# Sitime (SITM.US)

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

Analysis as of: 2026-10-16T07:31:55.323Z. Financial observations: FY2017–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: $501.59 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 1.75×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: -0.09×

- FY2019: -0.06×

- FY2020: -0.07×

- FY2021: 0.15×

- FY2022: 0.06×

- FY2023: -0.74×

- FY2024: -0.57×

- FY2025: -0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: -12.5%

- ROIC, second-lowest year: -45.5%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 51.6%

- Recent gross margin (lower of latest and 3-year median): 53.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: -11.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.8%

- FY2018: -12.5%

- FY2019: -7.8%

- FY2020: -15.3%

- FY2021: 40.6%

- FY2022: 10.4%

- FY2023: -84.0%

- FY2024: -45.5%

- FY2025: -18.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$176M

- Net income, five-year total: -$162M

- Return on incremental invested capital: -40.6%

- Working capital / revenue, annual change: 1.0 pp

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

- FY2021: $24M

- FY2022: $12M

- FY2023: -$77M

- FY2024: -$94M

- FY2025: -$43M

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -7.8% vs -45.5%

- Per-share earnings: -0.63 to -3.63 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.2%

- Diluted shares, 5-year annual growth: 9.2%

- Per-share value change: -$3.00

- Per-share value, starting three-year median: -$0.63

- Per-share value, ending three-year median: -$3.63

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -7.8%

- ROIC, last three-year median: -45.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.33

- FY2018: -$0.93

- FY2019: -$0.63

- FY2020: -$0.58

- FY2021: $1.53

- FY2022: $1.03

- FY2023: -$3.63

- FY2024: -$4.05

- FY2025: -$1.72

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -10.0%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 118.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 2.5%

- FY2018: -11.4%

- FY2019: -11.3%

- FY2020: -19.1%

- FY2021: -4.0%

- FY2022: -2.2%

- FY2023: -9.3%

- FY2024: -13.2%

- FY2025: -10.0%

## Holders

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

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

## Price story

Down 33% since Jun 2026 · "Why SiTime (SITM) Is Up 35.8% After Renesas Timing Deal Boosts Q3 Revenue Outlook" (finance.yahoo.com, Aug 2026) · sales +61.2%

Story as of 2026-10-16T09:59:35.172Z; price observation 2026-10-15.

- 2025-08-15: Surging Earnings Estimates Signal Upside for SiTime (SITM) Stock ([finance.yahoo.com](https://finance.yahoo.com/news/surging-earnings-estimates-signal-upside-162001303.html))

- 2025-09-19: IBD 50 Stock SiTime Climbs After Entering Lucrative New Market ([finance.yahoo.com](https://finance.yahoo.com/m/8bf05b73-ed33-3852-ae7b-b1b34f8b7331/ibd-50-stock-sitime-climbs.html))

- 2026-02-04: SiTime Stock Surges As Timing-Chip Maker Clocks Q4 Beat, Makes Acquisition ([finance.yahoo.com](https://finance.yahoo.com/m/687e1479-fb30-36ae-bd13-1bc7df8571f3/sitime-stock-surges-as.html))

- 2026-05-09: SiTime (SITM) Is Up 41.8% After Narrowing Losses And Launching AI-Focused Elite 2 Super-TCXO ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sitime-sitm-41-8-narrowing-082123465.html))

- 2026-08-07: Why SiTime (SITM) Is Up 35.8% After Renesas Timing Deal Boosts Q3 Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-sitime-sitm-35-8-231320796.html))

- 2026-09-21: SiTime Corporation (SITM) Surged on Strong AI data center demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sitime-corporation-sitm-surged-strong-141359726.html))

### Sales · FY2024–2025

sales +61.2%; source https://www.sec.gov/Archives/edgar/data/1451809/000145180926000012/sitm-20251231.htm; observed 2026-02-11.

- FY2017: $101M 

- FY2018: $85M 

- FY2019: $84M 

- FY2020: $116M 

- FY2021: $219M 

- FY2022: $284M 

- FY2023: $144M 

- FY2024: $203M 

- FY2025: $327M 

### Gross margin · FY2025

gross margin 53.6%; source https://www.sec.gov/Archives/edgar/data/1451809/000145180926000012/sitm-20251231.htm; observed 2026-02-11.

- FY2017: 47.4% 

- FY2018: 42.5% 

- FY2019: 47.1% 

- FY2020: 49.9% 

- FY2021: 63.7% 

- FY2022: 64.5% 

- FY2023: 57.0% 

- FY2024: 51.6% 

- FY2025: 53.6% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are USD 326.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1451809/000145180926000012/sitm-20251231.htm (filed 2026-02-11); FY2025: revenue 326660000; grossProfit 174986000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51.6% to 57% during 2023–25; it lost 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 57%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 51.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1451809/000145180926000012/sitm-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 53.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 9-year return on capital observations [[2017,0.10837744043118323],[2018,-0.1252717501933803],[2019,-0.07771459140826874],[2020,-0.15254500616522812],[2021,0.4056434759344876],[2022,0.10376461215488261],[2023,-0.8403504767953005],[2024,-0.4551547602977717],[2025,-0.17980886824228862]]; median -0.1252717501933803. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 8018000; owner earnings 252000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 17931599.921611097; upkeep 15856400.078388903; cash acquisitions 0; owner earnings 24346599.921611097. Growth capex plus acquisitions / owner earnings = 0.7365135164394857.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 12866120.629337303; upkeep 22782879.370662697; cash acquisitions 0; owner earnings 12314120.629337303. Growth capex plus acquisitions / owner earnings = 1.04482658702278.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,3493000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SITM.US SharesStats.PercentInsiders = 10.81 percentage points; cache date 2026-10-16.

### What the price says

The price is 38.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Closing price 501.59 USD; reporting-to-trading FX 1; FY2025 annual sales per share 13.083670444987384; price multiple 38.33710135921141. FY2025 cash earnings/share -1.7183882725197261. Closing-price date 2026-10-15.

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

- 2019-11: $17.40 per share

- 2019-12: $25.50 per share

- 2020-01: $25.42 per share

- 2020-02: $22.66 per share

- 2020-03: $21.77 per share

- 2020-04: $21.66 per share

- 2020-05: $29.81 per share

- 2020-06: $47.41 per share

- 2020-07: $53.15 per share

- 2020-08: $65.88 per share

- 2020-09: $84.03 per share

- 2020-10: $83.49 per share

- 2020-11: $86.97 per share

- 2020-12: $111.93 per share

- 2021-01: $122.05 per share

- 2021-02: $97.43 per share

- 2021-03: $98.60 per share

- 2021-04: $92.55 per share

- 2021-05: $98.33 per share

- 2021-06: $126.59 per share

- 2021-07: $135.64 per share

- 2021-08: $212.84 per share

- 2021-09: $204.17 per share

- 2021-10: $264.89 per share

- 2021-11: $298.48 per share

- 2021-12: $292.54 per share

- 2022-01: $233.09 per share

- 2022-02: $202.14 per share

- 2022-03: $247.82 per share

- 2022-04: $168.57 per share

- 2022-05: $213.00 per share

- 2022-06: $163.03 per share

- 2022-07: $185.98 per share

- 2022-08: $106.41 per share

- 2022-09: $78.73 per share

- 2022-10: $89.81 per share

- 2022-11: $105.46 per share

- 2022-12: $101.62 per share

- 2023-01: $115.23 per share

- 2023-02: $124.15 per share

- 2023-03: $142.23 per share

- 2023-04: $108.47 per share

- 2023-05: $99.17 per share

- 2023-06: $117.97 per share

- 2023-07: $129.01 per share

- 2023-08: $132.69 per share

- 2023-09: $114.25 per share

- 2023-10: $99.80 per share

- 2023-11: $110.60 per share

- 2023-12: $122.08 per share

- 2024-01: $106.57 per share

- 2024-02: $92.50 per share

- 2024-03: $93.23 per share

- 2024-04: $89.12 per share

- 2024-05: $121.82 per share

- 2024-06: $124.38 per share

- 2024-07: $141.95 per share

- 2024-08: $144.66 per share

- 2024-09: $171.51 per share

- 2024-10: $169.01 per share

- 2024-11: $212.38 per share

- 2024-12: $214.53 per share

- 2025-01: $204.20 per share

- 2025-02: $155.15 per share

- 2025-03: $152.87 per share

- 2025-04: $146.86 per share

- 2025-05: $196.07 per share

- 2025-06: $213.08 per share

- 2025-07: $202.85 per share

- 2025-08: $241.67 per share

- 2025-09: $301.31 per share

- 2025-10: $289.64 per share

- 2025-11: $297.70 per share

- 2025-12: $353.19 per share

- 2026-01: $363.11 per share

- 2026-02: $397.88 per share

- 2026-03: $345.35 per share

- 2026-04: $562.15 per share

- 2026-05: $710.20 per share

- 2026-06: $745.56 per share

- 2026-07: $535.20 per share

- 2026-08: $565.42 per share

- 2026-09: $652.03 per share

- 2026-10: $501.59 per share

## Annual estimated value (USD 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/1451809/000145180926000012/sitm-20251231.htm); period 2025-12-31, filed 2026-02-11.

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

- [Lee Ainslie](https://gigainvestors.com/mc): 871 SITM shares; USD 649,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 5,555 SITM shares; USD 4,142,000 reported position value; 0.04% of portfolio; reduce; quarter 2026 Q2.

# SITM — SiTime Corp.

Held by 2 investors · USD 4,791,000 total · 2026 Q2 · reported price USD 745.63 (split-adjusted).
Page: https://gigainvestors.com/s/SITM

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 4,142,000 | <0.1% | reduce -21.77% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 649,000 | <0.1% | new |

## Total held by quarter

- 2022 Q4: USD 2,236,013 · 1 holder · USD 101.60
- 2023 Q1: USD 3,047,987 · 1 holder · USD 142.21
- 2023 Q2: USD 4,151,008 · 1 holder · USD 117.98
- 2023 Q3: USD 3,941,056 · 1 holder · USD 114.26
- 2023 Q4: USD 4,227,040 · 1 holder · USD 122.07
- 2024 Q1: USD 5,740,134 · 1 holder · USD 93.24
- 2024 Q2: USD 5,728,197 · 1 holder · USD 124.38
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 0 · 0 holders
- 2025 Q2: USD 493,011 · 1 holder · USD 213.24
- 2025 Q3: USD 0 · 0 holders
- 2025 Q4: USD 0 · 0 holders
- 2026 Q1: USD 2,451,975 · 1 holder · USD 345.30
- 2026 Q2: USD 4,791,000 · 2 holders · USD 745.63