Magnachip Semiconductor
MXNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $2.53 Prior regular-session close from the quote source.
- $2.66–$3.00 Regular-session low and high so far today.
- 1.5M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.92–$9.86 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MX if Magnachip can survive its recent top-line and margin erosion because it sells specialized analog/Power-IC products that are hard for customers to requalify, and its sizable cash balance gives management time to fix yields, secure.
MX price history
Loading recent earnings…
Investment thesis
What must happen next
Declines in revenue will decelerate and revenue will stabilize because customers of specialized analog/Power-ICs are slow to requalify suppliers and the largest drop in demand has already run through the base.HoldingMateriality: High
Revenue fell from $337,658,000 in FY2022 to $230,051,000 in FY2023, then to $196,425,000 in FY2024 and $178,860,000 in FY2025 — the absolute declines have moderated after the sharp 2022->2023 drop. If demand stabilizes, management can focus on margin recovery without needing rapid scale; if demand continues to fall, cash will be consumed and restructuring becomes value-destructive.
Watch: A major OEM customer consolidates suppliers and shifts allocations to a competitor.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue fell from $337,658,000 in FY2022 to $230,051,000 in FY2023, then to $196,425,000 in FY2024 and $178,860,000 in FY2025 —.
Open source ↗Gross-margin recovery requires demonstrable improvement in manufacturing yields and stable performance from outsourced packaging/test subcontractors; if yields normalize, gross profit per unit will rise and margins can recover.HoldingMateriality: High
Gross profit declined from $101,264,000 in FY2022 to $51,640,000 in FY2023, $38,727,000 in FY2024 and $31,393,000 in FY2025 — a clear erosion consistent with yield/packaging pressure noted in MD&A. Margins are the primary lever to convert any stabilization in revenue into sustainable profitability and free cash flow; without yield fixes cost structure keeps profits negative.
Watch: Persistent low yields or quality failures at packaging/test subcontractors that produce extended rework or scrap rates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit declined from $101,264,000 in FY2022 to $51,640,000 in FY2023, $38,727,000 in FY2024 and $31,393,000 in FY2025 — a.
Open source ↗The company's cash balance provides a multi‑quarter runway to execute restructuring, invest in yields or pursue strategic M&A that could restore scale and margins, because cash exceeds near-term market funding capacity and the company currently has low leverage.HoldingMateriality: Medium
Cash and cash equivalents were $103,756,000 at 12/31/2025 (down from $225,477,000 in 2022) — still a material balance relative to the company's $87,989,368 market cap. A genuine operational turnaround generally requires time and investment; adequate cash prevents forced asset sales or dilutive capital raises and preserves optionality.
Watch: Operating cash flow remains deeply negative (operating_cash_flow was -$24,208,000 in FY2025).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $103,756,000 at 12/31/2025 (down from $225,477,000 in 2022) — still a material balance relative to.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Declines in revenue will decelerate and revenue will stabilize because customers of specialized analog/Power-ICs are slow to requalify suppliers and the largest drop in demand has already run through the base. If demand stabilizes, management can focus on margin recovery without needing rapid scale; if demand continues to fall, cash will be consumed and restructuring becomes value-destructive.
Gross-margin recovery requires demonstrable improvement in manufacturing yields and stable performance from outsourced packaging/test subcontractors; if yields normalize, gross profit per unit will rise and margins can recover. Margins are the primary lever to convert any stabilization in revenue into sustainable profitability and free cash flow; without yield fixes cost structure keeps profits negative.
The company's cash balance provides a multi‑quarter runway to execute restructuring, invest in yields or pursue strategic M&A that could restore scale and margins, because cash exceeds near-term market funding capacity and the company currently has low leverage. A genuine operational turnaround generally requires time and investment; adequate cash prevents forced asset sales or dilutive capital raises and preserves optionality.
All standing thesis claims
Original report summary
Magnachip can survive its recent top-line and margin erosion because it sells specialized analog/Power-IC products that are hard for customers to requalify, and its sizable cash balance gives management time to fix yields, secure.
Bull case and bear case
Bull case and bear case for MAGNACHIP SEMICONDUCTOR
Where the evidence on MAGNACHIP SEMICONDUCTOR stands: Holding on the latest evidence (Nov 10, 2026). Of its 3 thesis points, 3 holding.
Bull case: what the evidence supports
Declines in revenue will decelerate and revenue will stabilize because customers of specialized analog/Power-ICs are slow to requalify suppliers and the largest drop in demand has already run through the base.
Gross-margin recovery requires demonstrable improvement in manufacturing yields and stable performance from outsourced packaging/test subcontractors; if yields normalize, gross profit per unit will rise and margins can recover.
The company's cash balance provides a multi‑quarter runway to execute restructuring, invest in yields or pursue strategic M&A that could restore scale and margins, because cash exceeds near-term market funding capacity and the company currently has low leverage.
Bear case: what would count against it
A major OEM customer consolidates suppliers and shifts allocations to a competitor.
Persistent low yields or quality failures at packaging/test subcontractors that produce extended rework or scrap rates.
Operating cash flow remains deeply negative (operating_cash_flow was -$24,208,000 in FY2025).
Thesis-Break Engine
Thesis-break watch · MAGNACHIP SEMICONDUCTOR
No break has crossed MAGNACHIP SEMICONDUCTOR’s thesis. Its break conditions are checked against every new filing as it lands.
Early warning
The break condition read on the trailing twelve months through MAGNACHIP SEMICONDUCTOR’s latest quarterly report, ahead of the annual figure it is written on.
- Gross-margin compression, trailing 12 months
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
MAGNACHIP SEMICONDUCTOR filed an SEC 8-K on 2026-11-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
MAGNACHIP SEMICONDUCTOR filed an SEC 8-K on 2026-09-21: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
MAGNACHIP SEMICONDUCTOR filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A major OEM customer consolidates suppliers and shifts allocations to a competitor.
- Persistent low yields or quality failures at packaging/test subcontractors that produce extended rework or scrap rates.
- Operating cash flow remains deeply negative (operating_cash_flow was -$24,208,000 in FY2025).
MX news
Loading headlines…
Financial statements
MX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MX: quick answers
- Which well-known investors own MX?
- 2 of the 37 well-known funds tracked here reported MX shares in their latest 13F filings. By share of the fund's portfolio: Oaktree Capital Management (Howard Marks), 0.1%; Fairfax Financial (Prem Watsa), 0.0%. Fund portfolios
MX in well-known investors’ portfolios
2 of 37 funds reported MX shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Howard MarksOaktree Capital Management | 0.10% | $7.1M | — | Q2 2026 |
| Prem WatsaFairfax Financial | 0.01% | $296K | — | Q2 2026 |