Latest Ratios: P/E Ratio -448.8x · EV/EBITDA 131.8x · ROE -4.4%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.0B | $9.4B | $8.2B | $5.8B | $3.7B | $4.6B | $2.3B | $1.4B | $1.3B | $2.7B | $2.3B |
| Enterprise Value | $25.4B | $9.9B | $8.5B | $6.1B | $4.2B | $5.0B | $2.8B | $2.0B | $1.9B | $3.3B | $2.5B |
| P/E Ratio → | -448.82 | — | 107.23 | 63.73 | 8.38 | 121.00 | — | — | — | — | 1411.33 |
| P/S Ratio | 25.84 | 9.75 | 11.25 | 9.00 | 5.46 | 7.59 | 4.25 | 2.83 | 2.36 | 3.88 | 4.15 |
| P/B Ratio | 18.27 | 7.10 | 7.28 | 6.16 | 4.37 | 9.76 | 7.50 | 4.53 | 2.01 | 3.48 | 4.88 |
| P/FCF | 129.64 | 48.89 | 58.52 | 41.02 | 24.49 | 35.30 | 14.64 | — | — | 95.87 | 47.94 |
| P/OCF | 106.21 | 40.05 | 50.45 | 34.95 | 20.83 | 31.03 | 13.13 | 68.21 | 37.07 | 44.36 | 28.52 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.19 | 11.71 | 9.48 | 6.17 | 8.20 | 5.32 | 4.06 | 3.41 | 4.67 | 4.61 |
| EV / EBITDA | 131.76 | 51.06 | 56.55 | 36.45 | 21.94 | 32.97 | 33.82 | 236.75 | 86.84 | 23.21 | 23.25 |
| EV / EBIT | 196.09 | — | 88.41 | 48.19 | 16.84 | 78.33 | — | — | — | — | — |
| EV / FCF | — | 51.10 | 60.96 | 43.22 | 27.69 | 38.15 | 18.33 | — | — | 115.57 | 53.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.9% | 54.9% | 50.9% | 55.8% | 56.4% | 51.2% | 44.8% | 35.2% | 34.6% | 47.9% | 48.0% |
| Operating Margin | 13.4% | 13.4% | 11.5% | 18.0% | 19.7% | 13.3% | 0.9% | -19.2% | -15.8% | 6.8% | 6.9% |
| Net Profit Margin | -5.6% | -5.6% | 10.5% | 14.1% | 65.2% | 6.3% | -8.7% | -76.8% | -24.5% | -24.3% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.4% | -4.4% | 7.4% | 10.2% | 66.9% | 9.8% | -15.1% | -78.3% | -19.4% | -27.3% | 0.3% |
| ROA | -2.8% | -2.8% | 4.6% | 5.9% | 32.5% | 3.3% | -4.1% | -29.7% | -9.0% | -12.0% | 0.1% |
| ROIC | 6.0% | 6.0% | 4.6% | 6.8% | 9.2% | 7.1% | 0.4% | -6.5% | -5.2% | 3.5% | 4.1% |
| ROCE | 7.6% | 7.6% | 5.4% | 7.9% | 10.5% | 7.7% | 0.4% | -8.0% | -6.2% | 3.6% | 4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.43 | 0.51 | 0.71 | 1.12 | 2.32 | 2.22 | 1.04 | 0.88 | 1.26 |
| Debt / EBITDA | 2.79 | 2.79 | 3.23 | 2.89 | 3.16 | 3.50 | 8.36 | 80.82 | 31.01 | 4.88 | 5.40 |
| Net Debt / Equity | — | 0.32 | 0.30 | 0.33 | 0.57 | 0.79 | 1.89 | 1.98 | 0.90 | 0.72 | 0.54 |
| Net Debt / EBITDA | 2.21 | 2.21 | 2.26 | 1.86 | 2.53 | 2.46 | 6.81 | 72.01 | 26.79 | 3.96 | 2.32 |
| Debt / FCF | — | 2.21 | 2.43 | 2.20 | 3.19 | 2.85 | 3.69 | — | — | 19.70 | 5.32 |
| Interest Coverage | -4.26 | -4.26 | 18.82 | 10.30 | 28.93 | 2.88 | -0.52 | -10.82 | -3.95 | -0.72 | -0.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.71 | 3.71 | 8.35 | 9.11 | 8.36 | 5.61 | 5.07 | 5.33 | 4.29 | 4.81 | 6.65 |
| Quick Ratio | 2.98 | 2.98 | 6.55 | 7.48 | 7.18 | 4.72 | 4.11 | 3.88 | 3.14 | 3.64 | 5.40 |
| Cash Ratio | 2.42 | 2.42 | 5.38 | 6.16 | 6.03 | 3.71 | 3.51 | 2.36 | 1.80 | 1.83 | 3.87 |
| Asset Turnover | — | 0.46 | 0.42 | 0.42 | 0.43 | 0.54 | 0.46 | 0.45 | 0.38 | 0.43 | 0.46 |
| Inventory Turnover | 1.83 | 1.83 | 1.84 | 2.10 | 2.56 | 3.58 | 3.20 | 3.00 | 3.03 | 2.68 | 2.46 |
| Days Sales Outstanding | — | 56.09 | 52.88 | 51.37 | 54.90 | 50.86 | 31.60 | 63.15 | 73.57 | 80.75 | 87.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.9% | 1.6% | 11.9% | 0.8% | — | — | — | — | 0.1% |
| FCF Yield | 0.8% | 2.0% | 1.7% | 2.4% | 4.1% | 2.8% | 6.8% | — | — | 1.0% | 2.1% |
| Buyback Yield | 0.2% | 0.5% | 0.2% | 0.6% | 1.0% | 0.5% | 0.3% | 0.3% | 0.5% | 0.7% | 0.4% |
| Total Shareholder Yield | 0.2% | 0.5% | 0.2% | 0.6% | 1.0% | 0.5% | 0.3% | 0.3% | 0.5% | 0.7% | 0.4% |
| Shares Outstanding | — | $74M | $74M | $72M | $71M | $70M | $67M | $66M | $65M | $61M | $53M |
Geopolitical supply chain exposure
Based on current market data, MTSI trades at a forward P/E of 73.46 and an EV/EBITDA of 148.19, suggesting that investors are pricing in significant future growth from AI-driven optical architectures rather than relying on the company's current, acquisition-impacted earnings profile compared to broader semiconductor peers.
The elevated valuation multiples appear to reflect a market premium for the company's specialized analog-rich design philosophy, which differentiates it from digital-centric competitors. Investors should monitor whether the anticipated adoption of 800G/1.6T optical architectures can justify these multiples, as the current P/S ratio of 29.12 implies high expectations for long-term margin expansion.
As reported in recent financial statements, MTSI's ROIC has remained modest, fluctuating between 0.6% and 2.2% over the last ten quarters, which indicates that the company's aggressive inorganic growth strategy has yet to yield a return on invested capital that consistently exceeds its cost of capital.
The persistent gap between gross margins and ROIC suggests that significant capital is tied up in intangible assets and integration costs from recent acquisitions like the Wolfspeed RF business. Future performance will likely depend on management's ability to improve asset turnover, which currently sits at a low 0.14, by optimizing the utilization of its hybrid manufacturing footprint.
According to quarterly filings, MTSI's cash conversion cycle remains extended, reaching 184 days in 2026Q2, primarily driven by high days inventory outstanding (DIO) of 179 days, which reflects the company's strategic decision to maintain buffer stocks for critical defense and infrastructure programs.
While high inventory levels provide a hedge against supply chain disruptions in specialized materials like Indium Phosphide, they also tie up significant liquidity. The stability of the DSO at approximately 50 days suggests that the company maintains strong leverage over its customer base, though investors should watch for potential obsolescence risks as optical standards evolve.
Based on reported figures, MTSI maintains a healthy balance sheet with a debt-to-equity ratio of 0.27 as of 2026Q2, providing the firm with significant financial flexibility to navigate cyclical downturns in the telecommunications sector while continuing to fund necessary R&D for high-frequency analog performance.
The interest coverage ratio of 30.49 indicates that debt service remains well-supported by current operating income, mitigating concerns regarding the company's ability to manage its existing obligations. This conservative capital structure appears appropriate given the inherent volatility of the semiconductor industry and the company's reliance on lumpy, project-based defense revenue.
The P/E ratio is frequently misapplied to MTSI, as the company's reported net income is heavily distorted by non-cash amortization and acquisition-related integration charges, which obscures the underlying cash-generative capacity of its core analog semiconductor business model.
Investors should instead focus on free cash flow margins and EBITDA-based metrics to assess the firm's true earning power. Relying on P/E ratios in this context may lead to an inaccurate assessment of the company's valuation, as it fails to account for the significant gap between accounting earnings and actual operational cash flow.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying MTSI stock.
MACOM Technology Solutions Holdings, Inc.'s current P/E ratio is -448.8x. The historical average is 60.0x.
MACOM Technology Solutions Holdings, Inc.'s current EV/EBITDA is 131.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 33.4x.
MACOM Technology Solutions Holdings, Inc.'s return on equity (ROE) is -4.4%. The historical average is -0.3%.
Based on historical data, MACOM Technology Solutions Holdings, Inc. is trading at a P/E of -448.8x. Compare with industry peers and growth rates for a complete picture.
MACOM Technology Solutions Holdings, Inc. has 54.9% gross margin and 13.4% operating margin. Operating margin between 10-20% is typical for established companies.
MACOM Technology Solutions Holdings, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.