Microchip Technology (MCHP)
Market Price (11/7/2026): $58.5 | Market Cap: $31.8 BilSector: Information Technology | Industry: Semiconductors
Microchip Technology (MCHP)
Market Price (11/7/2026): $58.5Market Cap: $31.8 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 3.1% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Automation & Robotics. Themes include Edge AI, Industrial Robotics, Show more. | Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -93% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.6% Key risksMCHP key risks include [1] high inventory levels and margin compression driven by a prolonged downturn in its key automotive and industrial segments. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 3.1% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Automation & Robotics. Themes include Edge AI, Industrial Robotics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -93% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.6% |
| Key risksMCHP key risks include [1] high inventory levels and margin compression driven by a prolonged downturn in its key automotive and industrial segments. |
Qualitative Assessment
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Microchip Technology (MCHP) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Microchip Technology's fiscal Q3 2027 (ending December 31, 2026) revenue and earnings guidance fell short of analyst expectations.
Despite exceeding fiscal Q2 2027 (ended September 30, 2026) estimates with net sales of $1.622 billion and non-GAAP diluted EPS of $0.97, the company's outlook for the subsequent quarter disappointed investors. Microchip projected fiscal Q3 2027 net sales to be between $1.573 billion and $1.638 billion, with the midpoint implying a 1% sequential decline and falling below the consensus estimate of $1.63 billion. Similarly, non-GAAP diluted EPS guidance of $0.87-$0.95 (midpoint $0.91) was below the analyst consensus of $0.95. The company also noted that approximately $53 million in fiscal Q2 revenue from infrequent items would not recur in fiscal Q3, further contributing to the cautious outlook.
2. Analysts significantly downgraded price targets and ratings following the release of the guidance.
In early November 2026, several prominent investment firms revised their outlooks for Microchip Technology. Citigroup cut its price target from $95.00 to $75.00, Needham & Company LLC lowered its target from $120.00 to $85.00, and Wells Fargo & Company reduced its target from $80.00 to $70.00. Susquehanna and Jefferies Financial Group also decreased their price objectives to $100.00 and $85.00, respectively. Additionally, Zacks Research downgraded Microchip from a "strong-buy" to a "hold" rating in mid-August 2026.
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Microchip Technology (MCHP) stock has lost about 20% since 7/31/2026 because of the following key factors:
1. Microchip Technology's fiscal Q3 2027 (ending December 31, 2026) revenue and earnings guidance fell short of analyst expectations.
Despite exceeding fiscal Q2 2027 (ended September 30, 2026) estimates with net sales of $1.622 billion and non-GAAP diluted EPS of $0.97, the company's outlook for the subsequent quarter disappointed investors. Microchip projected fiscal Q3 2027 net sales to be between $1.573 billion and $1.638 billion, with the midpoint implying a 1% sequential decline and falling below the consensus estimate of $1.63 billion. Similarly, non-GAAP diluted EPS guidance of $0.87-$0.95 (midpoint $0.91) was below the analyst consensus of $0.95. The company also noted that approximately $53 million in fiscal Q2 revenue from infrequent items would not recur in fiscal Q3, further contributing to the cautious outlook.
2. Analysts significantly downgraded price targets and ratings following the release of the guidance.
In early November 2026, several prominent investment firms revised their outlooks for Microchip Technology. Citigroup cut its price target from $95.00 to $75.00, Needham & Company LLC lowered its target from $120.00 to $85.00, and Wells Fargo & Company reduced its target from $80.00 to $70.00. Susquehanna and Jefferies Financial Group also decreased their price objectives to $100.00 and $85.00, respectively. Additionally, Zacks Research downgraded Microchip from a "strong-buy" to a "hold" rating in mid-August 2026.
3. Persistent concerns regarding supply chain constraints and rising costs impacted future growth expectations.
Microchip's management highlighted that supply constraints and rising costs continue to pose risks to its near-term growth. While the broader semiconductor industry demonstrated robust growth in Q3 2026, driven by strong demand in areas like AI data centers, Microchip's specific operational challenges contribute to an uncertain outlook for profitability. These factors, coupled with industry-wide concerns about energy procurement for fabrication facilities, further dampen investor confidence despite an otherwise expanding market.
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Stock Movement Drivers
Fundamental Drivers
The -21.0% change in MCHP stock from 7/31/2026 to 11/6/2026 was primarily driven by a -78.2% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.85 | 58.35 | -21.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,713 | 5,603 | 18.9% |
| Net Income Margin (%) | 4.9% | 15.0% | 206.5% |
| P/E Multiple | 173.9 | 37.8 | -78.2% |
| Shares Outstanding (Mil) | 542 | 544 | -0.4% |
| Cumulative Contribution | -21.0% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| MCHP | -21.0% | |
| Market (SPY) | -1.6% | 59.9% |
| Sector (XLK) | -6.1% | 63.6% |
Fundamental Drivers
The -36.5% change in MCHP stock from 4/30/2026 to 11/6/2026 was primarily driven by a -50.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.89 | 58.35 | -36.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,372 | 5,603 | 28.2% |
| P/S Multiple | 11.4 | 5.7 | -50.2% |
| Shares Outstanding (Mil) | 541 | 544 | -0.5% |
| Cumulative Contribution | -36.5% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| MCHP | -36.5% | |
| Market (SPY) | 2.6% | 66.6% |
| Sector (XLK) | 3.4% | 72.0% |
Fundamental Drivers
The -4.1% change in MCHP stock from 10/31/2025 to 11/6/2026 was primarily driven by a -26.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.83 | 58.35 | -4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,236 | 5,603 | 32.3% |
| P/S Multiple | 7.7 | 5.7 | -26.9% |
| Shares Outstanding (Mil) | 539 | 544 | -0.8% |
| Cumulative Contribution | -4.1% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| MCHP | -4.1% | |
| Market (SPY) | 8.7% | 57.0% |
| Sector (XLK) | 10.0% | 60.7% |
Fundamental Drivers
The -11.7% change in MCHP stock from 10/31/2023 to 11/6/2026 was primarily driven by a -45.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.10 | 58.35 | -11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,764 | 5,603 | -36.1% |
| Net Income Margin (%) | 27.4% | 15.0% | -45.3% |
| P/E Multiple | 15.0 | 37.8 | 151.8% |
| Shares Outstanding (Mil) | 545 | 544 | 0.3% |
| Cumulative Contribution | -11.7% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| MCHP | -11.7% | |
| Market (SPY) | 81.9% | 65.4% |
| Sector (XLK) | 104.5% | 65.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MCHP Return | 27% | -18% | 31% | -35% | 15% | -7% | -5% |
| Peers Return | 27% | -23% | 25% | -5% | 41% | 62% | 164% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MCHP Win Rate | 50% | 42% | 67% | 25% | 33% | 36% | |
| Peers Win Rate | 55% | 42% | 60% | 45% | 52% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| MCHP Max Drawdown | -19% | -36% | -24% | -44% | -45% | -43% | |
| Peers Max Drawdown | -20% | -35% | -26% | -29% | -41% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MU, TXN, ADI, DIOD, POWI. See MCHP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | MCHP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.0% | -18.8% |
| % Gain to Breakeven | 78.6% | 23.1% |
| Time to Breakeven | 56 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.0% | -7.8% |
| % Gain to Breakeven | 33.3% | 8.5% |
| Time to Breakeven | 631 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.8% | -9.5% |
| % Gain to Breakeven | 27.9% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.5% | -6.7% |
| % Gain to Breakeven | 17.0% | 7.1% |
| Time to Breakeven | 47 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.7% | -24.5% |
| % Gain to Breakeven | 55.5% | 32.4% |
| Time to Breakeven | 344 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.0% | -33.7% |
| % Gain to Breakeven | 96.3% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
In The Past
Microchip Technology's stock fell -44.0% during the 2025 US Tariff Shock. Such a loss loss requires a 78.6% gain to breakeven.
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Asset Allocation
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| Event | MCHP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.0% | -18.8% |
| % Gain to Breakeven | 78.6% | 23.1% |
| Time to Breakeven | 56 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.0% | -7.8% |
| % Gain to Breakeven | 33.3% | 8.5% |
| Time to Breakeven | 631 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.8% | -9.5% |
| % Gain to Breakeven | 27.9% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.7% | -24.5% |
| % Gain to Breakeven | 55.5% | 32.4% |
| Time to Breakeven | 344 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.0% | -33.7% |
| % Gain to Breakeven | 96.3% | 50.9% |
| Time to Breakeven | 81 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.7% | -6.8% |
| % Gain to Breakeven | 29.4% | 7.3% |
| Time to Breakeven | 113 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -46.4% | -53.4% |
| % Gain to Breakeven | 86.5% | 114.4% |
| Time to Breakeven | 338 days | 1085 days |
In The Past
Microchip Technology's stock fell -44.0% during the 2025 US Tariff Shock. Such a loss loss requires a 78.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Microchip Technology (MCHP)
Microchip Technology (MCHP) is a global developer, manufacturer, and seller of semiconductor products, specializing in embedded control applications. The company's core offering includes a broad range of general-purpose and specialized microcontrollers (MCUs) and embedded microprocessors (MPUs), which serve as essential processing units in countless electronic devices. These chips are fundamental to enabling intelligence and control across diverse industries, from everyday consumer products to advanced industrial and automotive systems.
Beyond its central microcontroller business, Microchip provides a comprehensive portfolio of complementary semiconductor solutions. This includes Field-Programmable Gate Array (FPGA) products, along with a wide array of analog, interface, mixed-signal, and timing products crucial for power management, connectivity, and data communication. The company also supplies various memory products for small-footprint devices and licenses its non-volatile memory technologies to other integrated device manufacturers and design partners, thereby expanding its reach within the semiconductor supply chain.
Microchip's products are integral to a vast number of applications, supporting critical functions in areas such as automotive electronics, industrial automation, computing, communications infrastructure, lighting, motor control, human-machine interfaces, security, and both wired and wireless connectivity solutions. Serving a broad customer base across the Americas, Europe, and Asia, Microchip Technology empowers a wide spectrum of industries that rely on sophisticated embedded control to drive innovation and functionality in their products.
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Microchip Technology is like Texas Instruments, providing a wide array of essential, behind-the-scenes microchips that power countless electronic devices, from cars to industrial systems.
Alternatively, think of them as an Intel or Qualcomm for the embedded world, making the 'brains' and 'nervous systems' for almost every electronic device you use, but not typically the main processor in a PC or smartphone.
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- Microcontrollers & Microprocessors: Semiconductor devices for various embedded control applications, including general purpose and specialized microcontrollers, and 32-bit embedded microprocessors.
- Field-Programmable Gate Arrays (FPGAs): Integrated circuits designed to be configured by a customer or a designer after manufacturing.
- Analog, Interface, Mixed Signal, and Timing Products: A broad range of components including power management, linear, RF, drivers, security, USB, Ethernet, and wireless interface solutions.
- Memory Products: Various serial and parallel memory types such as EEPROM, flash memories, and SRAM for small footprint devices.
- Development Tools: Software and hardware tools that enable system designers to program and implement microcontroller products for specific applications.
- Technology Licensing: Licenses SuperFlash embedded flash and Smartbits one time programmable NVM technologies to foundries and design partners.
- Manufacturing Services: Offers wafer foundry, assembly, and test subcontracting manufacturing services.
- Timing Systems Products: Specialized devices providing precise timing solutions for various applications.
- Application Specific Integrated Circuits (ASICs): Custom-designed integrated circuits tailored for specific application requirements.
- Aerospace Products: Specialized semiconductor components and solutions designed for aerospace industry applications.
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Microchip Technology (MCHP) primarily sells its semiconductor products to other companies (business-to-business). The provided company description does not identify specific major customer companies by name or include their symbols.
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Steve Sanghi, Chief Executive Officer and President
Steve Sanghi was appointed Chief Executive Officer and President of Microchip Technology on a permanent basis in July 2025, after serving as interim CEO and President since November 2024. Prior to this, he had served as CEO of Microchip from October 1991 until his retirement in 2021, and as Chairman of the Board since October 1993. He also held the position of President from August 1990 to February 2016. Mr. Sanghi transitioned to Chair of the Board in August 2024, having served as Executive Chair since March 2021. He holds an M.S. degree in Electrical and Computer Engineering from the University of Massachusetts and a B.S. degree in Electronics and Communication from Punjab University.
Eric Bjornholt, Senior Vice President and Chief Financial Officer
Eric Bjornholt joined Microchip in 1995 and was appointed Chief Financial Officer in January 2009. He also holds the title of Senior Vice President, a position he has held since 2019. Previously, he served as Microchip's Director of Financial Reporting & Tax and Corporate Secretary from 2003 to 2009, and as Vice President of Finance since 2008. Before his tenure at Microchip, Mr. Bjornholt worked for KPMG LLP. He earned a B.S. in Accounting from the University of Arizona and a Master's degree in Tax from Arizona State University. In January 2026, he was appointed to the Board of Directors of Infleqtion, where he will chair the Audit Committee, as Infleqtion prepares for a planned public listing.
Richard J. Simoncic, Chief Operating Officer
Richard J. Simoncic became Chief Operating Officer of Microchip in April 2024, having joined the company in 1989. He is responsible for overseeing Microchip's worldwide operations and leading the company's initiatives related to artificial intelligence. Mr. Simoncic founded Microchip's internal analog business in 1998, which he expanded to generate over $2 billion in annual revenue. His previous roles include Executive Vice President (2023), Senior Vice President (2019-2023), and Vice President (1995-2019). He holds a B.S. in Electrical Engineering Technology from DeVry Institute of Technology.
Mathew B. Bunker, Senior Corporate Vice President, Operations
Mathew B. Bunker joined Microchip in 1993 and serves as Senior Vice President Operations. In this role, he oversees the company's assembly, test, logistics, and planning teams, and collaborates with Michael A. Finley in co-leading Microchip's international manufacturing operations. Mr. Bunker holds a B.S. in Electrical Engineering from Arizona State University and a Master's degree in Business Administration with an emphasis on Technology Management from the University of Phoenix.
Michael A. Finley, Senior Corporate Vice President, Operations
Michael A. Finley joined Microchip in 1990 and is the Senior Vice President of Fab Operations. He co-leads Microchip's international manufacturing operations, wafer foundry, and OSAT (Outsourced Semiconductor Assembly and Test) management alongside Mathew B. Bunker. Before joining Microchip, Mr. Finley spent 10 years working in fab operations at Intel Corporation. He holds a B.S. in Chemical Engineering from the University of California, Berkeley.
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The key risks to Microchip Technology (MCHP) are primarily tied to the cyclical nature of the semiconductor industry, geopolitical uncertainties, and the company's debt levels.
- Cyclicality of the Semiconductor Industry and Macroeconomic Environment: Microchip Technology operates within the highly cyclical semiconductor industry, which experiences significant fluctuations in demand driven by broader macroeconomic factors, such as global recessions or slowdowns in consumption. This cyclicality directly impacts the company's revenue, profitability, and inventory levels, as demonstrated by the downturns in 2024 and 2025 that led to revenue declines and high inventory.
- Geopolitical Uncertainty and International Exposure: The company has extensive international operations, with nearly 70% of its revenue generated outside the U.S. and a substantial dependency on the Asian market, particularly China. This exposure makes Microchip Technology vulnerable to adverse changes in global trade regulations, increased tariffs, U.S. export restrictions, and geopolitical instability. The push for "domestic substitution" of chips in China further poses a long-term threat to the company's sales in the region.
- High Debt Levels: Microchip Technology carries a significant net debt of approximately $6 billion. While financial health assessments vary, some reports indicate a moderate to higher level of financial risk due to reliance on borrowed funds, with debt-to-equity ratios around 0.82 to 1.12. This level of debt can create a burden in terms of interest and amortization, and could potentially strain liquidity and earnings, especially during periods of revenue decline. Concerns have also been raised regarding the sustainability of the company's dividend payments, as they have at times exceeded available free cash flow.
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Microchip Technology (MCHP) operates in several significant addressable markets for its semiconductor products.
For **Microcontrollers (MCUs)**, the global market size was estimated at USD 28.8 billion in 2024 and is projected to reach USD 67.4 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 11.4% from 2025 to 2032. Another estimate places the global microcontroller market at USD 40.23 billion in 2025, with a projection to reach USD 105.32 billion by 2033, demonstrating a CAGR of 13.0% from 2026 to 2033. The 32-bit segment, a key offering from Microchip, dominated the microcontroller market with a 55% revenue share in 2024 and is expected to grow at the highest CAGR. Similarly, in 2024, the global 32-bit microcontroller unit (MCU) market was valued at USD 12,349 million and is forecast to grow with a CAGR of 7.1% between 2025 and 2031. The Asia Pacific region held the largest revenue share in the microcontroller industry in 2025, accounting for 60.3%.
The global market for **Field-Programmable Gate Arrays (FPGAs)** was valued at approximately USD 13.63 billion in 2024 and is anticipated to grow with a CAGR of 10.30% from 2025 to 2034. Other reports indicate the global FPGA market was estimated at USD 11,380.8 million in 2023 and is projected to reach USD 23,337.7 million by 2030, growing at a CAGR of 10.8% from 2024 to 2030. Furthermore, the global FPGA market was valued at USD 13.8 billion in 2025 and is expected to grow to USD 41.1 billion by 2035, at a value CAGR of 11.7% during the forecast period. Microchip Technology has a strong presence in low-end FPGAs, a segment projected to account for 38% of the market share in 2025. The Asia Pacific region was the largest revenue-generating market for FPGAs in 2023 and is also the fastest-growing market. The U.S. FPGA market alone was valued at USD 4.4 billion in 2025.
For **Analog, Interface, Mixed-Signal, and Timing Products (Analog Semiconductors)**, the global market size was valued at USD 101.22 billion in 2024 and is projected to reach USD 180.24 billion by 2034, expanding at a CAGR of 5.94% from 2025 to 2034. Another assessment indicates the global analog semiconductors market was valued at USD 87.5 billion in 2024 and is estimated to grow at a 7.4% CAGR from 2025 to 2034, reaching USD 178.9 billion by 2034. The Asia Pacific region dominated the global analog semiconductor market with the largest share of 45% in 2024. North America is also a significant market, capturing 26.37% of the global market in 2025, generating USD 24.71 billion in revenue.
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Microchip Technology (MCHP) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market recoveries.
Here are the key expected drivers of future revenue growth:
- Capitalizing on Megatrends: Microchip is actively identifying and targeting key megatrends such as Artificial Intelligence/Machine Learning (AI/ML), data centers, sustainability, networking/connectivity, E-Mobility, and Edge Computing/Internet of Things (IoT). By aligning its product offerings with these high-growth areas, the company expects to achieve above-market long-term growth and provide customers with opportunities for success.
- Growth in Automotive and Industrial Markets: The company is strengthening its position in the high-value automotive and industrial markets. This includes ramping investments in next-generation microcontrollers and automotive chips to capture increasing demand from electric vehicles (EVs) and industrial automation. Automotive connectivity and industrial applications are highlighted as significant long-term growth areas.
- Expansion into New Product Categories and Enhanced Technological Capabilities: Microchip is strategically moving into the 64-bit embedded microprocessor market to attract new customer segments and meet evolving industry demands. The acquisition of Neuronix AI in April 2024 enhances its AI-enabled edge solutions for Field-Programmable Gate Arrays (FPGAs), indicating a strong focus on innovation and adapting to new technological trends. The FPGA product line has already demonstrated robust growth, exceeding $679 million in fiscal year 2024 and growing over 22% from the prior fiscal year. Additionally, growth in data center revenue, which constitutes 19% of total revenue, is expected through a multi-year PCIe upgrade cycle.
- Recovery from Inventory Correction and Increased Manufacturing Utilization: Management anticipates that the June 2024 quarter marked the bottom of a major inventory correction, with sequential revenue growth expected to resume in the September 2024 quarter. The company is actively managing inventory excesses and expects a demand rebound, signaling the start of a multi-year upcycle for mixed-signal devices. As market dynamics improve, Microchip expects to increase factory utilization, which will also contribute to revenue growth.
- Strategic Acquisitions: Historically, strategic acquisitions have played a crucial role in expanding Microchip's product offerings, enhancing technological capabilities, and diversifying revenue streams. The planned acquisition of Silicon Motion Technology, valued at approximately $2.5 billion and expected to finalize in Q1 2026, aims to further broaden its product offerings and technological expertise.
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Share Repurchases
- Microchip Technology's Board of Directors authorized a new stock repurchase program of up to $4.0 billion in November 2021, replacing a previous authorization to repurchase up to 30 million shares.
- Actual share repurchases for the latest twelve months ending December 2025 amounted to $140 million.
- As of February 2026, the company indicated a priority on debt reduction and a pause on stock buybacks until debt levels decrease significantly.
Share Issuance
- In March 2025, Microchip Technology launched a $1.35 billion public offering of depositary shares, convertible into Series A Mandatory Convertible Preferred Stock.
- The company also announced plans in February 2026 for a private offering of $600 million in convertible senior notes due 2030, with an option for an additional $90 million.
Outbound Investments
- Microchip Technology acquired Neuronix AI in April 2024, a provider of AI-based computer vision technology. The acquisition amount was undisclosed.
- In December 2021, the company acquired IconicRF for an undisclosed amount.
- Microchip's strategy includes targeted acquisitions to expand its market presence and technological capabilities, diversifying its portfolio across microcontrollers, analog, power management, and aerospace/defense solutions.
Capital Expenditures
- Capital expenditures averaged $272 million annually for fiscal years ending March 2021 to 2025, peaking at $486.2 million in March 2023.
- For fiscal year 2026, expected capital expenditures are projected to be at or below $100 million.
- The focus of these expenditures includes selectively expanding production capacity and adding research and development equipment, with most factory expansion actions paused due to the macroeconomic environment. The company announced a $300 million multi-year investment initiative to expand its presence in India in March 2026.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MCHP | Microchip Technology | -9.6% | 37.8x | 0.9% | -16.4% | -24.1% | — |
| ON | ON Semiconductor | -8.2% | 35.8x | 29.7% | -5.2% | 7.1% | +31pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 3.9% | 93.2% | 163.4% | FLEX 421% · TTMI 365% · JBL 272% |
| Technology Distributors | 9 | 45.1% | 46.2% | 52.9% | AVT 122% · SNX 104% · PLUS 53% |
| Semiconductor Materials & Equipment | 28 | 29.6% | 43.7% | 33.2% | AXTI 322% · KLAC 249% · LRCX 245% |
| Electronic Components | 24 | 13.5% | 59.8% | 21.1% | CLS 1777% · BELFA 985% · APH 283% |
| Communications Equipment | 36 | 1.6% | 74.2% | 17.8% | AAOI 755% · LITE 477% · ANET 415% |
| Electronic Equipment & Instruments | 27 | -6.1% | 28.9% | 1.7% | PI 120% · OSIS 105% · MIR 60% |
| Semiconductors ← | 55 | 1.3% | 33.9% | -12.6% | MU 869% · NVDA 530% · AVGO 474% |
| Technology Hardware, Storage & Peripherals | 21 | 10.7% | 47.3% | -20.2% | DELL 543% · WDC 531% · SMCI 517% |
| Internet Services & Infrastructure | 6 | -0.1% | 36.9% | -26.0% | GDDY 57% · VRSN 35% · AKAM -23% |
| IT Consulting & Other Services | 30 | -17.8% | -1.9% | -28.2% | APLD 253% · IBM 140% · GIB -8% |
| Application Software | 124 | -11.2% | -13.4% | -54.0% | PLTR 517% · FROG 159% · AGYS 143% |
| Systems Software | 70 | -8.1% | 10.8% | -54.6% | ZETA 237% · CRWD 217% · CVLT 133% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 177.32 |
| Mkt Cap | 104.2 |
| Rev LTM | 9,743 |
| Op Inc LTM | 3,084 |
| FCF LTM | 3,196 |
| FCF 3Y Avg | 2,431 |
| CFO LTM | 3,537 |
| CFO 3Y Avg | 2,962 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 28.6% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 37.7% |
| QoQ Delta Rev Chg LTM | 8.8% |
| Op Inc Chg LTM | 484.2% |
| Op Inc Chg 3Y Avg | 114.9% |
| Op Mgn LTM | 28.6% |
| Op Mgn 3Y Avg | 21.7% |
| QoQ Delta Op Mgn LTM | 4.0% |
| CFO/Rev LTM | 33.6% |
| CFO/Rev 3Y Avg | 33.2% |
| FCF/Rev LTM | 30.6% |
| FCF/Rev 3Y Avg | 18.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 104.2 |
| P/S | 5.8 |
| P/Op Inc | 28.5 |
| P/EBIT | 28.3 |
| P/E | 36.8 |
| P/CFO | 20.5 |
| Total Yield | 4.5% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 2.8% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -22.3% |
| 3M Rtn | -23.5% |
| 6M Rtn | -21.3% |
| 12M Rtn | 53.9% |
| 3Y Rtn | 59.4% |
| 1M Excs Rtn | -18.4% |
| 3M Excs Rtn | -20.4% |
| 6M Excs Rtn | -25.2% |
| 12M Excs Rtn | 38.8% |
| 3Y Excs Rtn | -16.9% |
Comparison Analyses
Price Behavior
| Market Price | $58.35 | |
| Market Cap ($ Bil) | 31.7 | |
| First Trading Date | 03/19/1993 | |
| Distance from 52W High | -42.8% | |
| 50 Days | 200 Days | |
| DMA Price | $74.85 | $79.04 |
| DMA Trend | down | up |
| Distance from DMA | -22.0% | -26.2% |
| 3M | 1YR | |
| Volatility | 50.0% | 52.9% |
| Downside Capture | 259.92 | 205.45 |
| Upside Capture | 207.13 | 205.14 |
| Correlation (S&P 500) | 38.9% | 51.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.75 | 2.46 | 2.63 | 2.88 | 2.19 | 2.11 |
| Up Beta | 1.25 | 0.16 | 2.16 | 2.83 | 1.92 | 2.24 |
| Down Beta | 1.81 | 2.59 | 1.83 | 2.83 | 2.49 | 2.33 |
| Up Capture | 368% | 347% | 357% | 354% | 394% | 714% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 23 | 32 | 58 | 123 | 377 |
| Down Capture | 284% | 214% | 249% | 234% | 154% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 20 | 32 | 68 | 127 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCHP | |
|---|---|---|---|---|
| MCHP | -1.5% | 52.9% | 0.15 | - |
| Sector ETF (XLK) | 12.1% | 28.4% | 0.39 | 60.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 56.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 25.2% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -9.5% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 7.9% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 23.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCHP | |
|---|---|---|---|---|
| MCHP | -2.6% | 46.6% | 0.09 | - |
| Sector ETF (XLK) | 16.2% | 26.4% | 0.55 | 70.4% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 68.3% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 15.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 10.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 40.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 27.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCHP | |
|---|---|---|---|---|
| MCHP | 8.9% | 43.2% | 0.34 | - |
| Sector ETF (XLK) | 22.6% | 25.3% | 0.82 | 72.4% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 69.9% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 12.2% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 19.6% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 44.8% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -10.0% | ||
| 8/6/2026 | 13.9% | 4.5% | 0.3% |
| 5/7/2026 | -2.5% | -4.5% | -9.6% |
| 2/5/2026 | -2.6% | 1.1% | -16.2% |
| 11/6/2025 | -5.2% | -7.6% | 13.7% |
| 8/7/2025 | -6.6% | -0.3% | -0.7% |
| 5/8/2025 | 12.6% | 23.7% | 39.6% |
| 2/6/2025 | -2.3% | 2.2% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 4.8% | 2.5% | 6.3% |
| Median Negative | -2.5% | -3.8% | -5.4% |
| Max Positive | 13.9% | 24.3% | 39.6% |
| Max Negative | -10.6% | -10.4% | -21.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -10.0% | ||
| 8/6/2026 | 13.9% | 4.5% | 0.3% |
| 5/7/2026 | -2.5% | -4.5% | -9.6% |
| 2/5/2026 | -2.6% | 1.1% | -16.2% |
| 11/6/2025 | -5.2% | -7.6% | 13.7% |
| 8/7/2025 | -6.6% | -0.3% | -0.7% |
| 5/8/2025 | 12.6% | 23.7% | 39.6% |
| 2/6/2025 | -2.3% | 2.2% | 1.4% |
| 11/5/2024 | -1.8% | -10.4% | -21.9% |
| 8/1/2024 | -10.6% | -8.4% | -2.1% |
| 5/6/2024 | -1.8% | -1.3% | 1.0% |
| 2/1/2024 | -1.6% | -1.5% | 2.0% |
| 11/2/2023 | 3.8% | 0.1% | 15.4% |
| 8/3/2023 | -6.8% | -6.9% | -7.6% |
| 5/4/2023 | -1.1% | -3.8% | -0.5% |
| 2/2/2023 | 1.0% | 0.4% | -2.6% |
| 11/3/2022 | 7.4% | 24.3% | 29.4% |
| 8/2/2022 | 5.7% | -1.8% | -5.4% |
| 5/9/2022 | 6.1% | 2.5% | 7.6% |
| 2/3/2022 | -1.3% | 1.0% | -11.9% |
| 11/4/2021 | 3.4% | 0.7% | 1.5% |
| 8/3/2021 | 0.5% | 2.5% | 6.3% |
| 5/6/2021 | 2.2% | -3.0% | 5.1% |
| 2/4/2021 | 1.2% | 9.7% | -4.6% |
| 11/5/2020 | 5.8% | 4.3% | 22.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 4.8% | 2.5% | 6.3% |
| Median Negative | -2.5% | -3.8% | -5.4% |
| Max Positive | 13.9% | 24.3% | 39.6% |
| Max Negative | -10.6% | -10.4% | -21.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/21/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/25/2023 | 10-K |
| 12/31/2022 | 02/02/2023 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/21/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/23/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/25/2023 | 10-K |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/20/2022 | 10-K |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/18/2021 | 10-K |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/22/2020 | 10-K |
| 12/31/2019 | 02/04/2020 | 10-Q |
Recent Forward Guidance
Updated 11/6/2026Latest: Q2 2027 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 GAAP Other Expense, net | Reported | -48.30 Mil | -48.00 Mil | -47.70 Mil | ||||
| Q3 2027 Non-GAAP Other Expense, net | Reported | -48.50 Mil | -48.00 Mil | -47.50 Mil | ||||
| Q3 2027 Dividends on Series A Preferred Stock | Reported | -27.80 Mil | ||||||
| Q3 2027 Quarterly Dividend | Reported | 0.46 | ||||||
| Q3 2027 Net Sales | Reported | 1.57 Bil | 1.61 Bil | 1.64 Bil | 0.1% | Higher New | Guidance: 1.60 Bil for Q2 2027 | |
| Q3 2027 Sequential Net Sales Growth | Reported | -3.0% | -1.0% | 1.0% | ||||
| Q3 2027 Net Sales Growth YoY | Reported | 35.4% | ||||||
| Q3 2027 GAAP Gross Margin | Reported | 62.9% | 63.4% | 63.9% | ||||
| Q3 2027 Non-GAAP Gross Margin | Reported | 64.0% | 64.5% | 65.0% | ||||
| Q3 2027 GAAP Operating Expenses Margin | Reported | 36.7% | 37.05% | 37.4% | ||||
| Q3 2027 Non-GAAP Operating Expenses Margin | Reported | 26.5% | 26.75% | 27.0% | ||||
| Q3 2027 GAAP Operating Margin | Reported | 25.5% | 26.35% | 27.2% | ||||
| Q3 2027 Non-GAAP Operating Margin | Reported | 37.0% | 37.75% | 38.5% | ||||
| Q3 2027 GAAP Income Tax Provision | Reported | 67.10 Mil | 79.20 Mil | 91.30 Mil | ||||
| Q3 2027 Non-GAAP Income Tax Provision | Reported | 34.70 Mil | 36.30 Mil | 37.90 Mil | ||||
| Q3 2027 GAAP Net Income | Reported | 285.90 Mil | 295.85 Mil | 305.80 Mil | ||||
| Q3 2027 Non-GAAP Net Income | Reported | 498.80 Mil | 521.95 Mil | 545.10 Mil | ||||
| Q3 2027 GAAP Net income attributable to common stockholders | Reported | 258.10 Mil | 268.05 Mil | 278.00 Mil | ||||
| Q3 2027 Non-GAAP Net income attributable to common stockholders | Reported | 498.80 Mil | 521.95 Mil | 545.10 Mil | ||||
| Q3 2027 GAAP Diluted EPS | Reported | 0.47 | 0.49 | 0.5 | ||||
| Q3 2027 Non-GAAP Diluted EPS | Reported | 0.87 | 0.91 | 0.95 | ||||
| Q3 2027 GAAP Diluted Common Shares Outstanding | Reported | 551.00 Mil | 551.50 Mil | 552.00 Mil | ||||
| Q3 2027 Non-GAAP Diluted Common Shares Outstanding | Reported | 574.80 Mil | 575.30 Mil | 575.80 Mil | ||||
| Q3 2027 Capital Expenditures | Reported | 35.00 Mil | 55.6% | Higher New | Guidance: 22.50 Mil for Q2 2027 | |||
| 2027 Capital Expenditures | Reported | 100.00 Mil | 0.0% | Affirmed | Guidance: 100.00 Mil for 2027 | |||
Prior: Q1 2027 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Net Sales | Reported | 1.59 Bil | 1.60 Bil | 1.62 Bil | 10.2% | Higher New | Actual: 1.46 Bil for Q1 2027 | |
| Q2 2027 Capital Expenditures | Reported | 20.00 Mil | 22.50 Mil | 25.00 Mil | 12.5% | Higher New | Actual: 20.00 Mil for Q1 2027 | |
| 2027 Capital Expenditures | Reported | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2027 | |||
Q4 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Non-GAAP Operating Profit | Reported | 0.33 | 0.34 | 0.35 | ||||
| Q1 2027 Revenue | Reported | 1.44 Bil | 1.46 Bil | 1.47 Bil | 15.5% | Higher New | Actual: 1.26 Bil for Q4 2026 | |
| Q1 2027 Gross Profit | Calculated | 897.65 Mil | 913.33 Mil | 929.14 Mil | Rev x Gross Margin | |||
| Q1 2027 Non-GAAP Gross Margin | Reported | 62.25% | 62.75% | 63.25% | ||||
| Q1 2027 Non-GAAP Operating Expense | Reported | 0.29 | 0.29 | 0.29 | ||||
| Q1 2027 Non-GAAP EPS | Reported | 0.67 | 0.69 | 0.71 | ||||
| Q1 2027 Capital Expenditures | Reported | 20.00 Mil | -7.0% | Lower New | Actual: 21.50 Mil for Q4 2026 | |||
| 2027 Capital Expenditures | Reported | 100.00 Mil | 0.0% | Same New | Actual: 100.00 Mil for 2026 | |||
Q3 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Net Sales | Reported | 1.24 Bil | 1.26 Bil | 1.28 Bil | 11.6% | Higher New | Guidance: 1.13 Bil for Q3 2026 | |
| Q4 2026 Capital Expenditures | Reported | 20.00 Mil | 21.50 Mil | 23.00 Mil | 7.5% | Higher New | Guidance: 20.00 Mil for Q3 2026 | |
| 2026 Capital Expenditures | Reported | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bjornholt, James Eric | SENIOR CORPORATE VP AND CFO | Shares held Indirectly, by Trust. | Sell | 8262026 | 75.32 | 4,112 | 309,716 | 2,152,118 | Form |
| 2 | Bjornholt, James Eric | SENIOR CORPORATE VP AND CFO | Shares held Indirectly, by Trust. | Sell | 8192026 | 80.26 | 837 | 67,178 | 2,484,850 | Form |
| 3 | Simoncic, Richard J | CHIEF OPERATING OFFICER | Shares held Indirectly, by Trust. | Sell | 6082026 | 97.52 | 5,000 | 487,575 | 12,726,488 | Form |
| 4 | Chapman, Matthew W | Direct | Sell | 5292026 | 97.52 | 3,000 | 292,546 | 1,722,606 | Form | |
| 5 | Bjornholt, James Eric | SENIOR VP AND CFO | Shares held Indirectly, by Trust. | Sell | 5262026 | 90.87 | 3,667 | 333,203 | 2,596,297 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bjornholt, James Eric | SENIOR CORPORATE VP AND CFO | Shares held Indirectly, by Trust. | Sell | 8262026 | 75.32 | 4,112 | 309,716 | 2,152,118 | Form |
| 2 | Bjornholt, James Eric | SENIOR CORPORATE VP AND CFO | Shares held Indirectly, by Trust. | Sell | 8192026 | 80.26 | 837 | 67,178 | 2,484,850 | Form |
| 3 | Simoncic, Richard J | CHIEF OPERATING OFFICER | Shares held Indirectly, by Trust. | Sell | 6082026 | 97.52 | 5,000 | 487,575 | 12,726,488 | Form |
| 4 | Chapman, Matthew W | Direct | Sell | 5292026 | 97.52 | 3,000 | 292,546 | 1,722,606 | Form | |
| 5 | Bjornholt, James Eric | SENIOR VP AND CFO | Shares held Indirectly, by Trust. | Sell | 5262026 | 90.87 | 3,667 | 333,203 | 2,596,297 | Form |
| 6 | Simoncic, Richard J | CHIEF OPERATING OFFICER | Shares held Indirectly, by Trust. | Sell | 5262026 | 93.44 | 5,000 | 467,175 | 12,661,190 | Form |
| 7 | Chapman, Matthew W | Direct | Sell | 5212026 | 95.48 | 10,000 | 954,799 | 1,973,092 | Form | |
| 8 | Simoncic, Richard J | CHIEF OPERATING OFFICER | Shares held Indirectly, by Trust. | Sell | 5192026 | 93.85 | 83 | 7,790 | 13,163,495 | Form |
| 9 | Bunker, Mathew B | SENIOR VP, OPERATIONS | Direct | Sell | 5152026 | 96.88 | 10,571 | 1,024,155 | 1,413,240 | Form |
| 10 | Simoncic, Richard J | CHIEF OPERATING OFFICER | Shares held Indirectly, by Trust. | Sell | 5152026 | 97.55 | 10,000 | 975,460 | 13,278,644 | Form |
| 11 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 5042026 | 93.58 | 76,469 | 7,156,298 | 878,366,705 | Form |
| 12 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 5042026 | 92.37 | 33,502 | 3,094,677 | 874,060,369 | Form |
| 13 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 4272026 | 88.53 | 416,581 | 36,881,124 | 840,691,154 | Form |
| 14 | Bjornholt, James Eric | SENIOR VP AND CFO | Shares held Indirectly, by Trust. | Sell | 2262026 | 77.76 | 5,530 | 429,988 | 2,188,194 | Form |
| 15 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 2172026 | 82.46 | 94,869 | 7,823,192 | 810,401,992 | Form |
| 16 | Krawczyk, Joseph R II | SR. VP, WW CLIENT ENGAGEMENT | Direct | Sell | 2172026 | 78.58 | 4,400 | 345,743 | 1,004,305 | Form |
| 17 | Bunker, Mathew B | SENIOR VP, OPERATIONS | Direct | Sell | 2172026 | 78.37 | 10,000 | 783,700 | 1,765,049 | Form |
| 18 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 1292026 | 80.55 | 98,814 | 7,959,814 | 799,277,524 | Form |
| 19 | Sanghi, Steve | President, CEO and Chair of Bd | Shares held Indirectly, by Trust and by Family Limited Partnership. | Sell | 1262026 | 79.20 | 18,509 | 1,465,883 | 793,657,700 | Form |
| 20 | Bjornholt, James Eric | SENIOR VP AND CFO | Shares held Indirectly, by Trust. | Sell | 11262025 | 50.39 | 4,292 | 216,274 | 1,516,185 | Form |
Investor Activity (13F)
Updated Nov 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Portman Square Capital LLP | $67.5 Mil | 10.3% | 44 | ADD +676.1% | 13F |
| Muhlenkamp & Co Inc | $13.1 Mil | 3.5% | 29 | Hold | 13F |
| LHM, Inc. | $7.0 Mil | 2.8% | 22 | ADD +32.0% | 13F |
| Westchester Capital Management, Inc. | $13.0 Mil | 2.6% | 45 | Hold | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $6.8 Mil | 2.6% | 28 | Hold | 13F |
| Talos Eurisko Asset Management LP | $10.8 Mil | 1.8% | 23 | TRIM -42.4% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.4 Mil | 1.8% | 46 | New | 13F |
| Kettle Hill Capital Management, LLC | $5.6 Mil | 1.4% | 45 | New | 13F |
| Senvest Management, LLC | $33.4 Mil | 1.1% | 49 | New | 13F |
| Opti Capital Management, LP | $14.1 Mil | 1.0% | 36 | TRIM -41.4% | 13F |
| Unisphere Establishment | $12.4 Mil | 0.1% | 50 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Senvest Management, LLC | $33.4 Mil | 1.1% | 49 | New | 13F |
| Unisphere Establishment | $12.4 Mil | 0.1% | 50 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.4 Mil | 1.8% | 46 | New | 13F |
| Kettle Hill Capital Management, LLC | $5.6 Mil | 1.4% | 45 | New | 13F |
| Portman Square Capital LLP | $67.5 Mil | 10.3% | 44 | ADD +676.1% | 13F |
| LHM, Inc. | $7.0 Mil | 2.8% | 22 | ADD +32.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Portman Square Capital LLP | $67.5 Mil | 10.3% | 44 | ADD +676.1% | 13F |
| Senvest Management, LLC | $33.4 Mil | 1.1% | 49 | New | 13F |
| Opti Capital Management, LP | $14.1 Mil | 1.0% | 36 | TRIM -41.4% | 13F |
| Muhlenkamp & Co Inc | $13.1 Mil | 3.5% | 29 | Hold | 13F |
| Westchester Capital Management, Inc. | $13.0 Mil | 2.6% | 45 | Hold | 13F |
| Unisphere Establishment | $12.4 Mil | 0.1% | 50 | New | 13F |
| Talos Eurisko Asset Management LP | $10.8 Mil | 1.8% | 23 | TRIM -42.4% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.4 Mil | 1.8% | 46 | New | 13F |
| LHM, Inc. | $7.0 Mil | 2.8% | 22 | ADD +32.0% | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $6.8 Mil | 2.6% | 28 | Hold | 13F |
| Kettle Hill Capital Management, LLC | $5.6 Mil | 1.4% | 45 | New | 13F |
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