron/Cypress.
Moat: narrow (scale, process know-how, IP / patents). One of few remaining scaled NOR flash makers with deep process/IP portfolio.
Headquarters: Hsinchu, Taiwan · Founded: 1989
Size Macronix International (2337.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $4.52B, the 96th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$75.80 on 6 Nov 2026.
Performance Over six months the shares fell 52.8%, against -27.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 127.5% over the last twelve months (peer median +22.7%); the operating margin is 38.1% (peer median 6.9%).
Valuation It trades at 1.8× forward earnings against a peer median of 24.9× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.7 points above its cost of capital (9.3% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$61.6B | NT$28.9B | NT$25.9B | NT$27.6B | NT$43.5B |
| Revenue growth | — | +12% | -6% | -36% | — |
| Gross profit | NT$34.7B | NT$4.28B | NT$5.20B | NT$5.90B | NT$18.4B |
| EBITDA | NT$28.5B | NT$1.40B | NT$933M | NT$1.82B | NT$13.9B |
| Net income | NT$20.2B | -NT$3.31B | -NT$3.21B | -NT$1.70B | NT$8.97B |
| Free cash flow | NT$20.8B | NT$3.00B | -NT$5.57B | -NT$8.14B | NT$1.79B |
| Capital expenditure | NT$5.24B | NT$1.86B | NT$5.42B | NT$7.68B | NT$9.96B |
| Total debt | NT$21.0B | NT$25.0B | NT$26.2B | NT$20.2B | NT$16.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Macronix International 2337.TW | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% |
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| Giga Device Semiconductor 603986.SS | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2337.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.6% | -18.5% | 5th lowest of 21 |
| 6-month return | -52.8% | -27.2% | 4th lowest of 19 |
| Distance from 52-week high | -60.5% | -58.3% | 11th highest of 21 |
| Revenue growth (TTM) | +127.5% | +22.7% | highest of 21 |
| Operating margin | 38.1% | 6.9% | 4th highest of 21 |
| Forward P/E | 1.8× | 24.9× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.5% | 31.6% | least demanding of 9 |
| Growth delivered (Del g) | -6.2% | +17.4% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | -1.3 pp | +15.5 pp | least demanding of 9 |
| ROIC minus cost of capital | +19.7 pp | -2.0 pp | highest of 20 |
| EV / EBITDA | 4.9× | 44.2× | cheapest of 6 |
| Net debt / EBITDA | -0.3× | 0.6× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Macronix International 2337.TW | Taiwan | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% | -6.2% |
| Maxscend Microelectronics 300782.SZ | China | $4.51B | -47% | -6% | -25% | n/a | n/a | n/a |
| Shanghai Fudan Microelectronics 1385.HK | Hong Kong | $4.55B | -48% | +21% | 13% | 12.7× | 19.3% | +18.1% |
| MaxLinear MXL | United States | $4.48B | -51% | +56% | -1% | 12.1× | n/a | n/a |
| Chongqing Genori Technology 688797.SS | China | $4.45B | n/a | +37% | 29% | n/a | n/a | n/a |
| Powertech Technology 6239.TW | Taiwan | $4.61B | -11% | +24% | 13% | 13.2× | n/a | n/a |
| Bestechnic (Shanghai) 688608.SS | China | $4.41B | +2% | -26% | 8% | 50.6× | 42.7% | +27.1% |
| Synaptics SYNA | United States | $4.63B | -7% | +11% | -3% | 21.6× | 34.6% | -2.2% |
| Shenzhen Goodix Technology 603160.SS | China | $4.35B | -2% | -7% | 6% | 51.0× | 26.7% | -6.8% |
| Hanwha Solutions 009830.KS | South Korea | $4.30B | -49% | +14% | 0% | 20.1× | n/a | n/a |
| Premier Energies PREMIERENE.NS | India | $4.28B | -13% | +32% | 25% | 19.7× | n/a | n/a |
| Applied Optoelectronics AAOI | United States | $4.26B | -66% | +62% | -11% | 23.5× | n/a | n/a |
| Hunan Goke Microelectronics 300672.SZ | China | $4.24B | -27% | +54% | 5% | 56.9× | 46.0% | +19.7% |
| Shanghai Aiko Solar Energy 600732.SS | China | $4.23B | -13% | +25% | -8% | n/a | n/a | n/a |
| CSI Solar 688472.SS | China | $4.87B | -37% | -36% | -2% | 48.8× | n/a | n/a |
| eMemory Technology 3529.TWO | Taiwan | $4.17B | -58% | +17% | 61% | 45.0× | 32.2% | +16.7% |
| MaxOne Semiconductor (Suzhou) 688809.SS | China | $4.90B | +2% | +57% | 39% | n/a | n/a | n/a |
| Jiangsu Leadmicro Nano Technology 688147.SS | China | $4.06B | -26% | -5% | 3% | 82.1× | n/a | n/a |
| Zhejiang Quartz Crystal Optoelectronic Technology 002273.SZ | China | $5.03B | -28% | +19% | 18% | 24.9× | 16.9% | +16.5% |
| EverProX Technologies 300548.SZ | China | $5.04B | -59% | +64% | 35% | 33.5× | 30.9% | +26.6% |
| Chengdu Ultra Pure Applied Materials 301717.SZ | China | $4.03B | n/a | +93% | 42% | n/a | n/a | n/a |