MACOM Technology Solutions
MTSI · NasdaqSemiconductors & Related Devices · Fiscal year ends Oct 3
MACOM Technology Solutions reported revenue of $967M in the fiscal year ended Oct 2025, up 32.6% from the year before. Operating income was $130M, an operating margin of 13.4%, and net income was −$54M. Operating cash flow of $235M less capital expenditure of $43M left free cash flow of $193M. Net debt was $388M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $607M | $675M | $648M | $730M | $967M |
| Cost of revenue | $265M | $269M | $263M | $336M | $438M |
| Gross profit | $342M | $406M | $386M | $394M | $529M |
| Research & development | $139M | $148M | $149M | $182M | $244M |
| Selling, general & admin | $122M | $125M | $130M | $138M | $155M |
| Operating income | $81M | $133M | $107M | $74M | $130M |
| Interest expense | $22M | $9M | $12M | $5M | $6M |
| Pre-tax income | $43M | $243M | $115M | $92M | −$29M |
| Income tax | $5M | −$197M | $24M | $15M | $25M |
| Net income | $38M | $440M | $92M | $77M | −$54M |
| Diluted EPS | 0.54 | 6.18 | 1.28 | 1.04 | −0.73 |
| Diluted shares | 70M | 71M | 72M | 74M | 74M |
Balance sheet
| Fiscal year | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $157M | $120M | $174M | $147M | $112M |
| Receivables | $85M | $102M | $91M | $106M | $149M |
| Inventory | $83M | $115M | $136M | $194M | $238M |
| Current assets | $522M | $813M | $761M | $903M | $1.2B |
| Net PP&E | $121M | $124M | $149M | $176M | $230M |
| Goodwill | $314M | $311M | $323M | $332M | $336M |
| Total assets | $1.1B | $1.6B | $1.6B | $1.8B | $2.1B |
| Payables | $29M | $31M | $25M | $43M | $68M |
| Deferred revenue | $3M | $4M | $3M | $5M | $8M |
| Current liabilities | $93M | $97M | $84M | $108M | $325M |
| Short-term debt | – | $0 | – | $0 | $161M |
| Long-term debt | $492M | $566M | $447M | $448M | $340M |
| Total liabilities | $662M | $729M | $606M | $629M | $776M |
| Shareholders' equity | $472M | $843M | $948M | $1.1B | $1.3B |
Cash flow
| Fiscal year | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $148M | $177M | $167M | $163M | $235M |
| Capital expenditure | $18M | $27M | $25M | $22M | $43M |
| Free cash flow | $130M | $150M | $142M | $140M | $193M |
| Depreciation & amortisation | $70M | $57M | $52M | $67M | $63M |
| Stock-based compensation | $35M | $41M | $38M | $46M | $79M |
| Acquisitions | $0 | $0 | $88M | $73M | $13M |
| Share buybacks | $23M | $36M | $33M | $14M | $43M |
Key ratios
| Fiscal year | Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.2% | −4.0% | 12.5% | 32.6% |
| Operating income growth (YoY) | – | 63.8% | −19.0% | −31.4% | 76.0% |
| EPS growth (YoY) | – | 1044.4% | −79.3% | −18.8% | −170.2% |
| Gross margin | 56.3% | 60.2% | 59.5% | 54.0% | 54.7% |
| Operating margin | 13.3% | 19.7% | 16.6% | 10.1% | 13.4% |
| Net margin | 6.3% | 65.2% | 14.1% | 10.5% | −5.6% |
| Return on equityBlank when equity is negative | 8.0% | 52.2% | 9.7% | 6.8% | −4.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.8% | 9.0% | 7.3% | 4.5% | 7.3% |
| Free cash flow margin | 21.5% | 22.3% | 21.9% | 19.2% | 19.9% |
| Cash conversion (CFO ÷ net income) | 3.91x | 0.40x | 1.82x | 2.12x | −4.34x |
| Receivable days | 51 | 55 | 51 | 53 | 56 |
| Inventory days | 114 | 156 | 189 | 211 | 198 |
| Payable days | 40 | 42 | 35 | 47 | 56 |
| Interest cover | 3.67x | 15.5x | 8.67x | 14.3x | 23.5x |
| Debt ÷ equity | 1.04x | 0.67x | 0.47x | 0.40x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $336M | $446M | $273M | $301M | $388M |
| Current ratio | 5.61x | 8.36x | 9.11x | 8.35x | 3.71x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.