Microchip Technology Incorporated
Microchip makes the small programmable chips, and the analog chips beside them, that run motors, sensors and controls inside factory machines, cars, aircraft and servers.
The scores
Growth3/4 ↑
Sales up 38% on a year and beating guidance, but the record is four quarters long and rides a restock after two years of decline.
Business quality3/4 →
Design-ins and qualification held its prices through a deep cycle, but half of new designs change chip and Chinese rivals win on price.
Financial position3/4 ↑
Net debt near 2.85 times adjusted EBITDA and falling on strong cash flow; the 2027 convertible put falls inside the horizon but is refinanceable.
Execution record2/4 ↑
Supply agreements helped overstock customers into a 57% sales collapse and a CEO change; two recent beats do not yet undo that pattern.
Per share capture2/4 →
The preferred will land about 23.8M shares, buybacks have stopped, and the dividend was partly debt-funded through the trough.
Potential2/4 →
A bounded upside, back to the 2023 peak, that rests on a cycle customers control; nothing is contracted beyond cancellable orders.
Risk profile3/4 →
Diversified across 101,000 customers; China's analog probe, a Malaysian tax dispute and a 70-year-old CEO with no named successor are survivable.
Valuation2/4 ↓
The price assumes sales back near the 2023 peak by fiscal 2029; if the upturn stalls, price per sales dollar stays above normal.
Evidence quality3/4 →
Sales, debt, shares and inventory are filed; market share, data-centre sales and end markets rest on management or paywalled measurers.
The Verdict
We rate Microchip neutral. Its small programmable and analog chips run motors, sensors and controls inside machines, cars and servers; they are designed into products for years, so customers rarely switch. But reported profit is about half its preferred figure, debt is heavy and there are no buybacks, so the business is mixed. Sales are recovering fast, and the price is full: it already assumes they climb back to the 2023 peak by 2029 with less profit per share, so a stall would hurt. The view hinges on whether the upturn lasts or is just customers restocking.
The long caseMachines, cars and data centres carry more electronics each year; Microchip needs that, not customers simply restocking, to carry sales back to their peak.
The evidence under this - 8 claims
GigaDevice cut its average MCU price from RMB 4.13 to RMB 3.82 in 2025 to win share (C45), and TechInsights expected the market's average price to fall to $1.01 (C16).
- At the 2023 peak the company traded at a similar price, $82.55 in buybacks, on $6.02 of EPS (C32), so 15.5 times a peak that is lower per share is not a stretched multiple.
- Data-centre and aerospace sales are larger than at the last peak (C09, C40), so the peak mix may be richer.
- Management says distributor sell-through, sales to end users, rose 17% on the quarter in June, so end demand is growing too (C39).
- Channel inventory is still near the low end of its range, so the refill has room before it overshoots.
The company
Almost every machine with a motor, a sensor or a button has a small chip inside running it: a microcontroller, a tiny computer with its own memory. Microchip sells thousands of these, from simple 8-bit parts to 32-bit ones, plus the analog chips that measure and manage power beside them.
Half its sales are microcontrollers and 28% analog. Its buyers are about 101,000 makers of factory equipment, cars, aircraft and appliances, nearly half reached through distributors such as Arrow.
The evidence under this - 5 claims
How it makes money
A dollar arrives each time a customer's product is built: the chip was chosen years earlier, and every unit made needs one. Most orders can be cancelled, so sales swing with how much stock customers want to hold.
About a third of the chips come from Microchip's own factories, so when they run below capacity profits fall faster than sales. Management's preferred profit figure leaves out about $90M a quarter of costs from past acquisitions.
The evidence under this - 5 claims
Where the money comes from, stream by stream
| Stream | Share of sales (FY2026) | How it earns it |
|---|---|---|
| Mixed-signal microcontrollers | 50.0% | Proprietary 8- to 32-bit microcontrollers and 64-bit microprocessors designed into customers' products and sold mostly through distributors at stable prices. |
| Analog | 28.2% | Power management, interface, timing and other analog chips, sold largely into the same customers' boards beside the microcontroller. |
| Other: FPGAs, memory, timing, services | 18.3% | FPGAs, memory, timing systems, foundry and assembly services, legacy custom chips and aerospace products. |
| Technology licensing | 3.5% | Licence fees and royalties for SuperFlash embedded memory and engineering services, sold to foundries and chipmakers; no cost of sales. |
Who runs it
Steve Sanghi ran Microchip for thirty years, stepped back in 2021 and returned in late 2024 to lead the recovery; Eric Bjornholt has been finance chief since 2009. Insiders own under 2%, nearly all of it Sanghi's. His cash bonus rides on sales growth and on adjusted profit margins, his shares on adjusted operating margin; none of it rides on paying down debt or on cash. Shareholders voted down his pay in 2025, then approved a reworked plan.
The evidence under this - 4 claims
- Every metric is non-GAAP, which excludes share-based pay and acquisition amortisation, and none pays on cash flow, debt repayment or return on capital, though paying down debt is the stated use of cash (C20).
- Nothing was paid in fiscal 2025, but the discretionary part was paid significantly above its 20% target in the third and fourth quarters of fiscal 2026.
- Sanghi's interim award was all time-based; the permanent $28.2M award does not begin vesting until May 15, 2028.
Why it wins, and who could beat it
Why customers come back
Once an engineer writes a product's software for a Microchip chip, using Microchip's own tools, changing chips means rewriting it. In cars it also means passing the industry's stress tests again, including a life test on 77 chips from each of three batches with no failures.
So a chip already in a product keeps its place and its price. The company says its prices stayed stable, and it raised them broadly in August 2026. The contest is for the next design: about half of new projects do change chips.
The evidence under this - 4 claims
GigaDevice cut its average MCU price from RMB 4.13 to RMB 3.82 in 2025 to win share (C45), and TechInsights expected the market's average price to fall to $1.01 (C16).
The increase recovers costs rather than raising real prices, and customers under LTSAs may cancel orders when prices rise (C12).
The threat
Four larger rivals, led by Infineon, outsell it in microcontrollers. Chinese makers such as GigaDevice are growing by cutting prices; GigaDevice sold 22.3% more chips in 2025 at a lower price. In data-centre switches Microchip lost the last generation to Broadcom and Astera Labs, and is now second source.
The evidence under this - 3 claims
Astera Labs' 10-K names Microchip as a competitor, and Broadcom sells PCIe switches; neither confirms Microchip's design wins.
The rivals: STM, NXPI, AVGO, ALAB, TXN, ADI, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| STM | STMicroelectronics STM32 microcontrollersPriced against it: Yes | Semiconductor products | On sale | Yes |
| NXPI | Infineon, NXP and Renesas car and industrial microcontrollersPriced against it: Yes | Semiconductor products | On sale | Yes |
| GigaDevice GD32 and other Chinese Arm and RISC-V microcontrollersPriced against it: Listed abroad | Semiconductor products | On sale | Listed abroad | |
| Espressif ESP32 and Raspberry Pi RP2040 and RP2350Priced against it: Listed abroad | Semiconductor products | On sale | Listed abroad | |
| AVGO · ALAB | Broadcom and Astera Labs PCIe switches and retimersPriced against it: One segment only | Semiconductor products | On sale | One segment only |
| TXN · ADI | Texas Instruments and Analog Devices analog chipsPriced against it: Yes | Semiconductor products | On sale | Yes |
How big it could get
How big this could get
Microcontrollers were a $22.1B market in 2025 by Omdia's count, still below 2023's $28.0B, and analog chips $86.5B by WSTS's. Microchip's $2.36B of microcontroller and $1.33B of analog sales are a solid slice of both, so its growth comes from the market recovering more than from new ground.
The evidence under this - 3 claims
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year |
|---|---|---|---|---|
| Semiconductor products | 97% | +38.3% | +37.5% | +20.9% |
| Rest of the company | 3% | +29.1% | +13.9% | +22.2% |
| Whole company | 100% | +38.0% | +36.7% | +20.9% |
The filed split through 2026-06-30. These rates are not carried forward: the reading below says why.
How we read it: The score believes neither projection: both segments rise together on a cyclical restock and licensing is 3% of sales, so the higher blend is the June pace carried forward, not a shift in mix.
The results
The numbers
Sales grew 21% over the twelve months to Jun 2026, faster than the 7.1% in the year to Mar 2026.
Operating margin is 16%, down from 34% in the year to Mar 2024.
Running costs take 45¢ of each sales dollar, up from 38¢ in the year to Mar 2022.
Each dollar put into the business earns 5.4% a year after tax, down from 12% in the year to Mar 2022.
It turned 22% of sales into free cash, $1.11B over the last twelve months.
It owes $5.09B more than the cash it holds, about 4.2 years of the cash its operations bring in.
The share count fell 2.7% in 4.3 years, and pay in shares costs 5.4% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in March.
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $6.82B | $8.44B | $7.63B | $4.40B | $4.71B | $5.12B |
| Sales growth | +25% | +24% | −9.5% | −42% | +7.1% | +21% |
| Profit | ||||||
| Gross margin | 65% | 68% | 65% | 56% | 58% | 60% |
| Operating margin | 27% | 37% | 34% | 6.7% | 10% | 16% |
| Net margin | 19% | 27% | 25% | −0.0% | 4.9% | 9.3% |
| What growth costs, per sales dollar | ||||||
| Research and development | 15% | 13% | 14% | 22% | 23% | 22% |
| Selling, general and admin | 11% | 9.5% | 9.6% | 14% | 14% | 14% |
| Pay in shares | 3.1% | 2.0% | 2.3% | 4.1% | 5.4% | 5.4% |
| Capital spending | 5.4% | 5.8% | 3.7% | 2.9% | 1.9% | 1.7% |
| Cash | ||||||
| Cash from operations | $2.84B | $3.62B | $2.89B | $898M | $962M | $1.20B |
| Free cash flow | $2.47B | $3.13B | $2.61B | $772M | $871M | $1.11B |
| Balance sheet | ||||||
| Cash and short-term investments | $319M | $234M | $320M | $772M | $240M | $272M |
| Debt | $7.69B | $6.44B | $6.00B | $5.63B | $5.50B | $5.36B |
| Net cash | −$7.37B | −$6.21B | −$5.68B | −$4.86B | −$5.26B | −$5.09B |
| Returns and shares | ||||||
| Return on capital | 12% | 18% | 16% | - | 3.3% | 5.4% |
| Shares (diluted) | 566M | 557M | 548M | 537M | 545M | 550M |
What growth costs
Most of Microchip's costs stay put when sales move. Research and sales spending barely changed while sales nearly halved, so profit margins collapsed; as sales come back, most of each extra dollar turns into profit. The catch: pay in shares now takes more than twice the share of sales it did at the peak.
The evidence under this - 2 claims
- Stock pay has more than doubled per sales dollar since fiscal 2023, and the non-GAAP margins the bonus pays on leave it out (C51).
- Capital spending is held near $100M with fab expansion paused (C38); a sustained upturn would bring that back.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
Q1 fiscal 2027, reported on 6 August, brought $1.48B of sales, up 38% on a year and above the company's forecast for the second quarter running. Data-centre, defence and factory customers all grew.
On the company's preferred measure, profit per share was $0.76; on the reported basis it was $0.37. Management forecast $1.589B to $1.618B for the September quarter, and a profit margin it said would not keep rising.
What it did to the thesisIt proved the recovery is real and broad, and that management can forecast it again. It left open how much is customers refilling empty shelves rather than lasting demand, which is the question the price turns on.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.76 against $0.70 expected; $0.37 as filed, the gap being what the company adds back.
The evidence under this - 5 claims
- The margin guide sits above the company's own 65% long-term target and leans on one-offs it names: a strong licensing quarter and a distributor price-reserve release (C11).
- UBS noted September would be the sixth quarter above seasonal and that upturns rarely run past eight (C39).
No filing carries an end-market split, and the categories are management's own.
What management did with the money
Through the slump Microchip kept paying its dividend, $984.0M in fiscal 2026, more than the cash the business made, so debt rose. Now that cash is back, about $500M in the June quarter, management says every spare dollar goes to repaying debt, with no share buybacks.
Insiders in 2026Q3: 54 purchases and 48 sales, from their Form 4 filings.
The evidence under this - 3 claims
Adjusted EBITDA adds back share-based pay; the same debt measured on GAAP operating income of $490.1M in fiscal 2026 (C37) is far higher.
The price, and where we disagree
In short. Full. The price already pays for sales climbing back to the 2023 peak by 2029, with less profit per share than then, so little is left over if the upturn ends early.
The shares fell 31% between May and July on worry that the upturn was peaking, then jumped 13.9% after the June results beat.
The next results, due around 5 November, test whether the September forecast holds. Orders are the strongest in about four years, but this is the sixth quarter above the usual seasonal pattern, and upturns rarely run past eight. The company's operations chief also left in August.
The evidence under this - 4 claims
Stretching lead times are what drove the 2022 over-ordering that the LTSAs worsened (C12); strong bookings at long lead times are the signal that preceded the last correction.
- The margin guide sits above the company's own 65% long-term target and leans on one-offs it names: a strong licensing quarter and a distributor price-reserve release (C11).
- UBS noted September would be the sixth quarter above seasonal and that upturns rarely run past eight (C39).
How we read the multiple
Buyers pay about 9.6 times a year's sales, in the middle of the rivals' range but above Microchip's own usual 7.2. What has to be true:
- Sales grow from $1.48B a quarter to about $2.0B by fiscal 2029, the analysts' forecast.
- That is back near the 2023 record of $2.233B a quarter.
- Profit per share that year reaches about $5.23 on the preferred measure, against $6.02 at the last peak.
- At today's price that is about 15.5 times that profit: an ordinary price, but only if all of it happens.
Against its own history. Dearer than its own normal across a full boom and slump, so the price is already counting the recovery rather than waiting for it.
The evidence under this - 5 claims
- At the 2023 peak the company traded at a similar price, $82.55 in buybacks, on $6.02 of EPS (C32), so 15.5 times a peak that is lower per share is not a stretched multiple.
- Data-centre and aerospace sales are larger than at the last peak (C09, C40), so the peak mix may be richer.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of sales, cheapest first:
| Ticker | Company | company value for each $1 of sales |
|---|---|---|
| STM | STMicroelectronics | 3.8× |
| NXPI | NXP Semiconductors | 5.2× |
| MCHP | Microchip Technology Incorporated | 9.6× |
| TXN | Texas Instruments Incorporated | 14.3× |
| ADI | Analog Devices | 15.1× |
The middle of the other 4 is 9.8. Microchip Technology Incorporated is 3rd cheapest of 5.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
In the middle of the group, so the market prices it like an average rival, neither marking it down for its debt nor up for its recovery.
Private or foreign rivals that cannot be priced: Infineon Technologies AG, Renesas Electronics Corporation.
Where we disagree with the market
Microchip is the cleanest chip recovery, with data centres on top, and the upturn has years left to run.
The recovery is real and partly customers restocking. The price already pays for the full return to peak, with less per share.
The market reads the beats. The filings show a reported profit about half the preferred figure, $5.4B of debt, preferred shares that turn into about 23.8M new shares in 2028, and no buybacks.
We are wrong if quarterly sales reach $2.0B with distributors still holding little stock and debt falling below twice yearly earnings before interest.
What analysts say, and the evidence
The evidence under this - 6 claims
- At the 2023 peak the company traded at a similar price, $82.55 in buybacks, on $6.02 of EPS (C32), so 15.5 times a peak that is lower per share is not a stretched multiple.
- Data-centre and aerospace sales are larger than at the last peak (C09, C40), so the peak mix may be richer.
- Management says distributor sell-through, sales to end users, rose 17% on the quarter in June, so end demand is growing too (C39).
- Channel inventory is still near the low end of its range, so the refill has room before it overshoots.
Debt repayment at about $500M a quarter (C22) lowers interest, and conversion of the 2024 notes is unlikely below $121.80, so fewer shares than feared may arrive.
What could go wrong, and how we would know
The risks
- The upturn ends early. Part of the growth is customers refilling stock; once shelves are full, orders can fall as fast as they did in 2024.
- Over-ordering again. Lead times are stretching, the same signal that led customers to over-order in 2022 and fuelled the last bust.
- Cheaper Chinese chips. GigaDevice and others win sockets by cutting prices, and about half of new designs change chip.
- Thin leadership. The chief executive is 70, the operations chief left in August, and no successor has been named.
- Debt and a 2027 deadline. Holders of $1.25B of convertible bonds may demand repayment in June 2027; debt is still about $5.4B.
- China and tax. China is investigating US analog chips for dumping, and Malaysia claims up to about $480M in tax.
The evidence under this - 8 claims
- Management says distributor sell-through, sales to end users, rose 17% on the quarter in June, so end demand is growing too (C39).
- Channel inventory is still near the low end of its range, so the refill has room before it overshoots.
Stretching lead times are what drove the 2022 over-ordering that the LTSAs worsened (C12); strong bookings at long lead times are the signal that preceded the last correction.
What we still do not know
- Microchip's share of the microcontroller market, and whether it really gained share as management says.
- How much of the recent growth is end demand and how much is customers restocking.
- How large data-centre sales are in a figure the company has filed; so far they are stated only on calls.
- Who will run operations, and who will follow the chief executive.
The evidence under this - 4 claims
- Omdia still ranks Microchip fifth in microcontrollers and publishes no share for it (C14).
- A recovery from a deeper cut is partly restocking, which a share gain and a refill look alike from outside (C47).
- Management says distributor sell-through, sales to end users, rose 17% on the quarter in June, so end demand is growing too (C39).
- Channel inventory is still near the low end of its range, so the refill has room before it overshoots.
- No filing reports data-centre sales; the figures are stated on the call only.
- Management says it lost all of its PCIe Gen 5 switch business to rivals (C10).
What would change our view
- Neutral→AttractiveThe price returns to its usual multiple
It needs:
- ○The company's value falls to 7.2 times its last year of sales, its usual level.about ≈$60.44 today, 26% below the last close
- Neutral→AttractiveSales outrun the peak path
It needs all of:
- ○Quarterly sales reach $2.0B, up from $1.48B.checked at the next results, due by 5 Nov
- ○Debt falls to twice yearly earnings before interest and other charges, from 2.85 times.checked at the next results, due by 5 Nov
- Neutral→UnattractiveThe upturn turns into another overshoot
It needs any of:
- ○Distributors' stock of Microchip chips rises above 35 days of sales, from 25.checked at the next results, due by 5 Nov
- ○The profit margin on the preferred measure falls below 60%, from 63.8%.checked at the next results, due by 5 Nov
We would also be wrong if
- Sales fall in a quarter while distributors' stock rises above 35 days.
- Data-centre sales for 2026 come in well short of $1B.
What is coming
- 5 November 2026 Q2 fiscal 2027 results: Sales against the $1.589B to $1.618B guide, non-GAAP gross margin against 66% to 67%, distributor inventory days and whether leverage fell below 2.5.
Every dated event ahead
- 5 November 2026 Q2 fiscal 2027 results: Sales against the $1.589B to $1.618B guide, non-GAAP gross margin against 66% to 67%, distributor inventory days and whether leverage fell below 2.5.
- February 2027 Q3 fiscal 2027 results and the March-quarter guide: Whether the December quarter beats its usual seasonal fall and the price increase holds, or restocking (C47) fades as distributor inventory rebuilds.
- 1 June 2027 Put date on the $1.25B 2024 convertible notes: Whether holders put the notes with the stock below $121.80 and how Microchip refinances them while promising every spare dollar to debt.
- 15 March 2028 Mandatory conversion of the 7.50% preferred: About 23.8M new shares land and the $108.5M preferred dividend ends: the per-share cost of the trough financing becomes final.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 3 OctThesis writtenNeutral, medium convictionWritten eight weeks after the June-quarter beat and a month before Q2 fiscal 2027 results, with the shares back near $81 after a 31% fall from May's high.
Also checked 1 time with nothing new to act on.
Sources 33
Sources - 33
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-05-21Item 1 (products, customers, distribution, manufacturing, competition), risk factors (LTSAs, China anti-dumping probe, Malaysian tax), MD&A by product line, ASP stability, distributor and balance-sheet inventory days, debt and convertible terms, the preferred, dividends, executivesbacksC01C02C03C07C08C12C19C21C24C27C37C38C41C44C49C53C54C55C56
- S02primarycompany release2026-08-06June-quarter sales, GAAP and non-GAAP margins and EPS, the reconciliation (amortisation, share-based pay, tax), cash flow, net debt reduction, the September-quarter guide
Net sales of $1.485 billion, increased 38.0% from the year-ago quarter and up 13.2% sequentially.
backsC04C05C06C19C20C22C23C36 - S03primarytranscript2026-08-06Q1 fiscal 2027 earnings call transcriptdata/cache/transcripts/MCHP-2027Q1.json (FMP earning-call-transcript, quarter label 2027Q1, call held 2026-08-06)data-centre sales ($591M in 2025, about $1B expected in 2026), end-market growth, the August price increase, the gross-margin one-offs, leverage of 2.85 times, no buyback or dividend increase, PCIe Gen 5 and Gen 6, lead times; questions from UBS, BofA, Wells Fargo, Susquehanna, Morgan Stanley, Jefferies and others
we essentially lost all of our Gen 5 business, we got none by the time we came to market, that business was gone.
backsC05C09C10C11C13C20C39C40C42 - S04primarycompany release2026-05-07March-quarter sales against guide, fiscal 2026 non-GAAP EPS, the June-quarter guide, fiscal 2027 capex and the paused expansion
Midpoint of net sales guidance for the June 2026 quarter of $1.456 billion, which would be up 35.3% from a year ago quarter and 11.0% sequentially.
backsC36C38 - S05primarycompany release2023-05-04the peak: fiscal 2023 sales of $8.439B, non-GAAP operating margin of 46.9%, non-GAAP EPS of $6.02 against GAAP $4.02, and buybacks at an average $82.55 in the March 2023 quarter
Record net sales of $2.233 billion, up 1.6% sequentially and up 21.2% from the year ago quarter.
backsC03C32C55 - S06primarycompany filing2026-08-06distributor inventory days, balance-sheet inventory days, debt and cash at June 30, 2026, the convertible putbacksC08C19C49C56
- S07primarycompany filing2026-07-24Richard Simoncic, Chief Operating Officer, resigned effective August 17, 2026backsC26
- S08primarynews2026-08-19Menlo Microsystems: Menlo Microsystems appoints Richard Simoncic as chief executive officer Menlo Microsystemswhere the departing COO went, and what he ran
At Microchip, he founded the company's analog business and grew it into a $2+ billion annual revenue organization, while integrating more than 30 acquisitions.
backsC26 - S09secondarycompany release2026-09-21the Hailo close; terms not disclosed. The GlobeNewswire and microchip.com copies refused this client
today announced that it has completed its acquisition of Hailo, a provider of accelerated edge AI processors, vision processors, robotics processors and AI software technologies.
backsC42 - S10primarycompany filing2025-03-12the mandatory conversion date of March 15, 2028, the 16.0060 to 19.6080 conversion rate per preferred share, the initial price near $51.00 and the threshold appreciation price near $62.48backsC23
- S11primarycompany filing2026-02-19NXP names Microchip among its primary key public competitors; its microcontroller and processor lines for cars and industryread, but no claim rests on it
- S12primarycompany filing2026-02-26the Embedded Processing segment of general-purpose and automotive STM32 microcontrollersread, but no claim rests on it
- S13primarycompany filing2026-02-13Embedded Processing at about 15% of TI's revenue, $2,697M in 2025, with microcontrollers; customers reuse software across product generationsread, but no claim rests on it
- S14secondaryindustry data2026-04-07heise online: Europe's microcontroller market leaders: Infineon, NXP, and STMicroelectronics (Omdia)Omdia's 2025 microcontroller market of about $22.1B, down 0.3%; Infineon first at 23.2%; Microchip fifth
In second to fifth place are NXP, Renesas, STMicroelectronics, and Microchip. The five leading microcontroller manufacturers account for around 80 percent of the total market, estimates Omdia
backsC14 - S15secondaryindustry data2025-03-11Omdia's 2023 and 2024 microcontroller market totals, through a rival's release
The global microcontroller market reached 22.4 billion in 2024, down from 28.0 billion in 2023, as reported by Omdia.
backsC14 - S16primaryindustry data2025-02-15unit growth and an average microcontroller price; no unit total
While the total market is forecast to increase 3.8% and microcontroller shipments are forecast to increase 9% in 2025, the average selling price (ASP) is forecast to decrease five cents to $1.01 in 2025.
backsC16 - S17primaryindustry data2026-06-02analog market of $86.5B in 2025, forecast $95.4B in 2026 and $101.7B in 2027; the JEITA copy gives $79.6B for 2024. WSTS publishes no microcontroller-only line
Analog 86,519 95,358 101,662 8.7 10.2 6.6
backsC15 - S18primarycompany filing2026-08-05a distributor's sales up 48% on a year and inventory days of 81, down 18backsC17
- S19primarycompany filing2026-08-06Microchip's largest distributor: components sales up 39% on a year, book-to-bill well above paritybacksC17
- S20primaryindustry data2026-09-24industrial robot installations up 11% in 2025
The global operational stock of industrial robots surged 9% to a record 5 million units in 2025. This was driven by an 11% jump in annual installations
backsC18 - S21primaryindustry data2026-04-23world vehicle production in units
Global vehicle production rose from 92.7 million units in 2024 to 96.4 million in 2025 (+3.9%)
backsC18 - S22secondaryvendor data2026-10-03Research pack (FMP market tier and filed statements), frozen at content/MCHP/research-pack.jsoncontent/MCHP/research-pack.jsonlast close, company value and multiples against six-year medians, the price-move split, the analyst split, consensus estimates, the cohort, short interestbacksC03C04C28C29C30C34C35C43C44
- S23primarycompany filing2026-10-03every open-market insider trade with its Rule 10b5-1 flagbacksC25
- S24primaryregulator2026-09-15shares sold short and days to cover
32,590,000 shares short, settlement date 2026-09-15, as read by scripts/api/finra.py
backsC34 - S25primaryindustry data2017-04-0147% of projects reused the previous processor; of those, 22% because switching was too expensive or slow, 54% for software compatibility, 48% to keep the same tools
68% say “ecosystem” outweighs “the chip” (25%). Best ecosystem is Microchip and TI.
backsC46 - S26primaryindustry data2023-06-15about half of projects change processor; read by an agent fetch twice with the same wording, since the repository fetcher got no response
However nearly half of all projects involve using processors that differ from those used previously, in an effort to access a richer set of features and to work with vendors with better and more clearly laid out roadmaps.
backsC46 - S27primaryindustry data2023-08-11the car-grade qualification a replacement chip must pass: 77 parts from each of 3 lots with no failures in the life test, plus the carmaker's own approval
Requalification of a device is required when the supplier makes a change to the product and/or process that impacts (or could potentially impact) the form, fit, function, quality and/or reliability of the device
backsC48 - S28primarycompany filing2026-04-02MCU revenue up 13.0% on 22.3% more units (500.3M) at lower prices; 1.2% global share per Frost & Sullivan; names Infineon, Renesas, NXP and ST as the incumbents
partially offset by a decrease in average selling prices from RMB4.13 per unit in 2024 to RMB3.82 per unit in 2025 primarily due to the more competitive prices we offered to further solidify and expand our market share amid intensified market competition.
backsC45 - S29primarycompany filing2026-02-10names Microchip among its wireless microcontroller competitors, beside Espressif, Nordic and Telinkread, but no claim rests on it
- S30secondarynews2024-11-24a rival's account of the same correction: inventory from fixed contracts, Chinese competition
He added that the re-absorption of inventory was responsible for 60 percent of the ST’s microcontroller sales decline with the rest being down to the shrinking market and loss of market share.
read, but no claim rests on it - S31primarycompany filing2026-08-19stockholders approved 12,000,000 more shares for the 2004 Equity Incentive PlanbacksC24
- S32primarycompany filing2026-07-06beneficial ownership at June 22, 2026; the MICP quarterly bonus metrics, targets and payouts for fiscal 2026; the PSU metric (non-GAAP operating margin over twelve quarters); the interim and permanent CEO awards; the 2025 say-on-pay result and the outreach; director biographiesbacksC50C51C52C53
- S33primarycompany filing2026-08-19the 2026 advisory vote on executive pay: 366,406,303 for, 77,323,079 against, 1,758,166 abstainingbacksC52