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Taiwanese maker of semiconductor wafer probers and probe cards used in chip testing.
Taiwanese maker of semiconductor wafer probers and probe cards used in chip testing.
Sells probers and probe cards, which connect test equipment to chips while still on the wafer. Probe cards wear out and are replaced, giving it repeat sales beyond the machine, and customers qualify them chip by chip.
In one line: Taiwan's FormFactor (wafer probers).
Moat: narrow (process know-how, customer qualification). Prober/probe-card tools qualified per chip test program; global leaders remain larger.
Headquarters: Hsinchu, Taiwan · Founded: 1986
Size MPI (6223.TWO) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $10.2B, the 54th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$3,445 on 6 Nov 2026.
Performance Over six months the shares fell 31.1%, against -23.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th lowest of 19 in its peer set.
Growth Revenue grew 38.5% over the last twelve months (peer median +22.2%); the operating margin is 30.0% (peer median 9.6%).
Valuation It trades at 37.2× forward earnings against a peer median of 19.6× (4th most expensive of 19).
Capital Return on invested capital runs 17.5 points above its cost of capital (9.4% WACC).
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$16.4B | NT$13.4B | NT$10.2B | NT$8.15B | NT$7.41B |
| Revenue growth | — | +31% | +25% | +10% | — |
| Gross profit | NT$8.94B | NT$7.13B | NT$5.34B | NT$3.69B | NT$3.22B |
| EBITDA | NT$5.92B | NT$4.57B | NT$3.04B | NT$2.01B | NT$1.78B |
| Net income | NT$4.58B | NT$3.18B | NT$2.30B | NT$1.31B | NT$1.21B |
| Free cash flow | -NT$256M | -NT$328M | NT$874M | NT$745M | NT$1.43B |
| Capital expenditure | NT$5.14B | NT$4.22B | NT$1.35B | NT$494M | NT$420M |
| Total debt | NT$8.65B | NT$3.21B | NT$2.31B | NT$1.87B | NT$1.34B |
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 |
|---|---|---|---|---|---|---|
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| TSE 131290.KS | $1.29B | -4% | +37% | 22% | 12.0× | 11.2% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% |
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 | 6223.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.6% | -20.7% | 4th lowest of 21 |
| 6-month return | -31.1% | -23.2% | 7th lowest of 19 |
| Distance from 52-week high | -55.3% | -49.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +38.5% | +22.2% | 4th highest of 21 |
| Operating margin | 30.0% | 9.6% | 2nd highest of 21 |
| Forward P/E | 37.2× | 19.6× | 4th most expensive of 19 |
| ROIC minus cost of capital | +17.5 pp | +1.8 pp | 2nd highest of 21 |
| EV / EBITDA | 56.9× | 15.1× | most expensive of 13 |
| Net debt / EBITDA | -0.2× | -0.1× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MPI 6223.TWO | Taiwan | $10.2B | -31% | +38% | 30% | 37.2× | n/a | n/a |
| Phison Electronics 8299.TWO | Taiwan | $10.0B | -29% | +157% | 31% | 3.7× | n/a | n/a |
| Littelfuse LFUS | United States | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% | +10.5% |
| Shenzhen Jlc Technology Group Co Lt 001232.SZ | China | $12.9B | n/a | +28% | 15% | n/a | 52.7% | +28.4% |
| Advanced Energy Industries AEIS | United States | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% | +4.9% |
| Sanmina SANM | United States | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% | +3.2% |
| Universal Scientific Industrial (Shanghai) 601231.SS | China | $6.50B | -52% | +4% | 3% | 19.6× | n/a | n/a |
| BYD Electronic 0285.HK | Hong Kong | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% | +18.8% |
| HKC 001399.SZ | China | $18.2B | n/a | +2% | 10% | n/a | 30.7% | +17.5% |
| Guobo Electronics 688375.SS | China | $5.61B | -49% | -12% | 13% | 83.0× | 39.7% | +1.4% |
| AAC Technologies 2018.HK | Hong Kong | $5.60B | -4% | +16% | 8% | 13.8× | 1.2% | +12.4% |
| Guangdong Fenghua Advanced Technology (Holding) 000636.SZ | China | $5.42B | +26% | +36% | 8% | 45.0× | 28.6% | +5.9% |
| 3Peak 688536.SS | China | $5.26B | -5% | +74% | 16% | 50.7× | 46.0% | +30.6% |
| Plexus PLXS | United States | $5.12B | -28% | +23% | 5% | 17.9× | n/a | n/a |
| Asmpt 0522.HK | Hong Kong | $5.02B | -47% | +21% | 9% | 20.4× | 12.1% | -1.3% |
| Lagercrantz LAGR-B.ST | Sweden | $4.72B | -6% | +17% | 15% | 30.8× | 20.6% | +21.0% |
| Quectel Wireless Solutions 603236.SS | China | $4.71B | +50% | +30% | 5% | 21.1× | n/a | n/a |
| MDA Space MDA.TO | Canada | $4.65B | -14% | +38% | 5% | 28.1× | n/a | n/a |
| LG Innotek 011070.KS | South Korea | $4.62B | -54% | +20% | 4% | 9.6× | -0.3% | +18.1% |
| Shenzhen Sunlord Electronics 002138.SZ | China | $4.55B | +11% | +20% | 16% | 24.4× | 14.5% | +14.2% |
| Yageo 2327.TW | Taiwan | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% | +14.5% |