MeritValue

SITIME Corp

SITMdata completeness 88%8 fiscal years on file
The thesis, from the filings

SITIME Corp earns about 5% on invested capital, but has diluted owners by 18% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$218.8M1$283.6M2$144M3$202.7M3$326.7M3
Net income$32.3M4$23.3M5−$80.5M6−$93.6M6−$42.9M6
Operating cash flow$59.1M7$39.8M8$8.06M9$23.2M9$87.2M9
Capital expenditure$30.9M10$31.8M11$8.95M12$36.2M12$52M12
Free cash flow (derived)$28.2M7$7.96M8−$889,0009−$13M9$35.1M9
Total debt—————
Cash & equivalents$559.5M13$34.6M14$9.47M14$6.11M14$16.8M14
Diluted shares21.1M22.7M22.2M23.1M25.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$463.08
your share of equity
Profit it earned you last year
−$17.18
Free cash flow it threw off
$14.07
Debt you’d be carrying
—

10 shares is a claim on $463.08 of net worth that earned you −$17.18 and generated $14.07 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 44%FY22 3%FY23 -9%FY24 -11%FY25 -3%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 5y

Share count is up 18% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001451809-24-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001451809-25-000034 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001451809-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001451809-24-000052 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001451809-25-000034 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001451809-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001451809-24-000052 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001451809-25-000034 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001451809-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001451809-24-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001451809-25-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001451809-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001451809-25-000034 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001451809-26-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)