Latest Spring earnings results of the Top 5 Publicly Traded Analog Semiconductor companies by YoY revenues continue to go down across the board in the January-March quarter, according to their latest earnings releases.
Of the publicly traded Analog Semiconductor companies who released Spring 2024 earnings results, only NXP Semiconductors managed to increase their YoY revenues by 0.20%
Analog Devices still had the most contraction in YoY revenues at -33.80% followed by ST Microelectronics behind at -18.40%.
The following sections are covered in this report [Click to Skip Ahead]:
- Biggest Publicly Traded Analog Semiconductor Companies by Market Share
- Top Analog Semiconductor Companies by Revenue Growth
- Top Analog Semiconductor Companies by Earnings (EPS) Growth
Company revenues, earnings, and stock forecasts covered:
- Texas Instruments (TXN) Stock Forecast
- Analog Devices (ADI) Stock Forecast
- NXP Semiconductors (NXPI) Stock Forecast
- Infineon Technologies AG (IFX) Stock Forecast
- Microchip Technology (MCHP) Stock Forecast
The list below only includes the top five Analog Semiconductor companies by revenue. The next section will include all relevant >$15B market cap publicly traded analog semiconductors.
| Company | March 2023 | March 2024 | YOY |
| Texas Instruments | $4,379 | $3,661 | -16.40% |
| Infineon Technologies AG | $4,469 | $3,919 | -11.80% |
| ST Microelectronics | $4,247 | $3,465 | -18.40% |
| NXP Semiconductors | $3,121 | $3,126 | 0.20% |
| Analog Devices | $3,262 | $2,159 | -33.80% |
Texas Instruments reported another -16.40% decrease in YoY revenues with sequential revenue down by -10%. The recent quarter saw continued weakness across industries and a sequential decline in automotive. However, management is seeing some slowdown in the decline of weakness in some industries and is expecting a better Q2 2024, given the data they have. They also highlighted the geopolitical dependable capacity that customers want and continuously seeking given the recent tension between China and Taiwan.
Infineon Technologies AG saw revenues decrease by -11.80% YoY. Management reiterated that many end markets remained weak due to economic conditions, while customers and distributors have continued to reduce their inventory levels. However, in the long term, they believe decarbonization and digitalization will continue to be strong structural drivers of their profitable growth.
ST Microelectronics recorded an 18.40% YOY revenue decrease, which was driven by lower revenues in its automotive and industrial segments, partially offset by higher revenues in personal electronics. Management saw automotive segment demand slow down compared to expectations, while the industrial segment’s decline accelerated last quarter.
NXP Semiconductors reported a 0.2% YOY increase in revenues, with management saying their revenues are in line with their midpoint expectations and are having cautious optimism in navigating the industry-wide cyclical downturn. Meanwhile, automotive revenue is down -1% and is showing signs of deceleration, while their industrial and IoT segment is up 14% YoY
Analog Devices saw YOY revenues decline by -34%, with the industrial segment representing 47% of revenue in the latest quarter and was down 44% YoY. Management believes that the inventory rationalization of their broad customer base is stabilizing and will lead to a path of a sequential earnings growth the next quarter.
Key Takeaway
The spring earnings results of the publicly traded analog semiconductor companies above continues to decline amidst persistent inflation and high interest rates. However, most companies are getting optimistic that the bottom of the cyclical semiconductor has passed and will see better sequential growth the coming quarters as they see their customers inventory orders pick up.
Among the end markets, personal electronics are the first one to reverse the trend while industrials are getting the end of the stick with double digits decline YoY.
Biggest Publicly Traded Analog Semiconductor Companies by Market Share
The graph below comprises >$15B market cap publicly traded analog semiconductor companies as of June 2024.
Leading the group are both Infineon Technologies AG and Texas Instruments tied with roughly 19.5% market share, followed closely by ST Microelectronics with 19.1%, and behind is NXP Semiconductors with 15.4% of Trailing Twelve Months (TTM) revenue share of all publicly traded analog semiconductor companies.
| Company | Revenues (TTM in Thousands) | Mkt Share |
| Infineon Technologies AG | $16,803,712 | 19.5% |
| Texas Instruments | $16,801,000 | 19.5% |
| ST Microelectronics | $16,442,000 | 19.1% |
| NXP Semiconductors | $13,281,000 | 15.4% |
| Analog Devices | $10,464,722 | 12.2% |
| Microchip Technology | $7,634,400 | 8.9% |
| Skyworks Solutions | $4,537,500 | 5.3% |
Top Analog Semiconductor Companies by Revenue Growth
In the previous three fiscal years, Analog Devices still outperformed its peers in the analog semiconductor industry with 19.05% CAGR.
Meanwhile, NXP Semiconductors is leading in boosting its year-over-year annual revenue growth of 0.69% from 2022-2023.
Infineon Technologies AG takes the number two spot in 3yr CAGR with 15.93%, while behind is ST Microelectronics and NXP Semiconductors with 14.47% and 13.19% 3yr CAGR, respectively.
| Company | 3yr CAGR | 1yr Growth YOY |
| Analog Devices | 19.05% | -18.69% |
| Infineon Technologies AG | 15.93% | -1.64% |
| ST Microelectronics | 14.47% | -1.93% |
| NXP Semiconductors | 13.19% | 0.69% |
| Microchip Technology | 11.97% | -9.53% |
| Texas Instruments | 2.90% | -13.85% |
| Skyworks Solutions | 1.22% | -11.41% |
Key Takeaway
The relative 3-year revenue growth of publicly traded analog semiconductor companies continues to decline, with 1-year revenue YoY growth the steepest. This is inherently normal for a cyclical industry such as semiconductors. Most companies aim for a soft landing when navigating the cycle’s trough, while others focus on building capacity in anticipation of the next upcycle.
Top Analog Semiconductor Companies by Earnings (EPS) Growth
In the previous three fiscal years, NXP Semiconductors saw the highest 3 year annual compounded growth rate of a whopping 93.14% in earnings per share.
All publicly traded analog semiconductor companies in the list recorded an average growth of 40.96% 3yr CAGR EPS.
Among the companies in the above graph, NXP Semiconductors had the highest 1-year EPS YOY growth rate of 3.83%.
The highest 3-year EPS CAGR companies in the list are NXP Semiconductors at 93.14%, Infineon Technologies at 86.59%, and Microchip Technology at 74.94%.
| Company | 3yr EPS CAGR | 1yr EPS YOY |
| NXP Semiconductors | 93.14% | 3.83% |
| Infineon Technologies AG | 86.59% | -8.65% |
| Microchip Technology | 74.94% | -13.43% |
| ST Microelectronics | 40.15% | -24.96% |
| Analog Devices | 0.68% | -39.33% |
| Texas Instruments | 0.94% | -27.93% |
| Skyworks Solutions | -9.75% | -23.27% |
Analog Semiconductor Companies Revenue, Earnings and Stock Forecast (Quarter ending December 2023)
| Company | YOY EPS Forecast |
| Texas Instruments | -36.27% |
| Analog Devices | -39.54% |
| NXP Semiconductors | -6.46% |
| Infineon Technologies AG | -39.75% |
| Microchip Technology | -68.13% |
Texas Instruments (TXN) Revenue, Earnings, and Stock Forecast
Texas Instruments’ revenue over the latest Trailing Twelve Month period was $16.8 billion. Texas Instruments’ earnings (Net Income) over the latest Trailing Twelve Month period was $5.9 billion.
The Wall Street consensus for Texas Instruments’ EPS (earnings per share) projection for the next quarter is $1.19. The company’s TTM (trailing twelve months) Earnings Per Share was $6.50 as of the quarter ending March 30, 2024.
Texas Instruments is expected to see a contraction in earnings per share of -36.27% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Analog Devices (ADI) Revenue, Earnings, and Stock Forecast
Analog Devices’ revenue over the latest Trailing Twelve Month period was $10.5 billion. Analog Devices’ earnings (Net Income) over the latest Trailing Twelve Month period was $2.1 billion.
The Wall Street consensus for Analog Devices’ EPS (earnings per share) projection for the next quarter is $1.51. The company’s TTM (trailing twelve months) Earnings Per Share was $4.30 as of the quarter ending March 30, 2024.
Analog Devices is expected to see a contraction in earnings per share of -39.54% YOY in the next quarter based on the consensus of stock market analyst forecasts.
NXP Semiconductors (NXPI) Revenue, Earnings, and Stock Forecast
NXP Semiconductors’ revenue over the latest Trailing Twelve Month period was $13.3 billion. NXP Semiconductors’ earnings (Net Income) over the latest Trailing Twelve Month period was $2.8 billion.
The Wall Street consensus for Analog Devices’ EPS (earnings per share) projection for the next quarter is $3.21. The company’s TTM (trailing twelve months) Earnings Per Share was $10.80 as of the quarter ending March 30, 2024.
NXP Semiconductors is expected to see a contraction in earnings per share of -6.46% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Infineon Technologies AG (IFX) Revenue, Earnings, and Stock Forecast
Infineon Technologies AG’s revenue over the latest Trailing Twelve Month period was $16.8 billion. Infineon Technologies AG’s earnings (Net Income) over the latest Trailing Twelve Month period was $2.8 billion.
The Wall Street consensus for Infineon Technologies AG’s EPS (earnings per share) projection for the next quarter is $0.45. The company’s TTM (trailing twelve months) Earnings Per Share was $2.10 as of the quarter ending March 30, 2024.
Infineon Technologies AG is expected to see a contraction in earnings per share of -39.75% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Microchip Technology (MCHP) Revenue, Earnings, and Stock Forecast
Microchip Technology’s revenue over the latest Trailing Twelve Month period was $7.6 billion. Microchip Technology’s earnings (Net Income) over the latest Trailing Twelve Month period was $1.9 billion.
The Wall Street consensus for Microchip Technology’s EPS (earnings per share) projection for the next quarter is $0.52. The company’s TTM (trailing twelve months) Earnings Per Share was $3.50 as of the quarter ending March 30, 2024.
Microchip Technology is expected to see a contraction in earnings per share of -68.13% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Methodology
All data mentioned in this article was sourced from publicly available filings and releases and processed by investment newsletter provider Sather Research, LLC.
Stock forecasts and analyst consensus EPS growth estimates were sourced from data provided by Seeking Alpha.
Contact Seoshin Chil at [email protected] for any further commentary, concerns, questions, or feedback. Alternatively, you can get in touch with the company during business hours through our contact page, or call 888-978-1348 from Monday – Friday; 9AM EST – 5:00 PM EST.
Seoshin Chil
Seoshin is an active sailor in offshore windfarm vessels but has a passion for studying great businesses and investing in them. Being always at sea does not stop him from doing so!
