MUMICRON TECHNOLOGY INC

Semiconductors & Related Devices

Revenue: $133.2B; 256% YoY
Operating margin: 74.6%; 185% YoY
EBITDA: $108.8B; 501% YoY
Market cap: $1.0T
Employees: 61,000; $2M revenue each
Net debt / EBITDA: -0.3×; −$33.7B net debt
AI in 10-K: 14.8; mentions per 10K words

Takeover score 2 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
106% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 93rd pct
Bottom quartile of its SIC industry
Quiet on AINo
14.8 per 10K words · 96th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$1.0T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$334M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$30.8B	$15.5B	$25.1B	$37.4B	$133.2B	256%
Operating income	$9.7B	−$5.7B	$1.3B	$9.8B	$99.3B	917%
Net income	$8.7B	−$5.8B	$778M	$8.5B	$85.0B	895%
Operating cash flow	$15.2B	$1.6B	$8.5B	$17.5B	$89.7B	412%
Capex	$12.1B	$7.7B	$8.4B	$15.9B	$30.7B	94%
Stock-based comp	$514M	$596M	$833M	$972M	$1.3B	37%
Buybacks	$2.4B	$425M	$300M	$0	$650M
Dividends	$461M	$504M	$513M	$522M	$610M	17%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $8M · 3
Open-market sells, 12 mo: $342M · 308
Net: −$334M

Pay vs performance

No pay-versus-performance disclosure yet.