Silicon Motion Technology
ConvictionStrong
Fabless merchant-silicon: designs controller ICs + firmware, outsources wafers to TSMC and assembly/test to OSATs; sells turnkey controllers to NAND makers, SSD/memory-module makers, and OEMs. Asset-light, IP/firmware-driven, unit-sale model. Also a small integrated Ferri/Shannon SSD-solution and specialty (SoC/graphics) tail.
Revenue
FY2025 US$885.6Mnet sales); TTM ~US$1.06B through Q1 2026Rev growth
FY2025 +10.2% YoYTTM +35.9%; Q1 2026 +105% YoY / +23% QoQGross margin
Q1 2026 GAAP 47.1%non-GAAP 47.2%); Q2 2026 guided GAAP 48.5–49.5%; historical ~46–50% bandOp margin
Q1 2026 GAAP 15.3% / non-GAAP 18.2%Q2 2026 guided GAAP 19.8–21.1% (non-GAAP 21.0–22.0%Capex intensity
Low — Q1 2026 capex US$18.2M~5% of sales), fabless model; no fab/HBM capex burdenMarket cap
~$10.2BNasdaq: SIMO, ADR, Jul 2 2026; ~$10.75B per some intraday feeds e.g. Investing.comThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- Supplier–customer ecosystem graph
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence