MACOM Technology Solutions Holdings, Inc.
MTSI Technology Semiconductors
MACOM Technology Solutions Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $967.3 million, up 32.6% from fiscal 2024. In the quarter to June 2026, revenue grew 35.8%, EPS grew 169.4%, free cash flow grew 165.5% and total debt fell 28.3%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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MACOM Technology Solutions Holdings, Inc. (MTSI) Beneish M-score
MACOM Technology Solutions Holdings, Inc.'s Beneish M-score for fiscal 2025 is −2.81; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.81 | (0.28) |
| FY2024 | −2.52 | 0.17 |
| FY2023 | −2.69 | (1.22) |
| FY2022 | −1.47 | 0.78 |
| FY2021 | −2.24 | 1.59 |
| FY2020 | −3.83 | 0.79 |
| FY2019 | −4.62 | (1.41) |
| FY2018 | −3.20 | (0.57) |
| FY2017 | −2.63 | 0.06 |
| FY2016 | −2.69 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.06 | — | 0.98 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 0.82 | — | 0.33 | |
| Sales growth index | 1.33 | — | 1.18 | |
| Depreciation index | 1.25 | — | 0.14 | |
| SG&A index | 0.85 | — | −0.15 | |
| Total accruals to total assets | (0.14) | — | −0.64 | |
| Leverage index | 1.02 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.81 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SMTC Semtech Corporation compare | −3.2× |
| LSCC Lattice Semiconductor Corporation compare | −3.2× |
| ON ON Semiconductor Corporation compare | −3.0× |
| SWKS Skyworks Solutions, Inc. compare | −2.9× |
| MTSI MACOM Technology Solutions Holdings, Inc. | −2.8× |
| SITM SiTime Corporation compare | −2.6× |
| GFS GlobalFoundries Inc. compare | −2.4× |
| TSEM Tower Semiconductor Ltd. compare | −1.4× |
| CRDO Credo Technology Group Holding Ltd. compare | −0.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI