Revenue volatility remains a primary concern, evidenced by a 35.6% year-over-year decline in 2025Q4 and operating margins that reached -29.6% during the same period.
MagnaChip Semiconductor (MX) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 177.87M | 179.9M | 231.74M | 230.05M | 337.66M | 474.23M | 507.06M | 520.67M | 750.9M | 679.67M | 687.97M | 633.71M | 698.22M | 734.18M | 819.59M | 772.83M | 770.4M | 560.07M | 601.66M | 792.36M | 744.35M | 937.66M | 1.09B |
| Revenue Growth % | -19.01% | -22.37% | 0.73% | -31.87% | -28.8% | -6.47% | -2.61% | -30.66% | 10.48% | -1.21% | 8.56% | -9.24% | -4.9% | -10.42% | 6.05% | 0.31% | 37.56% | -6.91% | -24.07% | 6.45% | -20.62% | -13.59% | - |
| Cost of Goods Sold | 149.27M | 147.47M | 179.82M | 178.41M | 236.39M | 320.69M | 378.74M | 404.27M | 552.8M | 491.78M | 531.74M | 498.85M | 545.36M | 579.11M | 556.09M | 538.51M | 526.85M | 401.55M | 445.25M | 654.79M | 644.91M | 729M | 859.03M |
| COGS % of Revenue | - | 81.97% | 77.6% | 77.55% | 70.01% | 67.62% | 74.69% | 77.64% | 73.62% | 72.36% | 77.29% | 78.72% | 78.11% | 78.88% | 67.85% | 69.68% | 68.39% | 71.7% | 74% | 82.64% | 86.64% | 77.75% | 79.16% |
| Gross Profit | 28.6M | 32.44M | 51.91M | 51.64M | 101.26M | 153.54M | 128.32M | 116.4M | 198.1M | 187.89M | 156.23M | 134.86M | 152.86M | 155.07M | 263.5M | 234.32M | 243.56M | 158.52M | 156.41M | 137.57M | 99.44M | 208.66M | 226.14M |
| Gross Margin % | 16.08% | 18.03% | 22.4% | 22.45% | 29.99% | 32.38% | 25.31% | 22.36% | 26.38% | 27.64% | 22.71% | 21.28% | 21.89% | 21.12% | 32.15% | 30.32% | 31.61% | 28.3% | 26% | 17.36% | 13.36% | 22.25% | 20.84% |
| Gross Profit Growth % | - | -37.52% | 0.53% | -49% | -34.05% | 19.66% | 10.24% | -41.24% | 5.43% | 20.27% | 15.84% | -11.77% | -1.42% | -41.15% | 12.46% | -3.79% | 53.65% | 1.35% | 13.7% | 38.34% | -52.34% | -7.73% | - |
| Operating Expenses | 63.32M | 62.41M | 104.95M | 109.28M | 106.51M | 70.14M | 101.3M | 92.67M | 150.68M | 152.3M | 161.27M | 177.8M | 219.72M | 173.63M | 157.69M | 145.13M | 150.16M | 141.72M | 170.77M | 231.85M | 218.93M | 230.8M | 181.48M |
| OpEx % of Revenue | - | 34.69% | 45.29% | 47.5% | 31.54% | 14.79% | 19.98% | 17.8% | 20.07% | 22.41% | 23.44% | 28.06% | 31.47% | 23.65% | 19.24% | 18.78% | 19.49% | 25.3% | 28.38% | 29.26% | 29.41% | 24.61% | 16.72% |
| Selling, General & Admin | 33.35M | 35.12M | 47.1M | 48.47M | 50.87M | 52.44M | 49.97M | 47.59M | 72.64M | 81.78M | 89.09M | 94.38M | 126.95M | 85.77M | 78.97M | 68.37M | 66.64M | 70.83M | 81.31M | 92.99M | 87.68M | 123.21M | 83.77M |
| SG&A % of Revenue | - | 19.52% | 20.32% | 21.07% | 15.07% | 11.06% | 9.86% | 9.14% | 9.67% | 12.03% | 12.95% | 14.89% | 18.18% | 11.68% | 9.64% | 8.85% | 8.65% | 12.65% | 13.51% | 11.74% | 11.78% | 13.14% | 7.72% |
| Research & Development | 29.97M | 27.3M | 51.19M | 51.56M | 52.34M | 51.21M | 45.7M | 45.02M | 78.04M | 70.52M | 72.18M | 83.42M | 92.77M | 87.86M | 78.72M | 76.77M | 83.52M | 70.89M | 89.45M | 138.86M | 131.25M | 107.59M | 97.72M |
| R&D % of Revenue | - | 15.17% | 22.09% | 22.41% | 15.5% | 10.8% | 9.01% | 8.65% | 10.39% | 10.38% | 10.49% | 13.16% | 13.29% | 11.97% | 9.61% | 9.93% | 10.84% | 12.66% | 14.87% | 17.53% | 17.63% | 11.47% | 9% |
| Other Operating Expenses | 0 | 0 | 6.65M | 9.25M | 3.3M | -33.52M | 5.63M | 53K | 264K | 0 | 0 | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -34.69M | -29.98M | -53.03M | -57.64M | -5.24M | 83.41M | 27.02M | 23.73M | 47.42M | 39.24M | 2.74M | -42.93M | -77.13M | -26.77M | 105.81M | 72.94M | 91.39M | 16.36M | -27.73M | -106.37M | -213.75M | -58.38M | 44.66M |
| Operating Margin % | -19.5% | -16.66% | -22.88% | -25.06% | -1.55% | 17.59% | 5.33% | 4.56% | 6.31% | 5.77% | 0.4% | -6.78% | -11.05% | -3.65% | 12.91% | 9.44% | 11.86% | 2.92% | -4.61% | -13.42% | -28.72% | -6.23% | 4.12% |
| Operating Income Growth % | - | 43.47% | 8% | -999.24% | -106.29% | 208.73% | 13.87% | -49.97% | 20.85% | 1333.54% | 106.37% | 44.33% | -188.13% | -125.3% | 45.06% | -20.19% | 458.52% | 159.01% | 73.93% | 50.24% | -266.16% | -230.72% | - |
| EBITDA | -22.35M | -17.02M | -36.87M | -40.96M | 9.76M | 97.65M | 43.5M | 56.45M | 79.47M | 67.38M | 28.15M | -16.44M | -47.14M | 5.96M | 138.2M | 124.16M | 149.79M | 65.84M | 44.23M | 57.07M | -25.19M | 144.55M | 357.38M |
| EBITDA Margin % | -12.57% | -9.46% | -15.91% | -17.8% | 2.89% | 20.59% | 8.58% | 10.84% | 10.58% | 9.91% | 4.09% | -2.59% | -6.75% | 0.81% | 16.86% | 16.07% | 19.44% | 11.76% | 7.35% | 7.2% | -3.38% | 15.42% | 32.93% |
| EBITDA Growth % | 19.28% | 53.85% | 9.99% | -519.84% | -90.01% | 124.49% | -22.95% | -28.96% | 17.93% | 139.34% | 271.21% | 65.11% | -891.15% | -95.69% | 11.3% | -17.11% | 127.51% | 48.85% | -22.49% | 326.51% | -117.43% | -59.55% | - |
| D&A (Non-Cash Add-back) | 12.34M | 12.96M | 16.16M | 16.68M | 15M | 14.24M | 16.48M | 32.73M | 32.05M | 28.15M | 25.42M | 26.49M | 29.99M | 32.73M | 32.39M | 51.22M | 58.4M | 49.47M | 71.96M | 163.43M | 188.56M | 202.93M | 312.72M |
| EBIT | -47.02M | -30.48M | -60.67M | -46.73M | -1.72M | 75.34M | 28.98M | 3.94M | 21.89M | 35.59M | 497K | -83.69M | -98.88M | -39.87M | 145.49M | 21.8M | 105.41M | 16.8M | -238.13M | -111.1M | -162.89M | -41.85M | 81.53M |
| Net Interest Income | 2.96M | 3.71M | 6.8M | 9.61M | 4.82M | 1.24M | -18.15M | -22.16M | -22.01M | -21.56M | -16.24M | -16.27M | -16.83M | -21.1M | -22.6M | -24.98M | -22.9M | -32.42M | -76.12M | -60.31M | -57.16M | -57.24M | -34.56M |
| Interest Income | 4.51M | 5.36M | 8.77M | 10.44M | 5.98M | 2.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.55M | 1.66M | 1.97M | 828K | 1.16M | 1.37M | 18.15M | 22.16M | 22.01M | 21.56M | 16.24M | 16.27M | 16.83M | 21.1M | 22.6M | 24.98M | 22.9M | 32.42M | 76.12M | 60.31M | 57.16M | 57.24M | 34.56M |
| Other Income/Expense | -14.26M | -2.16M | -9.61M | 10.09M | 2.37M | -9.44M | -16.18M | -41.94M | -21.14M | 46.85M | -28.61M | -57.02M | -38.58M | -33.47M | 38.57M | -43.13M | -8.88M | 824.92M | -286.52M | -13.62M | -6.3M | -40.7M | 2.31M |
| Pretax Income | -48.94M | -32.14M | -62.64M | -47.56M | -2.88M | 73.97M | 10.83M | -18.21M | 749K | 86.09M | -25.87M | -99.95M | -115.71M | -60.23M | 141.29M | 29.81M | 82.51M | 841.29M | -314.25M | -171.41M | -220.05M | -99.08M | 46.97M |
| Pretax Margin % | -27.52% | -17.86% | -27.03% | -20.67% | -0.85% | 15.6% | 2.14% | -3.5% | 0.1% | 12.67% | -3.76% | -15.77% | -16.57% | -8.2% | 17.24% | 3.86% | 10.71% | 150.21% | -52.23% | -21.63% | -29.56% | -10.57% | 4.33% |
| Income Tax | -17.24M | -17.89M | -8.34M | -10.94M | 5.16M | 17.26M | -46.23M | 2.2M | 4.65M | 1.16M | 3.74M | -15.09M | 1.52M | 3.97M | -52.01M | 8.02M | 8.39M | 9.24M | 11.59M | 9.14M | 9.26M | 1.82M | 9.55M |
| Effective Tax Rate % | 35.23% | 55.66% | 13.31% | 23% | -179.12% | 23.34% | -426.81% | -12.08% | 620.69% | 1.34% | -14.47% | 15.09% | -1.32% | -6.59% | -36.81% | 26.9% | 10.17% | 1.1% | -3.69% | -5.33% | -4.21% | -1.83% | 20.34% |
| Net Income | -30.63M | -29.72M | -54.31M | -36.62M | -8.04M | 56.71M | 344.96M | -21.83M | -3.9M | 84.94M | -29.61M | -84.87M | -117.23M | -64.2M | 193.3M | 21.79M | 74.12M | 839.14M | -417.29M | -180.55M | -229.31M | -100.9M | 37.41M |
| Net Margin % | -17.22% | -16.52% | -23.44% | -15.92% | -2.38% | 11.96% | 68.03% | -4.19% | -0.52% | 12.5% | -4.3% | -13.39% | -16.79% | -8.74% | 23.59% | 2.82% | 9.62% | 149.83% | -69.36% | -22.79% | -30.81% | -10.76% | 3.45% |
| Net Income Growth % | 11.08% | 45.27% | -48.29% | -355.72% | -114.17% | -83.56% | 1680.52% | -459.64% | -104.59% | 386.8% | 65.1% | 27.61% | -82.6% | -133.21% | 786.99% | -70.6% | -91.17% | 301.09% | -131.12% | 21.26% | -127.27% | -369.69% | - |
| Net Income (Continuing) | -31.7M | -14.25M | -54.31M | -36.62M | -8.04M | 56.71M | 57.06M | -20.41M | -25.78M | 84.94M | -29.61M | -84.87M | -117.23M | -64.2M | 110.04M | 21.79M | 74.12M | 832.05M | -325.84M | -128.83M | -229.31M | -100.9M | 37.41M |
| Discontinued Operations | 763K | -15.47M | 0 | 0 | 0 | 0 | 287.91M | -1.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.1M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.84 | -0.82 | -1.44 | -0.89 | -0.18 | 1.21 | 7.54 | -0.64 | -0.11 | 2.02 | -0.85 | -2.47 | -3.44 | -1.82 | 5.16 | -0.29 | 1.88 | 16.53 | -10.66 | -4.61 | -5.86 | -2.58 | -0.51 |
| EPS Growth % | 1.2% | 43.06% | -61.8% | -394.44% | -114.88% | -83.95% | 1278.13% | -481.82% | -105.45% | 337.65% | 65.59% | 28.2% | -89.01% | -135.27% | 1879.31% | -115.43% | -88.63% | 255.07% | -131.24% | 21.33% | -127.13% | -405.88% | - |
| EPS (Basic) | - | -0.82 | -1.44 | -0.89 | -0.18 | 1.26 | 9.80 | -0.64 | -0.11 | 2.50 | -0.85 | -2.47 | -3.44 | -1.82 | 5.29 | -0.29 | 1.88 | 16.53 | -11.03 | -4.77 | -6.06 | -2.67 | -0.51 |
| Diluted Shares Outstanding | 36.43M | 36.22M | 37.77M | 41.01M | 44.85M | 47.71M | 46.5M | 34.32M | 34.47M | 44.76M | 34.83M | 34.38M | 34.06M | 35.23M | 37.5M | 38.78M | 39.35M | 50.37M | 39.14M | 39.14M | 39.14M | 39.14M | 39.14M |
| Basic Shares Outstanding | 36.43M | 36.22M | 37.77M | 41.01M | 44.85M | 44.88M | 35.21M | 34.32M | 34.37M | 33.94M | 34.83M | 34.36M | 34.06M | 35.23M | 36.57M | 38.78M | 39.35M | 50.37M | 37.84M | 37.84M | 37.84M | 37.84M | 37.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 176.32% | - | - | - | - | - | - |
Quick answers to the most common questions about buying MX stock.
For fiscal year 2025, MagnaChip Semiconductor (MX) reported total revenue of $179.9M. This represents a 83.4% decline compared to $1.09B in 2004.
MagnaChip Semiconductor (MX) reported a net loss of $29.7M for the fiscal year ending 2025.
MagnaChip Semiconductor (MX) reported an operating income of $-30.0M, resulting in an operating profit margin of -16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
MagnaChip Semiconductor (MX) generated $32.4M in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Structural OLED market commoditization
Metrics are mathematically derived from official filings.
Revenue Volatility Amid Market Contraction
As reported in recent financial filings, Magnachip’s revenue trajectory remains highly inconsistent, characterized by a 35.6% year-over-year decline in 2025Q4, which underscores the company's struggle to maintain design-win momentum within the increasingly competitive and commoditized OLED display driver integrated circuit market segment.
The erratic revenue performance suggests a lack of recurring demand, likely tied to the cyclical nature of flagship smartphone launches rather than sustained market share gains. Investors should monitor whether the recent 3.3% growth in 2026Q1 represents a genuine stabilization or merely a temporary rebound from a depressed base.
Structural Margin Compression and Vulnerability
Based on the provided income statement data, Magnachip’s gross margin has fluctuated significantly, reaching a low of 9.3% in 2025Q4, which indicates limited pricing power and a high sensitivity to third-party foundry cost structures in a competitive semiconductor landscape.
The inability to consistently maintain gross margins above 20% suggests that the company is struggling to differentiate its OLED offerings from lower-cost domestic Chinese competitors. This margin profile appears insufficient to support the high fixed R&D costs required to remain relevant in the display technology sector.
Operating Leverage Remains Deeply Negative
According to historical income statements, Magnachip continues to exhibit negative operating leverage, with operating margins reaching -29.6% in 2025Q4, as the company fails to scale its revenue base sufficiently to cover the substantial fixed overhead associated with its global design and administrative operations.
The persistent operating losses suggest that the current business model is not optimized for the existing revenue scale. Without a significant shift toward higher-margin automotive power modules, the company may continue to face challenges in achieving break-even profitability on an operating basis.
Expense Discipline Amid Revenue Declines
As evidenced by the quarterly data, management has attempted to manage costs by reducing R&D expenditures from $15.4M in 2023Q4 to $6.7M in 2026Q1, yet these efforts appear insufficient to offset the broader revenue contraction and the resulting pressure on the bottom line.
While the reduction in R&D and SG&A spending demonstrates an attempt at expense discipline, it may also risk long-term competitiveness in the innovation-heavy semiconductor industry. Investors should investigate whether these cost-cutting measures are sustainable or if they are merely deferring necessary investments in future product development.
Sustainability of Current Operating Model
Based on the reported figures, the primary risk to the investment thesis is the potential for continued cash burn, as evidenced by the recurring operating losses and the lack of a clear path to consistent profitability in the core display solutions business segment.
Short-sellers would likely focus on the company's inability to generate positive operating income despite its fab-lite model, which was intended to reduce capital intensity. The reliance on a shrinking OLED market suggests that the current valuation may be overly optimistic regarding the company's long-term terminal value.