ASE Technology Financials

ASX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows ASE Technology (ASX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ASX FY2025 2026-04-22

ASE’s latest year shows a cash-generative core entering a heavy reinvestment cycle that temporarily overwhelms free cash flow.

FY2025's negative free cash flow came from capex jumping to $5.2B, above operating cash flow of $4.5B, even as revenue and net income recovered from FY2024. Because operating cash still exceeded accounting profit, the shortfall reads more like an investment phase than weak cash conversion; in FY2024, capex was only $2.4B and free cash flow stayed positive.

The balance sheet still looks conservative: cash of $2.9B sat far above long-term debt of $251M, and the cash balance still increased, so the company did not need a large permanent debt load to support the spending surge. Short-term liquidity also held up as the current ratio improved to 1.3x, which matters because investment waves often first strain working capital.

Profitability has not fully rebuilt: revenue returned close to the FY2021 level, yet net margin was 6.4% versus 10.9% in FY2021. That gap suggests the business recovered activity faster than it recovered economics, and return on assets still indicates a larger asset base is producing less earnings efficiency than earlier in the cycle.

Financial Health Signals

Financial Profile 37/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of ASE Technology's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

ASE Technology's revenue grew 13.3% year-over-year to $20.6B, a solid pace of expansion. This earns a growth score of 40/100.

Leverage

100

ASE Technology carries a low D/E ratio of 0.02, meaning only $0.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

ASE Technology's current ratio of 1.26 is below the typical benchmark, resulting in a score of 20/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While ASE Technology generated $4.5B in operating cash flow, capex of $5.2B consumed most of it, leaving -$713.8M in free cash flow. This results in a low score of 27/100, reflecting heavy capital investment rather than weak cash generation.

Returns

ASE Technology's ROE of 11.2% shows moderate profitability relative to equity, earning a score of 35/100. This is up from 9.9% the prior year.

Piotroski F-Score Neutral

6/9

ASE Technology passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.45x

For every $1 of reported earnings, ASE Technology generates $3.45 in operating cash flow ($4.5B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$20.6B

YoY+13.3%

5Y CAGR+3.9%

ASE Technology generated $20.6B in revenue in fiscal year 2025. This represents an increase of 13.3% from the prior year.

EBITDA

N/A

Net Income

$1.3B

YoY+27.3%

5Y CAGR+5.2%

ASE Technology reported $1.3B in net income in fiscal year 2025. This represents an increase of 27.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$713.8M

YoY-307.8%

ASE Technology generated -$713.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 307.8% from the prior year.

Cash & Debt

$2.9B

YoY+20.9%

5Y CAGR+9.7%

ASE Technology held $2.9B in cash against $251.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

4.45B

YoY+0.7%

5Y CAGR+0.4%

ASE Technology had 4.45B shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.4%

YoY+0.7pp

5Y CAGR+0.4pp

ASE Technology's net profit margin was 6.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.

Return on Equity

11.2%

YoY+1.3pp

5Y CAGR-1.2pp

ASE Technology's ROE was 11.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.2B

YoY+116.4%

5Y CAGR+18.9%

ASE Technology invested $5.2B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 116.4% from the prior year.

ASX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$20.6B+13.3%	$18.2B-4.5%	$19.0B-12.9%	$21.8B+6.2%	$20.5B+21.0%	$17.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$6.3M+11.2%	$5.6M+16.0%	$4.9M+10.8%	$4.4M+15.8%	$3.8M+20.9%	$3.1M
Income Tax	$322.2M+33.4%	$241.4M+39.4%	$173.2M-69.0%	$557.9M-13.7%	$646.9M+155.2%	$253.5M
Net Income	$1.3B+27.3%	$1.0B-15.4%	$1.2B-42.1%	$2.1B-6.3%	$2.2B+119.9%	$1.0B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$28.4B+25.5%	$22.6B+3.8%	$21.8B-5.4%	$23.0B-5.1%	$24.3B+16.8%	$20.8B
Current Assets	$10.0B+19.1%	$8.4B-1.6%	$8.5B-12.7%	$9.8B-7.3%	$10.5B+32.1%	$8.0B
Cash & Equivalents	$2.9B+20.9%	$2.4B+18.8%	$2.1B+8.3%	$1.9B-23.4%	$2.5B+33.2%	$1.9B
Inventory	$2.1B+19.8%	$1.7B-10.2%	$1.9B-31.5%	$2.8B+16.2%	$2.4B+41.5%	$1.7B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.7B0.0%	$1.7B+4.7%	$1.6B-6.4%	$1.7B+0.8%	$1.7B-10.8%	$1.9B
Total Liabilities	$16.6B+36.5%	$12.2B+5.7%	$11.5B-10.4%	$12.8B-12.1%	$14.6B+16.5%	$12.5B
Current Liabilities	$7.9B+10.8%	$7.1B-3.0%	$7.4B-1.2%	$7.5B-4.7%	$7.8B+26.0%	$6.2B
Long-Term Debt	$251.2M+20.7%	$208.2M-11.0%	$233.8M+6.8%	$219.0M-7.8%	$237.6M+30.8%	$181.7M
Total Equity	$11.8B+12.6%	$10.4B+1.5%	$10.3B+0.8%	$10.2B+5.5%	$9.7B+17.1%	$8.3B
Retained Earnings	$4.4B+18.0%	$3.7B+1.5%	$3.6B-2.3%	$3.7B+20.8%	$3.1B+93.2%	$1.6B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$28.4B+25.5%	$22.6B+3.8%	$21.8B-5.4%	$23.0B-5.1%	$24.3B+16.8%	$20.8B+11.6%	$18.6B+6.8%	$17.4B
Current Assets	$10.0B+19.1%	$8.4B-1.6%	$8.5B-12.7%	$9.8B-7.3%	$10.5B+32.1%	$8.0B+18.1%	$6.8B+2.6%	$6.6B
Cash & Equivalents	$2.9B+20.9%	$2.4B+18.8%	$2.1B+8.3%	$1.9B-23.4%	$2.5B+33.2%	$1.9B-13.2%	$2.1B+24.3%	$1.7B
Inventory	$2.1B+19.8%	$1.7B-10.2%	$1.9B-31.5%	$2.8B+16.2%	$2.4B+41.5%	$1.7B+52.5%	$1.1B-5.3%	$1.2B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.7B0.0%	$1.7B+4.7%	$1.6B-6.4%	$1.7B+0.8%	$1.7B-10.8%	$1.9B+6.3%	$1.8B+7.0%	$1.7B
Total Liabilities	$16.6B+36.5%	$12.2B+5.7%	$11.5B-10.4%	$12.8B-12.1%	$14.6B+16.5%	$12.5B+8.8%	$11.5B+11.9%	$10.3B
Current Liabilities	$7.9B+10.8%	$7.1B-3.0%	$7.4B-1.2%	$7.5B-4.7%	$7.8B+26.0%	$6.2B+20.5%	$5.2B-0.5%	$5.2B
Long-Term Debt	$251.2M+20.7%	$208.2M-11.0%	$233.8M+6.8%	$219.0M-7.8%	$237.6M+30.8%	$181.7M+5.0%	$173.1M	N/A
Total Equity	$11.8B+12.6%	$10.4B+1.5%	$10.3B+0.8%	$10.2B+5.5%	$9.7B+17.1%	$8.3B+16.0%	$7.1B-0.6%	$7.2B
Retained Earnings	$4.4B+18.0%	$3.7B+1.5%	$3.6B-2.3%	$3.7B+20.8%	$3.1B+93.2%	$1.6B+58.5%	$1.0B+29.8%	$776.1M

ASX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.5B+63.8%	$2.8B-25.9%	$3.7B+3.5%	$3.6B+22.6%	$2.9B+10.2%	$2.7B
Capital Expenditures	$5.2B+116.4%	$2.4B+37.1%	$1.8B-25.2%	$2.4B-7.5%	$2.6B+15.6%	$2.2B
Free Cash Flow	-$713.8M-307.8%	$343.6M-82.5%	$2.0B+57.7%	$1.2B+219.8%	$390.3M-15.6%	$462.4M
Investing Cash Flow	-$5.3B-106.3%	-$2.6B-42.1%	-$1.8B+25.2%	-$2.4B-36.0%	-$1.8B+18.5%	-$2.2B
Financing Cash Flow	$1.4B+750.8%	-$221.8M+86.2%	-$1.6B+21.1%	-$2.0B-860.4%	-$211.6M+73.0%	-$783.3M
Dividends Paid	$734.3M+7.2%	$684.9M-44.6%	$1.2B+26.6%	$975.9M+49.7%	$651.9M+114.8%	$303.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.4%+0.7pp	5.7%-0.7pp	6.4%-3.2pp	9.6%-1.3pp	10.9%+4.9pp	6.0%
Return on Equity	11.2%+1.3pp	9.9%-2.0pp	11.8%-8.8pp	20.6%-2.6pp	23.2%+10.8pp	12.4%
Return on Assets	4.6%+0.1pp	4.6%-1.0pp	5.6%-3.5pp	9.1%-0.1pp	9.3%+4.3pp	4.9%
Current Ratio	1.26+0.1	1.17+0.0	1.16-0.2	1.31-0.0	1.35+0.1	1.28
Debt-to-Equity	0.020.0	0.020.0	0.020.0	0.020.0	0.020.0	0.02
FCF Margin	-3.5%-5.4pp	1.9%-8.5pp	10.4%+4.6pp	5.7%+3.8pp	1.9%-0.8pp	2.7%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.26+0.1	1.17+0.0	1.16-0.2	1.31-0.0	1.35+0.1	1.28-0.0	1.31+0.0	1.27
Debt-to-Equity	0.020.0	0.020.0	0.020.0	0.020.0	0.020.0	0.020.0	0.02-1.4	1.44
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is ASE Technology's annual revenue?

ASE Technology (ASX) reported $20.6B in total revenue for fiscal year 2025. This represents a 13.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is ASE Technology's revenue growing?

ASE Technology (ASX) revenue grew by 13.3% year-over-year, from $18.2B to $20.6B in fiscal year 2025.

Is ASE Technology profitable?

Yes, ASE Technology (ASX) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 6.4%.

How much debt does ASE Technology have?

As of fiscal year 2025, ASE Technology (ASX) had $2.9B in cash and equivalents against $251.2M in long-term debt.

What is ASE Technology's net profit margin?

ASE Technology (ASX) had a net profit margin of 6.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ASE Technology's return on equity (ROE)?

ASE Technology (ASX) has a return on equity of 11.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ASE Technology's free cash flow?

ASE Technology (ASX) generated -$713.8M in free cash flow during fiscal year 2025. This represents a -307.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is ASE Technology's operating cash flow?

ASE Technology (ASX) generated $4.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ASE Technology's total assets?

ASE Technology (ASX) had $28.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are ASE Technology's capital expenditures?

ASE Technology (ASX) invested $5.2B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does ASE Technology have outstanding?

ASE Technology (ASX) had 4.45B shares outstanding as of fiscal year 2025.

What is ASE Technology's current ratio?

ASE Technology (ASX) had a current ratio of 1.26 as of fiscal year 2025, which is considered adequate.

What is ASE Technology's debt-to-equity ratio?

ASE Technology (ASX) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ASE Technology's return on assets (ROA)?

ASE Technology (ASX) had a return on assets of 4.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ASE Technology's Piotroski F-Score?

ASE Technology (ASX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are ASE Technology's earnings high quality?

ASE Technology (ASX) has an earnings quality ratio of 3.45x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is ASE Technology?

ASE Technology (ASX) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.