Arm Holdings
ConvictionModerate
Two-stream IP model: up-front architecture/technology license fees (ALA/TLA + CSS) plus per-unit royalties on every Arm-based chip shipped (historically ~1-3% of chip ASP; >10% for CSS subsystems). Capital-light, no fabs, ~98% non-GAAP gross margin.
Revenue
$4.92B FY2026ended 31-Mar-2026Rev growth
+23% YoYFY2026, third straight >20% yearGross margin
~97.5% GAAP / ~98% non-GAAPFY2026) — factOp margin
~49% non-GAAPQ4 FY2026); GAAP op margin far lower given heavy SBC/R&D — fact (Q4Capex intensity
Low single digitsArm is fabless/IP — capex is tools, EDA, datacenter for design, not fabs (estimate ~2-4% of revMarket cap
~$427B23-Jun-2026Across the boards
The thesis on this name
opportunityModerate
State of AI Compute
Full context
position · avoidModerate
State of AI Compute
Full context
The read
Where our coverage leans
Bull & bear in tension
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Arm Holdings
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.