Loading…
Taiwan-based semiconductor final test and burn-in service provider (OSAT test house).
Taiwan-based semiconductor final test and burn-in service provider (OSAT test house).
Moat: narrow (customer qualification, process know-how). Qualified test processes and equipment for specific IC families build switching costs.
Headquarters: Hsinchu, Taiwan
Size Hermes Testing Solutions (7856.TWO) is a Taiwan Information Technology company (Semiconductors) with a market value of $2.29B, the 153rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$2,290 on 6 Nov 2026.
Performance Over six months the shares fell 32.1%, against -28.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 51.8% over the last twelve months (peer median +18.1%); the operating margin is 12.2% (peer median 3.3%).
Valuation It trades at 46.2× forward earnings against a peer median of 40.9× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +52%, so the hurdle is +0 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.
Capital Return on invested capital runs 19.9 points above its cost of capital (6.2% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | NT$2.42B | NT$1.60B | NT$809M |
| Revenue growth | — | +52% | +97% | — |
| Gross profit | n/a | NT$1.02B | NT$579M | NT$175M |
| EBITDA | n/a | NT$556M | NT$280M | -NT$2.78M |
| Net income | n/a | NT$268M | NT$56.8M | -NT$210M |
| Free cash flow | n/a | NT$472M | -NT$39.8M | -NT$51.4M |
| Capital expenditure | n/a | NT$149M | NT$176M | NT$152M |
| Total debt | NT$149M | NT$202M | NT$700M | NT$598M |
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 |
|---|---|---|---|---|---|---|
| Hermes Testing Solutions 7856.TWO | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% |
| King Yuan Electronics 2449.TW | $8.00B | -42% | +35% | 27% | 19.5× | n/a |
| ChipMOS Technologies 8150.TW | $1.49B | -17% | +19% | 8% | 12.2× | n/a |
| SDI 2351.TW | $782M | -16% | +7% | 8% | 14.8× | 24.9% |
| Greatek Electronics 2441.TW | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% |
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 | 7856.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -46.5% | -18.4% | 2nd lowest of 21 |
| 6-month return | -32.1% | -28.0% | 9th lowest of 21 |
| Distance from 52-week high | -57.9% | -55.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +51.8% | +18.1% | 4th highest of 21 |
| Operating margin | 12.2% | 3.3% | 7th highest of 21 |
| Forward P/E | 46.2× | 40.9× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 52.1% | 33.2% | most demanding of 11 |
| Growth delivered (Del g) | +51.8% | +13.7% | highest of 11 |
| Hurdle (Req g minus delivered) | +0.3 pp | +16.5 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +19.9 pp | -6.7 pp | 2nd highest of 21 |
| Net debt / EBITDA | -1.6× | -3.2× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 180.7× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% | +3.2% |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 56.1× | n/a | n/a |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | n/a | 39.4% | +19.1% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |