MTSI · CIK 1493594
What MACOM Technology Solutions Holdings, Inc. told the SEC could break it.
MACOM's risks sit on both ends of a globally exposed semiconductor business. It earned 56.3% of fiscal 2025 revenue outside the US, heavily weighted to China (28.4%) and Asia Pacific (11.5%), so a trade war, domestic-substitution push or other disruption in those markets could materially hurt revenue. Its supply is concentrated too: wafers for a given process technology generally come through a single merchant foundry, and it uses sole-source suppliers for certain semiconductor packages, materials and fab processes that are hard to replace quickly. That China-heavy footprint also makes tariffs, export bans and sanctions a real threat, only partly offset by CHIPS Act incentives for US manufacturing investment.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- 56.3% of revenue international; China 28.4% + Asia Pacific 11.5%high
MACOM derived 56.3% of fiscal 2025 revenue from outside the US, heavily weighted to China (28.4%) and the broader Asia Pacific region (11.5%); a financial crisis, trade war, domestic semiconductor supply-chain initiatives or other disruption in those jurisdictions could materially harm revenue.
“Sales to customers located outside the U.S. accounted for 56.3% of our revenue for the fiscal year ended October 3, 2025... fiscal year 2025 sales to customers in China and the Asia Pacific region accounted for 28.4% and 11.5% of total fiscal year 2025 sales, respectively.”
Sole-source dependency
- single-foundry per process technology for wafers; sole-source semiconductor packages/materialshigh
MACOM relies on single sources for key inputs — wafers for a given process technology are generally sourced through a single merchant foundry, and it uses sole-source suppliers for certain semiconductor packages, materials and fab process technologies — with some raw materials not readily available from alternates due to their unique nature, design or long re-qualification time, creating supply-interruption and price risk.
“We utilize sole source suppliers for certain semiconductor packages and other materials and, in some cases, for the particular semiconductor fabrication process technologies manufactured at that supplier's facility. Such supplier concentrations involve the risk of a potential future business interruption if the supplier becomes unable or unwilling to supply us at any point.”
SEC filing →As of 2025
Regulatory & policy
- tariffs, export bans, sanctions and trade tensions (China)medium
MACOM could be negatively affected by weakening global conditions stemming from tariffs, export bans, sanctions or other trade tensions (including new or retaliatory trade measures) — a heightened risk given its large China/Asia revenue exposure — partially offset by CHIPS Act investment tax credits on US semiconductor manufacturing investment.
“we could be negatively affected by any weakening of global economic conditions, including as a result of the evolving impacts from tariffs, export bans, sanctions or other trade tensions (including implementation of new tariffs or retaliatory trade measures).”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Among the suppliers PMT supports are Amperex, CDE, CPI, Draloric, Eimac, General Electric, Hitachi, Jennings, L3, MACOM, National, NJRC, Ohmite, Qorvo, Thales, Toshiba and Vishay.”
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