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, of Part I of this report contains statistical data and estimates, including forecasts, that are based on information provided by Gartner, Inc. ("Gartner") in "Forecast: Semiconductor Capital Spending, Wafer Fab Equipment and Capacity, Worldwide, 4Q25 Update, Bob Johnson et al., December 23, 2025." GARTNER is a trademark of Gartner, Inc. and its affiliates. The Gartner Content described herein…
$71.59
$0.01 (-0.01%)
Price from 13 days ago
12.14% operating margin is respectable but not wide. ROIC at 6.73%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 15.2%, still solid. Margins contracted 7.2pp, which offsets some of the top-line progress.
At 55x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 195% versus the prior year, cash generation momentum has weakened.
54.6x earnings. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$960M
▲ +15.2% YoY
Net Income (TTM)
$91M
▼ -9.2% YoY
Op. Margin
12.48%
▼ -7.2pp YoY
ROIC
6.28%
▼ -5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$107M
▼ -195.2% YoY
Op. Cash Flow (TTM)
-$45M
▼ -106.8% YoY
Net Debt
-$570M
Net Cash Position
Cash & Equiv.
$907M
5Y CAGR: +41.9%
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