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Definitive Analysis

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Page: Company Financials

Raydium Semiconductor Corporation

Ticker: 3592.TW | Industry: Semiconductors | Sector: Technology
$241.00 +3.00 (1.26%)
As of: 2026-01-23

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Enterprise Value

Metric 2025 2024 2023
Stock Price 352.50 402.25 371.13
Market Capitalization 26,763.86M 30,511.55M 28,150.07M
(-) Cash & Equivalents 5,107.98M 5,512.69M 6,245.98M
(+) Total Debt 486.29M 468.22M 337.80M
Enterprise Value 22,142.17M 25,467.07M 22,241.89M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Revenue 23,564M 22,423M 24,377M 18,347M 22,822M 24,834M 14,425M 13,931M
Cost of Revenue 16,713M 15,700M 17,064M 13,036M 13,585M 14,202M 10,679M 10,680M
Gross Profit 6,851M 6,724M 7,313M 5,311M 9,237M 10,632M 3,747M 3,251M
Gross Profit Margin 29.1% 30.0% 30.0% 28.9% 40.5% 42.8% 26.0% 23.3%
R&D Expenses 3,957M 3,488M 3,958M 3,049M 4,157M 4,274M 1,986M 1,949M
SG&A Expenses 1,031M 1,075M 1,157M 854M 1,435M 1,215M 663M 486M
Operating Expenses 4,949M 4,563M 5,115M 5,311M 5,592M 5,489M 2,649M 2,435M
Operating Income (EBIT) 1,902M 2,161M 2,198M 0M 3,645M 5,143M 1,098M 816M
Operating Income Margin 8.1% 9.6% 9.0% 0.0% 16.0% 20.7% 7.6% 5.9%
Interest Income 155M 124M 139M 137M 83M 6M 6M 10M
Interest Expense 10M 18M 17M 8M 1M 1M 2M 3M
Net Interest Income 146M 107M 122M 129M 82M 6M 5M 7M
Unusual Items -147M 44M 104M 1,417M 778M -57M -104M -37M
EBT Excluding Unusual Items 2,048M 2,267M 2,321M 129M 3,727M 5,148M 1,103M 823M
Pre-Tax Income 1,901M 2,312M 2,425M 1,547M 4,505M 5,091M 998M 786M
Pre-Tax Margin 8.1% 10.3% 9.9% 8.4% 19.7% 20.5% 6.9% 5.6%
Income Tax Expense 221M 314M 326M 104M 643M 800M 141M 114M
Net Income 1,680M 1,998M 2,099M 1,443M 3,862M 4,291M 857M 672M
Net Income Margin 7.1% 8.9% 8.6% 7.9% 16.9% 17.3% 5.9% 4.8%
Depreciation & Amortization 415M 387M 390M 373M 371M 271M 202M 163M
EBITDA 2,317M 2,547M 2,588M 373M 4,016M 5,414M 1,300M 979M
EBITDA Margin 9.8% 11.4% 10.6% 2.0% 17.6% 21.8% 9.0% 7.0%
NOPAT 1,681M 1,868M 1,903M 0M 3,125M 4,335M 942M 698M
NOPAT Margin 7.1% 8.3% 7.8% 0.0% 13.7% 17.5% 6.5% 5.0%
Owner's Earnings 1,354M 1,848M 2,021M 1,273M 3,987M 4,027M 849M 835M
Owner's Earnings Margin 5.7% 8.2% 8.3% 6.9% 17.5% 16.2% 5.9% 6.0%
EPS (Basic) 22.14 26.34 27.67 19.02 51.23 65.09 13.12 10.34
EPS (Diluted) 21.89 26.13 27.25 18.78 49.38 62.93 12.69 10.06
Shares (Basic) 76M 76M 76M 76M 75M 66M 65M 65M
Shares (Diluted) 77M 76M 77M 77M 78M 68M 67M 67M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Cash & Cash Equivalents 4,837.75M 5,378.20M 5,485.51M 5,380.26M 8,418.73M 6,882.99M 1,462.93M 0.00M
Short-Term Investments 7,340.56M 7,052.10M 6,715.90M 6,585.74M 3,846.66M 1,394.95M 1,903.48M 0.00M
Cash & Short-Term Investments 12,178.31M 12,430.30M 12,201.41M 11,965.99M 12,265.38M 8,277.93M 3,366.40M 0.00M
Net Receivables 3,820.37M 3,727.24M 5,753.21M 0.00M 2,901.52M 6,235.43M 3,300.50M 2,860.61M
Inventory 2,249.25M 2,553.32M 2,318.55M 2,028.81M 3,705.91M 2,142.41M 1,626.34M 0.00M
Other Current Assets 178.42M 203.40M -1,939.69M 3,160.25M 152.89M 1,041.97M 904.27M 1,082.79M
Total Current Assets 18,426.35M 18,914.26M 18,333.47M 17,155.05M 19,025.70M 17,697.74M 9,197.51M 3,943.40M
Property, Plant & Equipment 511.26M 454.75M 422.39M 501.34M 360.14M 454.28M 223.41M 0.00M
Goodwill 237.80M 237.80M 237.80M 237.80M 237.80M 237.80M 0.00M 0.00M
Intangible Assets 437.25M 249.60M 274.01M 138.70M 105.48M 98.03M 315.69M 0.00M
Long-Term Investments 353.25M 398.07M 588.97M -5,999.01M 0.00M 0.00M -1,872.00M 0.00M
Tax Assets 292.60M 284.06M 260.94M 235.51M 212.25M 97.14M 120.46M 0.00M
Other Non-Current Assets 312.93M 316.62M 304.36M 7,238.03M 1,632.29M 1,430.04M 2,057.97M 0.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 2,145.09M 1,940.91M 2,088.47M 2,352.37M 2,547.96M 2,317.29M 845.52M 0.00M
Total Assets 20,571.44M 20,855.17M 20,421.93M 19,507.42M 21,573.66M 20,015.02M 10,043.03M 3,943.40M
Accounts Payable 3,075.05M 3,540.84M 3,139.02M 2,738.87M 1,429.82M 3,542.29M 2,777.47M 2,575.53M
Short-Term Debt 745.79M 204.67M 130.87M 589.28M 32.12M 0.00M 171.04M 286.28M
Tax Payables 113.12M 325.62M 247.40M 233.88M 405.90M 666.43M 30.35M 0.00M
Deferred Revenue 0.00M 0.00M 296.88M 430.50M 316.35M 214.48M 1,246.60M 0.00M
Other Current Liabilities 1,210.89M 1,310.03M 1,156.37M 938.03M 1,071.17M 927.74M 376.54M 292.69M
Total Current Liabilities 5,144.85M 5,381.16M 4,970.55M 4,930.55M 3,255.35M 5,350.93M 4,601.99M 3,154.50M
Long-Term Debt 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 9.83M 12.29M 7.43M 10.28M 15.60M 5.67M 1.91M 0.00M
Deferred Tax Liabilities 7.39M 8.16M 7.77M 6.25M 22.01M 3.37M 5.60M 0.00M
Other Non-Current Liabilities 489.97M 552.38M 717.87M 845.50M 1,033.14M 1,108.02M 0.54M 1.06M
Total Non-Current Liabilities 507.20M 572.83M 733.08M 862.03M 1,070.75M 1,117.06M 8.05M 1.06M
Total Liabilities 5,652.05M 5,954.00M 5,703.62M 5,792.58M 4,326.09M 6,467.99M 4,610.04M 3,155.56M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 758.55M 758.55M 758.55M 758.55M 758.55M 669.37M 669.43M 0.00M
Retained Earnings 5,805.42M 5,537.71M 6,737.71M 3,933.80M 7,436.50M 6,987.26M 3,399.08M 0.00M
Accumulated OCI -308.22M 0.00M -116.69M 1,877.92M 94.51M 784.89M 0.00M 0.00M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 6,255.75M 6,296.26M 7,379.57M 6,570.27M 8,289.56M 8,441.52M 4,068.51M 0.00M
Total Equity 6,255.75M 6,296.26M 7,379.57M 6,570.27M 8,289.56M 8,441.52M 4,068.51M 0.00M
Total Liabilities & Equity 11,907.80M 12,250.26M 13,083.20M 12,362.85M 12,615.65M 14,909.51M 8,678.55M 3,155.56M
Tangible Assets 19,896.39M 20,367.76M 19,910.12M 19,130.92M 21,230.38M 19,679.19M 9,727.34M 3,943.40M
Tangible Equity 5,580.69M 5,808.86M 6,867.77M 6,193.77M 7,946.28M 8,105.69M 3,752.83M 0.00M
Tangible Book Value 5,580.69M 5,808.86M 6,867.77M 6,193.77M 7,946.28M 8,105.69M 3,752.83M 0.00M
Total Investments 5,523.79M 7,450.17M 7,304.87M 586.72M 3,846.66M 866.53M 31.48M 0.00M
Net Debt -4,091.96M -5,173.53M -5,354.64M -4,790.98M -8,386.61M -6,882.99M -1,291.89M 286.28M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Working Capital 9,330.8M 9,386.1M 10,737.1M 9,825.3M 11,824.6M 8,251.4M 3,891.4M 0.0M
Total Capital 11,724.3M 10,971.1M 12,230.8M 11,817.7M 12,985.2M 9,039.0M 4,901.8M 0.0M
Capital Employed 11,475.9M 11,327.0M 12,825.6M 12,177.6M 14,372.6M 10,568.7M 4,736.9M 0.0M
Invested Capital 6,886.6M 5,592.9M 6,745.3M 6,437.4M 4,566.4M 2,156.1M 3,438.9M 0.0M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
Net Income 1,809.81M 2,221.52M 2,424.98M 1,442.79M 4,505.05M 5,090.85M 998.10M 0.00M
Depreciation & Amortization 414.80M 386.59M 389.96M 373.17M 370.92M 271.45M 201.87M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 11.27M 171.33M 79.62M 0.00M
Change in Working Capital -38.55M -248.81M 120.08M 121.96M -542.83M 425.69M -554.82M 0.00M
Accounts Receivable 322.77M -89.17M -746.91M -114.79M 0.00M 0.00M 0.00M 0.00M
Inventory -108.23M 133.88M -182.43M 1,626.24M -2,006.36M -591.25M -174.18M 0.00M
Accounts Payable 0.00M 601.63M 0.00M 1,316.46M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -253.09M -865.63M 1,049.42M -2,705.95M 0.00M 0.00M 0.00M 0.00M
Other Non-Cash Items 268.12M 225.46M 17.62M -259.96M 549.93M 68.65M 65.04M 0.00M
Net Cash from Operating Activities 2,454.17M 2,584.76M 2,952.63M 1,677.95M 3,963.37M 5,914.96M 604.08M 0.00M
Capital Expenditures (PPE) -166.86M -467.49M -120.11M -542.73M -246.27M -535.93M -209.41M 0.00M
Acquisitions (Net) 0.00M 2.32M 0.00M 0.76M 0.00M 0.00M 0.00M 0.00M
Purchases of Investments -497.46M -500.05M -497.46M -1,421.57M -2,128.15M -815.36M -31.43M 0.00M
Sales / Maturities of Investments 47.06M 54.03M 45.22M 31.21M 35.98M 0.00M 96.88M 0.00M
Other Investing Activities -1,190.92M -53.74M -372.30M 75.06M -128.88M -60.20M 34.87M 0.00M
Net Cash from Investing Activities -1,808.18M -1,033.70M -944.65M -1,857.27M -2,467.32M -1,411.49M -109.09M 0.00M
Net Debt Issuance -313.03M 988.89M -466.23M 564.10M 32.12M -171.04M -115.24M 250.28M
Long-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Short-Term Debt Issuance -313.03M 988.89M -466.23M 564.10M 32.12M -171.04M -115.24M 250.28M
Net Stock Issuance 0.00M 0.00M 0.00M 0.00M 3,537.46M 410.56M 0.00M 2.14M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 3,537.46M 410.56M 0.00M 2.14M
Common Stock Repurchased 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid -1,153.00M -3,110.06M -1,153.00M -3,110.06M -3,413.49M -702.84M -535.55M 0.00M
Common Dividends Paid -1,153.00M -3,110.06M -1,153.00M -3,110.06M -3,413.49M -702.84M -535.55M -455.02M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -286.85M -3,395.94M -285.33M -312.26M -117.86M 1,380.06M -6.08M 0.00M
Net Cash from Financing Activities -1,752.87M -2,407.05M -1,904.56M -2,858.23M 38.24M 916.75M -656.87M 0.00M
Effect of FX on Cash -14.12M 0.98M 1.83M -0.92M 1.46M -0.16M 0.05M 0.00M
Net Change in Cash -1,121.00M -855.00M 105.25M -3,038.47M 1,535.74M 5,420.06M -161.83M 0.00M
Cash at Beginning of Period 22,129.82M 22,664.89M 5,380.26M 8,418.73M 6,882.99M 1,462.93M 1,624.76M 0.00M
Cash at End of Period 21,008.82M 21,809.89M 5,485.51M 5,380.26M 8,418.73M 6,882.99M 1,462.93M 0.00M
Operating Cash Flow 2,454.17M 2,584.76M 2,952.63M 1,677.95M 3,963.37M 5,914.96M 604.08M 0.00M
Capital Expenditure -741.27M -536.26M -467.87M -542.73M -246.27M -535.93M -209.41M 0.00M
Free Cash Flow 1,712.91M 2,048.50M 2,484.76M 1,135.22M 3,717.10M 5,379.03M 394.67M 0.00M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31
EBITDA 2,278.12M 2,547.40M 2,588.37M 1,780.69M 4,015.91M 5,413.96M 1,299.66M 978.97M
(-) Tax Adjustment 264.59M 345.76M 347.95M 119.67M 572.93M 850.63M 184.23M 141.79M
(-) Change In Working Capital -38.55M -248.81M 120.08M 121.96M -542.83M 425.69M -554.82M 0.00M
(-) Capital Expenditure -741.27M -536.26M -467.87M -542.73M -246.27M -535.93M -209.41M 0.00M
Unlevered Free Cash Flow 1,310.81M 1,914.19M 1,652.47M 996.33M 3,739.54M 3,601.71M 1,460.84M 837.17M
(-) Net Interest Income After Taxes 128.81M 92.19M 105.98M 120.58M 70.63M 4.75M 4.09M 6.35M
Net Debt Issuance -313.03M 988.89M -466.23M 564.10M 32.12M -171.04M -115.24M 250.28M
Levered Free Cash Flow 868.98M 2,810.89M 1,080.25M 1,439.85M 3,701.02M 3,425.92M 1,341.52M 1,081.11M