MACOM Technology Solutions Holdings, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Sep 2025, United States was 44% and China was 28% of revenue; China rose from 20% in the fiscal year to Sep 2023; Asia Pacific, excluding China was 12%, from 14% in the fiscal year to Sep 2023.

Quarters: MACOM Technology Solutions Holdings, Inc.'s SEC filings, named by the month they end. Fiscal years: MACOM Technology Solutions Holdings, Inc.'s annual reports to the SEC.

How it makes money

The company loses $5.6 for every $100 of revenue. It was profitable 3 years ago and is now loss-making.

Circled: Sep 2022 (net 134.4%, operating 20.8%), Dec 2024 (net −76.8%, operating 8.0%). Net margin is usually less than 1 point below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: MACOM Technology Solutions Holdings, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 58.3% and rising for 3 quarters; inventory at 198 days, down from 211 a year earlier; capital spending 12.7% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report MACOM Technology Solutions Holdings buys from Gallium Semiconductor; sells to Empower RF Systems, Mission; two customers it does not name account for 12.4% and 11.2% of its revenue.

Suppliers

G

Gallium Semiconductor

 

MMTSIMACOM Technology Solutions Holdings

Customers

Unnamed customer 12%

Unnamed customer 11%

Empower RF Systems

M

Mission

MACOM Technology Solutions Holdings's 10-Q for the quarter to Jun 2026 gives two customers' shares of its revenue: Customer A (23%) and Customer C (13%). Separately, it gives a group of customers: Top Ten Customers (60%).

From MACOM Technology Solutions Holdings, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Nov 12, 2024)

Empower RF SystemsNamed for the first time, as a customer$0.4 million in fiscal year ended October 3, 2025

One of our resellers (unnamed)Customer, share of revenue11.3% → 12.4%

Only the companies MACOM Technology Solutions Holdings names in its 10-K filed Nov 14, 2025 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 57x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 171% above the peer median of 21x.

MTSI has no trailing P/E on its latest close from SEC filings; over five years the median was 74.5×, the middle half 17.7×–116×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits. The P/E in the key figures is Yahoo Finance's: the latest close over its trailing earnings.

What analysts expect

The average analyst price target is $327, 33% above the current price; 88% of 16 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 14 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $176.67 to $319.11 (+81%), while MTSI went from $162.24 to $245.76 (+51%). In the past three months targets were cut 5 times and never raised. 2 upgrades and no downgrades over the year; the latest: Raymond James moved it to Outperform from Market Perform on Oct 27, 2026.

The day after each of these reports the stock moved +9.7% (Dec 2025, beat); +16.2% (Mar 2026, beat); +18.0% (Jun 2026, beat).

For the quarter ending Dec 2026 (MACOM Technology Solutions Holdings reports on Feb 4, 2027), analysts expect adjusted earnings of $2.25 a share, 121% more than the $1.02 of a year earlier, and revenue of $455M, up 68% on a year earlier. For the fiscal year ending Sep 2027, they expect adjusted earnings of $9.80 a share, 75% more than the $5.60 of the year before, and revenue of $1.9B.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $204M in free cash flow over the year, of which $48M went back to shareholders (dividends plus buybacks), leaving $156M in the company.

MACOM Technology Solutions Holdings had 78M diluted shares in the quarter ended Jun 2026, 3.4% more than a year earlier, and 2.5% more each year on average since Mar 2020. It spent $48M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 3.7, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 8 funds whose copy leaves MTSI out (on the exchange, not in the app yet): Whale Rock Capital Management, Mirae Asset Global Investments, Temasek Holdings (Private), Norges Bank, Swiss National Bank, Rob Bresnahan and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held MTSI at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 1 cut, 2 bought new and 1 sold all. The largest of them is Norges Bank, 996,731 shares worth $379M at Jun 30, 2026, 75.3% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MTSI at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $55.5M of MTSI on the open market in the 12 months to Nov 12, 2026; none bought. 65% of the sales were made under 10b5-1 plans, set up in advance. The largest was Peter Y Chung (Director), who sold $16.4M in 1 sale.

From the Form 4s filed with the SEC about MACOM Technology Solutions Holdings, Inc. (68 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 51 other transactions (grants, shares withheld for tax and gifts). Also not counted: 19 trades by holders of more than 10% who are neither officers nor directors.