Stmicroelectronics Overview
STMicroelectronics is Europe's second-largest semiconductor company by revenue. It is a broad-line integrated device manufacturer whose 2025 net revenues were $11.80 billion, across analog, power and discrete devices, MEMS sensors, imaging, general-purpose and automotive microcontrollers (the STM32 franchise), secure ICs, RF, and optical communications. It runs its own front-end fabs in France, Italy and Singapore, and back-end sites in Malta, Morocco, the Philippines, Malaysia and China. Through Catania and Norrköping it is one of the few vertically integrated SiC players, from substrate and epitaxy to modules. After a deep cyclical downturn in 2024–2025, when revenue fell 32% from the 2023 peak and operating margin dropped to 1.5%, ST is in a strong recovery. Revenue is guided to about $14.5 billion in 2026 (+22.8%), driven by three new growth engines on top of its automotive and industrial base: silicon photonics and power for AI data centres, low-Earth-orbit (LEO) satellite components, and personal-electronics programmes with its largest customer, Apple. Joint Franco-Italian state ownership anchors its role as a strategic European asset under the EU Chips Act.
What the company does
ST designs, manufactures and sells a very broad range of semiconductor products. In its 2025 Form 20-F it describes itself as a global semiconductor leader serving customers across the full spectrum of electronics applications, working with more than 200,000 customers and thousands of partners. In its corporate boilerplate it frames its mission around smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things.
In practice ST runs four businesses that share a common manufacturing base:
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Analog, MEMS, sensors and imaging. Signal-conditioning and power-management ICs, motion and environmental MEMS sensors, time-of-flight and imaging sensors (including custom imaging for a large smartphone customer), and smart-power (VIPower) automotive drivers.
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Power and discrete. Silicon MOSFETs and IGBTs, rectifiers and protection devices, SiC MOSFETs and diodes, GaN-on-silicon power devices, and power modules.
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Embedded processing. The STM32 and STM8 general-purpose microcontroller families, automotive MCUs (Stellar), secure microcontrollers and secure elements, and custom processing ASICs for automotive ADAS.
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RF and optical communications. Space-grade and LEO satellite components, ranging and connectivity (UWB, Bluetooth, NFC), digital audio and signalling, and RF and optical foundry services, including BiCMOS and the PIC100 silicon photonics platform for data-centre optical transceivers.
Business model and revenue model
ST is almost entirely a product company: revenue comes from selling semiconductor devices. Its revenue model is:
Product sales (about 99% of revenue): Devices are sold to OEMs (72% of 2025 revenue) and through distributors (28%). The distribution share fell from 34% in 2023 to 27% in 2024 as the channel destocked. It recovered to 32% of revenue in Q3 2026 as distributor inventory dropped below ST's target level.
Custom and engaged-customer programmes: A significant part of revenue comes from custom or semi-custom products (imaging and sensing for Apple, ADAS processing, optical and RF ASICs, LEO satellite components). Here ST co-develops silicon with a single customer under multi-year engagements.
Foundry-style services: The RF and optical foundry business (BiCMOS, silicon photonics) and the PIC100 platform for hyperscaler transceivers are sold on a foundry-plus-product basis.
Capacity reservation fees: During the 2021–2023 shortage ST collected capacity reservation fees from customers. The 20-F cites lower fees as one factor behind the 2025 gross-margin decline.
Licensing, software and services: The STM32Cube software ecosystem, edge-AI tooling and development boards support hardware sales and are not separately monetised at a material level.
"Others.": Assembly services and other revenues were about $13 million in 2025.
The largest customer, Apple, accounted for 17.7% of 2025 revenue (Form 20-F 2025).
Value-chain position
ST is a vertically integrated IDM. It covers process technology R&D, product design, front-end wafer fabrication (150mm, 200mm and 300mm silicon; 150mm and 200mm SiC), SiC substrate growth and epitaxy, electrical wafer sort, assembly and test. It outsources part of its advanced-node digital wafer production and some back-end capacity. Its main differentiated in-house process technologies include BCD (bipolar-CMOS-DMOS) smart power, FD-SOI, embedded phase-change memory (ePCM) for automotive MCUs, SiC MOSFET generations, BiCMOS, silicon photonics (PIC100) and MEMS.
ST's SiC operations span substrate growth (Norrköping, Sweden, the former Norstel business; and a Catania substrate plant), epitaxial growth, 150mm SiC device fabs in Catania and Ang Mo Kio, a 200mm Catania SiC campus that is ramping, and a 200mm Chongqing joint venture with Sanan Optoelectronics serving Chinese customers. This makes ST one of the few device makers with captive SiC epitaxial wafer supply.
Customer types and end-markets
| End-market (2025) | Approx. share of revenue (%) | 2025 YoY trend |
|---|---|---|
| Automotive | 39 | Down about 15% |
| Personal Electronics | 25 | Up about 17% |
| Industrial | 21 | Up about 5% (Q4 2025 YoY) |
| Communication Equipment & Computer Peripherals (CECP) | 15 | Up about 17% |
ST reports four end-market groupings. Based on management commentary on the Q4 2025 earnings call, the approximate 2025 mix was:
Automotive: Approx. share of revenue (%): 39; 2025 YoY trend: Down about 15%
Personal Electronics: Approx. share of revenue (%): 25; 2025 YoY trend: Up about 17%
Industrial: Approx. share of revenue (%): 21; 2025 YoY trend: Up about 5% (Q4 2025 YoY)
Communication Equipment & Computer Peripherals (CECP): Approx. share of revenue (%): 15; 2025 YoY trend: Up about 17%
CECP has since become the fastest-growing end-market: Q3 2026 CECP revenue rose about 64% year on year, driven by AI data-centre optical and power products and LEO satellite communications.
Customer types include automotive OEMs and Tier-1s (EV and ICE powertrains, body, ADAS), industrial OEMs (automation, power and energy, robotics, building automation, healthcare, appliances), smartphone and wearables OEMs, hyperscalers (AWS is now a disclosed strategic customer), satellite constellation operators (including SpaceX's Starlink, a decade-long supply relationship), telecom and networking OEMs, and some 200,000 mass-market customers reached through distribution.
Independent characterisation
ST is a broad-line, Europe-anchored analog/power/MCU house that has become more of a diversified specialty-technology platform. Through the 2021–2023 upcycle its profile was dominated by automotive (SiC for Tesla and other EV makers) and industrial MCUs. The 2024–2025 downturn exposed that concentration: P&D swung from a $263 million operating profit in 2024 to a $275 million loss in 2025. Management has since pivoted capital and messaging toward:
AI data centres: PIC100 silicon photonics, BiCMOS, power conversion for 800V architectures, and the AWS supply engagement. Data-centre revenue is now expected above $1 billion in 2026 and well above $2 billion in 2027.
LEO satellites: about $600 million of revenue in 2025, approaching $1 billion in 2026, with more than $3 billion cumulative targeted for 2026–2028.
Personal electronics: content gains with its largest customer.
The industrial cost base is being reshaped at the same time, concentrating investment on 300mm silicon (Agrate, Crolles) and 200mm SiC (Catania). The combination of a recovering cycle, structural cost actions and new growth engines underpins the 2027–2028 ambition of at least $18 billion in revenue. The main constraint is that gross margin, at about 36–39% in H2 2026, is still well below both the 2022–2023 peak (47–48%) and peers such as Texas Instruments (57%) and NXP (55%).
Strategy
Stated strategy
Management's framework, stated in the 2025 annual report, quarterly releases and the November 2024 Capital Markets Day, rests on these themes:
Long-term enablers: Smart mobility, power and energy, and cloud-connected autonomous things (IoT and edge AI).
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Focus on a balanced end-market portfolio, reducing the automotive concentration that drove the 2024–2025 downturn. On the Q3 2026 call the CEO linked the ambition of "at least $18 billion" of revenue in 2027–2028 to becoming "better balanced" across sources of demand.
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Company-specific growth drivers, named in quarterly releases: AI data centres (silicon photonics, BiCMOS, power), LEO satellite communications, engaged personal-electronics programmes, industrial edge AI (STM32), and automotive electrification and SiC.
Manufacturing reshaping and cost-base resizing: Prioritise 300mm silicon and 200mm SiC, improve efficiency of 150mm and mature 200mm facilities, and raise automation.
Intermediate financial model: About $18 billion of revenue in 2027–2028 with operating margins targeted in the low-to-mid twenties. Management reaffirmed the revenue ambition in October 2026 and said it remains focused on improving profitability consistent with that model.
Initiatives in the last 24 months
| Initiative | Date | Content and targets |
|---|---|---|
| Company-wide manufacturing reshaping and cost-base resizing | Announced November 2024; detailed 10 April 2025 | Up to 2,800 voluntary departures (mainly 2026–2027) on top of normal attrition, including up to about 1,000 in France. Italian redundancies at Agrate and Catania were withdrawn in mid-2025 in favour of attrition and voluntary exits. Annual cost savings targeted in the high triple-digit millions of dollars by the end of 2027. Restructuring charges were about $129 million in H1 2026. |
| 300mm megafab build-out | 2025–2027 | Agrate 300mm to 4,000 wpw by 2027 (modular path to 14,000 wpw); Crolles 300mm to 14,000 wpw by 2027 (modular path to 20,000 wpw) |
| Catania Silicon Carbide Campus | Announced May 2024; production from Q4 2025 | €5 billion, including about €2 billion of Italian state support; 15,000 wpw at full build-out by 2033 |
| NXP MEMS acquisition | Announced July 2025; closed 2 February 2026 | Automotive safety, non-safety and industrial sensors; purchase consideration $936 million (cash $895 million plus $41 million contingent earn-out) |
| AWS strategic engagement | 9 February 2026 | Multi-year, multi-billion-dollar supply of semiconductors for AWS compute and data-centre infrastructure; EDA workloads moved to AWS cloud; warrants over up to 24.8 million shares |
| PIC100 silicon photonics high-volume production | 9 March 2026 | 800G and 1.6T transceivers for hyperscalers; PIC100 TSV announced as the next step |
| Data-centre revenue ambition | Raised April and July 2026 | Above $500 million (January–April 2026) raised to above $1 billion in 2026 and well above $2 billion in 2027 (July 2026) |
| Space and LEO business plan | Investor call, May 2026 | More than $3 billion cumulative space revenue 2026–2028; LEO revenue about $600 million in 2025, approaching $1 billion in 2026 |
| Edge-AI and MCU roadmap | 2025–2026 | STM32N6 (Neural-ART NPU), STM32C5 entry series (March 2026), ST Edge AI Suite |
| Capital structure refinancing | June 2026 | $1.5 billion 2031/2033 convertibles; early redemption of 2027 convertibles; new €1 billion EIB facility signed in 2026 |
| Sustainability | Ongoing | Carbon neutrality in scopes 1 and 2 plus a scope 3 focus, and 100% renewable electricity sourcing by end-2027 |
Company-wide manufacturing reshaping and cost-base resizing: Date: Announced November 2024; detailed 10 April 2025; Content and targets: Up to 2,800 voluntary departures (mainly 2026–2027) on top of normal attrition, including up to about 1,000 in France. Italian redundancies at Agrate and Catania were withdrawn in mid-2025 in favour of attrition and voluntary exits. Annual cost savings targeted in the high triple-digit millions of dollars by the end of 2027. Restructuring charges were about $129 million in H1 2026.
300mm megafab build-out: Date: 2025–2027; Content and targets: Agrate 300mm to 4,000 wpw by 2027 (modular path to 14,000 wpw); Crolles 300mm to 14,000 wpw by 2027 (modular path to 20,000 wpw)
Catania Silicon Carbide Campus: Date: Announced May 2024; production from Q4 2025; Content and targets: €5 billion, including about €2 billion of Italian state support; 15,000 wpw at full build-out by 2033
NXP MEMS acquisition: Date: Announced July 2025; closed 2 February 2026; Content and targets: Automotive safety, non-safety and industrial sensors; purchase consideration $936 million (cash $895 million plus $41 million contingent earn-out)
AWS strategic engagement: Date: 9 February 2026; Content and targets: Multi-year, multi-billion-dollar supply of semiconductors for AWS compute and data-centre infrastructure; EDA workloads moved to AWS cloud; warrants over up to 24.8 million shares
PIC100 silicon photonics high-volume production: Date: 9 March 2026; Content and targets: 800G and 1.6T transceivers for hyperscalers; PIC100 TSV announced as the next step
Data-centre revenue ambition: Date: Raised April and July 2026; Content and targets: Above $500 million (January–April 2026) raised to above $1 billion in 2026 and well above $2 billion in 2027 (July 2026)
Space and LEO business plan: Date: Investor call, May 2026; Content and targets: More than $3 billion cumulative space revenue 2026–2028; LEO revenue about $600 million in 2025, approaching $1 billion in 2026
Edge-AI and MCU roadmap: Date: 2025–2026; Content and targets: STM32N6 (Neural-ART NPU), STM32C5 entry series (March 2026), ST Edge AI Suite
Capital structure refinancing: Date: June 2026; Content and targets: $1.5 billion 2031/2033 convertibles; early redemption of 2027 convertibles; new €1 billion EIB facility signed in 2026
Sustainability: Date: Ongoing; Content and targets: Carbon neutrality in scopes 1 and 2 plus a scope 3 focus, and 100% renewable electricity sourcing by end-2027
Management guidance and medium-term targets
| Item | Guidance |
|---|---|
| Q4 2026 revenue | About $4.15 billion, ±350 bps (+10.5% QoQ, +24.7% YoY) |
| Q4 2026 gross margin | About 39.0%, ±200 bps (including about 40 bps of unused capacity charges) |
| FY2026 revenue | About $14.5 billion (+22.8%) |
| FY2026 gross margin | About 36.4% GAAP / 36.6% non-GAAP |
| FY2026 non-GAAP net opex | Slightly above $3.8 billion (as of July 2026) |
| FY2026 net capex | $2.0–2.2 billion initial plan |
| Data-centre revenue | Above $1 billion (2026); well above $2 billion (2027) |
| LEO satellite revenue | 2027 at least as high as the record 2026 level; capacity rather than demand may be the constraint |
| 2027–2028 revenue ambition | At least $18 billion |
Q4 2026 revenue: Guidance: About $4.15 billion, ±350 bps (+10.5% QoQ, +24.7% YoY)
Q4 2026 gross margin: Guidance: About 39.0%, ±200 bps (including about 40 bps of unused capacity charges)
FY2026 revenue: Guidance: About $14.5 billion (+22.8%)
FY2026 gross margin: Guidance: About 36.4% GAAP / 36.6% non-GAAP
FY2026 non-GAAP net opex: Guidance: Slightly above $3.8 billion (as of July 2026)
FY2026 net capex: Guidance: $2.0–2.2 billion initial plan
Data-centre revenue: Guidance: Above $1 billion (2026); well above $2 billion (2027)
LEO satellite revenue: Guidance: 2027 at least as high as the record 2026 level; capacity rather than demand may be the constraint
2027–2028 revenue ambition: Guidance: At least $18 billion
Products & Services
AM&S — Analog products, MEMS and Sensors
| Product line | Description and key capabilities | Target customers | Flagship / latest |
|---|---|---|---|
| General-purpose analog | Op-amps, comparators, voltage references, current-sense amplifiers, data converters, interfaces | Industrial, consumer, mass market via distribution | Broad catalogue; long-life industrial supply commitments |
| Power management ICs | DC-DC converters, LDOs, PMICs, battery chargers, wireless charging, digital power controllers (STNRG, VIPerPlus) | Industrial power, consumer, data-centre power supplies | VIPerGaN family (VIPERGAN50W/65W/100W) integrating GaN power stages, up to 100W |
| Automotive analog and VIPower | Smart high-side/low-side drivers, H-bridges, airbag and body ICs, battery management (BMS) | Automotive OEMs and Tier-1s | VIPower M0-9 generation; L99 and L9963 BMS families |
| Galvanic isolation | Silicon-embedded galvanic isolation IP for gate drivers and converters | EV chargers, industrial drives | STGAP isolated gate drivers |
| Motion MEMS | Accelerometers, gyroscopes, IMUs with embedded machine-learning core and intelligent sensor processing unit (ISPU) | Smartphones, wearables, industrial IoT, automotive | LSM6DSV IMUs; ASM330 automotive IMUs; former NXP automotive safety MEMS (airbag, crash, pressure) since 2026 |
| Environmental and pressure MEMS | Pressure, humidity, temperature sensors | Consumer, industrial, automotive | LPS22 and ILPS series; NXP tyre-pressure and pressure sensors |
| MEMS actuators and microfluidics | Piezo actuators, micro-mirrors, inkjet print heads | Printers, AR/LiDAR, medical | Thin-film piezo (TFP) |
| Imaging and optical sensing | Time-of-flight ranging sensors (FlightSense), global-shutter sensors, custom imaging for a major smartphone OEM | Smartphones, robotics, automotive in-cabin | VL53L multizone ToF; custom programmes are the main 2025–2026 AM&S growth driver |
P&D — Power and Discrete products
| Product line | Description and key capabilities | Target customers | Flagship / latest |
|---|---|---|---|
| SiC MOSFETs | 650V–2,200V SiC MOSFETs, bare die and packaged; 4th-generation STPOWER SiC; 200mm Catania production ramping from late 2025 | EV traction inverters, onboard chargers, fast chargers, solar, data-centre power | STPOWER SiC Gen4; ACEPACK DRIVE traction modules |
| SiC diodes | Schottky SiC diodes | PFC stages, server power, solar | STPSC series |
| GaN power | GaN-on-silicon HEMTs and integrated GaN (PowerGaN, MasterGaN); development from the Exagan acquisition; Catania 200mm GaN-on-Si | USB-PD chargers, server PSUs, 800V data-centre architectures | MasterGaN; PowerGaN |
| Silicon power MOSFETs and IGBTs | STripFET low-voltage, MDmesh high-voltage superjunction MOSFETs; trench-gate field-stop IGBTs | Industrial drives, appliances, automotive, data-centre | MDmesh M9/DM9; IGBT H and M series |
| Rectifiers, thyristors, protection | Schottky, ultrafast, TVS, ESD protection, SCRs, TRIACs | Broad industrial and consumer | Mass-market catalogue |
| Power modules | ACEPACK and STPAK modules (SiC and IGBT) | Traction inverters, industrial, renewables | ACEPACK DRIVE |
EMP — Embedded Processing
| Product line | Description and key capabilities | Target customers | Flagship / latest |
|---|---|---|---|
| STM32 general-purpose MCUs | Arm Cortex-M family from entry level (C0, C5) through mainstream (G0, G4), ultra-low-power (U0, U3, U5), wireless (WB, WBA, WL) and high performance (H5, H7, N6 with Neural-ART NPU); STM32MP Cortex-A MPUs | Industrial, consumer, IoT, smart home, medical; more than 100,000 customers via distribution | STM32C5 entry-level series (March 2026); STM32N6 edge-AI MCU; STM32Cube.AI and ST Edge AI Suite |
| STM8 MCUs | Legacy 8-bit family | Cost-sensitive consumer and industrial | Long-term supply |
| Automotive MCUs (Stellar, SPC5) | Cortex-R52+ based Stellar family with embedded PCM non-volatile memory for software-defined vehicles; Stellar P/G/E series; Chorus legacy | Automotive zonal and domain controllers, powertrain, xEV control | Stellar P6/P3, Stellar E for xEV power control |
| Connected security | Secure MCUs, embedded secure elements (eSE, eSIM), TPMs, banking and ID chips (ST33, ST54 NFC + eSE) | Smartphones, payment cards, IoT, PCs | ST54 NFC controller; STSAFE secure elements |
| Custom Processing (automotive ADAS) | Custom SoCs co-developed with ADAS platform partners | Automotive ADAS | Multi-generation ADAS SoC programmes |
RFOC — RF & Optical Communications
| Product line | Description and key capabilities | Target customers | Flagship / latest |
|---|---|---|---|
| Silicon photonics (PIC100) | 300mm silicon photonics platform built in Crolles: silicon and silicon nitride waveguides with losses as low as 0.4 and 0.5 dB/cm; integrated modulators and photodetectors; supports 800G and 1.6T pluggable transceivers | Hyperscalers and optical module makers | PIC100 in high-volume production since March 2026; PIC100 TSV (through-silicon-via) platform introduced for near- and co-packaged optics |
| BiCMOS (B55X and successors) | High-speed SiGe BiCMOS for transimpedance amplifiers and drivers in optical modules | Optical transceiver makers, data-centre interconnect | New-generation BiCMOS launched with PIC100 |
| Space and LEO satellite products | Radiation-hardened and radiation-tolerant logic, voltage regulators, mixed-signal ASICs, rad-hard discretes, components for satellite and user terminals and inter-satellite laser links | Satellite constellation operators (including SpaceX/Starlink), ESA programmes, Iris² (with Thales and Eutelsat) | About $600M of LEO revenue in 2025; approaching $1B in 2026; more than $3B cumulative targeted for 2026–2028 |
| Ranging and connectivity | UWB (ST64UWB), Bluetooth LE, NFC readers, sub-GHz | Automotive digital key, smartphones, smart tags | New UWB generation for automotive and smart devices (March 2026); ST joined the FiRa Consortium board (January 2026) |
| Digital audio and signalling | Class-D audio amplifiers, automotive audio, legacy set-top-box/TV signal processing | Automotive infotainment, consumer | Automotive Class-D (FDA series) |
| RF and optical custom (COT) | Custom RF front-end and optical ASICs (including former SOMOS technology) | Smartphones, networking | Engaged-customer programmes |
Software, tools and services
The STM32Cube ecosystem (CubeMX, CubeIDE, middleware), ST Edge AI Suite (including the former Cartesiam NanoEdge AI Studio), sensor software (MEMS Studio), evaluation and Nucleo/Discovery boards, and the eDesignSuite for power. These are generally free and support hardware pull-through. Pricing for hardware is per-unit and negotiated, with list pricing on st.com and through distributors for catalogue parts. Custom programmes are priced under long-term agreements.
Financial Narrative
Income statement
The dividend row shows the annual amount approved at each year's AGM, paid in four quarterly instalments.
Revenue CAGR. FY2020 revenue was $10,219 million, so the five-year CAGR to FY2025 is about +2.9%. The four-year CAGR from FY2021 to FY2025 is about -1.9%, which shows the full round trip of the 2021–2023 shortage boom and the 2024–2025 correction.
Non-GAAP view of 2025. Excluding $376 million of impairment, restructuring and phase-out costs, 2025 non-GAAP operating margin was 4.7% and non-GAAP net income was $486 million (non-GAAP diluted EPS $0.53). Reported 2025 net income also included $163 million of one-time, non-cash income tax expense in Q4 2025.
Commentary. The five-year record shows exceptional cyclicality. Revenue rose 69% between 2020 and 2023, when gross margin peaked at 47.9%, helped by full fab loading, capacity reservation fees and strong pricing in automotive and industrial products. In 2024 an inventory correction in automotive and industrial channels cut revenue by 23.2%. In 2025 it fell a further 11.1%. Gross margin compressed by 14 percentage points from peak to trough because of:
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unused capacity charges, as fabs were deliberately underloaded to reduce inventory;
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lower manufacturing efficiencies;
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lower capacity reservation fees;
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adverse euro/dollar currency effects, with an average effective rate of $1.11 per €1.00 in 2025 against $1.08 in 2024.
R&D was held at about $2.0–2.1 billion through the downturn, so R&D intensity rose from 11.8% to 17.3%. This is a deliberate choice to protect the product roadmap (SiC Gen4, PIC100, STM32N6, Stellar) at the expense of near-term margins.
2026 year-to-date and outlook
Full-year 2026 guidance, given on 29 October 2026, is revenue of about $14.5 billion (+22.8%) and gross margin of about 36.4% (non-GAAP 36.6%), 270 basis points above FY2025. Q4 2026 guidance includes only about 40 basis points of unused capacity charges, down from about 220 basis points in Q1 2026. Non-GAAP adjustments in 2026 cover restructuring and impairment charges ($71 million in Q1, $58 million in Q2 and $55 million in Q3) and purchase price allocation (PPA) effects from the NXP MEMS acquisition.
Balance sheet
Commentary. ST has a net cash balance sheet. The net financial position (non-GAAP) was $2.11 billion at 26 September 2026, after the $895 million cash payment for NXP's MEMS business in Q1 2026. Gross debt rose temporarily in Q2 2026 because the new $1.5 billion convertible bonds were issued before the $750 million 2027 convertibles were settled. The 2027 bonds were settled in Q3 2026 with $750 million in cash plus about 4.2 million treasury shares. Debt consists mainly of European Investment Bank (EIB) amortising R&D loans, Cassa Depositi e Prestiti (CDP) loans and the 2031/2033 convertibles. Inventory was $3.25 billion at Q3 2026, or 126 days of sales, down from 135 days a year earlier and 166 days at the Q2 2025 peak. Total current assets were about $11.3 billion at the end of 2025.
The NXP MEMS deal added goodwill of $396 million and identifiable intangibles of $437 million: customer relationships $265 million, technology and licences $165 million, reacquired rights $7 million. These figures are from the preliminary purchase price allocation.
Cash flow
In 2025, cash dividends paid were $321 million and share buybacks were $367 million.
Q1 2026 free cash flow includes the $895 million NXP MEMS acquisition payment. Trailing-12-month operating cash flow at Q3 2026 was $2.73 billion, up 26.5% year on year. Initial 2026 net capex guidance was $2.0–2.2 billion. The step-up to $643 million in Q3 reflects capacity additions for supply-constrained growth drivers.
Commentary. The 2022–2023 capex super-cycle (net capex of $3.5–4.1 billion a year, more than 20% of revenue) funded 300mm Agrate, 300mm Crolles expansion and SiC substrate and device capacity. It left ST with large underloaded assets when demand fell. FCF collapsed from about $1.7 billion to under $0.3 billion in 2024–2025. Capex discipline (net capex down 29% in 2025) and working-capital release kept FCF positive in both years. The 2026 recovery in operating cash flow ($1.02 billion in Q3 alone) restores self-funding capacity.
Ratio analysis
Return on equity uses net income over closing equity for 2024 and average equity for 2025. Return on assets uses closing total assets. ROE fell from more than 25% at the 2022–2023 peak to under 1% in 2025. ST has no net debt, so net-debt-to-EBITDA is negative (net cash) and interest coverage is not a binding constraint. Long-term debt carries no financial covenants. ST also had $1.19 billion of undrawn committed medium-term credit lines at mid-2026.
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Product Group Details
| Product group | Reportable segment | Contents |
|---|---|---|
Analog, Power & Discrete, MEMS and Sensors (APMS) — led by Marco Cassis | Analog products, MEMS and Sensors (AM&S) | General-purpose and application-specific analog ICs, power management, VIPower smart-power automotive drivers (transferred from P&D on 1 January 2025), MEMS sensors and actuators, imaging and optical sensing (time-of-flight, custom imaging); includes the NXP MEMS business since February 2026 |
APMS | Power and Discrete products (P&D) | Discrete and power transistor products: silicon MOSFETs, IGBTs, rectifiers, protection, SiC MOSFETs and diodes, GaN power, power modules |
Microcontrollers, Digital ICs and RF products (MDRF) — led by Remi El-Ouazzane | Embedded Processing (EMP) | General-purpose and automotive microcontrollers (STM32, STM8, Stellar), connected security (secure MCUs, eSE, payment and ID), Custom Processing (automotive ADAS) |
MDRF | RF & Optical Communications (RFOC) | Space, ranging and connectivity products; digital audio and signalling; optical and RF custom (COT) products, including silicon photonics and BiCMOS |
| — | Others | Assembly services and other revenues; unallocated items (impairment, restructuring, phase-out costs, strategic R&D programs) |
Segment revenue (USD Mn)
| Segment revenue (USD Mn) | FY2024 | FY2025 |
|---|---|---|
AM&S | 5,429 | 5,085 |
P&D | 2,461 | 1,685 |
EMP | 3,853 | 3,580 |
RFOC | 1,511 | 1,436 |
Others | 15 | 13 |
Total | 13,269 | 11,800 |
Segment YoY growth (%) | FY2025 | — |
AM&S | -6.3 | — |
P&D | -31.5 | — |
EMP | -7.1 | — |
RFOC | -5.0 | — |
Total | -11.1 | — |
Segment share of revenue (%) | FY2024 | FY2025 |
AM&S | 40.9 | 43.1 |
P&D | 18.5 | 14.3 |
EMP | 29.0 | 30.3 |
RFOC | 11.4 | 12.2 |
Segment operating income (USD Mn)
| Segment operating income (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
AM&S | 1,491 | 875 | 623 |
P&D | 706 | 263 | -275 |
EMP | 2,307 | 684 | 536 |
RFOC | 521 | 379 | 265 |
Total product groups | 5,025 | 2,201 | 1,149 |
Segment operating margin (%)
| Segment operating margin (%) | FY2024 | FY2025 |
|---|---|---|
AM&S | 16.1 | 12.3 |
P&D | 10.7 | -16.3 |
EMP | 17.8 | 15.0 |
RFOC | 25.1 | 18.5 |
Total product groups | 16.6 | 9.7 |
Segment revenue (USD Mn) (Quarterly)
| Segment revenue (USD Mn) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|
AM&S | 1,069 | 1,133 | 1,434 | 1,449 | 1,318 | 1,426 | 1,560 |
P&D | 397 | 447 | 429 | 412 | 389 | 464 | 477 |
EMP | 742 | 847 | 976 | 1,015 | 975 | 1,147 | 1,212 |
RFOC | 306 | 336 | 345 | 449 | 409 | 445 | 504 |
Total | 2,517 | 2,766 | 3,187 | 3,329 | 3,095 | 3,487 | 3,757 |
Segment operating income (USD Mn) (Quarterly)
| Segment operating income (USD Mn) | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
AM&S | 161 | 144 | 219 |
P&D | -84 | -99 | -81 |
EMP | 164 | 226 | 280 |
RFOC | 61 | 94 | 132 |
Segment operating margin (%) (Quarterly)
| Segment operating margin (%) | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
AM&S | 12.2 | 10.1 | 14.1 |
P&D | -21.5 | -21.4 | -17.1 |
EMP | 16.9 | 19.7 | 23.1 |
RFOC | 14.9 | 21.2 | 26.2 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net revenues (USD Mn) | 12,761 | 16,128 | 17,286 | 13,269 | 11,800 |
Revenue growth YoY (%) | 24.9 | 26.4 | 7.2 | -23.2 | -11.1 |
Gross profit (USD Mn) | 5,329 | 7,635 | 8,287 | 5,220 | 3,999 |
Research & development expense (USD Mn) | 1,723 | 1,901 | 2,100 | 2,077 | 2,044 |
Operating income (USD Mn) | 2,370 | 4,439 | 4,611 | 1,676 | 175 |
Net income attributable to parent (USD Mn) | 2,000 | 3,960 | 4,211 | 1,557 | 166 |
EPS basic (USD) | 2.21 | 4.37 | 4.66 | 1.73 | 0.19 |
EPS diluted (USD) | 2.16 | 4.19 | 4.46 | 1.66 | 0.18 |
Dividend declared per share (USD) | 0.24 | 0.24 | 0.24 | 0.36 | 0.36 |
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View Subscription PlansMargin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 41.7 | 47.3 | 47.9 | 39.3 | 33.9 |
Operating margin | 18.6 | 27.5 | 26.7 | 12.6 | 1.5 |
Net margin | 15.7 | 24.6 | 24.4 | 11.7 | 1.4 |
R&D as % of revenue | 13.5 | 11.8 | 12.1 | 15.7 | 17.3 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 guidance midpoint |
|---|---|---|---|---|
Net revenues (USD Mn) | 3,095 | 3,487 | 3,757 | 4,150 |
Gross margin GAAP (%) | 33.8 | 34.8 | 37.3 | 39.0 |
Operating income GAAP (USD Mn) | 70 | 187 | 367 | — |
Operating margin GAAP (%) | 2.3 | 5.4 | 9.8 | — |
Operating income non-GAAP (USD Mn) | 171 | 269 | 429 | — |
Net income GAAP (USD Mn) | 37 | 222 | 291 | — |
Net income non-GAAP (USD Mn) | 122 | 291 | 344 | — |
Diluted EPS GAAP (USD) | 0.04 | 0.24 | 0.31 | — |
Diluted EPS non-GAAP (USD) | 0.13 | 0.31 | 0.37 | — |
Balance Sheet and Financial Ratios (x)
| Metric | FY2024 | FY2025 |
|---|---|---|
Total assets (USD Mn) | 24,743 | 24,800 |
Cash and cash equivalents (USD Mn) | 2,282 | 2,837 |
Total financial debt (USD Mn) | 2,953 | 2,133 |
of which short-term debt (USD Mn) | 990 | 298 |
of which long-term debt (USD Mn) | 1,963 | 1,835 |
Total parent stockholders' equity (USD Mn) | 17,449 | 17,828 |
Debt to equity (x) | 0.17 | 0.12 |
Key Financials
| Liquidity metric (USD Mn) | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|
Total liquidity | 4,922 | 4,570 | 6,030 | 5,310 |
Total financial debt | 2,133 | 2,570 | 4,020 | 3,210 |
Net financial position (net cash) | 2,790 | 2,000 | 2,010 | 2,110 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities (USD Mn) | 3,538 | 5,326 | 6,076 | 2,965 | 2,152 |
Net capex non-GAAP (USD Mn) | 1,828 | 3,524 | 4,111 | 2,530 | 1,791 |
Free cash flow non-GAAP (USD Mn) | 1,676 | 1,590 | 1,774 | 288 | 265 |
Net capex as % of revenue | 14.3 | 21.9 | 23.8 | 19.1 | 15.2 |
FCF as % of revenue | 13.1 | 9.9 | 10.3 | 2.2 | 2.2 |
2026 cash flow (USD Mn)
| 2026 cash flow (USD Mn) | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
Net cash from operating activities | 534 | 502 | 1,020 |
Net capex | 362 | 409 | 643 |
Free cash flow (incl. acquisitions) | -723 | 75 | 351 |
Dividends paid | — | 75 | 83 |
Share buybacks | — | — | 91 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 |
|---|---|---|
Return on equity (%) | 8.9 | 0.9 |
Return on assets (%) | 6.3 | 0.7 |
Asset turnover (x) | 0.54 | 0.48 |
Debt to equity (x) | 0.17 | 0.12 |
Inventory days (year-end) | 130 | 126 |
Region revenue (USD Mn)
| Region revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Asia Pacific | 8,679 | 10,199 | 9,726 | 7,834 | 7,455 |
EMEA | 2,557 | 3,619 | 4,836 | 3,329 | 2,449 |
Americas | 1,525 | 2,310 | 2,724 | 2,106 | 1,896 |
Total | 12,761 | 16,128 | 17,286 | 13,269 | 11,800 |
Region growth YoY (%)
| Region growth YoY (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Asia Pacific | 17.5 | -4.6 | -19.5 | -4.8 |
EMEA | 41.5 | 33.6 | -31.2 | -26.4 |
Americas | 51.5 | 17.9 | -22.7 | -10.0 |
Region share (%)
| Region share (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Asia Pacific | 68.0 | 63.2 | 56.3 | 59.0 | 63.2 |
EMEA | 20.0 | 22.4 | 28.0 | 25.1 | 20.8 |
Americas | 12.0 | 14.3 | 15.8 | 15.9 | 16.1 |
Channel share of revenue (%)
| Channel share of revenue (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
OEM | 66 | 73 | 72 |
Distribution | 34 | 27 | 28 |
Segment Overview
| Segment | Main end-markets |
|---|---|
AM&S | Personal electronics (imaging, MEMS), industrial (analog, power management), automotive (VIPower, BMS, safety MEMS) |
P&D | Automotive (SiC traction, silicon power), industrial (motor drives, solar, charging), data-centre power |
EMP | Industrial and mass market (STM32), automotive (Stellar MCUs, ADAS custom), personal electronics and payments (secure ICs) |
RFOC | CECP (AI data-centre optics, LEO satellites, networking), personal electronics (RF custom, NFC/UWB), automotive (digital key UWB, audio) |
Market Valuation
| Market capitalisation at year-end (USD Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Market capitalisation | 44.5 | 32.1 | 45.4 | 22.9 | 23.3 |
Price reference point | Value | — | — | — | — |
Euronext Paris, late June 2026 (year-to-date high zone) | about €64–65 | — | — | — | — |
Euronext Paris, 23 October 2026 (30-session low) | €39.09 | — | — | — | — |
Euronext Paris, 2 November 2026 | €43.16 | — | — | — | — |
NYSE, 3 November 2026 | US$49.21 | — | — | — | — |
Year-to-date change to 29 October 2026 | about +90% | — | — | — | — |
Three-month change to 21 October 2026 | about -24% | — | — | — | — |
Valuation Snapshot
| Multiple | Value |
|---|---|
P/E on trailing-12-month GAAP EPS ($0.56) | about 88x |
P/E on trailing-12-month non-GAAP EPS ($0.92) | about 53x |
P/E on current-year consensus earnings (October 2026) | about 36x |
EV / trailing-12-month revenue ($13.67 billion) | about 3.1x |
EV / 2026 guided revenue ($14.5 billion) | about 2.9x |
Price / book (equity $17.8 billion, December 2025) | about 2.5x |
Dividend declared per share (USD)
| Dividend declared per share (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Annual dividend approved at AGM | 0.24 | 0.24 | 0.24 | 0.36 | 0.36 | 0.36 |
Credit Ratings
| Agency | Rating | Outlook |
|---|---|---|
S&P Global Ratings | BBB+ | Negative |
Moody's | Baa1 | Stable |
Capital Instruments
| Instrument | Amount | Maturity / terms |
|---|---|---|
2031 senior unsecured convertible bonds | $750 million | 2031; conversion premium 55% |
2033 senior unsecured convertible bonds | $750 million | 2033; coupon 0.625% |
EIB loans (2020 €500 million facility; 2022 €600 million facility; 2026 €1 billion facility, €500 million drawn) | about $1.6 billion in total | Amortising, multi-year |
CDP S.p.A. loans | about $0.15 billion | Long-term |
Finance leases and other | about $0.1 billion | Various |
Total financial debt (26 September 2026) | $3.21 billion | — |
Analyst Conclusions
Management guidance and consensus
Management guides Q4 2026 revenue of about $4.15 billion (+24.7% YoY) at a 39.0% gross margin. This implies FY2026 revenue of about $14.5 billion (+22.8%) and gross margin of about 36.4%. Management reaffirms an ambition of at least $18 billion in revenue in 2027–2028. Data-centre revenue is expected well above $2 billion in 2027, and 2027 LEO revenue at least at the 2026 record. Consensus earnings expectations imply a steep earnings recovery: the stock traded at about 36 times current-year expected earnings in October 2026, which means a large step-up in EPS is expected for 2027.
Bull case
-
Operating leverage on a resized base. Revenue is rising more than 20% while the cost program targets savings in the high triple-digit millions by 2027. Unused capacity charges are falling from about 220 bps to about 40 bps, so gross margin could re-approach the mid-40s on an $18 billion revenue base. EMP and RFOC already earn 23–26% operating margins.
-
Structural growth engines. AI data centres (above $1 billion rising to above $2 billion), LEO satellites (more than $3 billion over 2026–2028) and personal-electronics content are less cyclical than automotive. They are supply-constrained rather than demand-constrained, according to management.
-
Balance sheet and optionality. Net cash of $2.1 billion, investment-grade ratings, 300mm and 200mm SiC capacity already largely funded, and the AWS warrant structure create a credible path to free-cash-flow recovery from 2027.
Bear case
-
Margin structurally capped. Even the Q4 2026 guide (39%) is 18 points below TI and about 16 points below NXP. Euro costs, SiC price erosion and P&D losses (about -$350 million in operating results over 2025–Q3 2026) may keep gross margin well below the 2022–2023 peak.
-
Valuation leaves little room. At about 53 times trailing non-GAAP EPS, the shares fell about 15% on each of the Q2 and Q3 2026 guidance updates despite beats. Any slippage in data-centre or LEO ramps, or a capex pause by hyperscalers, would hit sentiment hard.
-
Execution and governance complexity. Restructuring in France and Italy is politically constrained. CEO succession has been deferred by only one year. State shareholders have shown willingness to intervene. Customer concentration (Apple 17.7%, plus AWS and SpaceX programmes) adds single-customer risk.
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| Q4 and FY2026 results; 2027 capex and Q1 2027 guide | Late January 2027 | Delivery of about $4.15 billion revenue and 39% gross margin; size of 2027 net capex for supply-constrained lines |
| Data-centre revenue run-rate | Quarterly | Progress toward well above $2 billion in 2027; PIC100 TSV adoption; AWS volume and warrant vesting |
| LEO satellite revenue | Quarterly | Whether capacity constraints cap 2027 growth |
| P&D breakeven path | Quarterly | 200mm Catania SiC yields and cost; SiC pricing; Chongqing JV ramp |
| Reshaping program milestones | 2026–2027 | Voluntary departures, Crolles 200mm conversion, Tours 150mm transfer, savings realisation |
| 2027 AGM | Mid-2027 | Vote on Jean-Marc Chery's one-year reappointment; CEO succession signals; dividend level |
| Euro/dollar exchange rate | Continuous | Margin sensitivity around $1.14–1.15 per euro |
| Trade and tariff policy, export controls | Continuous | Excluded from guidance; China exposure |
| Credit rating | 2,027 | S&P negative outlook resolution as earnings recover |
Q4 and FY2026 results; 2027 capex and Q1 2027 guide: Expected timing: Late January 2027; What to watch: Delivery of about $4.15 billion revenue and 39% gross margin; size of 2027 net capex for supply-constrained lines
Data-centre revenue run-rate: Expected timing: Quarterly; What to watch: Progress toward well above $2 billion in 2027; PIC100 TSV adoption; AWS volume and warrant vesting
LEO satellite revenue: Expected timing: Quarterly; What to watch: Whether capacity constraints cap 2027 growth
P&D breakeven path: Expected timing: Quarterly; What to watch: 200mm Catania SiC yields and cost; SiC pricing; Chongqing JV ramp
Reshaping program milestones: Expected timing: 2026–2027; What to watch: Voluntary departures, Crolles 200mm conversion, Tours 150mm transfer, savings realisation
2027 AGM: Expected timing: Mid-2027; What to watch: Vote on Jean-Marc Chery's one-year reappointment; CEO succession signals; dividend level
Euro/dollar exchange rate: Expected timing: Continuous; What to watch: Margin sensitivity around $1.14–1.15 per euro
Trade and tariff policy, export controls: Expected timing: Continuous; What to watch: Excluded from guidance; China exposure
Credit rating: Expected timing: 2027; What to watch: S&P negative outlook resolution as earnings recover
Analyst verdict
STMicroelectronics enters late 2026 as one of the clearest cyclical-recovery stories in European semiconductors, and also one of the most debated. The numbers have turned decisively. Revenue has grown above 17% year on year for three straight quarters. Gross margin has climbed from 33.8% in Q1 to 37.3% in Q3, with 39% guided for Q4. Operating cash flow passed $1 billion in Q3 2026 for the first time since the downturn began. The balance sheet came through a trough year, an $895 million acquisition and a convertible refinancing with $2.1 billion of net cash intact.
What has changed is the composition of growth. In 2021–2023 ST was primarily an automotive and industrial power-and-MCU house, and that concentration was exposed when the channel cleared: P&D swung to losses and group operating margin fell to 1.5%. The 2026 recovery is led instead by RFOC and EMP, by AI data-centre optics and power with AWS as a named anchor customer, and by LEO satellites, where ST holds an unusually dominant position. These businesses carry higher margins and are, for now, constrained by supply rather than demand. That gives the $18 billion intermediate ambition more credibility than it had a year ago.
The equity debate is about margin, not growth. Even after full utilisation recovery, ST's gross-margin structure sits well below US analog peers. P&D is still losing money while 200mm SiC ramps. The euro-denominated cost base and political constraints on restructuring limit how fast the gap can close. With the stock at about 36 times current-year expected earnings and highly sensitive to quarterly guidance, investors are paying for margin recovery that management has outlined but not yet delivered.
On balance, ST offers above-peer revenue growth into 2027, credible structural drivers and a strong balance sheet. Its re-rating, however, depends on converting growth into a return to mid-40s gross margins and positive P&D economics. Execution on Catania SiC cost-down, the reshaping program and data-centre ramps over the next four quarters will decide whether 2026 marks the start of a durable re-rating or another cyclical peak in a low-margin franchise.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background |
|---|---|---|
Jean-Marc Chery | President & CEO; Chairman of the Managing Board | CEO since 31 May 2018. Previously Deputy CEO (from July 2017), COO and CTO. Joined Thomson Semiconducteurs in the 1980s. A graduate of École Nationale Supérieure d'Arts et Métiers (ENSAM). Reappointed at the 2024 AGM. On 13 October 2026 the Supervisory Board proposed a further one-year term for approval at the 2027 AGM. |
Lorenzo Grandi | President & Chief Financial Officer; Managing Board member | Long-serving ST finance executive; CFO since 2014. Signs ST's SEC filings. |
Marco Cassis | President, Analog, Power & Discrete, MEMS and Sensors (APMS) Group; Head of Strategy, System Research and Applications, and Innovation Office | Long-tenured ST executive with previous roles in sales, marketing and Japan operations |
Remi El-Ouazzane | President, Microcontrollers, Digital ICs and RF products (MDRF) Group | Joined ST in 2020 from Intel (formerly Movidius CEO) |
Jérôme Ramel | EVP, Corporate Development & Integrated External Communication | Leads investor relations, M&A and communications |
Board of Directors
| Name | Role | Context |
|---|---|---|
Armando Varricchio | Chairman (from 27 May 2026; term to 2029 AGM) | Former Italian diplomat (ambassador to the United States and to Germany). Appointed to the board at the 18 December 2025 EGM, replacing Maurizio Tamagnini, who resigned in March 2025. |
Nicolas Dufourcq | Vice-Chairman (from 27 May 2026; term to 2029 AGM) | CEO of Bpifrance; previously Chairman of the Supervisory Board |
Frédéric Sanchez | Member | Reappointed at the 2026 AGM for a term to the 2029 AGM |
Orio Bellezza | Member | Appointed at the 18 December 2025 EGM, replacing Paolo Visca (resigned October 2025). Previously ST's head of technology, manufacturing and quality. |
Major Shareholders
| Shareholder | Shares | % of issued shares |
|---|---|---|
STMicroelectronics Holding N.V. (French and Italian states, 50/50) | 250,704,754 | 27.5 |
BlackRock, Inc. (beneficial owner; part of public float) | 47,511,809 | 5.2 |
Other public float | 590,551,589 | 64.8 |
Treasury shares | 22,513,768 | 2.5 |
Total issued | 911,281,920 | 100.0 |
Competitive Landscape
Competitors by Segment
| ST segment | Key competitors |
|---|---|
AM&S (analog, power management) | Texas Instruments, Analog Devices, Infineon, NXP, Renesas, onsemi, Monolithic Power Systems |
AM&S (MEMS) | Bosch Sensortec, TDK InvenSense, Murata, NXP (sensor exit to ST completed) |
AM&S (imaging and ToF) | Sony Semiconductor Solutions, Samsung, onsemi, ams OSRAM |
P&D (SiC) | Infineon, onsemi, Wolfspeed, ROHM (SiCrystal), Mitsubishi Electric, BYD Semiconductor and other Chinese entrants |
P&D (silicon power, GaN) | Infineon, onsemi, Vishay, Nexperia, Toshiba, Navitas, Innoscience |
EMP (MCUs) | NXP, Renesas, Microchip, Infineon, Texas Instruments, GigaDevice and other Chinese MCU vendors |
EMP (secure ICs) | NXP, Infineon, Samsung |
RFOC (silicon photonics and optical) | Broadcom, Marvell, Intel, Coherent, TSMC (COUPE), Tower Semiconductor, GlobalFoundries |
RFOC (space) | Microchip, Teledyne e2v, Renesas (Intersil), Infineon (IR HiRel) |
RFOC (UWB and connectivity) | NXP, Qorvo, Nordic Semiconductor, Infineon |
Peer Comparison FY2026
| Metric | STMicroelectronics FY2025 | Texas Instruments FY2025 | NXP FY2025 | Infineon FY2026 (Sep year-end, guided) |
|---|---|---|---|---|
Revenue | $11.80 billion | $17.68 billion | $12.27 billion | about €16.3 billion |
Revenue growth | -11.1% | +13.0% | -2.7% | about +11% |
Gross margin (GAAP) | 33.9% | 57.0% | 54.7% | low-to-mid 40s (adjusted) |
Operating margin | 1.5% (GAAP); 4.7% non-GAAP | 34.1% | 24.8% (GAAP); 33.1% non-GAAP | about 20% (Segment Result margin) |
R&D intensity | 17.3% | 11.8% | — | — |
Free cash flow | $0.27 billion | $2.9 billion | $2.43 billion | — |
