MACOM Technology Solutions vs Semtech
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KIRA’s take AI analyst
I put MACOM Technology Solutions and Semtech side by side, using each one’s latest annual report. Here is what stands out:
- Semtech is the larger business, with $1.1B of revenue in fiscal 2026 against $967M for MACOM Technology Solutions.
- MACOM Technology Solutions grew revenue faster (32.6%, against 15.5%).
- MACOM Technology Solutions kept more of each dollar of sales as operating profit (13.4% operating margin, against 3.1%).
- MACOM Technology Solutions turned more of its sales into free cash flow (19.9% FCF margin, against 16.3%).
- MACOM Technology Solutions earned a higher return on the capital invested in it (9.8%, against 2.9%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
MACOM Technology Solutions
MTSI
9/11
Revenue growth5-year growthGross marginOperating marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Semtech
SMTC
2/11
Net marginPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | MTSI FY25 | SMTC FY26 |
|---|---|---|
| Size | ||
| Market cap | $18.5B | $12.9B |
| Revenue | $967M | $1.1B |
| Free cash flow | $193M | $171M |
| Net income | −$54.2M | −$40.4M |
| Growth | ||
| Revenue growth | 32.6% | 15.5% |
| 5-year growth | 12.8% | 12.0% |
| Share count change | 0.6% | 23.4% |
| Profitability | ||
| Gross margin | 54.7% | 51.6% |
| Operating margin | 13.4% | 3.1% |
| Net margin | −5.6% | −3.9% |
| FCF margin | 19.9% | 16.3% |
| Return on capital | 9.8% | 2.9% |
| Return on equity | −4.4% | −7.4% |
| Balance sheet | ||
| Net debt | −$254M | $296M |
| Net debt / EBITDA | −1.3x | 4.7x |
| Dividends and buybacks | $43.1M | $0.0M |
| Valuation & quality | ||
| P/E | 75.2x | — |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.