All articles tagged with "Semiconductors"
Intel's Q4 2025 reveals three diverging businesses: CCG's 4.7x operating leverage makes it vulnerable, DCAI's 227% incremental margin on new revenue is the hidden turnaround story, and Foundry's loss-per-dollar worsened despite revenue growth.
ARM Holdings generates 97% gross margin—the highest in semiconductors. Yet only 4% reaches free cash flow. Taiwan Semiconductor earns 56% gross margin but converts 63% to FCF. Intel, despite $5.7 billion in CHIPS Act disbursements, still burns cash. We analyzed 20-F and 10-Q filings to explain these capital efficiency gaps.
Qualcomm's consolidated margins hide a secret: the QTL licensing segment earns 72% operating margin vs QCT hardware's 30%. When Apple moves fully to in-house modems, what happens to QCOM's profitability? Our semiconductor ROIC comparison reveals the answer.
AMD generates $1.72 in cash per $1 of profit—the best in semiconductors—while NVIDIA manages only $0.84. This signals AMD's earnings are higher quality and more sustainable despite NVIDIA's explosive growth.