PerpEquities

Hua Hong Semiconductor Limited (HUAHONG) financials

HKSE · Technology · Semiconductors · 7,700 employees · CEO Bai Peng

Price
HK$62.30 +2.64%
Market cap
HK$120B
Enterprise value
$15B
Last report
Q2 '26 filed 2026-06-30
Next report
2026-11-05
Revenue (TTM)$2.69B+23.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-2.3%+17.2 pp vs a year agoOperating income -$61.1M
Net income (TTM)$101M+237.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$1.19B+71.0% vs a year agoCapex $2.19B
Diluted EPS (TTM)$0.06+246.7% vs a year agoSum of the last 4 quarters
Net cash$334M-78.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
HK$120B
EV $15B
Revenue
$2.69B
Trailing 12 months
Revenue growth
+27%
FY2026 consensus
Profit margin
3.8%
Net income / revenue, TTM
P/E
136.7×
P/S
5.7×
Price / sales, TTM
EV / EBITDA
25.5×
TTM
Free cash flow
-$1.19B
Trailing 12 months
Net income
$101M
Trailing 12 months
Revenue estimate
$3.05B
FY2026 consensus
Earnings
2026-11-05
Dividend
–
No dividend

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 24.1% year on yearQ2 '26 revenue $718M, against an average of 22.2% over the four quarters before.
  • Operating margin -2.3% (TTM), +17.2 pp on a year agoOperating income grew 85.6% while revenue grew 23.0%.
  • Capex 81.4% of revenue (a year ago 274.1%)$2.19B invested in the last 4 quarters (-63.4% on a year earlier). Free cash flow -$1.19B = -1,175.7% of net income.
  • Diluted share count down 12.8% in a year1.74B diluted shares in Q2 '26, 1.99B a year earlier.
  • Net cash $334MCash + short-term investments $4.53B, debt incl. leases $4.2B; a year ago net cash $1.55B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
Revenue$718M$578M+24.1%
Gross margin16.5%10.7%+5.8 pp
Operating income$9.32M-$83.1M+111.2%
Operating margin1.3%-14.4%+15.7 pp
Net income$38.6M$6.62M+483.3%
Diluted EPS$0.02$0.00+566.7%
Operating cash flow$338M$1.51B-77.7%
Capex$357M$3.2B-88.8%
Free cash flow-$18.5M-$1.68B+98.9%
R&D$50.3M$131M-61.6%
Stock-based compensation$0$0–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
$998M
Capex
-$2.19B
Buybacks
$0
Dividends
$0
Acquisitions
$1.28M
Net debt issued
$1.16B
Stock-based compensation
$0
Free cash flow
-$1.19B
Returned to shareholders / FCF
0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)136.7×88.6×10.3× – 309.9×
EV / EBITDA25.5×9.2×0.2× – 23.5×
EV / Sales5.6×2.8×0.1× – 6.4×
Price / FCF-12.9×––
Price / Book1.9×1.6×0.6× – 2.6×
FCF yield-7.8%-14.6%-48.5% – -5.4%
Return on invested capital-0.4%1.8%-3.4% – 8.0%
Return on equity1.5%6.0%0.8% – 14.8%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026$3.05B+26.8%$0.11+259.1%–16
FY2027$3.79B+24.3%$0.17+54.3%–16
FY2028$4.34B+14.6%$0.22+28.7%–11
FY2029$4.28B-1.6%$0.32+45.7%–4
FY2030$4.6B+7.5%$0.43+34.4%–4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in USD as reported; price and market cap in HKD.