At a glance
MACOM Technology Solutions Holdings Inc is worth $19.93B. Revenue grew 32.6% to $967.3M in fiscal 2025, at a loss; over 5 years it has grown 12.8% a year. It pays no dividend; it spent $149.4M buying back its shares over FY2021–FY2025. The stock returned +76.4% over the past year with dividends reinvested and +30.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.1% in the 2020 crash (S&P 500: 33.7%) and 44.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 14 months after the lows.
The business in plain English
MACOM Technology Solutions designs and makes specialized chips and components that handle radio, microwave and optical signals. Its thousands of products include amplifiers, switches, diodes and integrated circuits. Customers build them into larger systems such as radar, wireless base stations, satellite networks, MRI machines and data center networks. Based in Lowell, Massachusetts, it serves more than 6,000 end customers.
It sells into three main markets. Industrial and Defense covers military and commercial radar, electronic warfare, space electronics and medical and test equipment. Data Center covers parts for optical transceivers, which convert electrical signals to light and back, with demand driven by AI and other heavy computing. Telecom covers 5G networks, satellite links and fiber broadband. By region, the United States accounted for 43.7% of the $967 million in revenue for the fiscal year ended October 3, 2025, China 28.4%, the rest of Asia Pacific 11.5% and other countries 16.4%.
It earns money selling parts that get designed into customers' equipment; some keep selling for more than 20 years. Many use compound semiconductors, materials such as gallium arsenide and gallium nitride that suit high power and high frequencies. MACOM runs chip plants in Massachusetts, North Carolina, Michigan and France and uses outside foundries. Its Lowell plant has US Defense Department "Trusted Foundry" status, valued by military customers needing domestic supply.
Price history
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MTSI +76.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $422.9M | 43.7% |
| China | $274.6M | 28.4% |
| Other Countries | $158.3M | 16.4% |
| Asia Pacific, excluding China | $111.5M | 11.5% |
Latest results
- In Q3 FY2026 (ended Jul 3, 2026), revenue was $342.2M, up 35.8% from a year earlier, and net income was $100.7M (+175.7%).
- For fiscal 2025, revenue was $967.3M (+32.6% year over year; +12.8% a year from FY2020 to FY2025) with a -5.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.8% good |
|---|---|
| Operating margin | 13.4% watch |
| Free cash flow margin | 19.9% good |
| Return on equity (FY2025) | -4.1% weak |
| Return on assets (FY2025) | -2.6% weak |
| Net cash (cash minus debt) | $743.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $530.0M | $-46.1M | $153.8M |
| FY2021 | $606.9M | $38.0M | $130.5M |
| FY2022 | $675.2M | $440.0M | $150.5M |
| FY2023 | $648.4M | $91.6M | $142.2M |
| FY2024 | $729.6M | $76.9M | $140.2M |
| FY2025 | $967.3M | $-54.2M | $192.8M |
Valuation snapshot
| Market value | $19.93B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MACOM Technology Solutions Holdings’s market value went from $2.48B at the end of 2016 to $19.93B on Oct 28, 2026, about 8.0 times as much; since the end of 2025 it is up 55%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $19.93B | +55.3% |
| 2025 | $12.83B | +36.5% |
| 2024 | $9.41B | +42.1% |
| 2023 | $6.62B | +48.7% |
| 2022 | $4.45B | -18.3% |
| 2021 | $5.45B | +45.7% |
| 2020 | $3.74B | +112.5% |
| 2019 | $1.76B | +86.0% |
| 2018 | $945.9M | -54.8% |
| 2017 | $2.09B | -15.8% |
| 2016 | $2.48B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTSI price data to Oct 28, 2026 | +52.3% | +76.4% | +53.6% | +30.2% | +21.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +52.3% |
| 2025 | +31.9% |
| 2024 | +39.8% |
| 2023 | +47.6% |
| 2022 | -19.6% |
| 2021 | +42.3% |
| 2020 | +106.9% |
| 2019 | +83.3% |
| 2018 | -55.4% |
| 2017 | -29.7% |
| 2016 | +13.2% |
| 2015 | +30.7% |
| 2014 | +84.1% |
| 2013 | +13.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.2% over that stretch · deepest drop along the way 48.1%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.1% over that stretch · deepest drop along the way 44.7%, back to its old high 13.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 66 sales ($13.4M), 66 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 29, 2026 | Stephen G Daly President and CEO, Director | sell (plan) | $1.0M |
| May 29, 2026 | Stephen G Daly President and CEO, Director | sell (plan) | $882K |
| May 29, 2026 | Stephen G Daly President and CEO, Director | sell (plan) | $791K |
| May 29, 2026 | Stephen G Daly President and CEO, Director | sell (plan) | $755K |
| Aug 17, 2026 | John Kober Senior VP and CFO | sell (plan) | $557K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 14.1% | Mar 31, 2026 |
| BlackRock, Inc. | 10.4% | Jun 30, 2026 |
| Susan M. Ocampo | 6.4% | Sep 30, 2026 |
| Invesco Ltd. | 4.9% | Dec 31, 2024 |
| T. Rowe Price Associates, Inc. | 4.3% | Mar 31, 2025 |
| T. Rowe Price Investment Management, Inc. | 3.7% | Jun 30, 2026 |
ETFs with the most weight in MTSI
| XSD SPDR S&P Semiconductor ETF | 3.11% |
| PSI Invesco Semiconductors ETF | 2.91% |
| PJFM PGIM Jennison Focused Mid-Cap ETF | 1.76% |
| VFMV Vanguard U.S. Minimum Volatility ETF | 1.42% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.3% |
| PEXL Pacer US Export Leaders ETF | 0.97% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.73% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.6% |
What could go wrong
- Heavy reliance on sales to China. China made up 28.4% of revenue in the fiscal year ended October 3, 2025. Tariffs, sanctions, export controls or other trade tensions could shrink those sales, and rules can change quickly.
- AI data center boom could cool. MACOM says AI-driven data center spending is boosting demand for its products. Chip demand runs in cycles, and if that spending slows, sales could drop. Past downturns hit its revenue, profits and stock price.
- Few big customers and cancelable orders. A limited number of customers account for a significant share of revenue. Sales generally run on purchase orders that customers can typically cancel or delay, making demand hard to forecast and risking excess inventory.
- Defense work exposed to government decisions. Military radar and electronic warfare are a key part of its Industrial and Defense market. The company flags government-contracting risks and says US administration changes could materially affect its business.
- Must keep launching new products. Chip selling prices can fall over time, so MACOM must keep launching products that cost less to make or perform better. A design effort can take over a year and may never pay off.
- Small manufacturing slips can be costly. MACOM runs its own chip plants and also uses outside foundries. Small deviations in the process can sharply cut yield, the share of usable chips, or halt production, hurting revenue and gross margin.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
MACOM pays no dividend, and its 10-K says it does not intend to pay one for the foreseeable future. Income investors would get no cash payments; any return comes from price changes, and raising cash means selling shares. The company spent about $149 million on share repurchases from fiscal 2021 through fiscal 2025. Yet shares outstanding rose 9.7% between November 11, 2021 and August 3, 2026, so buybacks have not shrunk the share count.
The shares have fallen hard in market slumps. In the 2020 COVID crash they dropped 48.1% but regained their peak about 1.6 months after the low. In the 2022 bear market they fell 44.7% and took about 13.6 months from the low to recover. As of October 28, 2026, the deepest drop in 14.6 years of price history was 80.8%, and a one-year beta of 2.4 signals swings far larger than the market's. Any single stock carries more risk than a diversified fund.
Questions investors ask
How does MACOM make money?
MACOM makes money selling specialized chips and components, such as amplifiers, switches, diodes and integrated circuits, that other companies build into radar, satellite networks, wireless base stations, medical systems and data center networks. It serves three markets: Industrial and Defense, Data Center and Telecom. Revenue was about $967 million in the fiscal year ended October 3, 2025, up 32.6%, and grew an average of 12.8% a year over the five years from fiscal 2020. By region, the United States accounted for 43.7% and China 28.4%.
Does MACOM pay a dividend?
No. MACOM does not pay a dividend, and its 10-K says it does not intend to pay one for the foreseeable future. It has instead spent about $149 million on share repurchases from fiscal 2021 through fiscal 2025. Those buybacks have not reduced the share count, which rose 9.7% between November 11, 2021 and August 3, 2026. Investors who need regular income would have to sell shares to raise cash, which can mean selling at low prices during slumps.
Is MACOM profitable?
Partly. In the fiscal year ended October 3, 2025, MACOM earned $129.7 million in operating income and generated $192.8 million in free cash flow (cash from operations minus capital spending), but still posted a net loss of $54.2 million, or $0.73 per diluted share. In the quarter ended July 3, 2026, it reported net income of $100.7 million on revenue of $342.2 million, up 35.8% from a year earlier. The annual loss means a price-to-earnings ratio based on fiscal 2025 isn't meaningful.
How much debt does MACOM have?
MACOM holds more cash than debt. As of July 3, 2026, it had about $340 million in total debt against $1.08 billion in cash and investments, leaving net cash of about $743 million. The fiscal 2025 10-K lists 2026 and 2029 convertible notes, which are bonds that can be swapped for shares and so can dilute existing shareholders. It warns that servicing debt requires significant cash.
How volatile is MACOM stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 65.4%, and its beta of 2.4 means it has moved far more than the overall market. It fell as much as 44.2% over the past year and 80.8% over its 14.6-year price history. Returns have also been high: 76.4% over one year and 21.7% a year over 10 years. Calendar-year losses included 55.4% in 2018 and 19.6% in 2022.