Revenue growth has been robust, climbing 84% over the last ten quarters, while gross margins expanded from 51.8% in 2024Q1 to 56.9% in 2026Q2.
| Metric | TTM | Oct'25 | Sep'24 | Sep'23 | Sep'22 | Oct'21 | Oct'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 |
|---|
| Sales/Revenue | 1.07B | 967.26M | 729.58M | 648.41M | 675.17M | 606.92M | 530.04M | 499.71M | 570.4M | 698.77M | 544.34M | 420.61M | 418.66M | 318.72M | 302.2M | 310.3M | 260.3M | 102.72M |
| Revenue Growth % | 27.05% | 32.58% | 12.52% | -3.96% | 11.25% | 14.51% | 6.07% | -12.39% | -18.37% | 28.37% | 29.42% | 0.47% | 31.36% | 5.46% | -2.61% | 19.21% | 153.41% | - |
| Cost of Goods Sold | 479.56M | 435.82M | 358.18M | 286.35M | 294.58M | 295.98M | 292.74M | 323.87M | 372.76M | 364.14M | 282.87M | 221.81M | 200.06M | 180.28M | 168.62M | 179.5M | 167.65M | 77.78M |
| COGS % of Revenue | - | 45.06% | 49.09% | 44.16% | 43.63% | 48.77% | 55.23% | 64.81% | 65.35% | 52.11% | 51.97% | 52.74% | 47.78% | 56.56% | 55.8% | 57.85% | 64.41% | 75.73% |
| Gross Profit | 594.25M | 531.44M | 371.4M | 362.06M | 380.59M | 310.94M | 237.3M | 175.84M | 197.64M | 334.63M | 261.47M | 198.79M | 139.13M | 138.44M | 133.59M | 130.79M | 92.65M | 24.93M |
| Gross Margin % | 55.34% | 54.94% | 50.91% | 55.84% | 56.37% | 51.23% | 44.77% | 35.19% | 34.65% | 47.89% | 48.03% | 47.26% | 33.23% | 43.44% | 44.2% | 42.15% | 35.59% | 24.27% |
| Gross Profit Growth % | - | 43.09% | 2.58% | -4.87% | 22.4% | 31.03% | 34.95% | -11.03% | -40.94% | 27.98% | 31.53% | 42.88% | 0.5% | 3.63% | 2.14% | 41.17% | 271.57% | - |
| Operating Expenses | 422.87M | 401.79M | 287.53M | 245.56M | 247.91M | 229.94M | 232.77M | 271.68M | 287.62M | 287.02M | 224.09M | 175.42M | 136.64M | 87.01M | 78.75M | 36.63M | 70.56M | 38.54M |
| OpEx % of Revenue | - | 41.54% | 39.41% | 37.87% | 36.72% | 37.89% | 43.92% | 54.37% | 50.42% | 41.07% | 41.17% | 41.71% | 32.64% | 27.3% | 26.06% | 11.8% | 27.11% | 37.52% |
| Selling, General & Admin | 163.11M | 154.88M | 110.14M | 97.02M | 99.69M | 91.09M | 91.44M | 108.21M | 109.91M | 139.03M | 116.39M | 93.23M | 65.29M | 46.38M | 42.94M | 47.03M | 44.77M | 24.99M |
| SG&A % of Revenue | - | 16.01% | 15.1% | 14.96% | 14.76% | 15.01% | 17.25% | 21.66% | 19.27% | 19.9% | 21.38% | 22.17% | 15.59% | 14.55% | 14.21% | 15.16% | 17.2% | 24.33% |
| Research & Development | 259.43M | 244.47M | 177.4M | 148.54M | 148.23M | 138.84M | 141.33M | 163.47M | 177.71M | 147.99M | 107.7M | 82.19M | 71.35M | 40.63M | 35.82M | 36.12M | 25.8M | 13.55M |
| R&D % of Revenue | - | 25.27% | 24.31% | 22.91% | 21.95% | 22.88% | 26.66% | 32.71% | 31.16% | 21.18% | 19.79% | 19.54% | 17.04% | 12.75% | 11.85% | 11.64% | 9.91% | 13.19% |
| Other Operating Expenses | 330K | 2.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.53M | 0 | 0 |
| Operating Income | 171.38M | 129.65M | 83.87M | 116.5M | 132.67M | 81M | 4.53M | -95.85M | -89.98M | 47.61M | 37.38M | 23.37M | 2.5M | 51.43M | 54.83M | 94.16M | 22.09M | -13.61M |
| Operating Margin % | 15.96% | 13.4% | 11.5% | 17.97% | 19.65% | 13.35% | 0.85% | -19.18% | -15.78% | 6.81% | 6.87% | 5.56% | 0.6% | 16.14% | 18.14% | 30.35% | 8.49% | -13.25% |
| Operating Income Growth % | - | 54.59% | -28.01% | -12.19% | 63.79% | 1689.31% | 104.72% | -6.52% | -288.99% | 27.38% | 59.93% | 836.38% | -95.15% | -6.21% | -41.77% | 326.3% | 262.33% | - |
| EBITDA | 238.26M | 192.95M | 151.12M | 168.65M | 189.9M | 150.96M | 83.35M | 8.57M | 22.4M | 140.65M | 107.97M | 78.08M | 37.11M | 65.1M | 67.06M | 104.57M | 33.5M | -7.23M |
| EBITDA Margin % | 22.19% | 19.95% | 20.71% | 26.01% | 28.13% | 24.87% | 15.73% | 1.72% | 3.93% | 20.13% | 19.83% | 18.56% | 8.86% | 20.43% | 22.19% | 33.7% | 12.87% | -7.03% |
| EBITDA Growth % | 38.93% | 27.68% | -10.4% | -11.19% | 25.8% | 81.1% | 872.5% | -61.74% | -84.07% | 30.27% | 38.28% | 110.38% | -42.99% | -2.93% | -35.87% | 212.12% | 563.66% | - |
| D&A (Non-Cash Add-back) | 66.88M | 63.3M | 67.25M | 52.15M | 57.23M | 69.95M | 78.83M | 104.42M | 112.38M | 93.04M | 70.59M | 54.71M | 34.62M | 13.67M | 12.23M | 10.41M | 11.42M | 6.38M |
| EBIT | 205.07M | -23.51M | 96.66M | 127.54M | 247.42M | 63.54M | -14.18M | -387.35M | -123.9M | -20.65M | -3.14M | 2.98M | -31.75M | 37.26M | 14.94M | 1.11M | 17.85M | 5.57M |
| Net Interest Income | 25.03M | 24.34M | 17.85M | 8.42M | -4.3M | -20.59M | -27.38M | -35.8M | -31.34M | -28.86M | -18.43M | -18.38M | -12.36M | -817K | -695K | -1.56M | -2.32M | -1.7M |
| Interest Income | 31.36M | 29.85M | 22.99M | 20.81M | 4.25M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.34M | 5.52M | 5.14M | 12.38M | 8.55M | 22.06M | 27.38M | 35.8M | 31.34M | 28.86M | 18.43M | 18.38M | 12.36M | 817K | 695K | 1.56M | 2.32M | 1.7M |
| Other Income/Expense | 35.11M | -158.68M | 7.66M | -1.34M | 110.45M | -38.06M | -46.09M | -327.31M | -65.25M | -97.12M | -58.95M | -38.77M | -43.4M | -14.98M | -39.89M | -94.61M | -6.56M | 17.47M |
| Pretax Income | 206.49M | -29.02M | 91.53M | 115.16M | 243.12M | 42.95M | -41.56M | -423.15M | -155.24M | -49.51M | -21.57M | -15.4M | -18.77M | 37.05M | 14.94M | -451K | 15.53M | 3.87M |
| Pretax Margin % | 19.23% | -3% | 12.55% | 17.76% | 36.01% | 7.08% | -7.84% | -84.68% | -27.22% | -7.08% | -3.96% | -3.66% | -4.48% | 11.62% | 4.94% | -0.15% | 5.97% | 3.76% |
| Income Tax | 29.74M | 25.18M | 14.67M | 23.58M | -196.84M | 4.97M | 4.52M | -39.35M | -21.47M | 100.91M | -17.98M | -9.86M | -8.05M | 9.34M | 15.95M | 1.32M | 9M | -124K |
| Effective Tax Rate % | 14.4% | -86.77% | 16.02% | 20.48% | -80.96% | 11.58% | -10.87% | 9.3% | 13.83% | -203.84% | 83.37% | 64.01% | 42.9% | 25.2% | 106.8% | -292.46% | 57.92% | -3.21% |
| Net Income | 176.75M | -54.21M | 76.86M | 91.58M | 439.95M | 37.97M | -46.08M | -383.8M | -139.98M | -169.49M | 1.43M | 48.59M | -15.32M | 27.71M | -1.02M | -1.02M | 6.83M | 4.17M |
| Net Margin % | 16.46% | -5.6% | 10.53% | 14.12% | 65.16% | 6.26% | -8.69% | -76.8% | -24.54% | -24.26% | 0.26% | 11.55% | -3.66% | 8.69% | -0.34% | -0.33% | 2.63% | 4.06% |
| Net Income Growth % | 304.31% | -170.53% | -16.07% | -79.18% | 1058.6% | 182.41% | 87.99% | -174.19% | 17.41% | -11919.6% | -97.05% | 417.1% | -155.3% | 2827.46% | 0% | -114.87% | 64.04% | - |
| Net Income (Continuing) | 176.75M | -54.21M | 76.86M | 91.58M | 439.95M | 37.97M | -46.08M | -383.8M | -133.76M | -150.42M | -3.59M | -5.54M | -24.81M | 2.66M | -1.02M | -1.77M | 6.54M | 3.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.08M | 5.02M | 54.13M | 9.49M | 15.53M | 0 | 0 | 494K | 198K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23K |
| EPS (Diluted) | 2.29 | -0.73 | 1.04 | 1.28 | 6.18 | 0.54 | -0.69 | -5.88 | -2.14 | -2.79 | 0.03 | 0.95 | -0.33 | 0.59 | -0.04 | -0.27 | 0.14 | 0.16 |
| EPS Growth % | 289.34% | -170.19% | -18.75% | -79.29% | 1044.44% | 178.26% | 88.27% | -174.77% | 23.3% | -9400% | -96.84% | 387.88% | -155.93% | 1539.02% | 84.81% | -292.86% | -12.5% | - |
| EPS (Basic) | - | -0.73 | 1.07 | 1.29 | 6.30 | 0.55 | -0.69 | -5.88 | -2.16 | -2.79 | 0.03 | 0.95 | -0.33 | 0.60 | -0.04 | -0.58 | 0.31 | 0.35 |
| Diluted Shares Outstanding | 77.14M | 73.99M | 73.58M | 71.5M | 71.17M | 70.47M | 66.61M | 65.69M | 65.31M | 60.7M | 53.36M | 51.15M | 47.01M | 47.3M | 24.76M | 3.75M | 1.75M | 3.75M |
| Basic Shares Outstanding | 75.05M | 73.99M | 71.96M | 70.8M | 69.78M | 68.45M | 66.61M | 65.69M | 64.74M | 60.65M | 51.26M | 50.38M | 46.82M | 45.92M | 24.76M | 1.75M | 1.75M | 1.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical supply chain exposure
According to quarterly financial disclosures, MTSI has demonstrated consistent top-line expansion, with revenue climbing from $157.1 million in 2024Q1 to $289.0 million by 2026Q2, representing a robust growth trajectory that appears to be driven by increasing demand for high-performance analog components in infrastructure and defense applications.
The consistent quarter-over-quarter revenue growth suggests that the company is successfully capturing share in high-barrier markets. Investors should monitor whether this momentum can be sustained as the company scales its recently acquired RF assets and navigates potential headwinds in international telecommunications infrastructure spending.
As reported in recent income statements, MTSI has successfully expanded its gross margin from 51.8% in 2024Q1 to 56.9% in 2026Q2, indicating a strengthening competitive position and potential pricing power within its specialized compound semiconductor product portfolio compared to broader industry peers.
This margin improvement suggests that the company's focus on high-complexity, analog-rich designs is yielding superior unit economics. The ability to maintain these levels despite the integration of new manufacturing assets warrants further investigation into the company's long-term fab utilization efficiency and product mix evolution.
Based on the provided financial data, MTSI has achieved significant operating leverage, with operating income rising from $11.0 million in 2024Q1 to $50.8 million in 2026Q2, suggesting that the company is successfully managing its overhead costs while scaling its core revenue base over the last ten quarters.
The faster growth of operating income relative to revenue indicates that the company is beginning to realize economies of scale from its hybrid manufacturing model. This trend appears to validate the current management strategy of prioritizing high-margin, specialized niches over high-volume, low-margin consumer electronics markets.
Analysis of historical filings reveals that while net income has generally trended upward, the 2025Q1 net loss of $167.5 million highlights significant non-operating volatility, likely stemming from acquisition-related charges that obscure the underlying operational profitability of the firm's core semiconductor business segments.
The sharp swing in net income suggests that investors should focus on operating income and cash flow metrics to gauge true performance. The absence of stock-based compensation in the most recent quarter warrants further investigation into whether this is a permanent shift in compensation structure or a temporary reporting anomaly.
Quick answers to the most common questions about buying MTSI stock.
For fiscal year 2025, MACOM Technology Solutions Holdings, Inc. (MTSI) reported total revenue of $967.3M. This represents a 841.7% increase compared to $102.7M in 2009.
MACOM Technology Solutions Holdings, Inc. (MTSI) reported a net loss of $54.2M for the fiscal year ending 2025.
MACOM Technology Solutions Holdings, Inc. (MTSI) reported an operating income of $129.7M, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
MACOM Technology Solutions Holdings, Inc. (MTSI) generated $531.4M in gross profit for the year, representing a gross profit margin of 54.9%. This demonstrates the company's core pricing power and production efficiency.