MediaTek's September revenue grew just 2.0% from a year earlier. Sales of NT$55.4bn still made it a big month. The median peer in our basket grew 61.4% in the same month. Big month, small growth.
A big month, but growth has almost stopped
MediaTek designs the chips inside phones, TVs and cars, and it posts its revenue The money a company takes in from selling its products, before any costs are taken out. every month. That makes it an early read on the chip cycle The long swing in chip demand, from shortages and rising orders to gluts and falling orders.. September was a smaller month than August: the change was -13.7%. Compared with the same month a year earlier, growth was only 2.0%. A headline about a big month leaves out that second number.
The year as a whole still looks fine. Cumulative revenue for the first nine months is 5.3% more than the same nine months a year earlier. Monthly figures bounce around a lot, so that nine-month total is the steadier read. The monthly release gives one company-wide figure, and a split by product line or business segment is not available in this data, so no single product can be named as the driver of the month. The newest month, though, is close to flat.
Glossary
- revenue
- The money a company takes in from selling its products, before any costs are taken out.
- chip cycle
- The long swing in chip demand, from shortages and rising orders to gluts and falling orders.
The peers around it grew far faster
Now the uncomfortable comparison. In the same month, the median peer in the basket grew 61.4%. That leaves MediaTek behind the middle of the group by -59.4 pp. The basket holds 4 peers: Realtek, Novatek, Global Unichip and Alchip. Among the five companies, MediaTek's growth was the lowest of the group.
How fast did the middle company in the peer group grow in the same month?
Actual61.4%
The median peer grew 61.4% in the same month, so MediaTek was not just a little behind the group — it sat at the bottom of it.
Show answer
61.4% The median peer grew 61.4% in the same month, so MediaTek was not just a little behind the group — it sat at the bottom of it.
Data table
| day | series | value | series_role |
|---|---|---|---|
| -5 | MediaTek | -0.6% | target |
| -4 | MediaTek | 3.7% | target |
| -3 | MediaTek | -1.2% | target |
| -2 | MediaTek | -2.9% | target |
| -1 | MediaTek | -5.8% | target |
| 0 | MediaTek | -7.1% | target |
| 1 | MediaTek | -9.1% | target |
| 2 | MediaTek | -10.1% | target |
| 3 | MediaTek | -16.4% | target |
| 4 | MediaTek | -14.7% | target |
| 5 | MediaTek | -15.6% | target |
| -5 | Peer basket | -0.4% | peer |
| -4 | Peer basket | 3.0% | peer |
| -3 | Peer basket | 3.6% | peer |
| -2 | Peer basket | 3.0% | peer |
| -1 | Peer basket | 4.0% | peer |
| 0 | Peer basket | 3.3% | peer |
| 1 | Peer basket | 2.6% | peer |
| 2 | Peer basket | 3.6% | peer |
| 3 | Peer basket | 0.0% | peer |
| 4 | Peer basket | 0.3% | peer |
| 5 | Peer basket | 2.0% | peer |
| -5 | Cumulative abnormal return | -0.2% | neutral |
| -4 | Cumulative abnormal return | 0.7% | neutral |
| -3 | Cumulative abnormal return | -4.6% | neutral |
| -2 | Cumulative abnormal return | -5.8% | neutral |
| -1 | Cumulative abnormal return | -9.8% | neutral |
| 0 | Cumulative abnormal return | -10.5% | neutral |
| 1 | Cumulative abnormal return | -11.9% | neutral |
| 2 | Cumulative abnormal return | -14.0% | neutral |
| 3 | Cumulative abnormal return | -17.5% | neutral |
| 4 | Cumulative abnormal return | -15.7% | neutral |
| 5 | Cumulative abnormal return | -18.5% | neutral |
My reading: the two design-service names in the basket live off custom AI chips, a different pool of demand from smartphones, so the gap says as much about end markets as about MediaTek. From the announcement day onward, MediaTek's shares trailed the four-peer basket by -8.8% over the same window. That is two things happening together, not proof that one caused the other.
Quick quiz
Why can one month's growth look weak even when sales are large?
Why：Growth compares this month with the same month a year ago. My reading: last September was already a strong month for MediaTek, so a large month this year still comes out almost flat.
Show answer
Because the comparison month a year earlier was already strong Growth compares this month with the same month a year ago. My reading: last September was already a strong month for MediaTek, so a large month this year still comes out almost flat.
Watch the margin and the price you pay
Monthly sales say nothing about profit. For that you need margins, and the quarterly statements only run through 2026Q2. In 2026Q2 gross margin The share of sales left after the direct cost of making the product. A higher share means more room to cover other costs. was 46.2%. That is -2.9 pp lower than a year earlier. Operating margin slipped from 2026Q1 to 2026Q2 by -0.3 pp. The company is keeping a slightly thinner slice of each dollar of sales than it did a year ago.
Glossary
- gross margin
- The share of sales left after the direct cost of making the product. A higher share means more room to cover other costs.
- P/E
- Share price divided by profit per share. It tells you how many years of current profit the market is paying for.
Data table
| order | category | amount | kind |
|---|---|---|---|
| 0 | 2026Q1 operating margin | 15.3% | total |
| 1 | Gross margin change | -0.1% | delta |
| 2 | Opex ratio change | -0.2% | delta |
| 3 | 2026Q2 operating margin | 15.0% | total |
Price is the other half of the story. MediaTek's trailing P/E Share price divided by profit per share. It tells you how many years of current profit the market is paying for. is 70.0x. The peer median is 39.5x. So the market is paying up for a company whose latest month grew in the low single digits, and that is the tension to keep an eye on in the next monthly report.
Risks
- A one-off order in August can flatter or depress the September month-on-month change.
- The peer basket holds only four names, so the comparison can mislead.
- Currency moves or accounting changes can distort the year-on-year comparison.
Sources
- 臺灣證券交易所 個股日成交資訊 3661 — data as of 2026-10-22; fetched 2026-11-05 19:06 UTC
- 臺灣證券交易所 個股日成交資訊 3443 — data as of 2026-10-22; fetched 2026-11-05 19:06 UTC
- 臺灣證券交易所 個股日成交資訊 2454 — data as of 2026-10-22; fetched 2026-11-05 19:06 UTC
- 臺灣證券交易所 個股日成交資訊 3034 — data as of 2026-10-22; fetched 2026-11-05 19:06 UTC
- 臺灣證券交易所 個股日成交資訊 2379 — data as of 2026-10-22; fetched 2026-11-05 19:06 UTC
- FinMind 財務報表 / 現金流量表 2454（原始來源：公開資訊觀測站） — data as of 2026-06-30; fetched 2026-11-05 19:06 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)