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MTSI

MACOM Technology Solutions Holdings, Inc.

MTSI

MACOM Technology Solutions Holdings, Inc. • NASDAQ
$174.99 ▲ 4.12% (+6.93)
Market Cap $13.11 B
52w High $179.38
52w Low $84.00
Dividend Yield 0%
P/E -239.71
Volume 789.89K
Outstanding Shares 74.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $261.17M ▲ $103.036M ▲ $45.12M ▲ 17.276% ▲ $0.61 ▲ $81.962M ▲
Q3-2025 $252.079M ▲ $97.751M ▲ $36.534M ▲ 14.493% ▲ $0.49 ▲ $60.104M ▲
Q2-2025 $235.887M ▲ $91.247M ▲ $31.666M ▲ 13.424% ▲ $0.43 ▲ $56.914M ▲
Q1-2025 $218.122M ▲ $87.057M ▲ $-167.53M ▼ -76.806% ▼ $-2.3 ▼ $-152.576M ▼
Q4-2024 $200.71M $82.308M $29.414M 14.655% $-0.66 $49.701M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $785.975M ▲ $2.103B ▲ $776.265M ▲ $1.327B ▲
Q3-2025 $735.226M ▲ $2.003B ▲ $739.921M ▲ $1.263B ▲
Q2-2025 $681.533M ▲ $1.919B ▲ $716.525M ▲ $1.202B ▲
Q1-2025 $656.519M ▲ $1.844B ▲ $692.741M ▲ $1.151B ▲
Q4-2024 $581.888M $1.756B $629.297M $1.126B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $36.534M $69.636M ▲ $-82.132M ▼ $-697K ▼ $-13.324M ▼ $49.417M ▲
Q3-2025 $36.534M ▲ $60.386M ▲ $-78.998M ▲ $32.514M ▲ $14.54M ▲ $22.802M ▼
Q2-2025 $31.666M ▲ $38.687M ▼ $-156.906M ▼ $-3.843M ▼ $-121.773M ▼ $30.529M ▼
Q1-2025 $-167.53M ▼ $66.659M ▲ $-10.227M ▲ $30.125M ▲ $85.893M ▲ $61.319M ▲
Q4-2024 $29.414M $62.329M $-32.518M $-630K $29.502M $57.141M

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally trended upward over the last few years, with only a small dip in the middle, suggesting a business that is growing but still exposed to normal industry cycles. Profitability at the gross margin level looks solid and fairly consistent, indicating MACOM can price and produce its products with reasonable discipline. However, operating profit and EBITDA peaked earlier in the period and have eased back, which hints at rising costs, higher investment in growth (such as R&D or sales), or a less favorable product mix. The very large jump in net income a few years ago looks like a one-time event rather than an ongoing earnings level; more recent profit figures are lower but more realistic. Overall, the income statement shows a healthy, growing specialist semiconductor business, but with some pressure on margins and a clear need to understand what drove the earlier profit spike and whether recent cost trends are temporary or structural.

Balance Sheet

Balance Sheet The balance sheet has strengthened over time. Total assets have grown, and shareholder equity has increased meaningfully, which points to accumulated retained earnings and a thicker capital cushion. Debt has gradually come down relative to the size of the company, reducing financial risk and giving MACOM more flexibility in downturns. Cash levels are modest but steady, suggesting the company keeps enough on hand for operations without hoarding large idle balances. Overall, MACOM appears to have moved to a more conservatively financed position, with less reliance on borrowing and more support from its own capital base, which is constructive for resilience in a cyclical industry.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and reasonably stable, which is important in a sector where demand can fluctuate. Free cash flow has followed a similar pattern, remaining positive after capital spending, a sign that MACOM is not stretching itself to fund its growth. Capital expenditures are relatively modest and stable, implying a disciplined approach to physical investment; the company may be relying more on intellectual property, process know-how, and targeted acquisitions than on heavy factory buildouts. Overall, the cash flow profile is steady and supportive of ongoing R&D, selective M&A, and balance sheet repair, though the relatively light capital spending raises the question of how much future capacity expansion depends on third parties or future investment cycles.

Competitive Edge

Competitive Edge MACOM occupies a focused, higher-value niche in semiconductors, centered on high-performance analog, RF, microwave, and optical components rather than commodity chips. Its breadth of technologies—covering materials like GaAs, GaN, InP, silicon photonics, and more—lets it serve specialized, demanding applications across communications, data centers, industrial, and defense markets. The company’s long operating history and reputation for reliability, plus deep relationships with key customers, create switching costs and make MACOM a trusted partner, especially where performance and security matter. Its “Trusted Foundry” status for defense work is a distinct differentiator in U.S. government and aerospace markets that not all rivals can match. At the same time, MACOM still competes in a cyclical, highly competitive industry, where larger players, rapid technology shifts, and customer concentration can put pressure on pricing and volumes. Overall, the firm looks well-positioned in its chosen niches, with a moat based more on expertise, relationships, and specialized technology than on sheer scale.

Innovation and R&D

Innovation and R&D Innovation is a core pillar for MACOM. It operates across multiple advanced material systems and has developed proprietary technologies such as HMIC, which improve performance in demanding RF applications. The company’s recognition with industry awards and its role in high-end video and communications infrastructure underscore its technical credibility. MACOM is aligning its R&D around major long-term trends—5G and future wireless standards, high-speed optical links for data centers and AI workloads, satellite communications, and even early-stage opportunities like quantum computing. It supplements internal development with targeted acquisitions in RF and optical technologies, broadening its portfolio and geographic reach. This innovation strategy offers significant upside if these end markets grow as expected, but it also means sustained R&D spending and integration risk from acquisitions, and not every technology bet will necessarily pay off. Still, the company appears committed to staying at the leading edge of its niches rather than competing on cost alone.

Summary

Taken together, MACOM looks like a specialized semiconductor company with healthy, growing revenue, solid but somewhat pressured margins, and a much stronger balance sheet than a few years ago. Cash flow is consistently positive and sufficient to support ongoing development and selective acquisitions without overreliance on debt. Competitively, MACOM benefits from a deep technology stack, long-standing customer relationships, and unique advantages in defense and high-performance communications markets. Its strategy is clearly tied to major growth themes such as 5G, high-speed data centers, satellite communications, and advanced computing, with a heavy emphasis on R&D and intellectual property. Key areas to watch include how effectively the company converts its innovation pipeline into sustained, higher-margin growth, how resilient demand is across its end markets during downturns, and whether operating costs and acquisition integration remain well controlled over time.

NEWS

November 25, 2025 · 8:30 AM UTC

MACOM Promotes Robert Dennehy to Chief Operating Officer

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November 6, 2025 · 7:30 AM UTC

MACOM Reports Fiscal Fourth Quarter and Fiscal Year 2025 Financial Results

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October 24, 2025 · 8:30 AM UTC

MACOM to Report Fourth Quarter and Fiscal Year 2025 Financial Results on November 6, 2025

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September 23, 2025 · 8:30 AM UTC

MACOM to Showcase High Speed Connectivity Solutions at ECOC 2025

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September 18, 2025 · 8:15 AM UTC

MACOM to Highlight Cutting-Edge RF, Microwave and mmWave Solutions at European Microwave Week 2025

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