Detailed financial statements for Silicon Motion Technology Corporation (SIMO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Silicon Motion Technology Corporation (SIMO) is a prominent company specializing in the design, development, and distribution of NAND flash controllers, which are essential components for a wide array of solid-state storage devices. Their product range supports diverse applications, including controllers for computing-grade Solid-State Drives (SSDs) found in personal computers and other client devices.
Analysis Summary
Silicon Motion Technology Corporation reported revenue of $885.6M in the most recent fiscal year, growing at a 5-year CAGR of 10.4%. Net income reached $122.7M, with a 9.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.5%, operating margin 21.3%, net margin 19.4%. Free cash flow grew at -42.2% CAGR over 5 years.
At $208.65 (closing price, October 30, 2026), SIMO trades at a P/E of 22.44 and an ROE of 32.30%. Market capitalisation stands at $7.0B.
Balance sheet quality for SIMO: current ratio of 2.8. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $6.3M represents 5% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $556.1M | $523.4M | $530.3M | $457.3M | $539.5M | $922.1M | $945.9M | $639.1M | $803.6M | $885.6M |
| Cost of Revenue | $281.5M | $272.2M | $269.5M | $235.1M | $279.4M | $461.3M | $480.1M | $368.8M | $432.7M | $458.1M |
| Gross Profit | $274.6M | $251.2M | $260.8M | $222.2M | $260.2M | $460.8M | $465.8M | $270.4M | $368.8M | $427.5M |
| Research & Development | $92.4M | $102.1M | $102.0M | $110.1M | $121.8M | $164.3M | $188.5M | $174.4M | $217.8M | $262.7M |
| Selling, General & Admin | $42.8M | $42.8M | $46.9M | $42.8M | $40.4M | $50.6M | $63.0M | $54.8M | $58.8M | $71.8M |
| Operating Expenses | -$138.0M | -$156.0M | -$156.9M | $153.7M | $162.2M | $214.9M | $251.9M | $230.5M | $277.9M | $334.5M |
| Operating Income | $137.3M | $103.8M | $108.9M | $71.3M | $115.1M | $245.9M | $213.9M | $39.9M | $90.9M | $93.0M |
| EBITDA | $150.3M | $112.6M | $125.6M | $85.4M | $99.3M | $264.4M | $231.6M | $83.0M | $132.7M | $170.3M |
| Interest Expense | $127,000 | $423,000 | $378,000 | $3,000 | 0 | 0 | $71,000 | 0 | 0 | 0 |
| Pre-tax Income | $138.6M | $99.0M | $109.9M | $72.1M | $85.6M | $247.3M | $212.6M | $61.0M | $107.4M | $140.1M |
| Income Tax | $27.7M | $24.0M | $11.8M | $7.7M | $5.8M | $47.3M | $40.1M | $8.2M | $18.2M | $17.5M |
| Net Income | $110.9M | $75.0M | $100.3M | $64.4M | $79.7M | $200.0M | $172.5M | $52.9M | $89.2M | $122.7M |
| EPS | $3.15 | $2.10 | $2.78 | $1.83 | $2.29 | $5.75 | $5.18 | $1.59 | $10.60 | $14.60 |
| EPS (Diluted) | $3.12 | $2.09 | $2.78 | $1.83 | $2.28 | $5.73 | $5.16 | $1.58 | $10.56 | $14.60 |
| Shares Outstanding (Diluted) | 35.5 M | 35.9 M | 36.1 M | 35.3 M | 35.0 M | 35.0 M | 33.4 M | 33.5 M | 33.7 M | 8.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $278.5M | $342.1M | $451.0M | $561.1M |
| Gross Profit | $136.8M | $161.3M | $226.2M | $300.9M |
| Operating Income | $31.7M | $52.2M | $101.1M | $162.8M |
| EBITDA | $65.6M | $61.2M | $110.4M | $172.4M |
| Net Income | $47.7M | $66.8M | $136.1M | $65.4M |
| EPS | $5.68 | $7.92 | $16.04 | $7.72 |
| EPS (Diluted) | $5.68 | $7.88 | $15.96 | $7.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $274.5M | $359.5M | $285.0M | $323.2M | $343.0M | $360.1M | $232.2M | $314.3M | $276.1M | $201.8M |
| Short-term Investments | $3.3M | $6.9M | $3.6M | $2.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $73.6M | $79.1M | $91.8M | $108.7M | $115.8M | $208.6M | $206.1M | $194.7M | $233.7M | $211.5M |
| Inventory | $71.9M | $94.2M | $81.5M | $88.4M | $110.2M | $163.1M | $288.0M | $216.9M | $201.2M | $421.8M |
| Total Current Assets | $476.9M | $568.8M | $496.4M | $565.2M | $618.1M | $818.1M | $787.9M | $793.2M | $796.8M | $943.4M |
| Property, Plant & Equipment | $47.9M | $51.4M | $101.4M | $97.8M | $112.2M | $124.5M | $139.4M | $181.5M | $188.4M | $217.3M |
| Goodwill | $68.7M | $59.0M | $58.3M | $17.5M | 0 | -$12.8M | 0 | 0 | 0 | 0 |
| Intangible Assets | $5.2M | $7.4M | $1.0M | $3.6M | 0 | $6.5M | $3.8M | 0 | $7.2M | 0 |
| Total Assets | $606.0M | $693.8M | $672.7M | $697.7M | $742.1M | $971.3M | $961.2M | $1.01B | $1.03B | $1.22B |
| Accounts Payable | $31.7M | $56.4M | $27.7M | $30.7M | $44.5M | $80.8M | $36.0M | $55.6M | $17.8M | $34.7M |
| Short-term Debt | $25.0M | $25.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $146.0M | $177.2M | $111.6M | $125.8M | $158.7M | $281.6M | $183.9M | $212.8M | $199.6M | $337.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $163.3M | $199.7M | $138.2M | $160.9M | $184.3M | $313.8M | $228.6M | $273.3M | $259.1M | $390.3M |
| Retained Earnings | $215.7M | $247.5M | $301.9M | $271.0M | $281.6M | $412.1M | $425.1M | $411.2M | $432.6M | 0 |
| Total Equity | $442.7M | $494.1M | $534.5M | $536.8M | $557.7M | $657.6M | $732.6M | $734.7M | $773.8M | $830.7M |
| Total Debt | $25.0M | $25.0M | 0 | $3.0M | $3.1M | $2.9M | $3.2M | $2.3M | $2.5M | 0 |
| Net Debt | -$252.8M | -$341.4M | -$288.6M | -$322.1M | -$339.9M | -$357.2M | -$229.0M | -$312.0M | -$273.5M | -$201.8M |
| Working Capital | $330.9M | $391.6M | $384.8M | $439.4M | $459.4M | $536.6M | $604.1M | $580.4M | $597.2M | $605.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $201.8M | $135.7M | $74.4M | $846.0M |
| Total Assets | $1.22B | $1.31B | $1.61B | $2.75B |
| Total Liabilities | $390.3M | $400.9M | $558.4M | $1.62B |
| Total Equity | $830.7M | $906.1M | $1.05B | $1.13B |
| Total Debt | 0 | 0 | $59.2M | $1.13B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $110.9M | $75.0M | $98.1M | $64.4M | $79.7M | $200.0M | $172.5M | $52.9M | $89.2M | $122.6M |
| Depreciation & Amortization | $11.6M | $13.1M | $14.8M | $13.2M | $13.6M | $17.2M | $18.9M | $21.8M | $25.3M | $30.2M |
| Stock-based Compensation | $17.4M | $15.5M | $20.8M | $14.6M | $14.6M | $19.5M | $26.7M | $17.5M | $17.0M | $26.3M |
| Change in Working Capital | -$11.0M | -$8.8M | -$28.2M | -$18.7M | -$7.8M | -$60.5M | -$131.0M | $64.4M | -$53.4M | -$78.2M |
| Operating Cash Flow | $125.6M | $103.9M | $108.2M | $77.7M | $117.2M | $174.7M | $83.9M | $149.1M | $77.1M | $61.4M |
| Capital Expenditure | -$12.2M | -$11.7M | -$74.9M | -$11.0M | -$19.5M | -$24.7M | -$32.9M | -$50.3M | -$44.4M | -$55.1M |
| Acquisitions | 0 | -$2.9M | 0 | $44.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$33.5M | -$26.2M | -$25.0M | -$45.7M | -$133.2M | 0 | 0 | -$24.3M |
| Dividends Paid | -$22.9M | -$32.1M | -$43.3M | -$44.0M | -$48.9M | -$54.0M | -$49.9M | -$16.7M | -$67.3M | -$67.2M |
| Free Cash Flow | $113.3M | $92.2M | $33.4M | $66.7M | $97.7M | $150.0M | $51.0M | $98.8M | $32.7M | $6.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.5M | -$31.2M | -$63.8M | -$256.5M |
| Capital Expenditure | -$7.7M | -$18.2M | -$7.7M | -$23.0M |
| Free Cash Flow | -$6.3M | -$49.4M | -$71.5M | -$279.5M |
| Dividends Paid | -$16.7M | -$16.9M | -$16.9M | -$17.0M |
| Stock-based Compensation | $15.8M | $8.4M | $3.4M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -5.9% | +1.3% | -13.8% | +18.0% | +70.9% | +2.6% | -32.4% | +25.7% | +10.2% | |
| Net Income Growth (YoY) | -32.4% | +33.6% | -35.8% | +23.8% | +150.8% | -13.7% | -69.4% | +68.8% | +37.5% | |
| EPS Growth (YoY) | -33.3% | +32.4% | -34.2% | +25.1% | +151.1% | -9.9% | -69.3% | +566.7% | +37.7% | |
| Shares Change (YoY) | +1.1% | +0.6% | -2.3% | -0.9% | +0.0% | -4.6% | +0.2% | +0.8% | -75.1% | |
| FCF Growth (YoY) | -18.7% | -63.8% | +99.7% | +46.5% | +53.6% | -66.0% | +93.9% | -66.8% | -80.8% | |
| Gross Margin | 49.4% | 48.0% | 49.2% | 48.6% | 48.2% | 50.0% | 49.2% | 42.3% | 45.9% | 48.3% |
| Operating Margin | 24.7% | 19.8% | 20.5% | 15.6% | 21.3% | 26.7% | 22.6% | 6.2% | 11.3% | 10.5% |
| EBITDA Margin | 27.0% | 21.5% | 23.7% | 18.7% | 18.4% | 28.7% | 24.5% | 13.0% | 16.5% | 19.2% |
| Net Margin | 19.9% | 14.3% | 18.9% | 14.1% | 14.8% | 21.7% | 18.2% | 8.3% | 11.1% | 13.9% |
| FCF Margin | 20.4% | 17.6% | 6.3% | 14.6% | 18.1% | 16.3% | 5.4% | 15.5% | 4.1% | 0.7% |
| Effective Tax Rate | 20.0% | 24.3% | 10.7% | 10.6% | 6.8% | 19.1% | 18.8% | 13.4% | 16.9% | 12.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.19 | $2.57 | $0.92 | $1.89 | $2.79 | $4.29 | $1.53 | $2.95 | $0.97 | $0.75 |
| Dividends Per Share | $0.64 | $0.89 | $1.20 | $1.25 | $1.40 | $1.54 | $1.50 | $0.50 | $1.99 | $8.00 |
| Shares Outstanding (Basic) | 35.2 M | 35.7 M | 36.0 M | 35.2 M | 34.9 M | 34.9 M | 33.3 M | 33.4 M | 33.6 M | 8.4 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 32.30% |
| Return on Invested Capital | 11.87% |
| Return on Assets | 11.47% |
| Gross Margin | 50.54% |
| Operating Margin | 21.30% |
| Net Margin | 19.36% |
Financial Health
| Debt / Equity | 1.00 |
| Current Ratio | 5.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.77 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.49 | 25.22 | 12.41 | 27.71 | 21.03 | 16.53 | 12.55 | 37.51 | 5.10 | 6.35 |
| P/B | 3.38 | 3.82 | 2.33 | 3.32 | 3.01 | 5.04 | 2.95 | 2.71 | 2.35 | 0.94 |
| P/S | 2.69 | 3.61 | 2.34 | 3.90 | 3.11 | 3.59 | 2.28 | 3.11 | 2.26 | 0.88 |
| Gross Margin | 49.4% | 48.0% | 49.2% | 48.6% | 48.2% | 50.0% | 49.2% | 42.3% | 45.9% | 48.3% |
| Operating Margin | 24.7% | 19.8% | 20.5% | 15.6% | 21.3% | 26.7% | 22.6% | 6.2% | 11.3% | 10.5% |
| Net Margin | 19.9% | 14.3% | 18.9% | 14.1% | 14.8% | 21.7% | 18.2% | 8.3% | 11.1% | 13.9% |
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