ランキングに戻る

Microchip Technology Incorporated (MCHP)

割高
TechnologySemiconductorsUnited States

ファンダメンタル

49

株価

$77.78

時価総額

$40.56B

パート1 · 企業の価値

概要

Microchip Technology designs and manufactures the small, low-cost chips that give everyday electronics their basic intelligence and connectivity: microcontrollers, analog chips, memory and programmable logic used inside cars, industrial equipment, appliances and data centre hardware. Unlike fabless chip designers, it still owns and runs some of its own factories, alongside outside foundries. Its catalogue spans tens of thousands of parts sold in modest volumes to a very broad base of industrial and automotive customers rather than a handful of large buyers.

収益の仕組み

Revenue comes from selling physical chips, mostly through distributors who hold inventory and resell to thousands of smaller customers, with the rest sold directly to larger accounts. Engineers design a specific Microchip part into a product years before it ships, and once that design is locked in, they rarely switch supplier for the life of that product, which gives revenue a slow-moving, order-book character rather than one driven by short-term demand shifts.

セグメント別売上高

Mixed-signal microcontrollers51.1%

The programmable chips that act as the 'brain' inside a huge range of electronic products, Microchip's largest product line.

Analog26.3%

Chips that manage power, signal conversion and interfacing between the physical world and digital electronics.

Other (FPGA and memory)22.6%

Programmable logic chips and memory products sold alongside the core microcontroller and analog lines, plus a small technology licensing business.

競争優位性(moat)

スイッチングコスト · 狭い

Once an engineer designs a Microchip part into a product, replacing it means re-qualifying a new chip across the whole design, a costly step most customers avoid once a product is in production. That stickiness is real but not unique to Microchip: rivals such as Texas Instruments, STMicroelectronics and NXP compete for the same design-in decisions on the next product generation, so the advantage resets with every new product cycle.

需要を左右する要因

景気循環型

Microchip sells into a huge range of industrial, automotive and consumer end markets, which smooths out any single customer's ups and downs, but the semiconductor industry as a whole still moves through pronounced boom-and-bust inventory cycles: distributors and customers over-order when supply is tight and work down stockpiles when it eases, amplifying the swing in Microchip's own order book beyond the swing in end demand.

主なリスク

  • Distributor concentration — Arrow Electronics alone represented 12% of fiscal 2026 net sales; a disruption at this distributor, or a change in its relationship with Microchip, would affect a meaningful share of revenue.
  • Dependence on outside foundries — About 65% of fiscal 2026 sales came from products made at outside wafer foundries; capacity shortfalls or disruption at those foundries limit how much Microchip can ship, regardless of demand.
  • Unabsorbed manufacturing capacity — Microchip paused expansion at two of its own fabs and recorded $200.8 million of unabsorbed capacity charges in fiscal 2026, a cost of owning factories that run below full utilisation during a downturn.
  • Export controls and geopolitical restrictions — Roughly three-quarters of sales go to customers outside the United States; export controls, tariffs and an active investigation by Chinese authorities into US analog semiconductor makers could restrict where Microchip can sell.
  • Intense price competition — Microchip competes against several large, well-funded semiconductor makers on price and technical performance, and states that intense competition in its markets creates ongoing pressure on margins.

顧客集中度

主要顧客が売上高の12%を占める

Arrow Electronics, its largest distributor, accounted for 12% of net sales in fiscal 2026; no other distributor or direct customer exceeded 10%, so concentration sits with the distribution channel rather than any single end customer.

強気材料

Buyers argue that Microchip's tens of thousands of design-ins across industrial and automotive customers give it revenue that is hard for any single customer loss to dent, and that the current inventory correction is cyclical rather than a sign of lost competitive position.

弱気材料

Sellers fear that unabsorbed factory costs will keep weighing on margins until the industry cycle turns, that heavy reliance on outside foundries and a concentrated distributor leaves supply exposed to disruption, and that Chinese scrutiny of US analog chipmakers could restrict a market Microchip depends on.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 22.7Score: 69Market cap: $58.11B

NXP sells microcontrollers, connectivity and analog parts to the same automotive and industrial customers, and names Microchip among its own primary competitors in its annual report.

P/E: 68.6Score: 61Market cap: $73.11B

Infineon leads the microcontroller market Microchip competes in and pushes the same combination of embedded control plus power and security devices into automotive and industrial systems.

P/E: 42.6Score: 73Market cap: $247.17B

Texas Instruments competes for the same industrial and automotive sockets with its embedded processors and, above all, with the broad catalogue of analog and power-management parts that make up roughly half of Microchip's revenue.

P/E: 47.1Score: 73Market cap: $185.40B

Analog Devices is the direct rival on the analog and mixed-signal side of Microchip's catalogue — signal chain, power, interface and timing parts sold to the same industrial, medical and automotive designers.

STMicroelectronics N.V.STM

Its STM32 family competes head-on with Microchip's PIC, AVR and SAM microcontrollers for the same industrial, automotive and IoT design wins, and it sells a comparable surrounding range of analog and power products.

Renesas Electronics Corporation (ルネサスエレクトロニクス株式会社)6723

Renesas is one of the five suppliers that share most of the microcontroller market with Microchip, and after its Dialog and Intersil deals it also overlaps on analog, power and wireless connectivity.

貸借対照表と流動性

売上高

$5.12B

直近12か月(2026/6/30まで)

純利益

$478M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$871M

自己資本合計

$6.43B

負債合計

$7.94B

流動比率

1.92

利払い倍率

3.74

負債/EBITDA

4.58

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$52.09

現在株価

$77.78

安全マージン

-49.3%

適正価値レンジ

$33.86 - $70.33

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$107.84
ディスカウンテッド・キャッシュフロー(DCF):$47.40
利益倍率(P/E):$12.88
グレアムの成長公式:$5.16
収益力価値(EPV):$7.77
正当化されたP/B:$5.92
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):$27.09
中間サイクル利益:$54.31
売上高倍率:$47.49
アナリスト・コンセンサス:強い買い (26B / 7H / 0S)
直近の決算サプライズ:+7.39%

バリュエーション指標

P/E レシオ

114.37

ROE

3.6%

P/B レシオ

6.55

P/FCF

38.01

粗利益率

60.2%

ROIC

4.8%

収益性レーダー

価値創造(経済的モート)

ROIC

4.8%

WACC

13.3%

ROIC − WACC

-8.5 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(15)

  • Price CAGR 8.94%
  • Gross Margin 60.2%
  • Debt/Equity ratio
  • Operating Margin 15.5%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Analyst Consensus 79% Buy
  • Earnings Surprise avg 6.3%
  • Earnings Quality (OCF/NI) 2.50
  • Net Margin Trend 9.3% vs -3.5%
  • Piotroski F-Score 6/9

不合格(11)

  • EPS shows upward trend
  • EPS CAGR -9.77%
  • ROIC 4.8%
  • P/FCF 38.01
  • P/B Ratio 6.55
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 7.3%
  • Revenue Growth 5Y -2.8%
  • Share Dilution 1990.9%

データなし(2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

2.50

高品質:利益はキャッシュに裏付けられている

株式希薄化

1990.9%

新株を発行しており、所有権を希薄化している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Stephen SanghiCEO, President & Chair of the Board69
Mr. James Eric BjornholtSenior Corporate Vice President & CFO54
Mr. Mathew B. BunkerSenior Corporate Vice President of Operations55
Mr. Joseph R. Krawczyk IISenior Corporate Vice President of Worldwide Client Engagement65
Mr. Sajid DaudiHead of Investor Relations-
Ms. Lauren A. CarrSenior Corporate Vice President of Global Human Resources-
Mr. Mark W. ReitenSenior Corporate Vice President of Licensing, Memory Products and Edge AI Business Units-
Mr. Patrick F. JohnsonSenior Corporate Vice President, FPGA & Timing Business Units-
Mr. Fanie DuvenhageSenior Corporate Vice President of Analog Business Units-
Mr. Matthias KaestnerCorporate Vice President, Automotive, Data Center & Networking Business Units-

監査リスク

6

取締役会リスク

9

報酬リスク

9

株主権利リスク

2

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-05-21

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-06

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-08-19

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for MCHP, sourced from Markets Gazette.

  • 6/12/2026POSITIVE
    Jim Cramer: This Tech Stock Is 'Terrific,' Fluence Faces Profit Test

    Jim Cramer, host of 'Mad Money,' has identified Microchip Technology as a 'terrific' investment opportunity. The recommendation is underpinned by the company's robust financial performance and promising growth prospects. Cramer's endorsement suggests that Microchip Technology is well-positioned for future success, potentially attracting increased investor interest and driving its stock price higher. Investors should monitor the company's upcoming earnings reports and strategic initiatives for further validation of this positive outlook.

  • 6/1/2026POSITIVE
    Microchip Technology Stock Climbs On Data Center Revenue Growth

    Microchip Technology's stock experienced a notable increase following the company's announcement of robust revenue growth within its Data Center Solutions Business Unit. The company also provided positive forward guidance for this key segment. This performance indicates strong demand for Microchip's products in the rapidly expanding data center market, a sector critical for cloud computing, AI, and high-performance computing. Investors are likely reacting to the company's ability to capitalize on this trend, suggesting potential for continued market share gains and improved financial results.

via Markets Gazette