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Silicon Motion Technology Corporation

$179.50−2.3%Close 11/12
Compare SIMO with another stock
Growing?
No: revenue went from $946M in FY22 to $886M in FY25.
Expensive?
P/E (trailing) 19.3×. In line with the peer median of 21x.
Analysts?
92% of 13 say buy; average 12-month target $363, 102% above today's price.
Risky?
Much swingier than most large companies: its price swung 91% over the past year (the S&P 500's 14%), and it fell as much as 59% since Nov 2021.
Market cap$6.1B
Revenue (TTM)$1.6B
Net income (TTM)$316M
P/E (trailing)19.3x
52-week closing range$80 – $337
Forward P/E8.3x

Silicon Motion Technology Corporation designs and sells NAND flash controller ICs and related firmware/IP used in SSDs (client/enterprise/portable/automotive) and embedded storage such as eMMC and UFS; it also offers industrial/automotive embedded storage products under the Ferri family.

More about Silicon Motion Technology

Revenue is primarily generated from selling controller ICs (merchant semiconductor components) to NAND flash vendors, storage module makers, and OEMs.

Market Position

Silicon Motion positions itself as a leading merchant supplier of NAND flash controllers, including client SSD controllers for PCs and eMMC/UFS controllers used in smartphones and IoT devices, competing on controller performance/power, broad NAND compatibility, and long-tenured customer relationships.

Key Segments

Key product areas include SSD controllers (client/enterprise/portable/automotive), mobile storage controllers (eMMC/UFS), expandable storage controllers (flash card/USB flash drive), and Ferri embedded storage solutions.

How has the stock done?

Over the past year SIMO rose 96.7%; the semiconductor ETF (SMH) rose 41.1% and the S&P 500 rose 10.8%.

SIMO +96.7%Semiconductor ETF (SMH) +41.1%
How much it movesRisk
Biggest fall
−59%

From May 5, 2022 to Apr 21, 2025, the deepest drop from a high since Nov 2021

Volatility, past year
91%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
2.52

When the S&P 500 moves 1%, the stock has moved about 2.5% the same way

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.

Is the business growing?

Revenue went from $946M in FY22 to $886M in FY25; net income from $173M to $123M.

RevenueNet income
Show the data
Fiscal yearRevenueNet income
FY22$946M$173M
FY23$639M$53M
FY24$804M$89M
FY25$886M$123M

Fiscal years: Yahoo Finance.

How it makes money

Of every $100 in revenue, $13.8 ends up as net income. Net margin fell from 18.2% to 13.8% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-12-31
Revenue
Total sales
$886M100%
Gross profit
Revenue minus direct costs
$428M48.3% of revenue
Cost of revenue
Direct cost of making or buying goods
$458M51.7% of revenue
Operating income
Profit from the core business
$93M10.5% of revenue
Net income
What is left for shareholders after tax
$123M13.8% of revenue
Gross margin, fiscal year
48.3%

−1.0 pts over 3 years

Operating margin, fiscal year
10.5%

−12.2 pts over 3 years

Net margin, fiscal year
13.8%

−4.4 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.

Where it is in the chip cycle

Gross margin 53.6% and rising for 2 quarters; inventory at 336 days, up from 167 a year earlier; capital spending 3.5% of revenue over the last 4 quarters.

Gross marginBy quarter
53.6%Up 5.0 pts from a year earlier
Show the data
PeriodGross margin
Sep ’2548.6%
Dec ’2549.1%
Mar ’2647.1%
Jun ’2650.2%
Sep ’2653.6%

Chip prices rise and fall with the cycle, and margins move with them: a margin that stops rising is often the first sign the cycle is turning.

Inventory daysBy fiscal year (ends in December)
336 daysUp from 167 days in FY24
Show the data
PeriodInventory days
FY22219
FY23215
FY24167
FY25336

How many days of sales are sitting in stock. Rising inventory days often come before a downturn: chips are being made faster than they sell.

Capital spendingShare of revenue, by quarter
3.5%Of revenue over the 4 quarters to Sep ’26 (highlighted bars)
Show the data
PeriodCapital spending
Sep ’258.3%
Dec ’252.8%
Mar ’265.3%
Jun ’261.7%
Sep ’264.1%

Money put into factories and equipment. Heavy spending late in an upswing can leave the industry with too much capacity when demand cools.

Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Silicon Motion Technology buys from TSMC, SMIC, ASE Technology and 6 more; sells to PHISEMI, Kioxia Holdings, AFASTOR and 2 more.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Suppliers

ASE Technology ASX
TSMC TSM
HT
KYEC 2449.TW
OSE
Powertech Technology 6239.TW
SMIC 0981.HK
Tongfu Microelectronics 002156.SZ
YTEC
SIMOSilicon Motion Technology

Customers

Kioxia Holdings KXIAY 10%
Micron Technology MU 10%
SK hynix SKHY 10%
AFASTOR 10%
PHISEMI 10%

Partners

CashidoSilicon Motion Technology invested in it · Minority equity investment
VastviewSilicon Motion Technology invested in it · Minority equity investment
BIWINSilicon Motion Technology invested in it · Minority equity investment
TWSCSilicon Motion Technology invested in it · Minority equity investment

Changes since the previous annual report (20-F filed Apr 30, 2025)

OSENamed for the first time, as a supplier
Tongfu MicroelectronicsNamed for the first time, as a supplier
Show the filing's words
CompanyRoleIn the filing's words
PHISEMIcustomer“Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.”
Kioxia Holdingscustomer“Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.”
AFASTORcustomer“Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.”
Micron Technologycustomer“Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.”
SK hynixcustomer“Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.”
TSMCsupplier“Two outside foundries, primarily Taiwan Semiconductor Manufacturing Company (“TSMC”), and secondarily Semiconductor Manufacturing International Corporation (“SMIC”), fabricate our semiconductors.”
SMICsupplier“Two outside foundries, primarily Taiwan Semiconductor Manufacturing Company (“TSMC”), and secondarily Semiconductor Manufacturing International Corporation (“SMIC”), fabricate our semiconductors.”
ASE Technologysupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
Powertech Technologysupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
OSEsupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
HTsupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
Tongfu Microelectronicssupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
KYECsupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
YTECsupplier“We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
Cashidopartner · Silicon Motion Technology invested in it“We have minority stake equity investments in Cashido, Vastview, BIWIN, and TWSC companies related to the semiconductor and other technology industries.”
Vastviewpartner · Silicon Motion Technology invested in it“We have minority stake equity investments in Cashido, Vastview, BIWIN, and TWSC companies related to the semiconductor and other technology industries.”
BIWINpartner · Silicon Motion Technology invested in it“We have minority stake equity investments in Cashido, Vastview, BIWIN, and TWSC companies related to the semiconductor and other technology industries.”
TWSCpartner · Silicon Motion Technology invested in it“We have minority stake equity investments in Cashido, Vastview, BIWIN, and TWSC companies related to the semiconductor and other technology industries.”

Only the companies Silicon Motion Technology names in its 20-F filed Apr 30, 2026 (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.

Is it expensive?

P/E of 19.3x, in line with the peer median of 21x, with earnings still growing.

19.3×P/E (trailing)

In line with the peer median of 21x.

Vs. peersP/E, trailing (x)
SIMOPeersPeer median 21x
Show the data
CompanyP/E (trailing)
AMD · Advanced Micro Devices, Inc.127×
AVGO · Broadcom Inc.46.5×
NVDA · NVIDIA Corporation21×
SIMO · Silicon Motion Technology Corporation19.3×
MU · Micron Technology, Inc.10.8×
SKHY · SK hynix Inc.8.8×

What analysts expect

The average analyst price target is $363, 102% above the current price; 92% of 13 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

12-month price targetsCurrent price $179.50
12 mo agoTodayIn 12 mo
High target
$450+151%
Average target
$363+102%
Low target
$310+73%
Ratings13 analysts
Strong Buy 3Buy 9Hold 1Sell 0Strong Sell 0

Buy or Strong Buy: 12 analysts (92%). Sell or Strong Sell: 0.

Targets and ratings over the past year15 changes by 6 firms

Over the past year the average of the analysts' latest price targets went from $111.67 to $348.75 (+212%), while SIMO went from $86.60 to $179.50 (+107%). In the past three months targets were raised once and cut twice. No firm upgraded or downgraded it over the year.

Average target $348.75SIMOMiddle half of targets
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Nov 9, 2026B. Riley SecuritiesTarget cutBuy$290.00, was $310.00
Oct 30, 2026B. Riley SecuritiesTarget raisedBuy$310.00, was $288.00
Oct 23, 2026B. Riley SecuritiesTarget cutBuy$288.00, was $350.00
Jul 31, 2026B. Riley SecuritiesTarget raisedBuy$350.00, was $312.00
Jul 31, 2026SusquehannaTarget raisedPositive$350.00, was $275.00
Jul 30, 2026NeedhamTarget raisedBuy$355.00, was $240.00
Jun 22, 2026WedbushTarget raisedOutperform$400.00, was $230.00
May 1, 2026JP MorganTarget raisedOverweight$260.00, was $145.00
Apr 30, 2026SusquehannaTarget raisedPositive$275.00, was $175.00
Apr 30, 2026WedbushTarget raisedOutperform$230.00, was $180.00
Apr 28, 2026WedbushTarget raisedOutperform$180.00, was $150.00
Feb 5, 2026WedbushTarget raisedOutperform$150.00, was $130.00
Feb 5, 2026NeedhamTarget raisedBuy$155.00, was $125.00
Jan 22, 2026William BlairBegan coverageOutperform—
Jan 12, 2026B. Riley SecuritiesTarget raisedBuy$135.00, was $125.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beatReported, missed
Show the data
QuarterEstimateReportedSurprise
Dec ’25$1.30$1.26−3.1%
Mar ’26$1.30$1.58+21.5%
Jun ’26$2.11$2.43+15.2%
Sep ’26$3.33$4.35+30.6%
Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026, analysts expect adjusted earnings of $5.17 a share, 310% more than the $1.26 of a year earlier, and revenue of $604M. For the fiscal year ending Dec 2027, they expect adjusted earnings of $21.55 a share, 58% more than the year before's estimate of $13.63, and revenue of $2.7B, up 40% on the year before's estimate.

EPS, quarter ending Dec 2026
$5.17+310% on a year earlier

Adjusted. Dec 2025: $1.26; range $4.69 to $5.50; 9 analysts

Revenue, quarter ending Dec 2026
$604M

Range $602M to $613M; 9 analysts

EPS, year ending Dec 2027
$21.55+58% on the year before's estimate

Adjusted. The year to Dec 2026: $13.63 expected; range $19.28 to $23.22; 10 analysts

Revenue, year ending Dec 2027
$2.7B+40% on the year before's estimate

The year to Dec 2026: $2.0B expected; range $2.3B to $3.1B; 12 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Dec 2026EPS (adjusted)$5.17$4.69 to $5.509$1.26 (Dec 2025)+310%
Quarter ending Dec 2026Revenue$604M$602M to $613M9——
Quarter ending Mar 2027EPS (adjusted)$4.50$4.16 to $4.799$1.58 (Mar 2026)+185%
Quarter ending Mar 2027Revenue$580M$527M to $620M8——
Year ending Dec 2026EPS (adjusted)$13.63$13.06 to $14.5210——
Year ending Dec 2026Revenue$2.0B$2.0B to $2.0B11——
Year ending Dec 2027EPS (adjusted)$21.55$19.28 to $23.2210$13.63 (expected, year to Dec 2026)+58%
Year ending Dec 2027Revenue$2.7B$2.3B to $3.1B12$2.0B (expected, year to Dec 2026)+40%

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

Capex of $56M exceeds operating cash flow of −$350M, leaving free cash flow of −$406M. It still paid $68M to shareholders (dividends plus buybacks), so $474M had to come from cash on hand or borrowing.

Where a year of cash went4 quarters to Sep 2026
Show the data
LineAmount
Op. cash flow−$350M
Capex−$56M
Free cash flow−$406M
Dividends−$68M
Buybacks—
Cash retained−$474M
Free cash flow yield
−6.7%

Free cash flow is negative, so the company is burning cash.

Dividend yield
1.1%

For every $100 of market cap, you receive about $1.1 in dividends a year.

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.

Financial health

Current ratio 2.8, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Current ratio
2.8Strong liquidity

Assets that can be turned into cash soon are 2.8x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
0.0Very low debt

For every $1 of shareholder funds, there is $0.0 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash
$202MMore cash than debt

Cash and short-term investments of $202M and no debt. Lease obligations of $3M are not counted: they are rent owed, not money borrowed. It also holds $30M of long-term investments, all of them securities it could sell.

AssetsTotal ~$1.2B
Cash
$200M16.5%
Investments
$30M2.4%
Receivables
$210M17.3%
Inventory
$420M34.5%
Property & equipment
$230M19.0%
Other
$130M10.3%
Liabilities & equityTotal ~$1.2B
Current
$340M27.8%
Long-term
$50M4.3%
Equity
$830M67.9%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves SIMO out (on the exchange, not in the app yet): UNICOM Systems, Maverick Capital, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held SIMO at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 2 cut, 1 bought new and 1 held the same. The largest of them is First Eagle Investment Management, 52,865 shares worth $14.8M at Sep 30, 2026, 79.0% fewer than a quarter earlier.

Funds that added shares
3

1 of them new holders

Funds that cut
2

Over their latest quarter

Each fund's change in sharesChange in shares over the latest quarter
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
First Eagle Investment ManagementQ3 202652,865$14.8M−198,609−79%Nov 10, 2026
UNICOM SystemsQ3 202641,200$11.5M00.0%Oct 13, 2026
Mirae Asset Global InvestmentsQ3 20268,066$2.3M+4,322+115%Nov 3, 2026
Renaissance TechnologiesQ3 20266,479$1.8M+5,500+562%Nov 12, 2026
Maverick CapitalQ2 20261,847$616K−5,522−75%Aug 14, 2026
Nomura HoldingsQ2 2026762$254K+762NewAug 14, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SIMO 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.

Are insiders buying or selling?

Officers and directors sold $1.9M of SIMO on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Kuan-Ming Lin (Director), who sold $930K in 3 sales.

Sold
$1.9M

6 sales

Bought
None

0 purchases

Under 10b5-1 plans
0%

Share of the sales' value

Trades on the priceA dot a day, sized by value
SIMOSale
Who tradedOpen-market trades, last 12 months
Kuan-Ming Lin
Director
−$930K3 trades
Han-Ping Shieh
Director
−$629K2 trades
Shii Tyng Duann
Director
−$368K1 trade
Show every trade
DateInsiderRoleTradeSharesPriceValueFiled
Jun 18, 2026Kuan-Ming LinDirectorSale1,000$320.31$320KJun 24, 2026
Jun 18, 2026Han-Ping ShiehDirectorSale1,000$328.00$328KJun 24, 2026
Jun 17, 2026Kuan-Ming LinDirectorSale1,000$300.00$300KJun 24, 2026
Jun 17, 2026Kuan-Ming LinDirectorSale1,000$310.01$310KJun 24, 2026
Jun 2, 2026Han-Ping ShiehDirectorSale1,000$301.25$301KJun 24, 2026
May 6, 2026Shii Tyng DuannDirectorSale1,500$245.00$368KMay 7, 2026

From the Form 4s filed with the SEC about Silicon Motion Technology Corporation (3 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.

Logo: Nvidia, Apache License 2.0.