MACOM
We design, develop and manufacture differentiated semiconductor products and solutions for the Industrial and Defense (“I&D”), Data Center and Telecommunications (“Telecom”) industries for customers who demand high performance, quality and reliability.
10-K, Nov 14, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
Business
How does MACOM make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$6 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $967M
- Gross profit: $529M
- Operating income: $130M
- Net income: −$54.2M
- Free cash flow: $193M
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We have more than 70 years of application expertise, combined with expertise in analog and mixed signal circuit design, compound semiconductor fabrication (including gallium arsenide (GaAs), gallium nitride (GaN), indium phosphide (InP) and specialized silicon), advanced packaging and back-end assembly and test.”
“We offer a broad portfolio of thousands of standard and custom devices, which include integrated circuits (“ICs”), multi-chip modules (MCM), diodes, amplifiers, switches and switch limiters, passive and active components and radio frequency (RF) and optical subsystems, which make up dozens of product lines that service over 6,000 end customers in our three primary markets.”
“Our products are electronic components that our customers generally incorporate into larger electronic systems, such as wireless basestations, high-capacity optical networks, data center networks, radar, medical systems, satellite networks and test and measurement applications.”
Item 1 · Business · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
Thesis
Why do people invest?
No filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 33% to $967M.
Revenue grew 36% YoY to $342M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 37.8%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
13.4% operating margin, up from 10.1%.
54.7% gross margin, up from 54.0%.
Operating income grew 76% to $130M.
Net income: −$54.2M in FY2025.
R&D grew 34% to $244M.
SG&A grew 12% to $155M.
EPS diluted: −$0.73 in FY2025.
22.5% operating margin, up from 14.9%.
58.3% gross margin, up from 55.3%.
Operating income grew 105% YoY to $77.1M.
Net income grew 176% YoY to $101M.
R&D grew 17% YoY to $74.3M.
SG&A grew 25% YoY to $48.1M.
EPS diluted grew 167% YoY to $1.28.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $20 of every $100 as free cash.
Operating cash flow grew 45% to $235M.
Capex grew 90% to $42.6M.
Buybacks grew 203% to $43.1M.
Stock-based compensation grew 74% to $79.4M.
Free cash flow grew 15% YoY to $59.2M.
Operating cash flow grew 32% YoY to $80.0M.
Capex grew 135% YoY to $20.8M.
Buybacks grew 26% YoY to $47.9M.
Stock-based compensation grew 22% YoY to $21.1M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$112M cash vs $501M debt.
Total debt grew 12% to $501M.
Interest expense grew 7.4% to $5.5M.
Total assets grew 20% to $2.1B.
Equity grew 18% to $1.3B.
Cash fell 29% YoY to $89.6M.
Total debt fell 32% YoY to $340M.
Total assets grew 7.2% YoY to $2.1B.
Equity grew 22% YoY to $1.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 12% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (MACOM annual report)
10-K · 0001493594-25-000054 · filed Nov 14, 2025
Suppliers named by MACOM
No supplier among the covered companies is named in the filings.
MACOM holds stakes in
No stake in a covered company found in SEC filings.
Others name MACOM
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 55 risk factors, one per theme.
Customer concentration
“We depend on orders from a limited number of customers for a significant percentage of our revenue.”
Item 1A · Risk Factors · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
Competition
“Underutilization, price competition, acquisitions and various other factors may reduce our gross margin, which could negatively affect our business, financial condition and results of operations.”
Item 1A · Risk Factors · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
AI and new products
“Our revenue growth and gross margin are substantially dependent on our successful development and release of new products.”
Item 1A · Risk Factors · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
Security, defects and outages
“Our business and operations could suffer in the event of a security breach, cybersecurity incident or disruption of our information technology systems.”
Item 1A · Risk Factors · 10-K · 0001493594-25-000054 · filed Nov 14, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 14.1%.
Fmr LLC14.1%
13G/A · as of Mar 31, 2026 · filed May 6, 2026
BlackRock, Inc.10.4%
13G/A · as of Jun 30, 2026 · filed Jul 8, 2026
Ocampo Susan6.4%
13G/A · as of Jun 30, 2026 · filed Aug 12, 2026
Ocampo John L23.1% (then)
13G/A · as of Dec 31, 2022 · filed Jan 12, 2023 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Fmr LLC14.3%
10.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
BlackRock, Inc.12.9%
9.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.9%
3.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC4.2%
3.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp3.1%
2.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
656 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 188 sales · $396M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | |||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | ||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values