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Microchip Technology (MCHP) delivered a strong fiscal year 2026 recovery, with revenue growing 7.1% to $4.71B, operating income surging 65.4% to $490.1M, and net income swinging to $230.0M from near breakeven, driven by improved gross margins and operational leverage.
营业收入
$4.71B
同比 ++7.08%
每股收益（基本）
$0.22
同比 ++2300.00%
毛利率
57.7%
同比 ++1.67%
营业利润
$490.1M
同比 ++65.41%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Microchip Technology (MCHP) FY2026 营收 $4.71B，同比增长 7.1%。 净利润 $230M，稀释每股收益 $0.22。 毛利率 57.7%。
MCHP achieved revenue of $4.71B in FY2026, up 7.1% from $4.40B in the prior year, signaling a meaningful recovery in demand for its microcontrollers and analog semiconductors after a period of inventory correction across the industry.
来源: Source: 10-K Income Statement
Gross margin improved by approximately 167 basis points to 57.7% from 56.1% in the prior year, reflecting better absorption of fixed manufacturing costs and a favorable product mix, with gross profit rising 10.3% to $2.72B.
来源: Source: 10-K Income Statement
Operating income surged 65.4% to $490.1M, with operating margin expanding from 6.7% to 10.4%, demonstrating significant operating leverage as revenue growth outpaced the 10.4% increase in R&D ($1.09B) and 9.2% increase in SG&A ($674.3M).
来源: Source: 10-K Income Statement
Operating cash flow grew 7.1% to $962.1M, but cash and equivalents fell sharply by 68.9% to $240.3M, primarily due to $1.30B in financing outflows — likely reflecting aggressive debt repayment — compared to only $158.3M in the prior year.
来源: Source: 10-K Cash Flow Statement
Long-term debt declined modestly by 2.4% to $5.50B, and the company suspended share buybacks entirely (vs. $96.5M in the prior year), suggesting capital allocation priorities shifted toward debt reduction and balance sheet strengthening.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
MCHP carries $5.50B in long-term debt against net income of only $230.0M and stockholders' equity of $6.43B, resulting in a debt-to-equity ratio of approximately 0.85x. While the company generates solid operating cash flow of $962.1M, the debt burden limits financial flexibility and increases vulnerability to interest rate changes or revenue downturns.
来源: Source: 10-K Balance Sheet
Cash and equivalents dropped 68.9% year-over-year to just $240.3M, driven by $1.30B in financing outflows. This sharp reduction in liquidity could constrain the company's ability to respond to unexpected operational needs, acquisitions, or economic shocks without accessing credit markets.
来源: Source: 10-K Cash Flow Statement
R&D expenses grew 10.4% to $1.09B and SG&A rose 9.2% to $674.3M, both outpacing revenue growth of 7.1%. If revenue growth moderates or reverses, these fixed-cost increases could compress margins significantly and pressure profitability.
来源: Source: 10-K Income Statement
Total assets fell 6.5% to $14.37B and stockholders' equity declined 9.1% to $6.43B, suggesting asset base contraction and potential goodwill or intangible asset amortization impacts. A continued decline in equity could affect credit ratings and borrowing costs.
来源: Source: 10-K Balance Sheet
Despite strong gross margins of 57.7%, net margin stands at only 4.9% and ROE at 3.6%, indicating that interest expense and other below-the-line costs are significantly eroding profitability. ROA of 1.6% further reflects underutilization of the company's large asset base relative to earnings.
来源: Source: 10-K Income Statement & Key Ratios
FY2026 实际 EPS $0.57，分析师一致预期 $0.52，超预期 +10.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.71B | $4.4B | +7.08% |
营业成本 | $1.99B | $1.93B | +3.01% |
毛利润 | $2.72B | $2.47B | +10.26% |
营业利润 | $490.1M | $296.3M | +65.41% |
净利润 | $230M | $-500,000 | +46100.00% |
每股收益（基本） | $0.22 | $-0.01 | +2300.00% |
每股收益（稀释） | $0.22 | $-0.01 | +2300.00% |
研发费用 | $1.09B | $983.8M | +10.38% |
销售及管理费用 | $674.3M | $617.7M | +9.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $14.37B | $15.37B | -6.53% |
流动资产 | $2.38B | $2.99B | -20.52% |
流动负债 | $1.14B | $1.16B | -1.63% |
股东权益 | $6.43B | $7.08B | -9.13% |
现金及等价物 | $240.3M | $771.7M | -68.86% |
长期债务 | $5.5B | $5.63B | -2.38% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $962.1M | $898.1M | +7.13% |
投资活动现金流 | $-195.5M | $-287.8M | +32.07% |
筹资活动现金流 | $-1.3B | $-158.3M | -719.96% |
股票回购 | $0 | $96.5M | -100.00% |
折旧及摊销 | $689.3M | $750.1M | -8.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 57.7% | 56.1% | +1.67% |
营业利润率 | 10.4% | 6.7% | +3.67% |
净利率 | 4.9% | — | — |
净资产收益率 | 3.6% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $2.092 | — | — |
Semiconductors 行业其他公司
MCHP delivered a strong FY2026, with revenue growing 7.1% to $4.71B and net income recovering to $230.0M from near breakeven (-$0.5M) in the prior year. Operating income surged 65.4% to $490.1M, and gross margins expanded to 57.7%, reflecting improved demand and operational efficiency.
The key takeaways are: revenue grew 7.1% to $4.71B, gross margins expanded to 57.7%, and operating income jumped 65.4% to $490.1M. However, cash reserves fell sharply by 68.9% to $240.3M as the company directed $1.30B toward financing activities, likely debt repayment, and the company still carries $5.50B in long-term debt.
Yes, MCHP's earnings improved significantly — net income reached $230.0M compared to a near-zero loss of -$0.5M in FY2025, and EPS recovered to $0.22 from -$0.01. The improvement was driven by higher revenue, better gross margins, and strong operating leverage across the business.
Key risks include MCHP's high long-term debt of $5.50B, which limits financial flexibility, and a sharp 68.9% decline in cash reserves to just $240.3M due to heavy financing outflows. Additionally, R&D and SG&A expenses grew faster than revenue (10.4% and 9.2% vs. 7.1%), which could pressure margins if revenue growth slows.
MCHP's financial health shows a mixed picture: the company is profitable with $962.1M in operating cash flow and a healthy current ratio of 2.09x, but carries $5.50B in long-term debt and saw cash drop to $240.3M. Net margin of 4.9% and ROE of 3.6% remain modest, reflecting the ongoing drag of interest costs on an otherwise strong operating business.