olivLaw · US equity research
STMicroelectronics N.V. STM
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
STMicroelectronics N.V. designs, manufactures and sells semiconductors for four end markets: automotive, industrial, personal electronics and communications equipment, computers and peripherals. The company matters now for its focus on electrifying cars, energy efficiency and data centers for AI, with goodwill of 315 million USD on its balance sheet at December 31, 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, STMicroelectronics N.V. (STM) stock was 45.60 USD (−6.06% on the day), with market capitalisation 40.5 bn USD, P/E 253.3 on diluted EPS of 0.18 USD over the last 12 months, dividend yield 0.79%, beta 2.08, 52-week range 21.20–79.91 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 42.73 – 52.38
- in the lower half of the band · %B 0.30 · band width 20.3%
- SMA 50 / 200
- 50.14 / 50.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.15 / -1.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.9% | −1.1% | −19.8 pp | — |
| 3 months | −13.6% | −0.5% | −13.1 pp | — |
| 6 months | −21.3% | +4.4% | −25.7 pp | — |
| Year to date | +75.8% | +12.3% | +63.5 pp | — |
| 1 year | +94.7% | +13.5% | +81.2 pp | +35.9% |
| 3 years | +10.5% | +76.4% | −65.9 pp | +34.4% |
| 5 years | −10.2% | +63.7% | −73.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Quarterly statements · USD
| Fiscal year | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Dividends paid | 54.0 m | 54.0 m | 81.0 m | 81.0 m | 72.0 m | 81.0 m | 80.0 m | 71.0 m |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 10-quarter history (min 8.5, median 23.1, max 144.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.7 bn | 9.6 bn | 10.2 bn | 12.8 bn | 16.1 bn | 17.3 bn | 13.3 bn | 11.8 bn |
| Revenue YoY | +15.8% | −1.1% | +6.9% | +24.9% | +26.4% | +7.2% | −23.2% | −11.1% |
| Net income | 1.3 bn | 1.0 bn | 1.1 bn | 2.0 bn | 4.0 bn | 4.2 bn | 1.6 bn | 166.0 m |
| Net income YoY | +60.5% | −19.8% | +7.2% | +80.8% | +98.0% | +6.3% | −63.0% | −89.3% |
| Diluted EPS | 1.41 | 1.14 | 1.20 | 2.16 | 4.19 | 4.46 | 1.66 | 0.18 |
| Diluted EPS YoY | +58.4% | −19.1% | +5.3% | +80.0% | +94.0% | +6.4% | −62.8% | −89.2% |
| net % | 13.3% | 10.8% | 10.8% | 15.7% | 24.6% | 24.4% | 11.7% | 1.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.8 bn USD
- Financial debt
- 2.1 bn USD
- Net debt
- -704.0 m USD
- Equity
- 18.2 bn USD
- Total assets
- 24.8 bn USD
- Debt / equity
- 0.12x
- Current ratio
- 3.36x
- ROE
- 0.9%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.2 bn | 12.8 bn | 16.1 bn | 17.3 bn | 13.3 bn | 11.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 6.4 bn | 7.4 bn | 8.5 bn | 9.0 bn | 8.0 bn | 7.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 3.8 bn | 5.3 bn | 7.6 bn | 8.3 bn | 5.2 bn | 4.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 1.5 bn | 1.7 bn | 1.9 bn | 2.1 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 1.1 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 1.3 bn | 2.4 bn | 4.4 bn | 4.6 bn | 1.7 bn | 175.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 923.0 m | 1.0 bn | 1.2 bn | 1.6 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 2.2 bn ≈ | 3.5 bn ≈ | 5.7 bn ≈ | 6.2 bn ≈ | 3.4 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 54.0 m | 42.0 m | 13.0 m | 55.0 m | 85.0 m | 55.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 1.3 bn | 2.3 bn | 4.5 bn | 4.8 bn | 1.9 bn | 400.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 159.0 m | 331.0 m | 520.0 m | 541.0 m | 313.0 m | 220.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 1.1 bn | 2.0 bn | 4.0 bn | 4.2 bn | 1.6 bn | 166.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.20 | 2.16 | 4.19 | 4.46 | 1.66 | 0.18 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 919.7 m | 924.8 m | 946.2 m | 944.2 m | 939.3 m | 923.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.18 | 0.23 | 0.24 | 0.24 | 0.36 | 0.36 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.0 bn | 3.2 bn | 3.3 bn | 3.2 bn | 2.3 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 1.5 bn | 1.8 bn | 2.0 bn | 1.7 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 1.8 bn | 2.0 bn | 2.6 bn | 2.7 bn | 2.8 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 7.6 bn | 7.8 bn | 9.8 bn | 11.8 bn | 11.7 bn | 11.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 4.6 bn | 5.7 bn | 8.2 bn | 10.6 bn | 10.9 bn | 11.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 330.0 m | 313.0 m | 297.0 m | 303.0 m | 290.0 m | 315.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 445.0 m | 438.0 m | 405.0 m | 367.0 m | 346.0 m | 324.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 14.5 bn | 15.5 bn | 20.0 bn | 24.5 bn | 24.7 bn | 24.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 795.0 m | 143.0 m | 175.0 m | 217.0 m | 990.0 m | 298.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 1.8 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.0 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 3.1 bn | 2.9 bn | 3.8 bn | 3.7 bn | 3.8 bn | 3.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 5.9 bn | 6.3 bn | 7.2 bn | 7.6 bn | 7.1 bn | 6.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 8.5 bn | 9.3 bn | 12.8 bn | 16.9 bn | 17.7 bn | 18.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Shares outstanding at year end | 911.2 m | 906.5 m | 903.9 m | 902.8 m | 898.2 m | 888.8 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.1 bn | 3.1 bn | 5.2 bn | 6.0 bn | 3.0 bn | 2.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -2.0 bn | -1.5 bn | -4.6 bn | -5.8 bn | -3.7 bn | -43.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 348.0 m | -1.3 bn | -567.0 m | -267.0 m | -155.0 m | -1.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 168.0 m | 205.0 m | 212.0 m | 223.0 m | 288.0 m | 321.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 125.0 m | 485.0 m | 346.0 m | 346.0 m | 359.0 m | 367.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 40.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation70
- Returns62
- Quality15
- Balance sheet88
- Growth4
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.14 – 173.26 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/Sales46.07 – 173.26 (Mid 77.23)26 companies used · median multiple 5.8x · quartiles 3.4x – 13.0xAAOI, ADI, ALGM, AMAT, AMD, AVGO, FSLR, GFS, ICHR, INTC, JKS, MCHP, MRAM, MRVL, MTSI, MU, NVDA, NXPI, ON, PENG, Q, QUIK, SPCB, TE, TXN, WOLF
- Peers: EV/EBITDA27.14 – 54.63 (Mid 38.79)11 companies used · median multiple 16.6x · quartiles 11.5x – 23.6xAMAT, FSLR, GFS, ICHR, MCHP, MU, NVDA, NXPI, ON, PENG, SPCB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 33.9% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | 1.5% | 34 (vs peers) | 11% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.9% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | -11.1% | 13 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | -0.3x | 77 (vs peers) | 8% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | 3.4x | 70 (vs peers) | 22% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 62 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet88/100 · 2/2 factors with a value
- Growth4/100 · 2/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns62/100 · 1/1 factors with a value
- Valuation· partial70/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STMicroelectronics N.V. (STM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.8 bn USD in 2025; YoY growth -11.1%; net margin 1.4%; ROE 0.9%; net debt/EBITDA -0.3x.
The estimated value range is 36.60–113.94 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 58.01 USD, the price of 45.60 USD leaves a potential of 27.2% (value / price − 1) and a margin of safety of 21.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.3x
- Current ratio: 3.4x
- EV/Sales: 3.4x
What contradicts it
- Gross margin: 33.9%
- Revenue CAGR 3Y: -9.9%
- Revenue growth (YoY): -11.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF margin, FCF yield.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| STMSTMicroelectronics N.V. | 40.5 bn | 253.3 | 0.9% | 1.4% | −11.1% | +95% / +11% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| GFSGLOBALFOUNDRIES Inc. | 22.4 bn | 25.4 | 7.8% | 13.0% | +0.6% | +13% / −25% |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
| HIMXHimax Technologies, Inc. | 3.6 bn | 80.3 | 4.9% | 5.3% | −8.2% | +38% / +83% |
| KLICKulicke And Soffa Industries, Inc. | 3.6 bn | 31.5 | 13.2% | 12.2% | −7.4% | +52% / +33% |
1- and 3-year price returns: for STM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.30 Total return -44% · Per year -44% | 44.95 Total return -1% · Per year -1% | 68.02 Total return 50% · Per year 50% |
| 3 years | 20.09 Total return -55% · Per year -23% | 40.57 Total return -10% · Per year -3% | 68.02 Total return 51% · Per year 15% |
| 5 years | 15.95 Total return -64% · Per year -18% | 36.61 Total return -18% · Per year -4% | 68.02 Total return 52% · Per year 9% |
- Exit P/E± 10.14
- Net margin± 7.10
- Annual revenue growth± 6.41
- Annual dilution± 0.60
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026).
In brief
STMicroelectronics N.V. designs, manufactures and sells semiconductors for four end markets: automotive, industrial, personal electronics and communications equipment, computers and peripherals. The company matters now for its focus on electrifying cars, energy efficiency and data centers for AI, with goodwill of 315 million USD on its balance sheet at December 31, 2025 1.
SWOT
Strengths
- The company runs an integrated manufacturing model, with its own fabs and selected partnerships, giving it control over quality and supply 1.
- A broad portfolio of proprietary technologies, from FD-SOI to GaN and SiC, lets it address many applications at once 1.
- A wide customer base and its position in automotive offer long-term stability 1.
Weaknesses
- Manufacturing requires heavy investment, and capacity can become underutilized when demand falls 1.
- The company relies on a few end markets and takes a selective approach in personal electronics, which limits its addressable market 1.
- Some acquired licenses and technologies were impaired in the past, showing the risk of investments in new technologies 1.
Opportunities
- Growth in electric vehicles and driver assistance systems could generate demand for the company's products 1.
- Demand for AI infrastructure and data centers may open new contracts for its power and optical solutions 1.
- Robotics and connected devices are areas the company says its existing portfolio can serve 1.
Risks
- Underutilized capacityhigh
The document warns that fabs can become underutilized if demand shifts quickly, which could weigh on profitability 1.
- Technological obsolescencemedium
Rapid technological evolution could make existing equipment and processes less competitive 1.
- Impairment of assets and licensesmedium
The company has recorded impairments on licenses and acquired technologies, and new valuations could lead to further losses 1.
- Dependence on major customersmedium
The document shows that weaker performance by large customers could affect the valuation of the company's units 1.
- Uncertainty in forecastslow
The company acknowledges that assumptions used in plans and estimates could prove incorrect, changing actual results 1.
Investment thesis
What would need to be true (bull case)
- If the electrification of cars and demand for data centers continue, the company's power and analog portfolio could benefit from higher volumes 1.
- The integrated manufacturing model and proprietary technologies may offer competitive advantage and resilience during supply crises 1.
- A broad customer base and the STM32 software ecosystem could create recurring revenue if adoption stays high 1.
What would break the thesis
What to watch
- Progress of automotive and data center sales2027
- Adoption of the new STM32V8 and Stellar microcontrollers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026).
The business
According to its Form 20-F for fiscal 2025, the company is a global integrated device manufacturer with its legal seat in Amsterdam and central operations in Switzerland 1. It describes its model as integrated, combining in-house design, proprietary technology and manufacturing in its own fabs or with selected partners, which it says gives it competitive advantage and supply chain resilience 1. It works with more than 200,000 customers and has 48,000 employees 1.
The product portfolio covers discrete and general-purpose components, analog and power ICs, MEMS sensors, microcontrollers, digital ICs and optical sensing solutions 1. In 2025 the company introduced the STM32V8 microcontroller, described as the world's first built on the 18nm FD-SOI process, and expanded its STM32 AI model zoo to over 140 ready-made models 1. The document says these lines are supported by a broad software ecosystem 1.
Its strategy focuses on smart mobility, efficient power and energy management and connected devices, with growth drivers including ADAS programs and silicon carbide power devices in automotive, general-purpose MCUs in industrial, and power and analog products for AI servers and data centers 1. The company says it is also positioned for humanoid robotics through its MCU, MEMS, optical sensor and power management portfolio 1.
Segments
Analog, Power & Discrete, MEMS and Sensors (APMS)
This product group includes the AM&S segment, covering analog ICs, MEMS sensors and actuators and optical sensing, and the P&D segment for discrete and power transistors, including SiC MOSFETs and GaN devices 1. The document shows automotive as an important part of this line, through battery management and traction solutions 1.
Microcontrollers, Digital ICs and RF (MDRF)
This group includes the EMP segment, with general-purpose and automotive microcontrollers, connected security products and ADAS processing, and the RFOC segment, with space, connectivity, digital audio and optical products 1. The Stellar automotive MCU family and phase-change memory are key elements of this business according to the document 1.
Market context
The document describes the company as active in four end markets: automotive, industrial, personal electronics and communications equipment, computers and peripherals 1. It presents itself as a leading supplier of automotive semiconductors, with solutions covering powertrain, chassis, safety and infotainment 1. In industrial and automotive it works with a broad customer base, while in personal electronics and communications it takes a selective approach 1.
Growth in data centers and AI servers appears in the document as an area of interest, through optical interconnect and power management solutions 1. The pace of that growth depends on demand in each end market, and the company acknowledges that actual results may differ from its estimates 1.
Trends
- Electrification and digitalization of carstailwind
The company shows that electrifying and digitalizing vehicles, including silicon carbide and GaN devices, are key directions for its automotive portfolio 1. If carmakers accelerate electric vehicle programs, demand for these components could rise 1.
- Demand for data centers and AItailwind
The document lists data centers and AI servers among growth drivers, with power, analog and optical solutions 1. If investment in AI infrastructure continues, this market could support the company's sales 1.
- Cyclicality of the semiconductor industryheadwind
The document acknowledges that rapid demand changes and technological evolution can leave production capacity underutilized or obsolete 1. If demand falls, fixed costs in fabs could pressure margins 1.
- Adoption of new technologiesmixed
The company invests in proprietary technologies such as FD-SOI, PCM and GaN, and the document shows their success depends on customer adoption 1. If these technologies are widely accepted they could open new revenue sources, but the outcome remains uncertain 1.
Competitive position
The company's document does not explicitly name competitors. It does describe its leading position in automotive and analog semiconductors and the advantage of its integrated model combining design and manufacturing 1. The market is characterized by competition on technology, cost and supply chain resilience, which the document highlights 1.
For a full comparison, readers should consult competitors' reports in the same segments, since this document does not provide a verifiable list of them 1. The company emphasizes in-house manufacturing capability and its software ecosystem as differentiators in its view 1.
- Analog and power semiconductor makers (named generically in the document)
The document does not list competitors, but the company positions itself as a top automotive and analog supplier competing with other global semiconductor makers 1.
- Microcontroller suppliers
In microcontrollers the company competes on performance, low power and software ecosystem, themes highlighted in its document 1.
- Data center component makers
For power and optical solutions for data centers and AI, the document shows the market is contested, without naming competitors 1.
- MEMS sensor suppliers
In MEMS sensors the company aims to offer solutions from discrete to fully integrated, in a market with several players 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- STMicro lifts data centre revenue forecast after Q3 profit beatCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- STMicro nearly doubles quarterly profit, sees Q4 sales exceeding $4 billionCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- STMicro's 2027 AI revenue to be four-fifths optics, CFO saysCNA (Channel NewsAsia) · 09 Sept 2026 · EN
- STMicro Eyes $1.5 Billion Convertible Bonds After AI-Fueled JumpBloomberg Markets · 16 Jun 2026 · EN
The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)31 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / STMicroelectronics N.V. · 26 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.