Recent Winter earnings results of the Top 5 Publicly Traded Analog Semiconductor companies by YoY revenues were mostly down across the board in the October-December quarter, according to their latest earnings releases.
Of the publicly traded Analog Semiconductor companies who released Winter 2023 earnings results, only NXP Semiconductors increased their YoY revenues by 3.30%
Analog Devices had the most contraction in YoY revenues at -22.7% followed by Texas Instruments behind at -12.7%.
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 | December 2022 | December 2023 | YOY |
| Texas Instruments | $4,670 | $4,077 | -12.70% |
| Infineon Technologies AG | $4,230 | $4,086 | -6.30% |
| ST Microelectronics | $4,408 | $4,262 | -3.20% |
| NXP Semiconductors | $3,312 | $3,422 | 3.30% |
| Analog Devices | $3,249 | $2,512 | -22.70% |
Texas Instruments reported another -12.70% decrease in YoY revenues in their latest Q4 2023 with sequential revenue down by -10%. The recent quarter saw continued weakness across industries and a sequential decline in automotive. Also, order cancellations remain high as customers continue adjusting their inventory levels. However, operating cash flow remained resilient, with a free cash flow margin for the quarter of 19%, which management attributed to its still highly profitable business and lower inventory build-up.
Infineon Technologies AG saw revenues decrease by -6.30% YoY with sequential revenue down by -11%. Management pointed out the slowdown in demand in electromobility (automotive) outside of China, contributing to the decline in revenues. Their computing and communication segments are still declining, with management not expecting any recovery until the second half of the calendar year.
ST Microelectronics recorded a 3.2% YOY revenue decrease with a -3.4% decline Q/Q. The lower quarterly revenues were caused by a softer growth rate in the automotive segment, with higher revenue in personal electronics. However, the company continues to see a stable end-demand in automotive and further deterioration in industrials.
NXP Semiconductors reported a 3.3% YOY increase in revenues, with management pointing out strong execution, consistent gross margin, and healthy free cash flow despite a challenging semiconductor environment. However, operating income is down -7% YOY.
Analog Devices saw YOY revenues decline by -22.7%, but has continued growth in their Automotive segment. However, management was optimistic and expected customers’ inventory rationalization to largely subside in the next quarter.
Key Takeaway
The recent quarter of the semiconductor companies above has shown weakness in all industry segments (automotive, industrial, personal electronics, etc.). With automotive just starting to slow down in demand compared to last quarter, others have continued to decelerate and are showing in the earnings of semiconductor companies covered. Cost optimizations and fewer shipments have somehow dampened the weak earnings.
Biggest Publicly Traded Analog Semiconductor Companies by Market Share
The graph below comprises >$15B market cap publicly traded analog semiconductor companies as of February 2024.
Leading the group this time is Infineon Technologies AG with roughly 19.6% market share, followed closely by Texas Instruments with 19.4%, and trailing a bit just behind is ST Microelectronics with 19.0% of Trailing Twelve Months (TTM) revenue share of all publicly traded analog semiconductor companies.
| Company | Revenues (TTM in Thousands) | Mkt Share |
| Infineon Technologies AG | $17,730,183 | 19.6% |
| Texas Instruments | $17,519,000 | 19.4% |
| ST Microelectronics | $17,239,000 | 19.0% |
| NXP Semiconductors | $13,276,000 | 14.7% |
| Analog Devices | $11,568,613 | 12.8% |
| Microchip Technology | $8,541,300 | 9.4% |
| Skyworks Solutions | $4,644,600 | 5.1% |
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 25.46% CAGR.
Meanwhile, ST Microelectronics is leading in boosting its year-over-year annual revenue growth of 7.18% from 2022-2023.
Infineon Technologies AG takes the number two spot in 3yr CAGR with 20.05%, while behind is ST Microelectronics and Microchip Technology with 19.15% and 17.26% 3yr CAGR, respectively.
| Company | 3yr CAGR | 1yr Growth YOY |
| Analog Devices | 25.46% | -8.03% |
| Infineon Technologies AG | 20.05% | 7.00% |
| ST Microelectronics | 19.00% | 7.18% |
| Microchip Technology | 17.26% | 6.10% |
| NXP Semiconductors | 15.52% | 0.54% |
| Texas Instruments | 6.60% | -12.44% |
| Skyworks Solutions | 5.37% | -12.53% |
Key Takeaway
The data above shows the massive deceleration in earnings across the top publicly traded analog semiconductor companies. Compared to the previous quarter, where the automotive industry was still holding strong, the current quarter shows otherwise, and revenues across all analog semiconductor segments are either flat or declining. However, several management teams of companies are optimistic this year as inventory reduction bottoms up, and the cycle will turn again.
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 290.27% in earnings per share. The context behind it is provided in the caption of the graph below.
All publicly traded analog semiconductor companies in the list recorded high 3yr CAGR EPS growth with a median of 34.5% excluding NXP Semiconductors.
Among the companies in the above graph, Infineon Technologies AG had the highest 1-year EPS YOY growth rate of 23.22%.
The highest 3-year EPS CAGR companies in the list excluding NXP Semiconductors are Infineon Technologies AG at 97.76%, Microchip Technology at 88.99%, and ST Microelectronics at 54.90%.
| Company | 3yr EPS CAGR | 1yr EPS YOY |
| NXP Semiconductors | 290.27% | 1.42% |
| Infineon Technologies AG | 97.76% | 23.22% |
| Microchip Technology | 88.99% | 15.75% |
| ST Microelectronics | 54.90% | -5.91% |
| Analog Devices | 14.10% | -15.25% |
| Texas Instruments | 5.80% | -24.83% |
| Skyworks Solutions | -3.75% | -23.02% |
Analog Semiconductor Companies Revenue, Earnings and Stock Forecast (Quarter ending December 2023)
| Company | YOY EPS Forecast |
| Texas Instruments | -41.01% |
| Analog Devices | -55.14% |
| NXP Semiconductors | -0.44% |
| Infineon Technologies AG | -47.57% |
| Microchip Technology | -27.62% |
Texas Instruments (TXN) Revenue, Earnings, and Stock Forecast
Texas Instruments’ revenue over the latest Trailing Twelve Month period was $17.5 billion. Texas Instruments’ earnings (Net Income) over the latest Trailing Twelve Month period was $6.5 billion.
The Wall Street consensus for Texas Instruments’ EPS (earnings per share) projection for the next quarter is $1.09. The company’s TTM (trailing twelve months) Earnings Per Share was $7.10 as of the quarter ending December 30, 2023.
Texas Instruments is expected to see a contraction in earnings per share of -41.01% 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 $11.6 billion. Analog Devices’ 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 $1.27. The company’s TTM (trailing twelve months) Earnings Per Share was $5.60 as of the quarter ending December 30, 2023.
Analog Devices is expected to see a contraction in earnings per share of -55.14% 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 $3.18. The company’s TTM (trailing twelve months) Earnings Per Share was $10.80 as of the quarter ending December 30, 2023.
NXP Semiconductors is expected to see a contraction in earnings per share of -0.44% 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 $16.1 billion. Infineon Technologies AG’s earnings (Net Income) over the latest Trailing Twelve Month period was $3.0 billion.
The Wall Street consensus for Infineon Technologies AG’s EPS (earnings per share) projection for the next quarter is $0.40. The company’s TTM (trailing twelve months) Earnings Per Share was $2.30 as of the quarter ending December 30, 2023.
Infineon Technologies AG is expected to see a contraction in earnings per share of -47.57% 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 $8.5 billion. Microchip Technology’s earnings (Net Income) over the latest Trailing Twelve Month period was $2.4 billion.
The Wall Street consensus for Microchip Technology’s EPS (earnings per share) projection for the next quarter is $0.57. The company’s TTM (trailing twelve months) Earnings Per Share was $4.30 as of the quarter ending December 30, 2023.
Microchip Technology is expected to see a contraction in earnings per share of -65.03% 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!
