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At close: Oct 1, 2026, 4:00 PM ET
BTC iShares PHLX Semiconductor ETF · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue fell 27.4% in FY21, net margin 267.3%; free cash flow runs at −84% of net income. Check the accrual gap. Worth your attention in FY21: Share count (+245.5%) and Returns vs FCF (n/m). Both visible in the receipts below.
The four lines that matter · FY17–FY21
Revenue ($K)▼27.4%
3,472.0
FY17→FY21CAGR −4.3%/yr
Net income ($K)—
9,282.0
FY17→FY21CAGR —
Free cash flow ($K)▲2.7%
−7,790.0
FY17→FY21CAGR —
Diluted EPS—
0.00
FY17→FY21CAGR —
What the receipts whisper · what a headline number hides
Share count
+245.5%
92.8mn → 320.7mn diluted shares since FY17. Rising share count dilutes EPS. Growth must outrun it.
Returns vs FCF
n/m
$0.1M returned vs $−7.8M of FCF in FY21. Free cash flow was negative, so returns were funded from the balance sheet rather than from cash generation.
What the income statement says · FY17–FY21
Where every revenue dollar goes · FY21 ($K)
267¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 79.7% → 80.8%.
The receipt · income statement · FY17–FY21 USD thousands except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY21 | FY20 | FY19 | FY18 | FY17 | YoY | CAGR 17→21 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 3,584.0 | 3,472.0 | 4,785.0 | 3,506.0 | 4,199.0 | 4,141.0 | ▼27.4% | −4.3% |
Cost of revenue | 681.0 | 668.0 | 1,248.0 | 643.0 | 671.0 | 839.0 | ▼46.5% | −5.5% |
Gross profit | 2,903.0 | 2,804.0 | 3,537.0 | 2,863.0 | 3,528.0 | 3,302.0 | ▼20.7% | −4.0% |
Research & development | 4,161.0 | 4,461.0 | 5,706.0 | 7,488.0 | 7,351.0 | 6,324.0 | ▼21.8% | −8.4% |
Selling, general & admin | 5,980.0 | 6,151.0 | 4,102.0 | 3,614.0 | 4,285.0 | 3,723.0 | ▲50.0% | +13.4% |
Total operating expenses | 12,979.0 | 13,560.0 | 12,816.0 | 15,110.0 | 15,258.0 | 13,029.0 | ▲5.8% | +1.0% |
Operating incomefeeds ROC rank | −10,076.0 | −10,756.0 | −9,279.0 | −12,247.0 | −11,730.0 | −9,727.0 | ▼15.9% | — |
Other income, net | 18,555.0 | 20,048.0 | 2,033.0 | 676.0 | −809.0 | −466.0 | — | — |
Pretax income | 8,479.0 | 9,292.0 | −7,246.0 | −11,571.0 | −12,539.0 | −10,193.0 | — | — |
Income tax | 10.0 | 10.0 | 7.0 | 10.0 | 11.0 | −124.0 | ▲42.9% | — |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 8,469.0 | 9,282.0 | −7,253.0 | −11,581.0 | −12,550.0 | −10,069.0 | — | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 0.01 | 0.00 | −0.08 | −0.17c | −0.13 | −0.11 | — | — |
Diluted shares (mn) | 347.26 | 320.66 | 133.35 | 104.37 | 95.21 | 92.82 | ▲140.5% | +36.3% |
| Margins | ||||||||
Gross margin | 81.0% | 80.8% | 73.9% | 81.7% | 84.0% | 79.7% | ▲6.8pp | +1.0pp |
Operating margin | −281.1% | −309.8% | −193.9% | −349.3% | −279.4% | −234.9% | ▼115.9pp | −74.9pp |
Net margin | 236.3% | 267.3% | −151.6% | −330.3% | −298.9% | −243.2% | ▲418.9pp | +510.5pp |
† TTM = trailing four quarters through 2022-03-31.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2022-07-20 · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.