AMKOR TECHNOLOGY, INC.

Where It Passes

Where It Falls Short

• Valuation8% pass✓ 4✗ 24▾

  12 of 13 flag AMKR's valuation — Graham, Lynch, Greenblatt +9 more

  Net income / market capitalization+6.92%; #1195/6340 (top 18.8%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS24.7x

  ✗Graham<= 15x

  Price-to-Book Ratio2.0x

  ✗Graham<= 1.5x

  P/E x P/B49.30

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)17.33

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value7.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.2%, ROC=12.4%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS24.1x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)8.2x

  ✗Dreman< 8x

  Price / Book Value per Share2.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=24.1x, OE Yield=1.2%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=24.1x, FCF Yield=2.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=24.1x, P/B=2.0x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-64.5% (IV=$21.95 vs Price=$36.11)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share46.8x

  ✗Ackman<= 25

  Price vs. Trailing Low207% of trailing low ($17.45)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization+0.5364; #2744/6449 (top 42.5%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS24.1x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E0.10

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share2.01x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+88.8%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.8338; #1986/5247 (top 37.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-1.74%; #2737/4519 (top 60.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-37.70%; #4716/6202 (top 76.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models9% pass✓ 1✗ 10▾

  Models split on AMKR at $36.11 — fair values range $2.08–$41.86

  Graham fair value$24.70

  ✗Graham-46.2% margin vs $36.11

  Buffett fair value$16.08

  ✗Buffett-124.6% margin vs $36.11

  Lynch fair value$2.08

  ✗Lynch-1636.1% margin vs $36.11

  Greenblatt fair value$14.65

  ✗Greenblatt-146.5% margin vs $36.11

  Dreman fair value$21.95

  ✗Dreman-64.5% margin vs $36.11

  Munger fair value$12.94

  ✗Munger-179.1% margin vs $36.11

  Pabrai fair value$23.43

  ✗Pabrai-54.1% margin vs $36.11

  Akre fair value$41.86

  ✓Akre+13.7% margin vs $36.11

  Marks fair value$21.59

  ✗Marks-67.3% margin vs $36.11

  Ackman fair value$7.43

  ✗Ackman-386.0% margin vs $36.11

  Templeton fair value$30.36

  ✗Templeton-18.9% margin vs $36.11
• Profitability19% pass✓ 13✗ 22▾

  13 of 16 flag AMKR's profitability — Graham, Buffett, Lynch +10 more

  Net income / market capitalization+6.92%; #1195/6340 (top 18.8%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)17/26 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)24/26 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)13.7%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)7.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$336.5M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)17.33

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR1.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE12.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value7.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.2%, ROC=12.4%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets4.60%

  ✓PiotroskiROA > 0

  ROA Change YoY5.10% -> 4.60% (delta: -0.50%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=13.47%, ROA=4.60%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY14.8% -> 14.0%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue9.5%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity12.9%

  ✓Dreman> 12%

  Margin of SafetyP/E=24.1x, P/B=2.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity8.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-64.5% (IV=$21.95 vs Price=$36.11)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency24/25 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue9.5%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity12.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR1.4% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend7.2% (2023) -> 7.0% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 14.5% -> 14.0%, operating margin 7.2% -> 7.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets+12.31%; #2628/3702 (top 71.0%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+12.91%; #1394/5226 (top 26.7%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0292; #1878/5884 (top 31.9%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR1.4% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years10/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth25% pass✓ 5✗ 8▾

  6 of 8 flag AMKR's growth — Graham, Lynch, Dreman +3 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)17.33

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR1.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 51.0% vs Rev: 15.7%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency24/25 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-2.9%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR1.4% CAGR over 5 years

  ✓Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 14.5% -> 14.0%, operating margin 7.2% -> 7.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR5.8%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR1.4% over 5 years

  ✗Neff7%-20% annualized
• Efficiency38% pass✓ 5✗ 6▾

  5 of 8 flag AMKR's efficiency — Greenblatt, Piotroski, Munger +2 more

  Current Ratio2.17

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)12.4%

  ✓Buffett> 10%

  ROIC - WACC+2.4%

  ✓BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)12.4%

  ✗Greenblatt> 25%

  Current Ratio Change YoY2.11 -> 2.27

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.91x -> 0.82x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities2.17

  ✓Dreman> 1.5

  Return on Invested Capital7.7%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=7.2%; FY2024: ROIC=6.5%; FY2025: ROIC=6.2%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC6.7% (RR=87% x ROIC=7.7%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)2/5 years above 12% (latest 6.2%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag AMKR's cash flow — Lynch, Dreman, Pabrai +3 more

  Free Cash Flow Proxy$336.5M

  ✓BuffettPositive and growing

  FCF Positive and Growing$-156.1M

  ✗LynchPositive and growing

  Operating Cash Flow$1.1B

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=13.47%, ROA=4.60%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)8.2x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=24.1x, FCF Yield=2.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive18/24 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-1.7%

  ✗Ackman>= 4%

  Price / FCF per Share46.8x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency24/24 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-156.1M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-1.74%; #2737/4519 (top 60.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Verdicts47% pass✓ 7✗ 8▾

  Split decision: 7 FAIL · 7 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (3/9)✓BuffettPASS (4/9)✗LynchFAIL (1/7)✗GreenblattRank #1095✓PiotroskiPASS (F-Score 4)✓DremanPASS (5/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)•MarksNEUTRAL (4/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #862/2370 (Top 36.4%))✗NeffFAIL (2/6)•SchlossNEUTRAL (5/7)✗OshaughnessyFAIL (Rank #842/963 (Top 87.4%))
• Debt & Leverage50% pass✓ 8✗ 7▾

  6 of 12 pass — Buffett, Lynch, Piotroski +3 more object

  LT Debt vs Net Current AssetsLT Debt $2.3B vs NCA $2.5B

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.51, IC: 9.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.51

  ✗Lynch< 0.33

  Cash - Long-term Debt$-714.7M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change13.30% -> 15.77%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities2.17

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.51

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Debt Levels0.51

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=9.7x, D/EBITDA=1.7x

  ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.51

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.5140; #2491/4210 (top 59.2%)

  ✗AsnessTop 30% of eligible cross-section