A Business at a Glance
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MACOM Technology Solutions Holdings, Inc.
MTSI
$19.8B
Mkt Cap
$266.99
-5.60%
MACOM Technology Solutions Holdings, Inc. (MTSI) has a current P/E ratio of 120.8, compared to its historical median P/E of 32.9. The stock is currently considered Expensive based on its historical valuation range.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a 5-year average return on invested capital (ROIC) of 16.1%. This indicates strong capital allocation and a potential competitive advantage.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a market capitalization of $20.4B. It is classified as a large-cap stock.
MACOM Technology Solutions Holdings, Inc. (MTSI) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.21%.
Based on historical P/E analysis, MACOM Technology Solutions Holdings, Inc. (MTSI) appears expensive. The current P/E of 120.8 is 267% above its historical median of 32.9. The estimated fair value CAGR (P/E method) is 31.9%.
MACOM Technology Solutions Holdings, Inc. (MTSI) operates in the Semiconductors & Related Devices industry, within the Technology sector.
MACOM designs, develops, and manufactures differentiated semiconductor products and solutions for Industrial and Defense, Data Center, and Telecommunications markets, serving over 6,000 end customers with a portfolio of integrated circuits, multi-chip modules, diodes, amplifiers, switches, passive and active components, and RF and optical subsystems. The company operates a hybrid manufacturing model combining internal semiconductor wafer fabrication facilities in Lowell Massachusetts, Research Triangle Park North Carolina, Ann Arbor Michigan, and Limeil-Brévannes France with external foundry and assembly partners, enabling access to diverse process technologies including gallium arsenide, gallium nitride, indium phosphide, and specialized silicon while maintaining control over quality and the Lowell facility's Trusted Foundry designation for defense applications. Revenue is generated through a mix of standard and custom semiconductor devices with product life cycles ranging from under five years to over twenty years, with customers incorporating these components into larger systems such as wireless basestations, optical networks, radar, medical systems, and satellite networks. The company's competitive advantages include over seventy years of application expertise, integrated design and manufacturing capabilities, proprietary process technologies, and strategic certifications including IATF16949 automotive, AS9100D aerospace, and ISO9001 quality standards. MACOM's growth strategy focuses on expanding addressable markets through new product development, strengthening customer relationships, and capturing design wins across three central technology themes: highest power, highest frequency, and highest data rate, with geographic operations spanning North America, Europe, and Asia.
【Strong demand momentum continuing】 Management expects demand to remain robust across all three end markets through the second half of fiscal 2026 and into 2027, with particular strength in data center driven by higher data rate deployments at 800G, 1.6T, and emerging 3.2T speeds, and significant growth anticipated from defense customers and LEO satellite production programs. Gross margin expansion is expected to continue sequentially through the remainder of fiscal 2026 and into 2027, driven by improved utilization of internal fabrication facilities, new product introductions, and yield improvements, with management targeting approximately 60% adjusted gross margin by year-end. The company is making disciplined capital investments to support growth, including installation of a new MOCVD reactor in France and capacity expansion at the RTP facility, while maintaining CapEx discipline with expectations not to exceed 5% of revenue as the company targets doubling revenue from the $1 billion milestone to $2 billion. Management expects operating leverage to improve as the business scales, with adjusted operating margins anticipated to reach approximately 30% in the near term, and is focused on balancing long-term revenue growth and profitability with continued R&D investments to support all end markets.
| Metric | Target | Period |
|---|---|---|
| Revenue | $331 million–$339 million | Fiscal Q3 ending July 3, 2026 |
| Adjusted gross margin | 59%–60% | Fiscal Q3 ending July 3, 2026 |
| Adjusted earnings per share | $1.31–$1.37 | Fiscal Q3 ending July 3, 2026 |
| Data center revenue growth | Over 60% | FY2026 |
| Adjusted operating margin | Approximately 30% | Fiscal Q3 2026 |
| Cash flow from operations | In excess of $80 million | Fiscal Q3 2026 |
Revenue (Fiscal Q3 ending July 3, 2026): “MACOM expects revenue in fiscal Q3, ending July 3rd, 2026 to be in the range of $331 million-$339 million.”
Adjusted gross margin (Fiscal Q3 ending July 3, 2026): “Adjusted gross margin is expected to be in the range of 59%-60%.”
Adjusted earnings per share (Fiscal Q3 ending July 3, 2026): “Adjusted earnings per share is expected to be between $1.31 and $1.37 based on 78.5 million fully diluted shares.”
Data center revenue growth (FY2026): “we are pleased to raise our data center FY 2026 revenue growth base case from 35%-40% to over 60%.”
Adjusted operating margin (Fiscal Q3 2026): “We expect our adjusted operating margin to be approximately 30% next quarter, highlighting the leverage in our financial operating model.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 967M | 730M | 648M | 675M | 607M |
| Net Income | 0 | -54M | 77M | 92M | 440M | 38M |
| EPS | $0.00 | $-0.73 | $1.04 | $1.28 | $6.18 | $0.54 |
| Free Cash Flow | 0 | 193M | 140M | 142M | 150M | 130M |
| ROIC | - | 10.5% | 5.6% | 7.9% | 43.4% | 13.0% |
| Gross Margin | - | 54.7% | 54.0% | 59.5% | 60.2% | 56.3% |
| Debt/Equity | 0.00 | 0.38 | 0.40 | 0.47 | 0.67 | 3.86 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 130M | 74M | 107M | 133M | 81M |
| Operating Margin | 0.0% | 13.4% | 10.1% | 16.6% | 19.7% | 13.3% |
| ROE | 0.0% | -4.4% | 7.4% | 10.2% | 90.7% | 17.7% |
| Shares Outstanding | 76M | 74M | 74M | 72M | 71M | 70M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 339M | 421M | 544M | 699M | 570M | 500M | 530M | 607M | 675M | 648M | 730M | 967M | 0 |
| Gross Margin | 41.6% | 48.4% | 51.7% | 46.8% | 43.1% | 44.2% | 51.0% | 56.3% | 60.2% | 59.5% | 54.0% | 54.7% | N/A |
| R&D | 71M | 82M | 108M | 148M | 178M | 163M | 141M | 139M | 148M | 149M | 182M | 244M | 244M |
| SG&A | 83M | 110M | 145M | 188M | 162M | 153M | 124M | 122M | 125M | 130M | 138M | 155M | 155M |
| EBIT | -28M | 10M | 13M | -16M | -107M | -380M | 3.4M | 81M | 133M | 107M | 74M | 130M | 0 |
| Op. Margin | -8.2% | 2.4% | 2.4% | -2.3% | -18.7% | -76.1% | 0.6% | 13.3% | 19.7% | 16.6% | 10.1% | 13.4% | 0.0% |
| Net Income | -15M | 49M | 1.4M | -169M | -168M | -384M | -46M | 38M | 440M | 92M | 77M | -54M | 0 |
| Net Margin | -4.5% | 11.6% | 0.3% | -24.3% | -29.4% | -76.8% | -8.7% | 6.3% | 65.2% | 14.1% | 10.5% | -5.6% | 0.0% |
| Non-Recurring | 15M | 68M | 24M | 33M | -19M | 293M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -3.7% | 7.3% | 2.0% | -1.7% | -12.1% | -33.4% | 0.4% | 13.0% | 43.4% | 7.9% | 5.6% | 10.5% | N/A |
| ROE | -6.4% | 14.9% | 0.3% | -27.3% | -23.2% | -78.1% | -15.0% | 17.7% | 90.7% | 10.2% | 7.4% | -4.4% | 0.0% |
| ROA | -3.1% | 6.3% | 0.1% | -12.0% | -10.7% | -29.7% | -4.1% | 3.3% | 32.5% | 5.9% | 4.6% | -2.8% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 25M | 34M | 79M | 61M | 36M | 21M | 171M | 148M | 177M | 167M | 163M | 235M | 0 |
| Free Cash Flow | 8.5M | -4.6M | 48M | 28M | -17M | -17M | 154M | 130M | 150M | 142M | 140M | 193M | 0 |
| Owner Earnings | -20M | -40M | -18M | -68M | -108M | -108M | 57M | 43M | 79M | 77M | 50M | 93M | -143M |
| CapEx | 17M | 38M | 31M | 33M | 53M | 38M | 18M | 18M | 27M | 25M | 22M | 43M | 0 |
| Maint. CapEx | 35M | 55M | 71M | 93M | 112M | 104M | 79M | 70M | 57M | 52M | 67M | 63M | 63M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 35M | 55M | 71M | 93M | 112M | 104M | 79M | 70M | 57M | 52M | 67M | 63M | 63M |
| CapEx/OCF | 66.6% | 113.6% | 39.5% | 53.7% | 146.2% | 183.4% | 10.3% | 12.1% | 15.0% | 14.8% | 13.8% | 18.1% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.3M | 8.6M | 10.0M | 19M | 6.8M | 4.1M | 6.7M | 23M | 36M | 33M | 14M | 43M | 43M |
| Buyback Yield | 0.1% | 0.5% | 0.6% | 0.8% | 0.9% | 0.3% | 0.3% | 0.5% | 0.9% | 0.6% | 0.2% | 0.4% | 0.2% |
| Stock-Based Comp | 11M | 19M | 27M | 36M | 32M | 24M | 36M | 35M | 41M | 38M | 46M | 79M | 79M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 544M | 0 | 0 | 0 | 23M | 23M |
| Balance Sheet | |||||||||||||
| Net Debt | 173M | 177M | 223M | 454M | 472M | 485M | 326M | 148M | -20M | -66M | -134M | -285M | 0 |
| Cash & Equiv. | 174M | 122M | 333M | 130M | 95M | 76M | 129M | 157M | 120M | 174M | 147M | 112M | N/A |
| Long-Term Debt | 343M | 335M | 574M | 661M | 658M | 655M | 652M | 492M | 566M | 447M | 448M | 340M | 340M |
| Debt/Equity | 1.52 | 0.80 | 1.25 | 0.86 | 0.99 | 2.11 | 2.20 | 3.86 | 0.67 | 0.47 | 0.40 | 0.38 | 0.00 |
| Interest Coverage | -2.3 | 0.5 | 0.7 | -0.6 | -3.4 | -10.6 | 0.1 | 3.7 | 15.5 | 8.7 | 14.3 | 60.6 | 60.6 |
| Equity | 229M | 425M | 463M | 777M | 669M | 314M | 300M | 128M | 843M | 948M | 1.1B | 1.3B | 0 |
| Total Assets | 682M | 861M | 1.2B | 1.6B | 1.5B | 1.1B | 1.1B | 1.1B | 1.6B | 1.6B | 1.8B | 2.1B | 0 |
| Total Liabilities | 454M | 436M | 726M | 860M | 814M | 792M | 846M | 662M | 729M | 606M | 629M | 776M | 776M |
| Intangibles | 143M | 244M | 260M | 621M | 513M | 181M | 131M | 85M | 51M | 67M | 76M | 79M | 67M |
| Retained Earnings | -148M | -99M | -97M | -267M | -408M | -792M | -840M | -802M | -354M | -263M | -186M | -240M | -240M |
| Working Capital | 288M | 313M | 521M | 446M | 352M | 324M | 387M | 428M | 716M | 678M | 795M | 880M | 880M |
| Current Assets | 373M | 384M | 613M | 563M | 459M | 399M | 482M | 522M | 813M | 761M | 903M | 1.2B | 1.2B |
| Current Liabilities | 86M | 71M | 92M | 117M | 107M | 75M | 95M | 93M | 97M | 84M | 108M | 325M | 325M |
| Per Share Data | |||||||||||||
| EPS | -0.33 | 0.95 | 0.03 | -2.79 | -2.57 | -5.84 | -0.69 | 0.54 | 6.18 | 1.28 | 1.04 | -0.73 | 0.00 |
| Owner EPS | -0.44 | -0.79 | -0.38 | -1.12 | -1.66 | -1.64 | 0.85 | 0.62 | 1.10 | 1.07 | 0.67 | 1.25 | -1.87 |
| Book Value | 4.92 | 8.30 | 9.68 | 12.80 | 10.25 | 4.78 | 4.49 | 1.82 | 11.84 | 13.24 | 15.24 | 17.87 | 0.00 |
| Cash Flow/Share | 0.55 | 0.66 | 1.66 | 1.00 | 0.56 | 0.31 | 2.57 | 2.11 | 2.49 | 2.33 | 2.20 | 3.17 | 0.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 46.4M | 51.1M | 47.8M | 60.8M | 65.2M | 65.7M | 66.8M | 70.3M | 71.2M | 71.5M | 73.9M | 74.3M | 76.3M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 37.7 | N/A | N/A | N/A | N/A | N/A | 128.9 | 9.5 | 56.3 | 113.0 | N/A | N/A |
| P/FCF | 118.9 | N/A | 36.4 | 86.2 | N/A | N/A | 14.3 | 37.5 | 27.8 | 36.2 | 62.0 | 57.0 | N/A |
| EV/EBIT | N/A | 199.5 | 148.8 | N/A | N/A | N/A | 745.4 | 62.3 | 31.4 | 47.4 | 116.1 | 83.7 | N/A |
| Price/Book | N/A | N/A | N/A | 3.1 | 1.1 | 4.6 | 7.3 | 10.4 | 5.0 | 5.4 | 7.7 | 8.3 | N/A |
| Price/Sales | N/A | 3.9 | 3.4 | 4.2 | 2.3 | 2.3 | 3.8 | 6.7 | 6.3 | 7.5 | 9.9 | 9.7 | N/A |
| FCF Yield | 0.8% | -0.2% | 2.7% | 1.2% | -2.3% | -1.2% | 7.0% | 2.7% | 3.6% | 2.8% | 1.6% | 1.8% | N/A |
| Market Cap | 1.0B | 1.8B | 1.7B | 2.4B | 740M | 1.4B | 2.2B | 4.9B | 4.2B | 5.2B | 8.7B | 11.0B | 20.4B |
| Avg. Price | 19.14 | 32.46 | 38.38 | 48.33 | 24.43 | 17.43 | 29.86 | 58.23 | 59.47 | 68.02 | 97.25 | 125.83 | 266.99 |
| Year-End Price | 21.76 | 35.79 | 36.50 | 40.10 | 13.59 | 21.90 | 33.00 | 69.63 | 58.71 | 72.00 | 117.54 | 147.88 | 266.99 |
MACOM Technology Solutions Holdings, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
MACOM Technology Solutions Holdings, Inc. trades at 120.8x trailing earnings, compared to its 15-year median P/E of 32.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 124.0x vs a median of 37.0x. The company's 5-year average ROIC is 16.1% with a gross margin of 56.9%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +9.9%.
MACOM Technology Solutions Holdings, Inc. (MTSI) reported annual revenue of $967 million in its most recent fiscal year, based on SEC EDGAR filings.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a net profit margin of -5.6%. The company is currently unprofitable.
MACOM Technology Solutions Holdings, Inc. (MTSI) generated $193 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
MACOM Technology Solutions Holdings, Inc. (MTSI) reported earnings per share (EPS) of $-0.73 in its most recent fiscal year.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a return on equity (ROE) of -4.4%. A negative ROE may indicate losses or negative equity.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a 5-year average gross margin of 56.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for MACOM Technology Solutions Holdings, Inc. (MTSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MACOM Technology Solutions Holdings, Inc. (MTSI) has a book value per share of $17.87, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects demand to remain robust across all three end markets through the second half of fiscal 2026 and into 2027, with particular strength in data center driven by higher data rate deployments at 800G, 1.6T, and emerging 3.2T speeds, and significant growth anticipated from defense customers and LEO satellite production programs. Gross margin expansion is expected to continue sequentially through the remainder of fiscal 2026 and into 2027, driven by improved utilization of internal fabrication facilities, new product introductions, and yield improvements, with management targeting approximately 60% adjusted gross margin by year-end. The company is making disciplined capital investments to support growth, including installation of a new MOCVD reactor in France and capacity expansion at the RTP facility, while maintaining CapEx discipline with expectations not to exceed 5% of revenue as the company targets doubling revenue from the $1 billion milestone to $2 billion. Management expects operating leverage to improve as the business scales, with adjusted operating margins anticipated to reach approximately 30% in the near term, and is focused on balancing long-term revenue growth and profitability with continued R&D investments to support all end markets.
Based on recent SEC filings and earnings calls, MACOM Technology Solutions Holdings, Inc. (MTSI) has provided the following forward guidance: Revenue: $331 million–$339 million (Fiscal Q3 ending July 3, 2026); Adjusted gross margin: 59%–60% (Fiscal Q3 ending July 3, 2026); Adjusted earnings per share: $1.31–$1.37 (Fiscal Q3 ending July 3, 2026); Data center revenue growth: Over 60% (FY2026); Adjusted operating margin: Approximately 30% (Fiscal Q3 2026), plus 1 additional metric.
Cash flow from operations (Fiscal Q3 2026): “We expect that our Q3 cash flow from operations will be in excess of $80 million.”