Detailed financial statements for SiTime Corporation (SITM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
SiTime Corporation is a company that focuses on the development, manufacturing, and worldwide distribution of advanced silicon-based timing solutions. Their operations span key regions such as Taiwan, Hong Kong, and the United States, in addition to broader international markets. The company's core offerings include a comprehensive range of timing components like resonators, clock integrated circuits (ICs), and diverse types of oscillators.
Analysis Summary
SiTime Corporation reported revenue of $326.7M in the most recent fiscal year, growing at a 5-year CAGR of 23.0%.
Trailing-twelve-month margins: gross margin 58.7%, operating margin -1.7%, net margin 3.0%. Free cash flow grew at 31.5% CAGR over 5 years.
At the current price of $548.90, SITM trades at a P/E of 1035.66 and an ROE of -3.71%. Market capitalisation stands at $14.5B, placing it among large-cap names.
Balance sheet quality for SITM: current ratio of 11.3, net cash position of $803.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $101.1M | $85.2M | $84.1M | $116.2M | $218.8M | $283.6M | $144.0M | $202.7M | $326.7M |
| Cost of Revenue | $53.1M | $49.0M | $44.5M | $58.2M | $79.3M | $100.6M | $61.9M | $98.2M | $151.7M |
| Gross Profit | $47.9M | $36.2M | $39.6M | $57.9M | $139.5M | $183.0M | $82.1M | $104.5M | $175.0M |
| Research & Development | $21.0M | $22.8M | $23.8M | $31.7M | $52.1M | $90.3M | $97.6M | $106.9M | $118.9M |
| Selling, General & Admin | $21.3M | $21.2M | $20.6M | $34.9M | $54.5M | $76.5M | $84.0M | $102.2M | $116.5M |
| Operating Expenses | $42.3M | $44.0M | $44.4M | $66.5M | $106.6M | $166.8M | $189.3M | $219.7M | $235.4M |
| Operating Income | $5.6M | -$7.8M | -$4.9M | -$8.6M | $32.8M | $16.1M | -$107.2M | -$115.2M | -$60.4M |
| EBITDA | $9.1M | -$443000 | $3.4M | -$2.2M | $40.3M | $35.2M | -$83.3M | -$74.4M | -$2.1M |
| Interest Expense | $870000 | $1.5M | $1.7M | $726000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $4.7M | -$9.4M | -$6.6M | -$9.4M | $32.4M | $23.3M | -$80.4M | -$93.1M | -$42.3M |
| Income Tax | -$32000 | -$26000 | -$8000 | $1000 | $78000 | $82000 | $152000 | $486000 | $598000 |
| Net Income | $4.7M | -$9.3M | -$6.6M | -$9.4M | $32.3M | $23.3M | -$80.5M | -$93.6M | -$42.9M |
| EPS | $0.33 | $-0.65 | $-0.63 | $-0.58 | $1.70 | $1.09 | $-3.63 | $-4.05 | $-1.72 |
| EPS (Diluted) | $0.33 | $-0.65 | $-0.63 | $-0.58 | $1.53 | $1.03 | $-3.63 | $-4.05 | $-1.72 |
| Shares Outstanding (Diluted) | $14.3M | $14.3M | $10.6M | $16.1M | $21.1M | $22.7M | $22.2M | $23.1M | $25.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $83.6M | $113.3M | $113.6M | $157.4M |
| Gross Profit | $44.7M | $63.9M | $67.0M | $99.1M |
| Operating Income | -$16.0M | $4.8M | -$4.7M | $8.2M |
| EBITDA | $2.0M | $21.0M | $7.2M | $21.5M |
| Net Income | -$8.0M | $9.2M | -$5.2M | $18.2M |
| EPS | $-0.31 | $0.35 | $-0.20 | $0.69 |
| EPS (Diluted) | $-0.31 | $0.34 | $-0.20 | $0.66 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $9.1M | $7.9M | $63.4M | $73.5M | $559.5M | $34.6M | $9.5M | $6.1M | $16.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $529.5M | $518.7M | $412.7M | $791.6M |
| Receivables | $22.6M | $20.6M | $18.7M | $24.7M | $38.4M | $41.2M | $21.9M | $38.2M | $45.0M |
| Inventory | $15.4M | $20.5M | $11.9M | $12.3M | $23.6M | $57.6M | $65.5M | $76.7M | $81.6M |
| Total Current Assets | $53.7M | $53.1M | $99.7M | $113.2M | $625.9M | $669.1M | $623.2M | $544.1M | $949.3M |
| Property, Plant & Equipment | $12.7M | $11.3M | $19.1M | $20.6M | $46.1M | $69.6M | $62.9M | $89.0M | $109.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $87.1M | $87.1M | $87.1M |
| Intangible Assets | $8.1M | $8.1M | $4.5M | $2.1M | $6.0M | $5.2M | $177.1M | $163.6M | $147.4M |
| Total Assets | $74.7M | $72.7M | $123.4M | $136.0M | $678.2M | $750.6M | $951.7M | $885.0M | $1.29B |
| Accounts Payable | $5.8M | $5.0M | $3.9M | $6.2M | $13.1M | $14.9M | $8.7M | $22.9M | $21.3M |
| Short-term Debt | $43.0M | $46.0M | $41.0M | 0 | 0 | 0 | 0 | 0 | $2.5M |
| Total Current Liabilities | $54.4M | $58.7M | $53.3M | $19.1M | $37.4M | $33.8M | $121.4M | $108.4M | $84.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.1M |
| Total Liabilities | $57.1M | $61.7M | $61.3M | $26.1M | $45.7M | $42.1M | $243.6M | $185.2M | $138.5M |
| Retained Earnings | -$38.1M | -$47.4M | -$54.0M | -$63.4M | -$31.1M | -$7.9M | -$88.4M | -$182.0M | -$224.9M |
| Total Equity | $17.7M | $11.0M | $62.1M | $109.9M | $632.5M | $708.5M | $708.1M | $699.7M | $1.16B |
| Total Debt | $43.0M | $46.0M | $50.8M | $8.2M | $7.7M | $10.6M | $8.0M | $6.2M | $4.7M |
| Net Debt | $33.9M | $38.1M | -$12.6M | -$65.3M | -$551.7M | -$553.5M | -$520.2M | -$412.6M | -$803.7M |
| Working Capital | -$693000 | -$5.6M | $46.4M | $94.0M | $588.6M | $635.3M | $501.8M | $435.6M | $865.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $27.1M | $16.8M | $498.5M | $1.92B |
| Total Assets | $1.28B | $1.29B | $1.29B | $2.51B |
| Total Liabilities | $173.6M | $138.5M | $133.9M | $1.48B |
| Total Equity | $1.10B | $1.16B | $1.16B | $1.03B |
| Total Debt | $4.4M | $4.7M | $3.0M | $1.32B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $4.7M | -$9.3M | -$6.6M | -$9.4M | $32.3M | $23.3M | -$80.5M | -$93.6M | -$42.9M |
| Depreciation & Amortization | $3.5M | $7.4M | $8.3M | $6.4M | $7.9M | $11.8M | $16.1M | $30.1M | $40.2M |
| Stock-based Compensation | $2.0M | $831000 | $1.4M | $16.0M | $30.0M | $57.4M | $76.8M | $92.6M | $103.5M |
| Change in Working Capital | -$8.1M | -$9.1M | $4.0M | $1.1M | -$13.1M | -$51.0M | -$4.3M | -$25.0M | -$21.8M |
| Operating Cash Flow | $2.8M | -$1.0M | $7.4M | $16.6M | $59.1M | $39.8M | $8.1M | $23.2M | $87.2M |
| Capital Expenditure | -$8.0M | -$5.0M | -$3.2M | -$7.8M | -$33.8M | -$35.6M | -$12.2M | -$36.2M | -$52.5M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$145.1M | -$39.0M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.2M | -$6.1M | $4.2M | $8.8M | $25.3M | $4.1M | -$4.2M | -$13.0M | $34.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $31.4M | $25.4M | $31.2M | $12.1M |
| Capital Expenditure | -$5.1M | -$12.6M | -$13.5M | -$12.2M |
| Free Cash Flow | $26.3M | $12.8M | $17.7M | -$106000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $27.8M | $24.4M | $30.8M | $31.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -15.7% | -1.3% | +38.2% | +88.4% | +29.6% | -49.2% | +40.8% | +61.2% |
| Net Income Growth (YoY) | | -297.8% | +29.3% | -41.8% | +444.4% | -28.0% | -446.3% | -16.2% | +54.2% |
| EPS Growth (YoY) | | -297.0% | +3.1% | +7.9% | +393.1% | -35.9% | -433.0% | -11.6% | +57.5% |
| Shares Change (YoY) | | +0.0% | -26.2% | +52.2% | +31.6% | +7.2% | -2.1% | +4.2% | +8.0% |
| FCF Growth (YoY) | | -16.5% | +168.9% | +111.0% | +187.0% | -83.8% | -202.2% | -210.7% | +366.4% |
| Gross Margin | 47.4% | 42.5% | 47.1% | 49.9% | 63.7% | 64.5% | 57.0% | 51.6% | 53.6% |
| Operating Margin | 5.5% | -9.1% | -5.8% | -7.4% | 15.0% | 5.7% | -74.4% | -56.9% | -18.5% |
| EBITDA Margin | 9.0% | -0.5% | 4.0% | -1.9% | 18.4% | 12.4% | -57.9% | -36.7% | -0.6% |
| Net Margin | 4.7% | -11.0% | -7.9% | -8.1% | 14.8% | 8.2% | -55.9% | -46.2% | -13.1% |
| FCF Margin | -5.1% | -7.1% | 5.0% | 7.6% | 11.6% | 1.4% | -2.9% | -6.4% | 10.6% |
| Effective Tax Rate | -0.7% | 0.3% | 0.1% | -0.0% | 0.2% | 0.4% | -0.2% | -0.5% | -1.4% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.36 | $-0.42 | $0.40 | $0.55 | $1.20 | $0.18 | $-0.19 | $-0.56 | $1.39 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $14.3M | $14.3M | $10.6M | $16.1M | $19.0M | $21.2M | $22.2M | $23.1M | $25.0M |
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 | -3.71% |
| Return on Invested Capital | -4.98% |
| Return on Assets | -3.31% |
| Gross Margin | 58.71% |
| Operating Margin | -1.66% |
| Net Margin | 3.01% |
Financial Health
| Debt / Equity | 1.29 |
| Current Ratio | 19.45 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 38.85 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 39.39 | -20.00 | -40.48 | -192.98 | 172.08 | 93.23 | -33.63 | -52.97 | -205.34 |
| P/B | 10.52 | 16.88 | 4.33 | 16.36 | 8.79 | 3.05 | 3.83 | 7.09 | 7.63 |
| P/S | 1.84 | 2.18 | 3.20 | 15.48 | 25.41 | 7.61 | 18.81 | 24.47 | 26.99 |
| Gross Margin | 47.4% | 42.5% | 47.1% | 49.9% | 63.7% | 64.5% | 57.0% | 51.6% | 53.6% |
| Operating Margin | 5.5% | -9.1% | -5.8% | -7.4% | 15.0% | 5.7% | -74.4% | -56.9% | -18.5% |
| Net Margin | 4.7% | -11.0% | -7.9% | -8.1% | 14.8% | 8.2% | -55.9% | -46.2% | -13.1% |