# MagnaChip Semiconductor (MX.US)

Canonical: https://gigainvestors.com/s/MX

Analysis as of: 2026-10-16T07:30:30.233Z. Financial observations: FY2004–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $2.75 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 7

- Operating margin variation: 5.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.00×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.18×

- FY2022: -0.02×

- FY2023: -0.25×

- FY2024: -0.23×

- FY2025: -0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: -23.8%

- Typical minus recent gross margin: 6.0 pp

- Typical gross margin (annual median): 24.0%

- Recent gross margin (lower of latest and 3-year median): 18.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: -8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.6%

- FY2017: 19.6%

- FY2018: 14.3%

- FY2019: 13.4%

- FY2020: 17.6%

- FY2021: 36.0%

- FY2022: -2.0%

- FY2023: -23.8%

- FY2024: -24.8%

- FY2025: -12.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$102M

- Net income, five-year total: -$72M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 5.6 pp

- Working capital / revenue, final three-year average: 20.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $38M

- FY2022: -$17M

- FY2023: -$27M

- FY2024: -$50M

- FY2025: -$47M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 14.3% vs -23.8%

- Per-share earnings: -0.85 to -0.89 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -4.9%

- Market cap gain: -$125M

- Cumulative retained earnings: $341M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -4.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.04

- Per-share value, starting three-year median: -$0.85

- Per-share value, ending three-year median: -$0.89

- Buybacks concentrated in cheaper years (correlation): -0.70

- Average buyback yield: 4.9%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.4M

- Cumulative net income, 10 years: $303M

- ROIC, first three-year median: 14.3%

- ROIC, last three-year median: -23.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.85

- FY2017: $1.90

- FY2018: -$0.11

- FY2019: -$0.64

- FY2020: $7.42

- FY2021: $1.19

- FY2022: -$0.18

- FY2023: -$0.89

- FY2024: -$1.44

- FY2025: -$0.82

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.4%

- FY2017: 18.5%

- FY2018: -7.4%

- FY2019: -12.1%

- FY2020: 59.0%

- FY2021: -5.3%

- FY2022: -2.6%

- FY2023: -8.0%

- FY2024: -12.7%

- FY2025: -1.6%

## Holders

- [Prem Watsa](https://gigainvestors.com/FFH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 87% since Dec 2021 · sales -22.4%

Story as of 2026-10-16T09:59:14.044Z; price observation 2026-10-15.

- 2026-09-21: Magnachip Shares Rise 14% After Securing $5 Million Investment From Navitas ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/magnachip-shares-rise-14-securing-124011700.html))

### Sales · FY2024–2025

sales -22.4%; source https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm; observed 2026-03-16.

- FY2016: $688M 

- FY2017: $680M 

- FY2018: $751M 

- FY2019: $521M 

- FY2020: $507M 

- FY2021: $474M 

- FY2022: $338M 

- FY2023: $230M 

- FY2024: $232M 

- FY2025: $180M 

### Gross margin · FY2025

gross margin 18%; source https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm; observed 2026-03-16.

- FY2016: 22.7% 

- FY2017: 27.6% 

- FY2018: 26.4% 

- FY2019: 22.4% 

- FY2020: 25.3% 

- FY2021: 32.4% 

- FY2022: 30.0% 

- FY2023: 22.4% 

- FY2024: 22.4% 

- FY2025: 18.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 179.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm (filed 2026-03-16); FY2025: revenue 179902000; grossProfit 32435000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MX.US: Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs, liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel. The company also offers metal oxide semiconductor field-effect transistors, insulated-gate bipolar transistors, AC-DC converters, DC-DC converters, LED drivers, regulators, and power management integrated circuits for a range of devices comprising televisions, smartphones, mobile phones, wearable devices, desktop PCs, notebooks, tablet PCs, level shifter, and other consumer electronics, as well as for power suppliers, e-bikes, photovoltaic inverters, LED lighting, and motor drives; and OLED display driver integrated circuit products. It serves consumer, computing, communication, automotive and industrial electronics OEMs, original design manufacturers, and electronics manufacturing services companies, as well as subsystem designers in Korea, the Asia Pacific, the United States, and Europe. The company sells its products through a direct sales force and a network of agents and distributors. Magnachip Semiconductor Corporation was incorporated in 2003 and is based in Cheongju-si, South Korea.

### Why customers stay

Margins ranged from 18% to 22.4% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: grossProfit / revenue = 22.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm (filed 2026-03-16); FY2025: grossProfit / revenue = 18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 10-year return on capital observations [[2016,0.01564],[2017,0.1962852396221358],[2018,0.14319223961309566],[2019,0.13389495717275915],[2020,0.17568982447925813],[2021,0.36026593105383825],[2022,-0.019901423877327493],[2023,-0.23802777589027635],[2024,-0.2484638879333863],[2025,-0.12385659745829193]]; median 0.07476747858637958. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 4.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2017: growth capex 0; upkeep 33868000; owner earnings 79214000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2020: growth capex 0; upkeep 36841000; owner earnings 324605000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2021: growth capex 0; upkeep 32826000; owner earnings 38121000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,2860000],[2020,3918000],[2021,4279000],[2022,0],[2023,493000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm (filed 2026-03-16); FY2025: cash repurchases 4381000 USD.

### Are managers owners

Insiders own 15.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MX.US SharesStats.PercentInsiders = 15.323 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Closing price 2.75 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.967179704268618; price multiple 0.5536340868917522. FY2025 cash earnings/share -1.2909277666344967. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.20 per share

- 2016-11: $6.45 per share

- 2016-12: $6.20 per share

- 2017-01: $8.60 per share

- 2017-02: $7.35 per share

- 2017-03: $9.55 per share

- 2017-04: $8.50 per share

- 2017-05: $8.55 per share

- 2017-06: $9.80 per share

- 2017-07: $10.90 per share

- 2017-08: $11.40 per share

- 2017-09: $11.35 per share

- 2017-10: $10.35 per share

- 2017-11: $12.25 per share

- 2017-12: $9.95 per share

- 2018-01: $12.50 per share

- 2018-02: $9.55 per share

- 2018-03: $9.60 per share

- 2018-04: $9.35 per share

- 2018-05: $11.10 per share

- 2018-06: $10.25 per share

- 2018-07: $11.60 per share

- 2018-08: $11.00 per share

- 2018-09: $9.90 per share

- 2018-10: $8.08 per share

- 2018-11: $6.92 per share

- 2018-12: $6.21 per share

- 2019-01: $5.98 per share

- 2019-02: $7.77 per share

- 2019-03: $7.40 per share

- 2019-04: $8.85 per share

- 2019-05: $8.11 per share

- 2019-06: $10.35 per share

- 2019-07: $11.05 per share

- 2019-08: $10.11 per share

- 2019-09: $10.14 per share

- 2019-10: $12.77 per share

- 2019-11: $11.39 per share

- 2019-12: $11.61 per share

- 2020-01: $13.45 per share

- 2020-02: $11.43 per share

- 2020-03: $11.05 per share

- 2020-04: $11.57 per share

- 2020-05: $11.06 per share

- 2020-06: $10.30 per share

- 2020-07: $11.38 per share

- 2020-08: $12.00 per share

- 2020-09: $13.70 per share

- 2020-10: $13.69 per share

- 2020-11: $14.04 per share

- 2020-12: $13.52 per share

- 2021-01: $16.99 per share

- 2021-02: $18.69 per share

- 2021-03: $24.90 per share

- 2021-04: $25.01 per share

- 2021-05: $23.70 per share

- 2021-06: $23.86 per share

- 2021-07: $20.78 per share

- 2021-08: $18.25 per share

- 2021-09: $17.76 per share

- 2021-10: $18.96 per share

- 2021-11: $18.08 per share

- 2021-12: $20.97 per share

- 2022-01: $17.79 per share

- 2022-02: $18.20 per share

- 2022-03: $16.91 per share

- 2022-04: $18.29 per share

- 2022-05: $19.50 per share

- 2022-06: $14.53 per share

- 2022-07: $15.26 per share

- 2022-08: $11.70 per share

- 2022-09: $10.24 per share

- 2022-10: $9.95 per share

- 2022-11: $10.12 per share

- 2022-12: $9.39 per share

- 2023-01: $10.60 per share

- 2023-02: $9.58 per share

- 2023-03: $9.28 per share

- 2023-04: $8.88 per share

- 2023-05: $10.23 per share

- 2023-06: $11.18 per share

- 2023-07: $9.25 per share

- 2023-08: $8.22 per share

- 2023-09: $8.31 per share

- 2023-10: $7.39 per share

- 2023-11: $6.59 per share

- 2023-12: $7.50 per share

- 2024-01: $6.53 per share

- 2024-02: $5.70 per share

- 2024-03: $5.58 per share

- 2024-04: $5.02 per share

- 2024-05: $5.03 per share

- 2024-06: $4.87 per share

- 2024-07: $5.09 per share

- 2024-08: $4.72 per share

- 2024-09: $4.67 per share

- 2024-10: $4.41 per share

- 2024-11: $4.32 per share

- 2024-12: $4.02 per share

- 2025-01: $4.05 per share

- 2025-02: $4.54 per share

- 2025-03: $3.43 per share

- 2025-04: $3.14 per share

- 2025-05: $3.61 per share

- 2025-06: $3.98 per share

- 2025-07: $4.10 per share

- 2025-08: $3.15 per share

- 2025-09: $3.13 per share

- 2025-10: $3.10 per share

- 2025-11: $2.64 per share

- 2025-12: $2.55 per share

- 2026-01: $2.90 per share

- 2026-02: $2.75 per share

- 2026-03: $2.80 per share

- 2026-04: $3.40 per share

- 2026-05: $8.80 per share

- 2026-06: $4.73 per share

- 2026-07: $3.26 per share

- 2026-08: $3.13 per share

- 2026-09: $3.76 per share

- 2026-10: $2.75 per share

## Annual estimated value (USD per share)

- FY2021: low $14.39 per share, central $15.60 per share, high $17.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1325702/000119312526108435/mx-20251231.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Prem Watsa](https://gigainvestors.com/FFH): 62,500 MX shares; USD 296,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Howard Marks](https://gigainvestors.com/oc): 1,500,000 MX shares; USD 7,095,000 reported position value; 0.19% of portfolio; reduce; quarter 2026 Q2.

# MX — MagnaChip Semiconductor Corp.

Held by 2 investors · USD 7,391,000 total · 2026 Q2 · reported price USD 4.74 (split-adjusted).
Page: https://gigainvestors.com/s/MX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 7,095,000 | 0.2% | reduce -47.37% |
| Prem Watsa (https://gigainvestors.com/FFH) | USD 296,000 | <0.1% | reduce -50% |

## Total held by quarter

- 2017 Q1: USD 11,987,876 · 1 holder · USD 9.55
- 2017 Q2: USD 15,827,000 · 1 holder · USD 9.80
- 2017 Q3: USD 26,559,000 · 1 holder · USD 11.35
- 2017 Q4: USD 29,850,000 · 1 holder · USD 9.95
- 2018 Q1: USD 28,800,000 · 1 holder · USD 9.60
- 2018 Q2: USD 33,312,500 · 1 holder · USD 10.25
- 2018 Q3: USD 32,175,000 · 1 holder · USD 9.90
- 2018 Q4: USD 20,182,500 · 1 holder · USD 6.21
- 2019 Q1: USD 24,050,000 · 1 holder · USD 7.40
- 2019 Q2: USD 33,637,500 · 1 holder · USD 10.35
- 2019 Q3: USD 32,955,000 · 1 holder · USD 10.14
- 2019 Q4: USD 36,812,164 · 1 holder · USD 11.61
- 2020 Q1: USD 32,481,884 · 1 holder · USD 11.05
- 2020 Q2: USD 30,277,231 · 1 holder · USD 10.30
- 2020 Q3: USD 52,750,672 · 2 holders · USD 13.70
- 2020 Q4: USD 43,460,540 · 1 holder · USD 13.52
- 2021 Q1: USD 70,505,271 · 1 holder · USD 24.90
- 2021 Q2: USD 49,215,781 · 2 holders · USD 23.86
- 2021 Q3: USD 36,634,209 · 2 holders · USD 17.76
- 2021 Q4: USD 50,327,000 · 2 holders · USD 20.97
- 2022 Q1: USD 40,581,000 · 2 holders · USD 16.91
- 2022 Q2: USD 34,872,000 · 2 holders · USD 14.53
- 2022 Q3: USD 24,832,000 · 2 holders · USD 10.24
- 2022 Q4: USD 22,769,500 · 2 holders · USD 9.39
- 2023 Q1: USD 22,504,000 · 2 holders · USD 9.28
- 2023 Q2: USD 33,255,162 · 2 holders · USD 11.18
- 2023 Q3: USD 24,721,070 · 2 holders · USD 8.31
- 2023 Q4: USD 22,311,435 · 2 holders · USD 7.50
- 2024 Q1: USD 16,599,708 · 2 holders · USD 5.58
- 2024 Q2: USD 14,487,558 · 2 holders · USD 4.87
- 2024 Q3: USD 13,891,337 · 2 holders · USD 4.67
- 2024 Q4: USD 11,957,679 · 2 holders · USD 4.02
- 2025 Q1: USD 10,203,763 · 2 holders · USD 3.43
- 2025 Q2: USD 11,838,685 · 2 holders · USD 3.98
- 2025 Q3: USD 9,311,306 · 2 holders · USD 3.13
- 2025 Q4: USD 7,583,388 · 2 holders · USD 2.55
- 2026 Q1: USD 8,328,352 · 2 holders · USD 2.80
- 2026 Q2: USD 7,391,000 · 2 holders · USD 4.74