UNITED MICROELECTRONICS CORP

Top-5 global foundry with strong margins and returns, tempered by a cyclical downturn in FY2024.

Strengths

• Top-quartile net margin (83rd), operating margin (81st), OCF margin (91st); ROE 13.3% (69th) with strong cash and 29x interest coverage
• Scale and long-standing customer relationships (MediaTek, TI, Intel) on mature nodes

Risks

• Cyclical downturn: revenue -2.2% (17th pct) and net income -24% (45th pct); gross margin only 34th pct
• Capital-intensive expansion, semiconductor cyclicality and Taiwan/geopolitical exposure

Notable findings

• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Strong balance sheetStrong balance sheet — $3.2B cash & investments
• Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
• New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP