Revenue growth has accelerated to 105.5% in 2026Q1, while the company maintains stable gross margins between 47% and 49% despite inherent semiconductor pricing volatility.
| 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 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 1.06B | 885.63M | 803.55M | 639.14M | 945.92M | 922.1M | 539.52M | 457.25M | 530.35M | 523.4M | 556.15M | 361.3M | 289.32M | 225.31M | 281.37M | 224.13M | 144.32M | 90.72M | 168.28M | 180.31M | 106.18M | 81.91M | 68.87M | 26.95M | 13.14M |
| Revenue Growth % | 35.93% | 10.21% | 25.72% | -32.43% | 2.58% | 70.91% | 17.99% | -13.78% | 1.33% | -5.89% | 53.93% | 24.88% | 28.41% | -19.92% | 25.54% | 55.3% | 59.08% | -46.09% | -6.67% | 69.81% | 29.64% | 18.93% | 155.57% | 105.17% | - |
| Cost of Goods Sold | 550.84M | 458.12M | 432.65M | 368.75M | 480.09M | 461.31M | 279.37M | 235.08M | 269.54M | 272.21M | 281.54M | 176.76M | 139.63M | 118.7M | 149.65M | 115.94M | 76.67M | 49.94M | 84.9M | 85.02M | 49.46M | 40.94M | 40.51M | 12.51M | 10.53M |
| COGS % of Revenue | - | 51.73% | 53.84% | 57.69% | 50.75% | 50.03% | 51.78% | 51.41% | 50.82% | 52.01% | 50.62% | 48.93% | 48.26% | 52.68% | 53.19% | 51.73% | 53.12% | 55.05% | 50.45% | 47.15% | 46.58% | 49.98% | 58.82% | 46.41% | 80.16% |
| Gross Profit | 510.4M | 427.51M | 368.76M | 270.39M | 465.83M | 460.8M | 260.16M | 222.17M | 260.81M | 251.19M | 274.61M | 184.53M | 149.7M | 106.61M | 131.72M | 108.19M | 67.66M | 40.78M | 83.39M | 95.29M | 56.72M | 40.97M | 28.36M | 14.44M | 2.61M |
| Gross Margin % | 48.09% | 48.27% | 45.89% | 42.31% | 49.25% | 49.97% | 48.22% | 48.59% | 49.18% | 47.99% | 49.38% | 51.07% | 51.74% | 47.32% | 46.81% | 48.27% | 46.88% | 44.95% | 49.55% | 52.85% | 53.42% | 50.02% | 41.18% | 53.59% | 19.84% |
| Gross Profit Growth % | - | 15.93% | 36.38% | -41.96% | 1.09% | 77.12% | 17.1% | -14.81% | 3.83% | -8.53% | 48.81% | 23.27% | 40.42% | -19.06% | 21.75% | 59.92% | 65.91% | -51.1% | -12.49% | 68% | 38.44% | 44.45% | 96.39% | 454.23% | - |
| Operating Expenses | 374.93M | 334.47M | 277.88M | 230.51M | 251.91M | 214.93M | 162.19M | 153.71M | -156.87M | -156.04M | -138.01M | -108.01M | -91.23M | -71.2M | -78.78M | 67.2M | 61.19M | 68M | 66.2M | 51.38M | 29.43M | 20.26M | 16.29M | 12.45M | 14.87M |
| OpEx % of Revenue | - | 37.77% | 34.58% | 36.07% | 26.63% | 23.31% | 30.06% | 33.62% | -29.58% | -29.81% | -24.81% | -29.9% | -31.53% | -31.6% | -28% | 29.98% | 42.4% | 74.95% | 39.34% | 28.5% | 27.72% | 24.73% | 23.65% | 46.2% | 113.2% |
| Selling, General & Admin | 80.99M | 71.75M | 58.8M | 54.84M | 62.98M | 50.63M | 40.41M | 42.82M | 46.91M | 42.8M | 42.84M | 35.89M | 29.68M | 24.85M | 28.07M | 25.87M | 24M | 26.9M | 27.54M | 20.97M | 12.88M | 8.73M | 7.77M | 5.74M | 1.51M |
| SG&A % of Revenue | - | 8.1% | 7.32% | 8.58% | 6.66% | 5.49% | 7.49% | 9.37% | 8.85% | 8.18% | 7.7% | 9.93% | 10.26% | 11.03% | 9.98% | 11.54% | 16.63% | 29.66% | 16.36% | 11.63% | 12.13% | 10.66% | 11.28% | 21.3% | 11.51% |
| Research & Development | 294.91M | 262.72M | 217.82M | 174.36M | 188.53M | 164.29M | 121.78M | 110.12M | 102.03M | 102.05M | 92.41M | 71.16M | 60.95M | 46.46M | 50.98M | 40.55M | 36.42M | 35.08M | 32.76M | 25.37M | 15.41M | 11.39M | 7.58M | 6M | 3.09M |
| R&D % of Revenue | - | 29.66% | 27.11% | 27.28% | 19.93% | 17.82% | 22.57% | 24.08% | 19.24% | 19.5% | 16.62% | 19.7% | 21.07% | 20.62% | 18.12% | 18.09% | 25.24% | 38.67% | 19.47% | 14.07% | 14.51% | 13.91% | 11.01% | 22.25% | 23.53% |
| Other Operating Expenses | -980.47K | 0 | 1.25M | 1.31M | 1K | -77K | 133K | 766K | 193K | 84K | 42K | 9K | -1K | 131K | -100K | 783.65K | 2.39M | 6.01M | 5.9M | 5.05M | 1.14M | 137K | 936K | 711.07K | 10.27M |
| Operating Income | 135.48M | 93.04M | 90.89M | 39.88M | 213.93M | 245.87M | 115.13M | 71.34M | 108.9M | 103.81M | 137.26M | 76.79M | 59.07M | 35.3M | 52.67M | 40.99M | 6.46M | -27.22M | 17.19M | 41.55M | 27.29M | 20.71M | 12.08M | 398.34K | -12.56M |
| Operating Margin % | 12.77% | 10.51% | 11.31% | 6.24% | 22.62% | 26.66% | 21.34% | 15.6% | 20.53% | 19.83% | 24.68% | 21.25% | 20.42% | 15.67% | 18.72% | 18.29% | 4.48% | -30% | 10.21% | 23.04% | 25.7% | 25.29% | 17.53% | 1.48% | -95.59% |
| Operating Income Growth % | - | 2.36% | 127.92% | -81.36% | -12.99% | 113.57% | 61.38% | -34.49% | 4.91% | -24.37% | 78.74% | 30% | 67.32% | -32.97% | 28.5% | 534.33% | 123.74% | -258.34% | -58.63% | 52.28% | 31.75% | 71.51% | 2931.58% | 103.17% | - |
| EBITDA | 167.38M | 123.21M | 116.22M | 61.69M | 232.84M | 263.06M | 128.72M | 84.58M | 123.71M | 116.99M | 146.75M | 85.78M | 65.99M | 41.73M | 58.55M | 41.77M | 8.85M | -21.21M | 23.09M | 49.44M | 28.38M | 21.58M | 13.33M | 1.94M | -11.99M |
| EBITDA Margin % | 15.77% | 13.91% | 14.46% | 9.65% | 24.62% | 28.53% | 23.86% | 18.5% | 23.33% | 22.35% | 26.39% | 23.74% | 22.81% | 18.52% | 20.81% | 18.64% | 6.13% | -23.38% | 13.72% | 27.42% | 26.73% | 26.34% | 19.36% | 7.2% | -91.31% |
| EBITDA Growth % | 53.88% | 6.02% | 88.4% | -73.51% | -11.49% | 104.38% | 52.19% | -31.63% | 5.74% | -20.28% | 71.08% | 29.99% | 58.12% | -28.73% | 40.17% | 371.78% | 141.75% | -191.85% | -53.3% | 74.23% | 31.52% | 61.86% | 587.1% | 116.18% | - |
| D&A (Non-Cash Add-back) | 31.9M | 30.17M | 25.33M | 21.81M | 18.92M | 17.19M | 13.59M | 13.24M | 14.8M | 13.18M | 9.49M | 8.99M | 6.92M | 6.43M | 5.88M | 783.65K | 2.39M | 6.01M | 5.9M | 7.89M | 1.09M | 866K | 1.25M | 1.54M | 561.8K |
| EBIT | 199.36M | 140.13M | 107.41M | 61.05M | 212.65M | 247.26M | 85.74M | 72.21M | 110.77M | 99.42M | 138.76M | 78.55M | 59.07M | 37.26M | 54.4M | 47.29M | -5.66M | -71.85M | 11.72M | 43.02M | 27.29M | 20.71M | 12.01M | 1.99M | -12.26M |
| Net Interest Income | 32.64M | 9.66M | 14.53M | 12.25M | 2.64M | 1.28M | 4.63M | 6.75M | 5.92M | 3.85M | 2.03M | 1.98M | 2.1M | 1.74M | 1.37M | 522K | 260K | 581.37K | 1.19M | 1.58M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 32.64M | 9.66M | 14.53M | 12.25M | 2.71M | 1.28M | 4.63M | 6.75M | 6.3M | 4.27M | 2.16M | 2.02M | 2.21M | 1.84M | 1.43M | 600.3K | 389.96K | 690.32K | 1.34M | 1.61M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 71K | 0 | 0 | 3K | 378K | 423K | 127K | 47K | 114K | 110K | 61K | 75.25K | 107.21K | 108.95K | 146.55K | 32.47K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 63.88M | 47.09M | 16.52M | 21.17M | -1.35M | 1.4M | 5.08M | 19.93M | 5.03M | 3.65M | 1.37M | 2.07M | 1.5M | 1.84M | 1.66M | 6.23M | -10.2M | -39.89M | 2.23M | -413.12K | 2.43M | 1.1M | 670K | 73.98K | 301.21K |
| Pretax Income | 199.36M | 140.13M | 107.41M | 61.05M | 212.58M | 247.26M | 85.56M | 72.07M | 109.86M | 99M | 138.63M | 78.5M | 60.57M | 37.15M | 54.33M | 47.22M | -6M | -29.76M | 19.79M | 42.99M | 29.72M | 21.81M | 12.75M | 472.32K | -12.25M |
| Pretax Margin % | 18.79% | 15.82% | 13.37% | 9.55% | 22.47% | 26.82% | 15.86% | 15.76% | 20.71% | 18.91% | 24.93% | 21.73% | 20.93% | 16.49% | 19.31% | 21.07% | -4.16% | -32.8% | 11.76% | 23.84% | 27.99% | 26.63% | 18.51% | 1.75% | -93.3% |
| Income Tax | 29.39M | 17.49M | 18.16M | 8.18M | 40.07M | 47.32M | 5.81M | 7.67M | 11.79M | 24.05M | 27.69M | 18.25M | 16.1M | 9.77M | 7.12M | 5.76M | -651.92K | 392.04K | 3.55M | 2.52M | 645K | 1.28M | 4.23M | -2.78M | 275.22K |
| Effective Tax Rate % | 14.74% | 12.48% | 16.91% | 13.39% | 18.85% | 19.14% | 6.79% | 10.65% | 10.73% | 24.29% | 19.97% | 23.25% | 26.58% | 26.31% | 13.1% | 12.2% | 10.87% | -1.32% | 17.92% | 5.85% | 2.17% | 5.88% | 33.18% | -588.63% | -2.25% |
| Net Income | 169.97M | 122.71M | 89.25M | 52.87M | 172.51M | 200M | 79.75M | 64.4M | 100.27M | 75.03M | 110.94M | 60.28M | 44.31M | 27.38M | 47.22M | 41.46M | -5.35M | -30.15M | 16.24M | 40.47M | 29.07M | 20.53M | 8.52M | 3.25M | -12.53M |
| Net Margin % | 16.02% | 13.86% | 11.11% | 8.27% | 18.24% | 21.69% | 14.78% | 14.08% | 18.91% | 14.34% | 19.95% | 16.68% | 15.32% | 12.15% | 16.78% | 18.5% | -3.71% | -33.23% | 9.65% | 22.45% | 27.38% | 25.06% | 12.37% | 12.07% | -95.39% |
| Net Income Growth % | 83.36% | 37.49% | 68.8% | -69.35% | -13.75% | 150.8% | 23.83% | -35.78% | 33.64% | -32.37% | 84.04% | 36.03% | 61.87% | -42.02% | 13.89% | 875.23% | 82.26% | -285.61% | -59.86% | 39.21% | 41.63% | 140.97% | 161.92% | 125.96% | - |
| Net Income (Continuing) | 169.97M | 122.64M | 89.25M | 52.87M | 172.51M | 200M | 79.75M | 64.4M | 98.07M | 74.95M | 110.94M | 60.25M | 44.47M | 27.38M | 47.22M | 41.47M | -5.24M | -72.17M | 9.31M | 40.47M | 29.07M | 20.53M | 8.47M | 3.25M | -12.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 |
| EPS (Diluted) | 20.05 | 14.60 | 10.56 | 1.58 | 5.16 | 5.73 | 2.28 | 1.83 | 2.78 | 2.09 | 3.12 | 1.73 | 1.30 | 0.81 | 1.40 | 1.28 | -0.18 | -1.09 | 2.07 | 1.21 | 0.93 | 0.71 | 0.33 | 0.13 | -0.76 |
| EPS Growth % | 620% | 38.26% | 568.35% | -69.38% | -9.95% | 151.32% | 24.59% | -34.17% | 33.01% | -33.01% | 80.35% | 33.08% | 60.49% | -42.14% | 9.38% | 811.11% | 83.49% | -152.66% | 71.07% | 30.11% | 30.99% | 115.15% | 153.85% | 117.11% | - |
| EPS (Basic) | - | 14.60 | 10.60 | 1.59 | 5.18 | 5.75 | 2.29 | 1.83 | 2.78 | 2.10 | 3.15 | 1.75 | 1.32 | 0.83 | 1.46 | 1.35 | -0.18 | -1.09 | 2.09 | 1.25 | 0.94 | 0.72 | 0.33 | 0.13 | -0.52 |
| Diluted Shares Outstanding | 8.48M | 8.4M | 33.72M | 33.47M | 33.39M | 34.99M | 34.98M | 35.3M | 36.13M | 35.9M | 35.51M | 34.91M | 34.2M | 33.64M | 33.63M | 32.34M | 29.04M | 27.67M | 32.18M | 33.32M | 31.37M | 29M | 25.97M | 24.23M | 24.23M |
| Basic Shares Outstanding | 8.42M | 8.39M | 33.64M | 33.35M | 33.26M | 34.85M | 34.85M | 35.18M | 36.03M | 35.68M | 35.23M | 34.52M | 33.65M | 33.06M | 32.31M | 30.77M | 29.04M | 27.67M | 32.18M | 32.26M | 30.81M | 28.52M | 25.97M | 24.23M | 24.23M |
| Dividend Payout Ratio | - | 54.76% | 75.36% | 31.57% | 28.95% | 27.07% | 61.32% | 68.37% | 43.16% | 42.81% | 20.64% | 34.45% | 45.64% | 72.68% | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and cyclical exposure
According to the most recent quarterly filings, Silicon Motion achieved a significant revenue acceleration, with year-over-year growth reaching 105.5% in 2026Q1, marking a dramatic recovery from the contraction observed in early 2025 as the company successfully navigated the cyclical downturn in the semiconductor storage market.
The rapid expansion in top-line performance suggests that the company is benefiting from a robust recovery in PC and mobile storage demand. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary inventory restocking cycle among major NAND flash module makers.
Based on reported financial statements, Silicon Motion has maintained a relatively stable gross margin profile, hovering near 47-49% over the last four quarters, which indicates that the firm's proprietary firmware-controller bundles provide a consistent value-add despite the inherent volatility of underlying NAND flash pricing.
The ability to sustain these margins suggests that the company retains pricing power within the merchant controller market. However, the reliance on external foundry partners means that any significant increase in wafer costs could compress these margins if the company cannot pass those expenses to its customers.
As reported in recent income statements, Silicon Motion's operating income has scaled significantly alongside revenue, reaching $52.2 million in 2026Q1, which demonstrates improved operating leverage as the company manages its R&D and SG&A expenses more efficiently relative to its surging top-line growth.
The firm appears to be successfully controlling its overhead, as operating margins expanded to 15.3% in the most recent quarter. This trend suggests that the company is achieving better economies of scale, though continued investment in R&D remains a necessary cost to support next-generation NAND architectures.
Based on the provided data, Silicon Motion's net income has shown significant quarterly fluctuations, with stock-based compensation expenses reaching $15.8 million in 2025Q4, which warrants careful investigation into the underlying quality of earnings and the potential dilutive impact on shareholders over the long term.
The variability in SBC suggests that management's compensation structure is sensitive to performance, which may mask the true operational profitability of the firm. Analysts should adjust for these non-cash items to better understand the core earnings power of the business as it moves through the current cycle.
While current growth appears strong, the primary risk remains the potential for vertical integration by NAND manufacturers, which could fundamentally threaten the company's addressable market as reported in industry-wide semiconductor trends, potentially leading to long-term margin compression if the merchant controller model loses its competitive relevance.
The reliance on a few large NAND foundries creates a dependency that could be exploited if those partners decide to bring controller development in-house. Investors should remain cautious about the company's long-term ability to maintain its moat if the technical barrier to entry for firmware development continues to decrease.
Quick answers to the most common questions about buying SIMO stock.
For fiscal year 2025, Silicon Motion Technology Corporation (SIMO) reported total revenue of $885.6M. This represents a 6642.4% increase compared to $13.1M in 2002.
Silicon Motion Technology Corporation (SIMO) is profitable, generating $122.7M in net income for the fiscal year ending 2025 with a net profit margin of 13.9%.
Silicon Motion Technology Corporation (SIMO) reported an operating income of $93.0M, resulting in an operating profit margin of 10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Silicon Motion Technology Corporation (SIMO) generated $427.5M in gross profit for the year, representing a gross profit margin of 48.3%. This demonstrates the company's core pricing power and production efficiency.