STMicroelectronics N.V.

The grade, in three tenses

Headline 5.3 out of ten, 8 of 9 metrics filed and 1 estimated: past 6.5 out of ten, present 5.7 out of ten, future 3.5 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): 7.6 out of ten. No warning events in its filings since 2017. 76th 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): 5.8 out of ten. +6% a year over 10 filed years; profitable in 10 of 10. 58th 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): 6.3 out of ten. Share count shrank 0.8% a year. 17% of cash flow returned. Insiders: 0 sales, 0 purchases. 63rd 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): 6.1 out of ten. ROE 1%: 1¢ of profit per shareholder dollar. Leverage 27%: owes 27¢ per asset dollar. 61st 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): 5.4 out of ten. top 46% of 97 in its family; net margin 1.4%. 54th 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): 4.8 out of ten. bottom 49% of 94 in its family for room to expand. 49th 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): 2.7 out of ten. bottom 27% of 93 in its family for growth drivers. 27th 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): 2.0 out of ten. bottom 20% of 88 in its family for expectations against reality. 20th 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 2026-02-26 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-10-05. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-02-26.

The people

Jean-Marc Chery has been president and chief executive since May 2018 and chairs the Managing Board, which under Dutch law runs the company under the supervision of a separate Supervisory Board; his current term runs to the 2027 annual meeting. He has spent his career in the business: he joined Thomson Semiconducteurs, one of the two companies that became ST, in 1986, ran its wafer fabs in Tours and Rousset, became chief technology officer in 2008, chief operating officer in 2014 and deputy chief executive in July 2017. Lorenzo Grandi, the only other Managing Board member, has been president and chief financial officer since 2018; he joined in 1987 as a research and development process engineer. [1, 2, 3, 4, 5, 6]

Below them sits an eight-member Executive Committee, six of whose members have spent more than three decades at the company. Marco Cassis, who joined in 1987 as a car-radio chip designer, has run the Analog, Power & Discrete, MEMS and Sensors group since February 2024; Remi El-Ouazzane, who came from Texas Instruments, Movidius and Intel, has run the Microcontrollers, Digital ICs and RF group since the same month. Fabio Gualandris heads quality, manufacturing and technology and chairs the silicon carbide joint venture in China; Jerome Roux runs sales and marketing, Steven Rose legal and public affairs, and Rajita D'Souza human resources. [7, 8, 9, 10, 11, 12, 13, 14, 15]

Oversight comes from a nine-member Supervisory Board chaired by Nicolas Dufourcq, chief executive of Bpifrance, the French public investment bank, since 2013, with Armando Varricchio, an Italian diplomat and former ambassador to the United States and Germany, as vice-chairman since December 2025. The board mirrors the largest shareholder: STMicroelectronics Holding, through which the French and Italian governments hold their stakes via Bpifrance and Italy's Ministry of the Economy and Finance, owned 27.5% of the shares at the end of 2025. Under their agreement each government proposes three of the nine members, and the two alternate the chairman and vice-chairman every three years. Orio Bellezza, who spent about 40 years at ST and ran its technology and manufacturing until July 2023, joined the board in December 2025. [16, 17, 18, 19, 20, 21, 22, 23, 24]

At the end of 2025 the company counted 49,157 employees, against 50,884 a year earlier on the same basis. Asia had the most, 17,174, then Italy with 12,645, France with 12,509 and the Mediterranean sites in Malta, Morocco, Tunisia and Egypt with 4,986; the Americas had just 710. About six in ten, 30,546 people, work in manufacturing and 9,461 in research and development. Unions are represented at almost all of its manufacturing plants. [25, 26, 27, 28]

How it operates

STMicroelectronics is an integrated device manufacturer: it designs its chips and makes most of them itself, from wafer fabrication to assembly and testing. It sells a broad catalogue into four end markets: cars, industry, personal electronics, and communications equipment, computers and peripherals. Its four segments are Analog products, MEMS and Sensors (analog chips, motion and environmental sensors, optical sensing); Power and Discrete (power transistors and protection devices, including silicon carbide transistors for high-efficiency power systems); Embedded Processing (the STM32 and Stellar microcontrollers, small computers on a chip that run appliances, machines and cars, plus secure chips and custom chips for driver assistance); and RF Optical Communications (chips for satellites, car radios and positioning, and optical links in data centers). [29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41]

It sells to more than 200,000 customers and names its major ones as Apple, Bosch, Continental, Denso, HP, Mobileye, Samsung, SpaceX, Tesla and Vitesco. Apple, the largest, took 17.7% of 2025 revenue, up from 14.5% in 2024 and 12.3% in 2023, spread across all four segments. About 72% of revenue goes directly to manufacturers and 28% through distributors, which also carry rival products. Carmakers, once served mostly through their tier one and tier two suppliers, now deal with it more directly and in some cases sign cooperation agreements with it. [42, 43, 44, 45, 46, 47, 48]

It runs 14 main manufacturing sites and owns them all, some on leased land. The wafer fabs are in Agrate and Catania in Italy, Crolles, Rousset and Tours in France and Ang Mo Kio in Singapore; assembly and test plants include Muar in Malaysia, Kirkop in Malta, Calamba in the Philippines, Bouskoura in Morocco and Shenzhen in China, the last jointly owned with a subsidiary of Shenzhen Electronics Group. At the end of 2025 its fabs could start about 140,000 wafers a week, counted in 200mm equivalents, and it still bought about 25% of its silicon, by value, from outside foundries. It builds new capacity with partners: a 300mm fab in Crolles with GlobalFoundries, backed by French state aid, and a silicon carbide joint venture in Chongqing, China, with Sanan Optoelectronics, which makes devices only for ST to serve its Chinese customers. [49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61]

By where products ship, Asia Pacific took 7,455 million dollars of 2025 revenue, nearly two thirds; Europe, the Middle East and Africa 2,449 million, down 26.4%; and the Americas 1,896 million. The filing counts a sale to an American company invoiced to its Asian affiliate as Asian. By the country of the selling subsidiary, the basis the record uses, Singapore booked 55.6% and Switzerland 25.0%. ST reports in US dollars, the currency the chip industry prices in, but it incurs a significantly higher share of its costs than of its revenue in other currencies, chiefly the euro, and hedges part of its costs in the euro zone. [62, 63, 64, 65, 66, 67]

The specifics

ST was formed in 1987 by combining the chip business of SGS Microelettronica, then owned by the Italian holding STET, with the non-military business of Thomson Semiconducteurs, then owned by France's Thomson-CSF, now Thales. It listed in Paris and New York in December 1994 and in Milan in 1998, the year it changed its name from SGS-Thomson Microelectronics. It is a Dutch company with its legal seat in Amsterdam, but its headquarters and operational offices are in Geneva, Switzerland. [68, 69, 70, 71, 72]

Its edge rests on manufacturing processes it developed itself: FD-SOI, a way of building chips with better power efficiency than standard bulk CMOS; BCD and VIPpower for smart power chips; MEMS for sensors and actuators; silicon carbide and gallium nitride for power; and silicon photonics for optical links. It owns more than 21,000 active and pending patents, spent 17.3% of 2025 revenue on research and development, and about 19.25% of its employees work in it. In 2025 it introduced the STM32V8, which it calls the first microcontroller built on an 18nm FD-SOI process, with embedded phase-change memory, a memory technology it developed in house. [73, 74, 75, 76, 77, 78]

The annual report names no single rival. It says it competes with major international chipmakers, with smaller niche firms and with foundries that have grown fast, particularly in Asia, and that some competitors are also its customers or suppliers. The peer group its board uses to set executive pay is Analog Devices, ON Semiconductor, Infineon, Texas Instruments, Monolithic Power Systems, Vishay, Microchip, Rohm, NXP Semiconductors and Renesas. Trade policy weighs on it: US and Chinese trade and security measures have limited its business with some Chinese customers and suppliers, and it flags the 100% tariff on imported chips that the US administration has threatened. [79, 80, 81, 82, 83]

Public money is part of how it builds. It receives funding mainly from European Union states, above all France, Italy and Malta, and from China, and the European Commission approved a 2 billion euro Italian grant toward a planned 5 billion euro silicon carbide plant in Catania. Starting in 2025 it began a company-wide program to reshape its manufacturing, moving wafer capacity to 300mm silicon in Agrate and Crolles and 200mm silicon carbide in Catania while resizing its costs; 2025 carried 376 million dollars of impairment, restructuring and related charges. On February 2, 2026 it completed the purchase of NXP Semiconductors' MEMS sensor business, focused on automotive safety and industrial sensors, for 900 million dollars upfront plus up to 50 million on milestones, and on February 9, 2026 it announced a multi-year, multi-billion dollar engagement with Amazon Web Services for chips in cloud and AI data centers. [84, 85, 51, 86, 87, 88, 89, 90]

What drives growth, line by line

Product. Product sales, the record's main line, were 11.8 billion dollars in 2025, 99.6% of revenue and down 11.1%, a second straight fall after 23.2% in 2024. The filing puts the 2025 drop down to average selling prices about 6% lower, from product mix and lower prices, and volumes about 5% lower. Gross margin fell to 33.9% from 39.3%, mainly on lower manufacturing efficiencies. [65, 91, 92, 93]

Product and Service Other. The small remainder: 46.0 million dollars, 0.4% of revenue, down 11.5%, made up of license revenue, patent royalties and the sale of scrap and manufacturing by-products. [65, 94]

Analog products, MEMS and Sensors (AM&S). The largest segment, about two fifths of revenue: 5,085 million dollars, down 6.3%. Volumes fell about 11%, partly offset by average prices about 5% higher from a better product mix. Operating income fell 252 million dollars to 623 million, with analog less profitable and imaging more. [95, 96, 97]

Power and Discrete products (P&D). The hardest hit: 1,685 million dollars, down 31.5% after a 20.6% fall in 2024. Average selling prices fell about 29%, from a less favorable product mix and lower prices, and volumes about 3%. The segment swung from an operating income of 263 million dollars to a loss of 275 million, and the filing names lower P&D sales among the main causes of the decline in every region. [95, 96, 97, 98]

Embedded Processing (EMP). 3,580 million dollars, nearly a third of revenue, down 7.1% after a 39.4% drop in 2024: volumes fell about 4% and average prices about 3%, mainly on mix. Operating income fell 148 million dollars to 536 million, with all its subgroups lower. [99, 100, 97]

RF Optical Communications (RFOC). The smallest segment: 1,436 million dollars, down 4.9%. Volumes rose about 14% but average prices fell about 19% on a less favorable mix, and operating income fell 114 million dollars. Higher RF Optical Communications sales partly offset the decline in the Americas, and the segment's revenue rose 30.5% from the third quarter to the fourth. [99, 100, 97, 98, 101]

What comes next, in the company's own words: its outlook for the first quarter of 2026 was revenue of about 3.04 billion dollars, 8.7% below the fourth quarter, with a gross margin of about 33.7%, not counting the NXP MEMS purchase; it entered 2026 with a larger backlog than it had entering 2025. It expects the manufacturing program to strengthen its capability to grow revenue with improved operating efficiency. [102, 103, 104, 51]

What the desk infers (inferred, not filed)

• Owning its factories deepened the downturn: when revenue fell by about a third from 2023, the fixed cost of fabs running below capacity did not fall with it, which is why operating income nearly vanished and why the company is now consolidating its manufacturing. Because: Revenue fell from 17.3 billion dollars in 2023 to 11.8 billion in 2025, while operating income fell from 4.6 billion to 175.0 million. [105] Charges for unused capacity were 416 million dollars in 2025, against 370 million and 120 million in the two years before. [106] Gross margin fell 540 basis points in 2025, mainly on lower manufacturing efficiencies. [93] It warns that its costs are high and hard to cut, particularly because it operates its own factories, so that when demand falls costs go unabsorbed, bringing unused capacity charges and lower margins. [107, 108] It has begun a program to reshape its manufacturing footprint and resize its cost base, with 376 million dollars of charges in 2025. [51, 87] Confidence 75 of 100. Wrong if: A year of similarly low revenue in which unused capacity charges stay near their 2023 level and gross margin holds, which would show that factory fixed costs were not what squeezed profit.
• The collapse in Power and Discrete is most likely a silicon carbide story: its costliest power transistors, bought largely for electric cars, sold far less, which shows up as a price fall driven by product mix rather than as lost volume. Because: P&D revenue fell 31.5% in 2025, driven by average prices about 29% lower on a less favorable product mix and lower selling prices, while volumes fell only about 3%. [96] The segment's products include silicon carbide MOSFETs alongside silicon MOSFETs, IGBTs and other transistors. [34] Silicon carbide power devices are named among its automotive growth drivers, and its Chinese joint venture was set up for demand for silicon carbide devices for car electrification. [109, 110] In the fourth quarter automotive was below expectations, and P&D revenue fell again while the other three segments grew. [111, 101] The segment swung from a 263 million dollar operating income to a 275 million dollar loss. [97] Confidence 55 of 100. Wrong if: A filing showing that silicon carbide revenue held steady or grew in 2025, with the P&D decline coming from silicon transistors and protection devices.
• Apple bought roughly as much from ST in 2025 as in 2023 while the rest of its customers together bought more than a third less, so personal electronics for one customer cushioned the slump in cars and industry. Because: Apple took 12.3% of 2023 revenue and 17.7% of 2025 revenue. [44] Total revenue was 11,800 million dollars in 2025 against 17,286 million two years earlier, so those shares come to roughly the same dollars in both years. [112] Fourth quarter sales rose on personal electronics while automotive was below expectations. [111] Its approach in personal electronics is selective, built on engaged customer programs in sensors and analog. [113, 109] Confidence 80 of 100. Wrong if: A restated customer disclosure showing Apple's 2023 or 2025 share of revenue materially different from 12.3% and 17.7%, or a filing showing personal electronics revenue fell as fast as automotive and industrial revenue over those years.
• ST is building a supply chain inside China for its Chinese customers, apart from the rest of its network, so that trade restrictions between the United States and China reach that business less. Because: Its Chongqing joint venture with Sanan Optoelectronics makes silicon carbide devices only for ST, as a dedicated foundry for the demand of its Chinese customers. [60, 61] The Supervisory Board set the execution of a China-for-China operating model, with localized manufacturing networks, as a 2025 goal for management. [114] China has its own regional sales organization, separate from the rest of Asia Pacific. [115] It says US and Chinese trade and security measures have limited its business with some Chinese customers and suppliers. [82] Its assembly and test plant in Shenzhen is jointly owned with a subsidiary of Shenzhen Electronics Group. [57] Confidence 70 of 100. Wrong if: A filing showing that the Chongqing joint venture's output or the Shenzhen plant's products go mainly to customers outside China.

Sources

1. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Jean-Marc Chery is our President and Chief Executive Officer and has held this position since May 2018. He chairs ST’s Managing Board and Executive Committee. Mr. Chery began his career in the Quality organization of Matra, the French engineering group. In 1986, he joined Thomson Semiconducteurs, which subsequently became ST, and held various management positions in product planning and manufacturing, rising to lead ST’s wafer fabs in Tours, France, and later in Rousset, France.”
2. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In accordance with Dutch law, our management is entrusted to the Managing Board under the supervision of our Supervisory Board. Mr. Jean-Marc Chery was appointed on May 31, 2018 for a three-year term and was re-appointed on May 27, 2021 and on May 22, 2024, for subsequent three-year terms expiring at the 2027 AGM”
3. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In 2008, he was promoted to chief technology officer and assumed additional responsibilities for manufacturing and quality (2011) and the digital product sector (2012). In 2014, Mr. Chery was appointed ST’s chief operating officer responsible for technology and manufacturing operations. In July 2017, Mr. Chery was appointed deputy chief executive officer with overall responsibility for technology and manufacturing, as well as for sales and marketing operations.”
4. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The Company's Managing Board which consists of the Chief Executive Officer, Jean-Marc Chery and the Chief Financial Officer, Lorenzo Grandi under the oversight of the Company’s Supervisory Board”
5. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Lorenzo Grandi is our President and Chief Financial Officer and has held this position since 2018.”
6. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Mr. Grandi joined SGS-THOMSON Microelectronics (now STMicroelectronics) in 1987 as a R&D process engineer.”
7. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The Executive Committee was composed of the following eight members as of December 31, 2025 as set forth in the table below”
8. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Jean-Marc Chery President and Chief Executive Officer 41 41 65 Marco Cassis President, Analog, Power & Discrete, MEMS and Sensors Group. Head of STMicroelectronics' Strategy, System Research and Applications, Innovation Office 38 38 62 Rajita D'Souza President, Human Resources, Corporate Social Responsibility 5 5 53 Remi El-Ouazzane President, Microcontrollers, Digital ICs and RF Group 4 28 52 Lorenzo Grandi President and Chief Financial Officer 38 38 64 Fabio Gualandris President, Quality, Manufacturing and Technology 37 38 66 Steven Rose President, Legal Counsel and Public Affairs 34 34 63 Jerome Roux President, Sales & Marketing 34 38 60”
9. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Marco Cassis is our President, Analog, Power & Discrete, MEMS and Sensors Group and has held this position since February, 2024.”
10. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Mr. Cassis joined SGS-Thomson Microelectronics (now STMicroelectronics) as a car-radio chip designer in 1987.”
11. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Remi El-Ouazzane is our President, Microcontrollers, Digital ICs and RF products group and has held this position since February 2024.”
12. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Mr. El-Ouazzane started his career at Texas Instruments in 1997.”
13. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “With the acquisition of Movidius by Intel in 2016, he joined Intel’s new technology group as vice president and general manager, and became chief operating officer of Intel’s AI products group in 2018.”
14. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “He serves as chairman of Sanan ST JV, ST's manufacturing joint venture in China.”
15. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Rajita D’Souza is our President of Human Resources and Corporate Social Responsibility and has held this role since January 2021.”
16. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our Supervisory Board was composed of the following nine members as of December 31, 2025”
17. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Nicolas Dufourcq has been a member of our Supervisory Board since May 2015, its chairman from June 2017 to June 2020, its vice-chairman from June 2020 to May 2023, and currently serves as its chairman.”
18. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “On February 7, 2013, Mr. Dufourcq was appointed chief executive officer of Bpifrance (Banque Publique d’Investissement).”
19. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Armando Varricchio has been a member of our Supervisory Board since December 18, 2025 and currently serves as its vice-chairman.”
20. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “He was most recently ambassador of Italy to the Federal Republic of Germany (2021-2025), and previously ambassador to the United States and Serbia.”
21. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “STMicroelectronics Holding N.V. (“ST Holding”) 250,704,754 27.5”
22. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “the Italian Government and the French Government, each indirectly through the MEF and Bpifrance, respectively, held 13.9% of our share capital as of December 31, 2024.”
23. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “ST Holding may therefore be in a position to effectively control actions that require shareholder approval, including, as discussed above, the proposal of six out of nine members for election to our Supervisory Board (three members by each STH Shareholder) and the appointment of our Managing Board, as well as corporate actions, and the issuance of new shares or other securities. As a result of the STH Shareholders Agreement, the Chairman of our Supervisory Board is proposed by an STH Shareholder for a three-year term, and the Vice-Chairman of our Supervisory Board is proposed by the other STH Shareholder for the same period, and vice-versa for the following three-year term.”
24. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “He has extensive experience in the semiconductor industry, with about 40 years at STMicroelectronics, including in several leadership roles, where he last held the position of president, technology, manufacturing, quality and supply chain until July 2023.”
25. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “France 12,509 12,957 11,528 11,958 Italy 12,645 12,726 12,745 12,561 Rest of Europe 1,133 1,215 1,169 1,198 Americas 710 816 821 828 Mediterranean (Malta, Morocco, Tunisia, Egypt) 4,986 5,424 5,374 5,923 Asia 17,174 17,746 17,965 18,855 Total 49,157 50,884 49,602 51,323”
26. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Research and Development 9,461 9,624 9,257 9,426 Marketing and Sales 2,556 2,757 2,698 2,671 Manufacturing 30,546 31,742 31,133 32,822”
27. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The total headcount disclosed in these columns has been calculated using the employee definition provided for in the CSRD guidance. As of 2025 ST has adopted the CSRD definition for its employee calculations moving forward.”
28. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Unions are represented at almost all of our manufacturing facilities and at several of our R&D sites.”
29. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We are an integrated device manufacturer with the ability to control and optimize the value chain, from semiconductor process development, chip design, testing and validation, wafer fabrication, to assembly, testing, and delivery to our customers.”
30. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We are a global semiconductor company that designs, develops, manufactures and markets a broad range of products used in a wide variety of applications for the four end-markets we address: Automotive, Industrial, Personal Electronics and Communications Equipment, Computers and Peripherals”
31. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Analog Products, MEMS and Sensors ("AM&S") reportable segment, comprised of ST analog products, MEMS sensors and actuators, and optical sensing solutions.”
32. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “MEMS sensors include motion MEMS (accelerometers, gyroscopes, magnetic sensors), environmental sensors (pressure, temperature and presence detection) and biosensors.”
33. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Power and Discrete products ("P&D") reportable segment, comprised of discrete and power transistor products.”
34. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our portfolio includes silicon MOSFETs, SiC MOSFETs, IGBTs, thyristors, rectifiers, and power modules as well as a wide range of power bipolar transistors.”
35. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “power MOSFET, SiC and gallium-nitride GaN for high-efficiency systems, MEMS technologies for sensors and actuators”
36. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Embedded Processing ("EMP") reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and custom processing products (automotive ADAS).”
37. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The STM32 family based on the ARM® Cortex®-M and -A processors are designed to offer significant degrees of freedom to microcontroller and microprocessors users.”
38. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our Stellar family is a scalable ARM-based hardware architecture supporting real-time virtualization and automotive level safety”
39. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “RF Optical Communications ("RFOC") reportable segment, comprised of space, ranging & connectivity products, digital audio & signaling solutions and optical & RF COT.”
40. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “This comprises semiconductor solutions for geostationary satellites, low Earth orbit constellations, and ground infrastructure systems including user terminals.”
41. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We also address the fast-growing market of cloud-optical interconnect in data centers based on our BiCMOS and SiPho technologies.”
42. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We design, develop, manufacture and market thousands of products which we sell to over 200,000 customers.”
43. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our major customers include (in alphabetical order) Apple, Bosch, Continental, Denso, HP, Mobileye, Samsung, SpaceX, Tesla and Vitesco.”
44. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In 2025, 2024 and 2023, our largest customer, Apple, accounted for 17.7%, 14.5% and 12.3% of our net revenues, respectively, reported within our four reportable segments.”
45. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “OEM 72 % 73 % 66 % Distribution 28 27 34 Total 100 % 100 % 100”
46. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Typically, distributors handle a wide variety of products, including those that compete with ours.”
47. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Historically, semiconductor companies addressed the needs of carmakers mostly through tier 1 and/or tier 2 automotive industry suppliers with whom we work closely.”
48. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Carmakers now have a more direct relationship with companies such as ours, notably playing a more active role in defining the specific solutions they require, as well as in certain instances engaging in direct co-operation agreements.”
49. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We currently operate 14 main manufacturing sites around the world.”
50. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We own all of our manufacturing facilities, but certain facilities (Muar, Malaysia; Shenzhen, China; Kirkop, Malta; and Toa Payoh and Ang Mo Kio, Singapore) are built on land subject to long-term leases.”
51. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency.”
52. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Rousset, France Application-specific and standard and secure microcontrollers”
53. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Tours, France ASDTM power transistors, diodes”
54. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Calamba, Philippines Application-specific and standard, MEMS”
55. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Bouskoura, Morocco Discrete and standard, micro modules, power and power module, RF and subsystems”
56. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “As of December 31, 2025, our front-end facilities had a total maximum capacity of approximately 140,000 wafer starts per week (200mm equivalent).”
57. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Jointly owned with Shenzhen SEG Hi-Tech Industrial Company Limited, a subsidiary of Shenzhen Electronics Group.”
58. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In 2025, we subcontracted approximately 25% of the value of our total silicon production to external foundries.”
59. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The joint 300mm semiconductor manufacturing facility with GlobalFoundries Inc in Crolles, France, which has received European Commission approval, has a projected cost of €7.5 billion of capital expenditure, maintenance and ancillary costs and will benefit from financial support of up to roughly €2.9 billion from the State of France in line with the European Chips Act.”
60. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “the new 200mm SiC device manufacturing joint venture with Sanan Optoelectronics in Chongqing, China”
61. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “This joint venture will make SiC devices exclusively for us, using our proprietary SiC manufacturing process technology, and will serve as a dedicated foundry to support the demand of our Chinese customers.”
62. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Europe, Middle-East and Africa ("EMEA") $ 2,449 $ 3,329 $ 4,836 (26.4) % (31.2) % Americas $ 1,896 $ 2,106 $ 2,724 (10.0) (22.7) Asia Pacific $ 7,455 $ 7,834 $ 9,726 (4.8) (19.5)”
63. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Net revenues by location of shipment are classified by location of customer invoiced or reclassified by shipment destination in line with customer demand. For example, products ordered by U.S.-based companies to be invoiced to Asia Pacific affiliates are classified as Asia Pacific revenues.”
64. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Net revenues represent sales to third parties from the country in which each subsidiary or branch is domiciled.”
65. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
66. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The U.S. dollar is the currency of the primary economic environment in which we operate, and the currency we use in our consolidated financial statements. A large part of our transactions are denominated in U.S. dollars, and revenues from external sales in U.S. dollars largely exceed revenues in any other currency. However, we incur a limited portion of our revenue and a significantly higher portion of our costs in currencies other than the U.S. dollar.”
67. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “we have hedged certain line items on our consolidated statements of income, in particular with respect to a portion of the cost of sales, the majority of the R&D expenses and certain selling, general & administrative (“SG&A”) expenses located in the Euro zone.”
68. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “STMicroelectronics N.V. was formed and incorporated in 1987 as a result of the combination of the semiconductor business of SGS Microelettronica (then owned by Società Finanziaria Telefonica (S.T.E.T.), an Italian corporation) and the non-military business of Thomson Semiconducteurs (then owned by the former Thomson-CSF, now Thales, a French corporation).”
69. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We completed our initial public offering in December 1994 with simultaneous listings on the Bourse de Paris (now known as Euronext Paris) and the New York Stock Exchange (“NYSE”). In 1998, we also listed our shares on the Borsa Italiana.”
70. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We operated as SGS-Thomson Microelectronics N.V. until May 1998, when we changed our name to STMicroelectronics N.V.”
71. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We are organized under the laws of The Netherlands, with our corporate legal seat in Amsterdam, The Netherlands”
72. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our headquarters and operational offices are managed through our wholly owned subsidiary, STMicroelectronics International N.V., and are located at 39 Chemin du Champ des Filles, 1228 Plan-Les-Ouates, Geneva, Switzerland.”
73. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “including FD-SOI technology offering superior performance and power efficiency compared to bulk CMOS, BiCMOS and RF-SOI for mixed-signal and high-frequency wireless and wired communications applications, SiPho technology using silicon-based materials to develop photonic circuits, as well as BCD, VIPpower, and intelligent integrated gallium-nitride”
74. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We currently own over 21,000 active and pending patents worldwide.”
75. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “about 19.25% of our employees work in R&D on product design/development and technology and, in 2025, we spent approximately 17.3% of our net revenues on R&D.”
76. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The STM32V8, introduced in 2025, is the world’s first microcontroller built on the most advanced 18nm FD-SOI process technology, featuring embedded Phase Change Memory (PCM) and a powerful Cortex®-M85 core.”
77. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “This is made possible by leveraging our internally developed embedded non-volatile memory technology, phase-change memory, built on 28nm FD-SOI technology.”
78. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “power MOSFET, SiC and gallium-nitride GaN for high-efficiency systems”
79. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We compete with major international semiconductor companies and while only a few companies compete with us in all of our product lines, we face significant competition from each of them. Smaller niche companies are also increasing their participation in the semiconductor market, and semiconductor foundry companies have expanded significantly, particularly in Asia.”
80. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Some of our competitors are also our customers or suppliers.”
81. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Set forth in the table below is the list of companies retained for the Peer Group compensation analysis used for the remuneration policy for the Managing Board: Analog Devices ON Semiconductor Infineon Texas Instruments Monolithic Power Systems Vishay Microchip Rohm NXP Semiconductors Renesas”
82. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “trade protection and national security policies of the U.S. and Chinese governments, including tariffs, trade restrictions, export restrictions and the placing of companies on restricted entity lists, have and may continue to limit or prevent us from transacting business with certain of our Chinese customers or suppliers”
83. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In addition, we may be subject to the imposition of sector-specific tariffs, such as the 100% tariff on imported, foreign-produced semi-conductor chips threatened by the current U.S. administration, or China’s related export controls.”
84. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We receive public funding mainly from EU member states (including France, Italy and Malta) and China.”
85. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The aid will take the form of a €2 billion direct grant to ST to support its planned investment of €5 billion in capital expenditure.”
86. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “the European Commission approved, under the EU State Aid rules, an Italian aid measure to support the Company in the construction and operation of an integrated chip manufacturing plant for SiC power devices in Catania, Italy.”
87. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges”
88. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “On February 2, 2026, the Company completed the acquisition of NXP Semiconductors' MEMS sensors business. Announced in July 2025, and subject to customary closing conditions, including regulatory approvals, which have now been satisfied or waived, this transaction, focused on automotive safety and non-safety products and sensors for industrial applications, expands the Company's global sensors capabilities.”
89. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The all-cash transaction includes an upfront payment of $900 million, before closing adjustments, and up to $50 million subject to the achievement of specified technical milestones.”
90. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “On February 9, 2026, we announced an expanded strategic collaboration with Amazon Web Services (AWS) through a multi-year, multi-billion USD commercial engagement serving several product categories, to enable new high performance compute infrastructure for cloud and AI data centers.”
91. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our 2025 net revenues decreased 11.1% compared to the prior year, as a result of an approximate 6% decrease in average selling prices, due to product mix and lower selling prices, and a 5% decrease in volumes.”
92. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our 2024 net revenues decreased 23.2% compared to the prior year, as a result of an approximate 15% decrease in average selling prices, due to product mix and lower selling prices, and a 8% decrease in volumes.”
93. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In 2025, gross margin decreased 540 basis points to 33.9% from 39.3% in 2024, mainly due to lower manufacturing efficiencies and, to a lesser extent, sales price and mix, lower level of capacity reservations fees, negative currency effect and higher unused capacity charges.”
94. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Other revenues consist of license revenue, service revenue related to transferring licenses, patent royalty income, sale of scrap materials and manufacturing by-products.”
95. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “AM&S segment $ 5,085 $ 5,429 $ 6,232 (6.3) % (12.9) % P&D segment 1,685 2,461 3,098 (31.5) (20.6)”
96. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “For the full year 2025, AM&S revenues decreased 6.3%, driven by lower volumes of approximately 11%, partially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%.”
97. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In 2025, AM&S operating income was $623 million, decreasing by $252 million compared to 2024, driven by lower profitability in Analog partially, partially offset by higher profitability in imaging. P&D operating loss was $275 million, decreasing by $538 million from an operative income of $263 million. EMP operating income decreased by $148 million to $536 million with all subgroups decreasing. RF OC operating income decreased by $114 million.”
98. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “By location of shipment, EMEA revenues decreased by 26.4%, mainly driven by lower sales in Analog, General-Purpose & Automotive microcontrollers and P&D. Americas revenues decreased 10.0%, mainly due to lower sales in P&D and Analog, partially offset by higher sales in RF Optical Communications. Asia Pacific revenues decreased 4.8% mainly driven by lower sales in P&D.”
99. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “EMP segment 3,580 3,853 6,353 (7.1) (39.4) RFOC segment 1,436 1,511 1,587 (4.9) (4.8)”
100. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RF OC revenues decreased by 4.9%, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%.”
101. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “On a sequential basis, AM&S segment revenues increased 1.1%, P&D segment revenues decreased 3.9%, EMP segment revenues increased 3.9% and RF OC segment revenues increased 30.5%.”
102. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our first quarter 2026 outlook reflects revenues of approximately $3.04 billion at the mid-point decreasing on a sequential basis by 8.7%, plus or minus 350 basis points. Gross margin is expected to be at approximately 33.7%, plus or minus 200 basis points.”
103. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “This business outlook does not include any impact from potential further changes to global trade tariffs compared to the current situation, as well as any impact related to the acquisition of NXP's MEMS business, which was completed on February 2, 2026.”
104. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We entered 2025 with a backlog lower than we had entering 2024. For 2026, we entered the year with a backlog higher than what we had entering 2025.”
105. The record on this page: the filed annual figures (EDGAR's company facts)
106. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Unused capacity charges $ (416) $ (370) $ (120)”
107. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Our operations are characterized by high fixed or other costs which are difficult to reduce, including costs related to manufacturing (particularly as we operate our own manufacturing facilities) and the employment of our highly skilled workforce.”
108. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “As a result, the costs associated with our operations may not be fully absorbed, leading to unused capacity charges, higher average unit costs and lower gross margins, adversely impacting our results.”
109. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We are exposed to company-specific growth drivers including: (i) in Automotive: engaged customer programs in ADAS, silicon carbide power devices and sensors; (ii) in Industrial: general purpose MCUs; (iii) in Personal Electronics: engaged customer programs in sensors and analog”
110. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The purpose of the joint venture is to support the rising demand for the Company's SiC devices for car electrification and industrial power and energy applications in China.”
111. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “On a sequential basis, fourth quarter net revenues increased 4.5%, above the mid-point of our guidance, driven by higher revenues in Personal Electronics and, to a lesser extent, in Communications, Equipment, Computers and Peripherals, and Industrial, while Automotive was below expectations.”
112. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “Net revenues $ 11,800 $ 13,269 $ 17,286 (11.1) % (23.2)”
113. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “In Personal Electronics and in Communications Equipment, Computers and Peripherals we have a selective approach both in terms of the customers we serve, as well as in the technologies and products we offer, while leveraging our broad portfolio to address high-volume applications.”
114. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “The non-financial performance criteria for 2025, set by the Supervisory Board were as follows: •Execution of company-wide program announced in October 2024 to reshape our manufacturing footprint and resize our global cost base ("Reshaping and Resizing"); •Execution of the China-for-China operating model to support domestic China growth notably with localized scalable manufacturing networks”
115. STMicroelectronics N.V., Form 20-F filed 2026-02-26: “We have four regional sales organizations reporting to a global head of sales & marketing: Americas, Asia Pacific excluding China ("APeC"), China, and Europe, Middle-East and Africa ("EMEA").”

Where the revenue comes from

Product and service lines in fiscal 2025: Product 100%, Product and Service Other under 1%. By geography: Singapore 56%, Switzerland 25%, United States 13%, Japan 5%, France 1%, Italy under 1%. As tagged in its annual report (Form 20-F, filed 2026-02-26).

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