Silicon Motion Technology
SIMONASDAQUSD
- 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.
- $169.01 Prior regular-session close from the quote source.
- $175.50–$189.00 Regular-session low and high so far today.
- 669.4K 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.
- $79.76–$355.00 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 SIMO if SIMO is a cyclical but strategically valuable merchant NAND-controller franchise whose value depends on whether specialized controller firmware keeps winning sockets without margin erosion.
SIMO price history
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Investment thesis
What must happen next
Storage customers continue to outsource enough controller design to SIMO because qualification, firmware, and time-to-market remain harder to replicate than buying a merchant controller.StrengtheningMateriality: High
GAAP annual revenue recovered from $639.1 million in FY2023 to $803.6 million in FY2024 and $885.6 million in FY2025. If this holds, SIMO can compound through storage cycles; if it breaks, revenue recovery becomes a temporary inventory-cycle bounce.
Watch: Large NAND makers such as Samsung, Micron, SK hynix/Solidigm, Kioxia, or Western Digital increasingly shift client SSD or mobile-storage controller work in-house.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue recovered from $639.1 million in FY2023 to $803.6 million in FY2024 and $885.6 million in FY2025.
Open source ↗SIMO’s controller IP remains differentiated enough that newer NAND interfaces and firmware complexity support pricing and mix instead of collapsing into commodity-controller economics.StrengtheningMateriality: High
GAAP annual gross profit rose from $270.4 million in FY2023 to $368.8 million in FY2024 and $427.5 million in FY2025. Gross margin is the clearest test of whether design wins are valuable or being bought with price concessions.
Watch: Phison, Maxio, InnoGrit, or other controller vendors initiate a price war to gain sockets in client SSDs or mobile storage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $270.4 million in FY2023 to $368.8 million in FY2024 and $427.5 million in FY2025.
Open source ↗The fabless model turns recovered design-win volume into operating leverage only if engineering investment and support costs do not rise as fast as the next interface and qualification cycle.HoldingMateriality: Medium
GAAP annual operating income improved from $39.9 million in FY2023 to $90.9 million in FY2024 and $93.0 million in FY2025. Revenue growth is not enough; owners need recovered volume to translate into operating income rather than being consumed by R&D, support, or respins.
Watch: SIMO must overinvest in next-generation PCIe, UFS, or enterprise controller platforms just to defend existing sockets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from $39.9 million in FY2023 to $90.9 million in FY2024 and $93.0 million in FY2025.
Open source ↗SIMO’s fabless balance sheet remains a source of resilience only if working capital and supply commitments do not absorb the profits from the storage upcycle.WeakeningMateriality: Medium
GAAP annual operating cash flow stayed positive in FY2023, FY2024, and FY2025. If cash conversion weakens, the company may have less flexibility for R&D, buybacks, dividends, or downturn protection even while accounting earnings improve.
Watch: Inventory builds, wafer prepayments, or customer credit terms consume cash ahead of uncertain demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow stayed positive in FY2023, FY2024, and FY2025.
Open source ↗
Full investment case & evidence
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Original research
Storage customers continue to outsource enough controller design to SIMO because qualification, firmware, and time-to-market remain harder to replicate than buying a merchant controller. If this holds, SIMO can compound through storage cycles; if it breaks, revenue recovery becomes a temporary inventory-cycle bounce.
SIMO’s controller IP remains differentiated enough that newer NAND interfaces and firmware complexity support pricing and mix instead of collapsing into commodity-controller economics. Gross margin is the clearest test of whether design wins are valuable or being bought with price concessions.
The fabless model turns recovered design-win volume into operating leverage only if engineering investment and support costs do not rise as fast as the next interface and qualification cycle. Revenue growth is not enough; owners need recovered volume to translate into operating income rather than being consumed by R&D, support, or respins.
SIMO’s fabless balance sheet remains a source of resilience only if working capital and supply commitments do not absorb the profits from the storage upcycle. If cash conversion weakens, the company may have less flexibility for R&D, buybacks, dividends, or downturn protection even while accounting earnings improve.
All standing thesis claims
Original report summary
SIMO is a cyclical but strategically valuable merchant NAND-controller franchise whose value depends on whether specialized controller firmware keeps winning sockets without margin erosion.
Bull case and bear case
Bull case and bear case for Silicon Motion Technology
Where the evidence on Silicon Motion Technology disagrees: Mixed on the latest evidence (Oct 12, 2026). Of its 4 thesis points, 2 strengthening, 1 holding and 1 weakening.
Bull case: what the evidence supports
Storage customers continue to outsource enough controller design to SIMO because qualification, firmware, and time-to-market remain harder to replicate than buying a merchant controller.
SIMO’s controller IP remains differentiated enough that newer NAND interfaces and firmware complexity support pricing and mix instead of collapsing into commodity-controller economics.
The fabless model turns recovered design-win volume into operating leverage only if engineering investment and support costs do not rise as fast as the next interface and qualification cycle.
Bear case: what the evidence questions
SIMO’s fabless balance sheet remains a source of resilience only if working capital and supply commitments do not absorb the profits from the storage upcycle.
Thesis-Break Engine
Thesis-break watch · Silicon Motion Technology
No break has crossed Silicon Motion Technology’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Silicon Motion Technology filed an SEC report on 2026-10-08: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Silicon Motion Technology filed an SEC report on 2026-09-22: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Silicon Motion Technology filed an SEC report on 2026-08-14: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large NAND makers such as Samsung, Micron, SK hynix/Solidigm, Kioxia, or Western Digital increasingly shift client SSD or mobile-storage controller work in-house.
- Phison, Maxio, InnoGrit, or other controller vendors initiate a price war to gain sockets in client SSDs or mobile storage.
- SIMO must overinvest in next-generation PCIe, UFS, or enterprise controller platforms just to defend existing sockets.
- Inventory builds, wafer prepayments, or customer credit terms consume cash ahead of uncertain demand.
SIMO news
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Financial statements
SIMO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
SIMO: quick answers
- What is SIMO's short interest?
- As of October 30, 2026, 1.8M SIMO shares were sold short, up 4.2% from the count before. At the stock's average daily volume that is 1.7 days to cover. FINRA publishes the count twice a month. SIMO short interest history
- Have members of Congress traded SIMO?
- 1 trade in SIMO has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed SIMO trade
- Which well-known investors own SIMO?
- 1 of the 37 well-known funds tracked here reported SIMO shares in their latest 13F filing. By share of the fund's portfolio: Maverick Capital, 0.0%. Fund portfolios
SIMO in well-known investors’ portfolios
1 of 37 funds reported SIMO 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 |
|---|---|---|---|---|
| Maverick Capital | 0.01% | $616K | — | Q2 2026 |