Silicon Motion Technology Corporation

The grade, in three tenses

Headline 6.0 out of ten, 8 of 9 metrics filed and 1 estimated: past 5.5 out of ten, present 6.3 out of ten, future 5.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 2 warning events since 2017; the latest 2021-04-30. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.6 out of ten. +5.3% a year over 10 filed years; profitable in 10 of 10. 56th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 6.8 out of ten. Share count grew 0.3% a year. 61% of cash flow returned. Insiders: 6 sales, 0 purchases. 68th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 7.1 out of ten. ROE 15%: 15¢ of profit per shareholder dollar. Leverage 32%: owes 32¢ per asset dollar. 71st percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.9 out of ten. top 41% of 97 in its family; net margin 13.8%. 59th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 5.8 out of ten. top 43% of 94 in its family for room to expand. 57th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.0 out of ten. top 40% of 93 in its family for growth drivers. 60th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.9 out of ten. top 41% of 88 in its family for expectations against reality. 59th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-30 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-10-08. Filings on record since 2005. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-30.

The people

Wallace C. Kou founded Silicon Motion in 1995 and has been its president and chief executive ever since; the annual report also names him managing director. Before founding it he was vice president and chief architect at the multimedia products division of Western Digital, which made graphics processors for notebook PCs and was sold to Philips Semiconductor in 1995, and before that he worked at Wyse Technology. James Chow has chaired the board since April 2005 and has chaired Concord Financial, an investment holding company, since 1993. In the annual report's ownership table Kou holds about 1.4% of the ordinary shares and Chow about 1.2%. [1, 2, 3, 4, 5]

Two other senior managers are named. Jason Tsai, the chief financial officer, joined as vice president of investor relations and finance in September 2023, took the finance job on an interim basis in April 2024 and was appointed to it in October 2024; he had run investor relations at Zendesk, Synaptics and, from 2008 to 2019, Silicon Motion itself, and spent over a decade as an equity research analyst on Wall Street. Nelson Duann, who also sits on the board, has been senior vice president for client and automotive storage since December 2023, after leading marketing and research for mobile storage from November 2018; he joined in August 2007 and came from Sun Microsystems, where he worked on UltraSPARC processors. [6, 7, 8, 9, 10]

The board has nine directors, two of them in place since June 2005, Tsung-Ming Chung and Lien-Chun Liu. Chung, an audit partner at Arthur Andersen from 1985 to 2000 who now chairs the battery pack maker Dynapack, leads the audit committee and is its designated financial expert. The others are Steve Chen, chairman of Mercuries, since 2012; Han-Ping D. Shieh, a life chair professor at a Taiwanese university, since 2014; Kenneth Kuan-Ming Lin, who returned in September 2018 after a first spell from 2009 to 2014; and Cain Lin, managing director of Cedar Capital, since December 2023. The company says it is not owned or controlled by any other corporation, government or person, and names one holder above 5% of the shares, FMR LLC, with 10%. On the record this site holds, seven directors filed their first insider reports with the SEC in March 2026. [11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22]

At the end of 2025 Silicon Motion counted 2,009 employees, up from 1,546 two years earlier. Research and development holds most of them, 1,667 people, against 172 in sales and marketing, and 1,837 of the staff are engineers. Nearly nine in ten, 1,757 people, work in Taiwan; 196 are in China, 34 in the United States, 12 in Korea and 10 in Japan. Its main research centers are in Hsinchu and Taipei, which work on the flash controllers, and in Shanghai, which works on what customers in China need. It has no collective bargaining arrangements and says relations with its staff are good. [23, 24, 25, 26]

How it operates

Silicon Motion designs NAND flash controllers: the small processors, each with its own firmware, that run the flash memory inside solid state drives and inside the storage built into phones and other devices, known as eMMC and UFS. The controller is what makes raw flash usable, correcting the errors the memory makes and spreading the writing across the chip so it lasts longer. In 2025, 45% to 50% of net sales were controllers for solid state drives in PCs, other client machines and data centers; 40% to 45% were eMMC and UFS controllers; and 0% to 5% were what it calls SSD solutions, meaning finished drives it builds itself: the FerriSSD, Ferri-eMMC and Ferri-UFS single-chip drives for industrial, commercial and automotive use, and boot drives, the small drives that start up servers and networking equipment. In the last ten years it has shipped over six billion controllers. [27, 28, 29, 30, 31, 32, 33]

Its buyers are the companies that make storage: the flash makers themselves, module makers that assemble finished storage out of bought flash, the largest cloud operators and equipment makers. Most of its high performance controllers go to the flash makers. The buying is concentrated: the five largest customers accounted for 66% of 2025 revenue and the ten largest for 82%. Four customers each passed a tenth of revenue in 2025: PHISEMI at 24%, up from 13% the year before; Kioxia at 12%, down from 15%; AFASTOR at 12%; and Micron at 10%, down from 19% the year before and 22% in 2023. Customers buy on purchase orders rather than long term contracts, with the price agreed when the order is placed. Its own sales force carried 53% of 2025 sales, against 65% in each of the two years before; distributors carried the rest. [34, 35, 36, 37, 38, 39, 40]

Revenue is counted by where the customer is billed, and in 2025 that was mostly China: 495.1 million dollars, 55.9% of the total and 49.3% more than the year before. Japan followed at 14.0%, then Singapore at 8.9%, down 45.8%, and Taiwan at 8.4%; South Korea fell 69.1% to 2.5% and the United States accounted for 0.9%. The company says 99% of its revenue came from outside the United States and that 79% of it came from three places, China, Japan and Singapore. Sales are billed mostly in US dollars. The listed company is registered in the Cayman Islands with its principal executive office in Hong Kong, but most of its employees and much of its research and corporate work sit in Taiwan, with a research center in Shanghai. [41, 42, 43, 44, 45, 46, 47]

It owns no factories. It is fabless, meaning it designs its chips and pays other companies to make them: TSMC is its main foundry and SMIC its second, using their plants in Taiwan and China, on process generations from 6 to 55 nanometers. Finished wafers go to assembly and testing houses, among them SPIL, Powertech, ASE, OSE, Huatian, Tongfu, King Yuan and YoungTek. All of its foundries and all of its assembly and testing subcontractors sit in Taiwan or China. It holds no long term agreements with any of them and places its orders on its customers' purchase orders and forecasts. When it has no stock on hand, about three months pass between an order and a shipment, and up to six months when the foundries are full. [47, 48, 49, 50, 51, 52]

How the business is funded changed after the annual report. In 2025 it produced 61.4 million dollars of cash from operations, well under its net income of 122.6 million, because inventories rose by 215.2 million. In the first half of 2026 it opened two unsecured revolving credit lines with 250.0 million dollars of capacity, at interest of 4.10% to 4.25%, and had drawn 59.2 million of that by June 30. Then, on August 13, 2026, it issued 1,150,000,000 dollars of convertible senior notes due 2031: borrowings that pay no regular interest and that holders may turn in under set conditions, with the company paying the face amount in cash and anything above it in cash or American depositary shares. It said the money was for general corporate purposes and for repaying the bank borrowings. [53, 54, 55, 56, 57, 58]

The specifics

The company is a joining of two small firms. Silicon Motion, Inc. was incorporated in California in November 1995 as a graphics processor company; Feiya Technology, a Taiwanese flash memory products company incorporated in April 1997, bought it in August 2002 and took its name. The Cayman Islands parent was set up in January 2005, acquired the Taiwanese company that April, and its American depositary shares, each standing for four ordinary shares, have been listed on Nasdaq since June 2005. The company says it has grown by adding one controller category after another: memory card and flash drive controllers, then eMMC and UFS controllers for smartphones, then controllers for the solid state drives in PCs. It also holds shares in two Chinese module makers that are its customers, BIWIN and TWSC, and in 2025 it sold its stake in Kinara, a developer of low power deep learning processors, for a gain of 21.1 million dollars. [59, 60, 61, 62, 63, 64, 65, 66, 67]

The defining recent event is a takeover that collapsed. In May 2022 Silicon Motion agreed to be bought by MaxLinear, and its shareholders approved the deal in August 2022. On July 26, 2023 the two received antitrust clearance from China's market regulator, and shortly afterwards MaxLinear gave notice that it was terminating the agreement; Silicon Motion says MaxLinear offered no factual basis and calls the move a willful and material breach. In October 2023 it filed a claim at the Singapore International Arbitration Centre for the 160 million dollar termination fee plus further damages, interest and costs, and it is also defending a counterclaim. Hearings were held in October 2025 and in March 2026, the proceedings have closed, and the parties are waiting for the final award. A shareholder class action that had added Silicon Motion and two of its officers was dismissed against them for good in July 2025, and the plaintiff has appealed. The arbitration's legal and advisory fees are why other general and administrative costs rose 24% in 2025, to 20.7 million dollars. [68, 69, 70, 71, 72, 73, 74, 75, 76]

Silicon Motion sells controllers to whoever needs them, what the trade calls the merchant market, while every major flash maker also has controllers of its own, the captive market. The annual report warns that the merchant market could shrink if the flash makers used more of their in house designs, and says its own results have suffered in the past when flash customers moved that work inside. Its answer is breadth: it says more of the flash made by Kioxia, Micron, Samsung, SK Hynix with its Solidigm unit, Sandisk and YMTC works with its controllers than with any other company's. It held 3,276 patents and 1,035 pending applications on April 7, 2026. It names as competitors Microchip, Phison, its own flash customers' in house work and small Chinese controller suppliers, which it says have been helped by the Chinese government's policies for building up local chipmaking. [77, 78, 79, 80, 81]

Two governments shape the business. Its people and its suppliers sit on both sides of the Taiwan Strait: most of its employees, much of its research and all of its foundries and assembly and testing subcontractors are in Taiwan or China, and China is one of its largest markets. American rules reach it from the other direction: the annual report names the US export administration regulations and sanctions on Huawei and other companies among the trade rules it works under, and says that if its customers fail to comply it may have to suspend sales to them. Taiwan's government is also a backer: in 2024 it agreed to contribute up to 13.3 million dollars toward the company's PCIe Gen 6 controller for enterprise drives, the next generation of the fast link that drives use inside servers. [47, 82, 83, 84]

What drives growth, line by line

Revenue rose 10% in 2025 to 885.6 million dollars from 803.6 million, which the company puts down to new products and new customers coming on stream and to a larger share of the business at flash makers, module makers and equipment makers. Gross profit took 48.3% of revenue, up from 45.9%, on new projects and what it calls its ability to scale new products efficiently. Little of that reached operating profit, which rose 2.4% to 93.0 million, because research and development spending rose 21% to 262.7 million on next generation work and new staff. Net income of 122.6 million owed much to investments rather than to selling chips: a 21.1 million gain on the sale of Kinara and an 18.4 million rise in the fair value of the shares it holds in other companies. [66, 85, 86, 87, 88, 89, 90, 91, 92]

Mobile Storage. Almost everything the company sells sits in this one category, which the annual report says it defines by the market the products are used in: 877.2 million dollars, 99.0% of 2025 revenue, 10.1% more than the year before. Inside it the mix moved. Sales of eMMC and UFS controllers, the storage built into phones, grew 20% to 25% and reached 40% to 45% of revenue; controllers for solid state drives slipped 0% to 5%, to 45% to 50% of revenue; and the finished SSD solutions fell 10% to 15%, to 0% to 5%. For these three the company gives ranges rather than amounts. [41, 93, 94, 95]

Other Products. The second category is tiny beside it: 8.4 million dollars, 1.0% of revenue, 17.3% more than the year before. The annual report groups the products into these two categories only and does not say what sits in this one. [41, 95]

Since the annual report the pace has changed. Net sales in the second quarter of 2026 were 451.0 million dollars, up from 342.1 million in the first quarter and 127% above the same quarter of 2025. All three product groups grew on the year: controllers for solid state drives by 50% to 55%, eMMC and UFS controllers by 95% to 100%, and the Ferri and boot drive solutions by 1,690% to 1,695%. [96, 97, 98, 99, 100]

What comes next, in the company's own words. The annual report says it anticipates that demand growth for client solid state drive and UFS controllers will slow and may decline before eventually plateauing, that its prospects for further growth depend on selling more drive controllers for data centers and enterprises, and that boot drives for servers are an increasingly strategic focus. In July 2026 the chief executive said that, on the order book and customers' forecasts, the company expected strong growth through the rest of the year and was on track for the highest annual revenue in its history, more than 100% above the year before, while many of its consumer businesses faced real headwinds from flash pricing and supply. [101, 102, 103, 104]

What the desk infers (inferred, not filed)

• PHISEMI, the customer behind nearly a quarter of 2025 revenue and more than a third of the first half of 2026, is almost certainly billed in mainland China, and is most likely a module maker or a distributor rather than one of the flash makers. Because: Revenue is counted by where the customer is billed. [43] PHISEMI took 24% of 2025 revenue, up from 13% the year before, and 38% of net sales in the first half of 2026. [38, 105] No region was billed more than PHISEMI bought except China, at 55.9% of 2025 revenue; Japan, the next largest, took 14.0%. [41] The flash makers whose memory the controllers support are named as Kioxia, Micron, Samsung, SK Hynix with Solidigm, Sandisk and YMTC, and PHISEMI is not among them. [78] More of the selling went through distributors in 2025, as the share carried by the company's own sales force fell from 65% to 53%. [40] Two customers named in the annual report are Chinese module makers the company holds shares in, BIWIN and TWSC. [64, 65] Confidence 70 of 100. Wrong if: A filing or disclosure naming PHISEMI as a flash maker, or showing its purchases billed mainly outside mainland China.
• In 2025 the storage built into phones paid for the push into data centers: the growth came from eMMC and UFS controllers, while both of the lines that carry the enterprise products shrank and the work on those products showed up as cost. Because: Sales of eMMC and UFS controllers grew 20% to 25%, while controllers for solid state drives fell 0% to 5% and SSD solutions fell 10% to 15%. [94] The MonTitan enterprise controllers sit in the first of those lines and the enterprise boot drives, which pair controllers with flash, in the second. [106, 107] Research spending rose 21% to 262.7 million dollars on next generation work, twice as fast as the 10% rise in revenue. [85, 90] Gross profit rose 15.9% on the year while operating profit rose 2.4%. [108] In July 2026 the chief executive said the company was still in the early stages of bringing its enterprise and AI infrastructure products into the mix. [104] Confidence 65 of 100. Wrong if: A filing showing that enterprise drive controllers and boot drives were already a large and growing part of 2025 sales, or that the added research spending went mainly to phone controllers.
• The stock Silicon Motion built up through 2025 was laid in ahead of the sales that arrived in 2026 rather than goods it could not sell, and carrying that stock is the most likely reason it began to borrow. Because: Inventories rose by 215.2 million dollars in 2025, which is why cash from operations came to 61.4 million against net income of 122.6 million. [53, 54] Most of that rise sat in work in process and in raw materials rather than in finished goods. [109] The company has its foundries start production on customers' forecasts before their orders arrive, and buys flash memory for its SSD solutions, which it names among the things its future capital needs depend on. [110, 111] Sales in the second quarter of 2026 were 127% above a year earlier, and the Ferri and boot drive solutions 1,690% to 1,695% above. [96, 100] Inventory rose again in the first half of 2026, operations used cash instead of providing it, and the company drew on new credit lines before issuing convertible notes, partly to repay those borrowings. [112, 55, 58, 113] Confidence 70 of 100. Wrong if: Large write-downs of the stock built up in 2025, or a filing showing the borrowed money went mainly to an acquisition, to share repurchases or to buildings rather than to working capital.

Sources

1. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Kou founded Silicon Motion in 1995 and has been our President and Chief Executive Officer since our founding.”
2. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Prior to founding Silicon Motion, Mr. Kou was the Vice President and Chief Architect at the Multimedia Products Division of Western Digital Corporation, which developed graphics processors for notebook PCs and was sold to Philips Semiconductor in 1995. Before Western Digital, Mr. Kou worked for Wyse Technology.”
3. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Wallace C. Kou, President, Chief Executive Officer, Managing Director”
4. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Chow has served as the Chairman of our board of directors since April 2005. Mr. Chow has been the Chairman of Concord Financial Co., Ltd. since 1993. Concord Financial Co., Ltd. is an investment holding company.”
5. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “James Chow 1,663,666 415,916 1.2 Wallace C. Kou 1,944,856 486,214 1.4”
6. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Tsai joined us as VP of IR and Finance in September 2023, became our interim Chief Financial Officer in April 2024 and was appointed as our Chief Financial Officer in October 2024.”
7. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “prior to rejoining Silicon Motion, Mr. Tsai was Head of IR at Zendesk, Synaptics and Silicon Motion (2008 – 2019) as well as over a decade as a Wall Street equity research analyst.”
8. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Duann became our Senior Vice President of Client & Automotive Storage in December 2023, after serving as Senior Vice President of Marketing and R&D for mobile storage since November 2018.”
9. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “He joined Silicon Motion in August 2007 as a product marketing director and R&D team leader.”
10. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Prior to Silicon Motion, he worked for Sun Microsystems focusing on UltraSPARC microprocessor projects.”
11. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our board of directors consists of nine directors.”
12. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Chung joined our board of directors in June 2005. Mr. Chung is currently the Chairman of Dynapack International Technology Corp., a leading provider of battery packs for notebook PCs, tablets, and battery backup units (BBUs) for data centers. From 1985 to 2000, Mr. Chung was an audit partner at Arthur Andersen.”
13. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Ms. Liu joined our board of directors in June 2005.”
14. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Chen joined our board of directors in 2012. Mr. Chen is the chairman of Mercuries Co., Ltd.”
15. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Shieh joined our board of directors in 2014. He is Life Chair Professor at National Yang MingChiao Tung University (NYCU) in Taiwan”
16. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Lin joined our board of directors in September 2018. Mr. Lin was previously a director on our board from 2009 to 2014.”
17. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Mr. Lin joined our board of directors in December 2023. Mr. Lin is the Managing Director of Cedar Capital Inc.”
18. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our board of directors has determined that Mr. Tsung-Ming Chung, the Chairman of the audit committee, is the committee’s “audit committee financial expert” under applicable SEC rules and an independent director under Nasdaq listing standards.”
19. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The following table sets forth information with respect to the beneficial ownership of more than 5% of our ordinary shares as of March 31, 2026”
20. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “FMR LLC 13,593,468 (1) 10”
21. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “To our knowledge, we are not owned or controlled, directly or indirectly, by another corporation, by any foreign government or by any other natural or legal persons, severally or jointly.”
22. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
23. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “As of December 31, 2025, we had 2,009 total employees, including 1,757 in Taiwan, 34 in the United States, 196 in China, 12 in Korea, and 10 in Japan. Of our total employees, 1,837 are engineers.”
24. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “R&D 1,229 1,490 1,667 Sales and marketing 157 168 172 Total 1,546 1,819 2,009”
25. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our primary R&D centers are located in Hsinchu and Taipei, Taiwan and Shanghai, China. Our facilities in Hsinchu and Taipei focus primarily on our NAND flash controller products, and our facilities in Shanghai focus primarily on specific product requirements of our customers in China.”
26. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We do not have any collective bargaining arrangements with our employees and consider our relations with our employees to be good.”
27. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In 2025, 45% to 50% of our net sales were of SSD controllers, 40% to 45% were eMMC and UFS controllers and 0% to 5% were SSD solutions.”
28. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Controllers integrate technologies that are critical to their functionality and these include advanced error correction codes, or ECC, and digital signal processing, or DSP, engines for ensuring data reliability and sophisticated wear-leveling algorithms for maximizing the usable life of NAND flash components.”
29. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our controllers are a combination of ICs and firmware and are offered as configurable platforms or turnkey solutions”
30. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We provide controllers for computing-grade SSDs used in PCs and other client devices, enterprise-grade SSDs used in data centers, eMMC and UFS mobile embedded storage used in smartphones and IoT devices”
31. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our FerriSSDs, Ferri-eMMCs, and Ferri-UFS products are highly reliable industrial-, commercial- and automotive-grade single-chip SSDs”
32. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our enterprise boot drives are developed for a wide-range of embedded storage requirements of server, enterprise and networking equipment, critical in data centers, AI infrastructure and enterprise solutions.”
33. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In the last ten years, we have shipped over six billion NAND flash controllers.”
34. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our customers include NAND flash makers, module makers, hyperscalers and OEMs.”
35. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Most of our high — performance flash memory storage controllers are supplied to NAND flash manufacturers.”
36. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Sales to our five largest customers represented approximately 61%, 66% and 66% of our net revenue in 2023, 2024 and 2025, respectively.”
37. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The Company’s top ten customers in 2023, 2024 and 2025 accounted for approximately 75%, 84% and 82% of net sales, respectively.”
38. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Major customers representing at least 10% of net sales are as follows: Year Ended December 31 2023 2024 2025 US$ % US$ % US$ % PHISEMI * * 107,407 13 216,456 24 Kioxia * * 119,727 15 105,704 12 AFASTOR 70,046 11 82,678 10 104,248 12 Micron 144,011 22 151,780 19 86,201 10”
39. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The majority of our customers purchase our products through purchase orders, as opposed to entering into long-term contracts with us. The price for our products is typically agreed upon at the time a purchase order is placed.”
40. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Approximately 65% of our sales in 2023, 65% of our sales in 2024, and 53% of our sales in 2025 were attributable to our direct sales force while the remainder was attributable to distributors.”
41. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
42. The record on this page: the filing record (the EDGAR submissions feed)
43. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Revenue is attributed to a geographic area based on the bill-to location and is summarized as follows”
44. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We generated 91%, 98% and 99% of our revenue in 2023, 2024 and 2025, respectively, from sales outside the United States, and for the year ended December 31, 2025, 79% of our revenue was from sales in three jurisdictions China, Japan and Singapore.”
45. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our net sales are denominated primarily in U.S. dollars.”
46. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Silicon Motion is incorporated in the Cayman Islands and operates under Cayman Islands laws with our principal executive office located in Hong Kong.”
47. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “A majority of our employees and a significant portion of our R&D and corporate functions are based in Taiwan. We also operate a R&D center in Shanghai, and China is one of the largest markets for our products. In addition, all of our foundries and assembly and testing subcontractors are located in either Taiwan or China.”
48. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We do not own or operate semiconductor fabrication facilities. Instead, we rely on third parties to manufacture our semiconductors. Two outside foundries, primarily TSMC, and secondarily SMIC, fabricate our semiconductors.”
49. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “TSMC and SMIC are currently our primary foundries that manufacture most of our semiconductors. We use their fabs in Taiwan and China to fabricate our devices using CMOS process technology, primarily with process nodes from 6 to 55 nanometers.”
50. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We currently engage companies such as Siliconware Precision Industries Ltd. (SPIL), Powertech Technology Inc. (PTI), Advanced Semiconductor Engineering. (ASE), Orient Semiconductor Electronics Limited (OSE), Huatian Technology. (HT), Tongfu Microelectronics Co., Ltd. (TF), King Yuan Electronics Corp. (KYEC) and YoungTek Electronics Corp. (YTEC) as our primary subcontractors for the assembly and testing of our products.”
51. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We do not have long-term agreements with any of these foundries and subcontractors and we place our orders based on our customers’ purchase orders and sales forecasts.”
52. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “If we do not have sufficient inventories on hand to meet customer demands, approximately three months are generally required from the day purchase orders are received until finished goods are manufactured and shipped to customers. This cycle can take up to six months during times when capacity at independent foundries is being fully utilized.”
53. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “For the year ended December 31, 2025, cash flows provided by operations of US$61.4 million resulted primarily from our net income of US$122.6 million and the following reasons”
54. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Net working capital increased by US$78.2 million. Inventories increased by US$215.2 million, notes and accounts receivable decreased by US$22.2 million”
55. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-10: “During the six months ended June 30, 2026, the Company entered into two revolving credit facilities with aggregate borrowing capacity of $250.0 million. The facilities bear interest at rates ranging from 4.10% to 4.25% and mature in 2027. The facilities are unsecured and do not contain any financial covenants. As of June 30, 2026, the Company had outstanding borrowings of $59,183 thousand under the facilities”
56. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-14: “On August 13, 2026, Silicon Motion Technology Corporation, a Cayman Islands exempted company (the “Company”), entered into an Indenture (the “Indenture”) with U.S. Bank Trust Company, National Association, as trustee, pursuant to which the Company issued $1,150,000,000 aggregate principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Notes”)”
57. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-14: “The Notes are senior, unsecured obligations of the Company. The Notes do not bear regular interest and the principal amount of the Notes will not accrete.”
58. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-14: “the Company intends to use the net proceeds from the offering for general corporate purposes and the repayment of outstanding borrowings under the Company’s credit agreement, dated January 14, 2026, with CTBC Bank Co., Ltd.”
59. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Silicon Motion was originally incorporated under the name Silicon Motion Technology Corporation in the Cayman Islands in January 2005. In April 2005, we acquired Silicon Motion, Inc., a Taiwan corporation (“SMI Taiwan”).”
60. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Originally SMI Taiwan was known as Feiya Technology Corporation (“Feiya”), a Taiwan corporation, which was incorporated in April 1997. Feiya changed its name to SMI Taiwan, in August 2002, after acquiring Silicon Motion, Inc., a California corporation (“SMI USA”), which was incorporated in November 1995.”
61. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Feiya was originally a flash memory products company and SMI USA was a graphics processor company.”
62. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our ADSs, each representing four of our ordinary shares, have been listed and traded on Nasdaq since June 2005.”
63. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In the past, we were able to successfully grow our revenue by adding, over time, successive categories of new controller technologies for new applications, such as memory card and flash drive controllers for external storage, eMMC and UFS mobile embedded memory controllers for smartphones and SSD controllers for PCs and other client devices.”
64. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “thousand in the common stock of BIWIN, which is a leading module maker in China focusing on solid state storage devices. BIWIN is one of our customers”
65. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In December 2024, the Company invested US$4,173 thousand in the common stock of TWSC, which is a leading module maker in China focusing on solid state storage devices and is one of our customers”
66. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We recognized a gain from disposal of BIWIN of US$58 thousand and Kinara of US$21.1 million in 2024 and 2025, respectively.”
67. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Kinara, previously known as Deep Vision, is a developer of low-power deep-learning processors.”
68. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “On May 5, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with MaxLinear, Inc., a Delaware Corporation (“MaxLinear”)”
69. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “On August 31, 2022, shareholders at the Company’s Extraordinary General Meeting of Shareholders approved the Transaction.”
70. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “On July 26, 2023, the Company and MaxLinear received antitrust approval from the State Administration for Market Regulation of the People’s Republic of China (“SAMR Approval”). Shortly after receiving SAMR Approval, the Company received notice from MaxLinear of its purported termination of the Merger Agreement.”
71. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “MaxLinear did not provide any factual basis for its purported termination, and the Company believes its actions constituted a willful and material breach of the Merger Agreement.”
72. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “On October 5, 2023, the Company filed a claim in the SIAC against MaxLinear for breaching the Merger Agreement. In the arbitration, the Company is seeking payment of the termination fee of US$160 million, together with further substantial damages, interests, and costs.”
73. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Following hearings conducted in October 2025 and March 2026, the arbitration proceedings have concluded, and the parties are awaiting the issuance of the final award.”
74. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “If the Company does not succeed in some or all of its claims and/or in defending the counterclaim, it may be ordered to pay some or all of MaxLinear’s legal fees and the costs of the arbitration.”
75. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The U.S. District Court granted the Silicon Motion Defendants’ motion to dismiss all claims asserted against them with prejudice on July 15, 2025. The Plaintiff appealed the dismissal of their claims to the United States Court of Appeals for the Ninth Circuit on August 8, 2025.”
76. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Other general and administrative expenses increased by 24% year-over-year to approximately US$20.7 million in 2025, primarily because of legal, financial advisory and other fees related to dispute expenses in connection with arbitration of the terminated Merger Agreement.”
77. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The market for controllers is composed of the merchant market and captive market. We are an independent merchant supplier of controllers to NAND flash maker, module maker and OEM customers. All the major NAND flash makers also have internal captive sources of controllers. The merchant market for controllers could shrink if the NAND flash makers were to expand their usage of captive sources of controllers. In the past, our operating results were negatively affected when NAND flash customers chose to insource controllers.”
78. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “More NAND flash components, including current and up-coming generations of flash produced by Kioxia, Micron, Samsung, SK Hynix (and Hynix’s subsidiary, Solidigm), Sandisk and Yangtze Memory Technologies Corp. (“YMTC”), are supported by Silicon Motion controllers than any other company.”
79. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “As of April 7, 2026, we have 3,276 patents and 1,035 pending applications worldwide.”
80. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We face competition from multiple competitors, including Microchip and Phison, our flash memory customers’ internal captive developments and small Chinese merchant controller suppliers.”
81. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We expect competition to intensify further as current competitors continue to strengthen the depth and breadth of their product offerings and additionally, our competitors in China have benefited from the government’s semiconductor localization policies.”
82. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “This includes, for example, packaging, product content, labor and international trade regulations, such as the U.S. Export Administration Regulations and sanctions against Huawei and other companies, and applicable executive orders.”
83. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In addition, if our customers fail to comply with these regulations and laws, we may be required to suspend sales to these customers, which could damage our reputation and negatively impact our results of operations.”
84. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In 2024, the Company entered into an agreement with the Government of Taiwan pursuant to which the grants contribute up to US$13.3 million to support the development of our advanced PCIe Gen 6 enterprise SSD controller.”
85. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Total revenue increased by 10% to US$885.6 million from US$803.6 million in the prior year.”
86. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “In 2025, our net sales increased by 10% year-over-year to approximately US$885.6 million, primarily due to the continuing new products and new customers ramp and increase in market share with NAND makers, module makers and OEM customers.”
87. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Gross profit as a percentage of revenue increased by 2.4% points to 48.3% from 45.9% in the prior year.”
88. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Gross profit as a percentage of net sales increased to 48% in 2025 as compared to 46% in 2024 primarily because of new projects and our ability to efficiently scale new products.”
89. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Operating profit increased by 2.4% to US$93.0 million from US$90.9 million in the prior year.”
90. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our R&D expenses increased by 21% year-over-year to approximately US$262.7 million in 2025 primarily due to investing heavily in next generation solutions and significant employee additions.”
91. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Net income was approximately US$122.6 million for the year ended December 31, 2025 compared to a net income of approximately US$89.2 million for the year ended December 31, 2024.”
92. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We recognized a gain of US$0.5 million and US$18.4 million for the net change in fair value of the investments in equity securities in 2024 and 2025, respectively.”
93. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our mobile storage revenue increased by 10% year-over-year primarily because of an increase in sales of eMMC and UFS controllers, partially offset by a decline in sales of SSD controllers and SSD solutions.”
94. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our SSD controller sales decreased in the range of 0% to 5% year-over-year to account for 45% to 50% of revenue, a lower percentage of net sales than the prior year, eMMC plus UFS controller sales increased in the range of 20% to 25% year-over-year to account for 40% to 45% of revenue, a higher percentage of net sales than the prior year, and SSD solutions sales decreased in the range of 10% to 15% year-over-year to account for 0% to 5% of revenue, a lower percentage of net sales than the prior year.”
95. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “The Company groups its products into two categories, based on the markets in which they may be used.”
96. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “Second quarter of 2026 sales increased 32% Q/Q and increased 127% Y/Y”
97. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “For the second quarter of 2026, net sales (GAAP) increased sequentially to $451.0 million from $342.1 million in the first quarter of 2026.”
98. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “SSD controller sales: 2Q of 2026 increased 5% to 10% Q/Q and increased 50% to 55% Y/Y”
99. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “eMMC+UFS controller sales: 2Q of 2026 increased 15% to 20% Q/Q and increased 95% to 100% Y/Y”
100. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “Ferri & Boot Drive solutions sales: 2Q of 2026 increased 110% to 115% Q/Q and increased 1,690% to 1,695% Y/Y”
101. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “As SSDs become widely adopted across PCs and client devices, and UFS becomes standard in smartphones and tablets, we anticipate that demand growth for client SSD and UFS controllers will slow and potentially decline due to short-term fluctuations in demand and pricing, before eventually plateauing.”
102. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “If we are unable to successfully expand our sales of SSD controllers for data center and enterprise applications, our prospects for continued revenue growth could be adversely affected.”
103. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We are expanding our boot drive portfolios leveraging PCIe and SATA as the market is increasingly a strategic focus for Silicon Motion.”
104. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: ““Based on our current backlog and customer forecasts, we expect continued strong top-line growth through the rest of the year. Although many of our consumer businesses face real headwinds from current NAND pricing and supply, we have never been better positioned as a company. We are on track to deliver the highest annual revenue in our company’s history, growing more than 100% year-over-year, and we’re still in the early stages of bringing our new enterprise/AI infrastructure products into the mix”
105. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-10: “Major customers representing at least 10% of net sales are as follows: Six Months Ended June 30 2025 2026 US$ % US$ % PHISEMI 91,285 25 300,165 38 AFASTOR * * 83,243 10”
106. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We use our unique controller technology to develop Ferri SSD and enterprise boot drive solutions that pair our controllers with NAND memory components.”
107. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “We are expanding our business into the enterprise market through the development of PCIe (our MonTitan controllers and boot drive controllers and solutions) and Serial Advanced Technology Attachment (SATA) SSD controllers.”
108. The record on this page: the filed annual figures (EDGAR's company facts)
109. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Finished goods 51,118 71,821 Work in process 59,267 177,661 Raw materials 88,844 172,316”
110. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “To ensure the availability of our products for our customers, we generally instruct our foundries to begin manufacturing our products based on forecasts provided by these customers in advance of receiving purchase orders and procure NAND for our SSD solutions products.”
111. Silicon Motion Technology Corporation, Form 20-F filed 2026-04-30: “Our future capital requirements will depend on many factors, including the level of our net sales, the increasing procurement of NAND to service customer demand for our SSD solutions products”
112. Silicon Motion Technology Corporation, Form 6-K filed 2026-08-10: “Finished goods 71,821 85,658 Work in process 177,661 156,705 Raw materials 172,316 430,679 421,798 673,042”
113. Silicon Motion Technology Corporation, Form 6-K filed 2026-07-30: “Net cash provided by (used in) operating activities (17,274 ) (31,225 ) (63,780 ) 32,998 (95,005”

Where the revenue comes from

Product and service lines in fiscal 2025: Mobile Storage 99%, Other Products 1%. By geography: China 56%, Japan 14%, Other Countries 9%, Singapore 9%, Taiwan 8%, South Korea 3%. As tagged in its annual report (Form 20-F, filed 2026-04-30).

Who runs it

Kou, Wallace Chiachang (President and CEO); Lin, Yueh-Hua (Vice President of Finance); Tsai, Po Hung (CFO); Cheng, Tao (VP of Manufacturing Operations); Ju, Shang-Tzu (SVP of Platform and Strategy); Lin, Kuan-Ming (director); Shieh, Han-Ping (director); Duann, Shii Tyng (director); Lin, Tsungtan Cain (director); Chen, Shiang Feng (director); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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