STMicroelectronics N.V.

Broad-line chipmaker in a deep downturn — revenue and earnings down sharply — but with a strong balance sheet.

Strengths

• Strong balance sheet — current ratio 3.36 (61st), D/E 0.10
• Positive operating cash flow — OCF margin 18.2%

Risks

• Revenue decline and earnings collapse — revenue -11.1% (14th), net income -89.3% (24th)
• Thin margins this cycle — net margin 1.4%
• Tariff/trade-barrier exposure per risk factors — per 10-K

Notable findings

• Customer concentration~18% of revenue from one customer/distributor — In 2025, 2024 and 2023, our largest customer, Apple, accounted for 17
• Strong balance sheetStrong balance sheet — $4.0B cash & investments
• Revenue declineRevenue -11.1% YoY
• Notable holderHeld by 4 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, FMR LLC +1 more (as of 2026-03-31)
• AccumulatingInstitutional holders rose 10→13 QoQ (2025-12-31→2026-03-31)