MTSIMACOM Technology Solutions Holdings, Inc.

Semiconductors & Related Devices

Revenue: $967M; 33% YoY
Operating margin: 13.4%; 33% YoY
EBITDA: $193M; 37% YoY
Market cap: $17.5B
Employees: —
Net debt / EBITDA: 2.1×; $403M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$321M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$607M	$675M	$648M	$730M	$967M	33%
Operating income	$81M	$133M	$107M	$74M	$130M	76%
Net income	$38M	$440M	$92M	$77M	−$54M	171%
Operating cash flow	$148M	$177M	$167M	$163M	$235M	45%
Capex	$18M	$27M	$25M	$22M	$43M	90%
Stock-based comp	$35M	$41M	$38M	$46M	$79M	74%
Buybacks	$23M	$36M	$33M	$14M	$43M	203%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $321M · 178
Net: −$321M

Pay vs performance

No pay-versus-performance disclosure yet.