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Fabless designer of specialty DRAM chips for automotive, industrial and IoT applications.
Fabless designer of specialty DRAM chips for automotive, industrial and IoT applications.
In one line: A niche fabless memory designer, like a smaller ISSI.
Moat: narrow (IP / patents, customer qualification). Niche specialty-DRAM design IP qualified into automotive-grade customer applications.
Headquarters: Hsinchu, Taiwan · Founded: 2004
Size AP Memory Technology (6531.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $2.99B, the 126th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$608.00 on 6 Nov 2026.
Performance Over six months the shares fell 35.0%, against -20.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 62.9% over the last twelve months (peer median +22.5%); the operating margin is 29.0% (peer median 7.6%).
Valuation It trades at 27.0× forward earnings against a peer median of 25.0× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$7.83B | NT$5.67B | NT$4.19B | NT$4.23B | NT$5.09B |
| Revenue growth | — | +35% | -1% | -17% | — |
| Gross profit | NT$3.68B | NT$2.57B | NT$2.08B | NT$1.72B | NT$2.19B |
| EBITDA | NT$2.37B | NT$1.49B | NT$1.15B | NT$934M | NT$1.58B |
| Net income | NT$2.83B | NT$1.26B | NT$1.58B | NT$1.44B | NT$1.94B |
| Free cash flow | NT$2.95B | NT$2.83B | NT$1.50B | NT$2.04B | NT$1.56B |
| Capital expenditure | NT$152M | NT$55.3M | NT$57.3M | NT$22.7M | NT$45.2M |
| Total debt | NT$71.9M | NT$232M | NT$124M | NT$336M | NT$63.7M |
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 |
|---|---|---|---|---|---|---|
| AP Memory Technology 6531.TW | $2.99B | -35% | +63% | 29% | 27.0× | 34.1% |
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
| Etron Technology 5351.TWO | $835M | +13% | +246% | 21% | n/a | 3.3% |
| Elite Semiconductor Microelectronics Technology 3006.TW | $1.79B | +14% | +273% | 49% | 1.6× | n/a |
| Nanya Technology 2408.TW | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% |
| Giga Device Semiconductor 603986.SS | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
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 | 6531.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.4% | -25.1% | 4th lowest of 21 |
| 6-month return | -35.0% | -20.0% | 6th lowest of 20 |
| Distance from 52-week high | -53.4% | -51.8% | 11th highest of 21 |
| Revenue growth (TTM) | +62.9% | +22.5% | 3rd highest of 21 |
| Operating margin | 29.0% | 7.6% | 3rd highest of 21 |
| Forward P/E | 27.0× | 25.0× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 34.1% | 14.3% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +9.8% | +14.0% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | +24.3 pp | -6.1 pp | 3rd most demanding of 10 |
| EV / EBITDA | 36.7× | 14.5× | 2nd most expensive of 9 |
| Net debt / EBITDA | -5.2× | -1.6× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AP Memory Technology 6531.TW | Taiwan | $2.99B | -35% | +63% | 29% | 27.0× | 34.1% | +9.8% |
| InnoScience (Suzhou) Technology 2577.HK | Hong Kong | $3.03B | -63% | +56% | -49% | n/a | n/a | n/a |
| Shanghai Awinic Technology 688798.SS | China | $3.04B | -9% | +2% | 1% | 39.5× | n/a | n/a |
| Xintec 3374.TWO | Taiwan | $3.08B | +88% | +17% | 23% | 36.2× | n/a | n/a |
| Rorze 6323.T | Japan | $3.11B | -24% | +10% | 27% | 12.6× | 14.3% | +20.4% |
| Shenzhen S.C New Energy Technology 300724.SZ | China | $3.12B | -36% | -67% | 8% | 24.2× | 7.6% | +30.8% |
| Airoha Technology 6526.TW | Taiwan | $3.16B | +5% | +10% | 6% | 25.4× | 23.8% | +16.5% |
| Sino-American Silicon Products 5483.TWO | Taiwan | $2.80B | 0% | -1% | 12% | 15.8× | n/a | n/a |
| Chipbond Technology 6147.TWO | Taiwan | $3.20B | -20% | +18% | 17% | 17.2× | n/a | n/a |
| IPG Photonics IPGP | United States | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% | -3.5% |
| Shenyang Fortune Precision Equipment 688409.SS | China | $3.28B | -2% | +34% | 4% | 122.8× | n/a | n/a |
| Shanghai Bright Power Semiconductor 688368.SS | China | $2.72B | -20% | +90% | 6% | 85.4× | 54.1% | +7.3% |
| Maxio Technology (Hangzhou) 688449.SS | China | $2.71B | -29% | +40% | 5% | 37.7× | n/a | n/a |
| Jiangsu JieJie Microelectronics 300623.SZ | China | $3.31B | -9% | +34% | 17% | 24.6× | 17.9% | +28.2% |
| Simmtech 222800.KS | South Korea | $2.69B | +7% | +42% | 9% | 18.7× | n/a | n/a |
| Topco Scientific 5434.TW | Taiwan | $2.68B | +11% | +21% | 7% | 14.3× | 3.8% | +13.3% |
| Jiangsu X-chip Semiconductor Tech 301707.SZ | China | $3.40B | n/a | +55% | 41% | n/a | n/a | n/a |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| Suzhou Everbright Photonics 688048.SS | China | $3.48B | -63% | +88% | -1% | 626.2× | n/a | n/a |