{"slug":"microchip","name":"Microchip","name_en":"Microchip Technology","ticker":"MCHP","updated_at":"2026-07-12T04:52:22.806+00:00","canonical":"https://valuechain.wiki/microchip","same_as":["https://finance.yahoo.com/quote/MCHP","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=827054"],"citable":"밸류체인 그래프 기준 Microchip의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 35곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Microchip Technology is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 35 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"나스닥100 · MCU·아날로그 · 전장·산업","kicker_en":"Nasdaq 100 · MCU/analog · auto & industrial","lead":"마이크로컨트롤러(MCU ~53%)·아날로그(~29%)·FPGA를 아우르는 종합 반도체 기업으로 FY2026 매출 $47억(+7.1%, 재고 251→185일로 정상화되며 전 부문·전 지역 반등)이다. 전장·산업이 핵심 고객이라 이 두 전방시장의 재고사이클에 실적이 좌우되며, 신성장은 데이터센터 커넥티비티·타이밍 사업부(2025년 $3억→2026년 ~$5억)다. 자체 팹과 TSMC 위탁을 혼합해 캐파 유연성을 확보한다.","lead_en":"A broad-line semiconductor maker spanning microcontrollers (MCU ~53%), analog (~29%) and FPGA, with FY2026 revenue of $4.71B (+7.1%, inventory normalizing from 251 to 185 days as all lines and geographies rebound). Automotive and industrial are its core customers, so results hinge on those two end markets' inventory cycles, while its new growth is a datacenter connectivity/timing unit ($0.3B in 2025 to ~$0.5B in 2026). It mixes in-house fabs with TSMC outsourcing for capacity flexibility.","segments":{"fy":2025,"parts":[{"desc":"마이크로컨트롤러(매출 ~53%). 전장·산업 임베디드의 핵심 부품으로 재고사이클이 실적을 좌우하는 최대 축 — FY2026 +4.7%로 반등.","name":"MCU(53%)"},{"desc":"아날로그(~29%). 전력·신호체인 등 MCU와 묶여 팔리는 고마진 부문 — FY2026 +14.9%로 반등이 가장 강했다.","name":"아날로그(29%)"},{"desc":"FPGA·메모리·기타. 방산·통신 등 특수 수요와 데이터센터 커넥티비티·타이밍 신성장을 포함.","name":"FPGA·메모리·기타"}],"total":"FY2026 매출 $4,713.1M (+7.1%, 재고조정 후 반등)","concentration":"전장·산업 중심, 데이터센터 성장."},"segments_en":{"fy":2025,"parts":[{"desc":"Microcontrollers (~53% of revenue) — the core embedded part whose results the inventory cycle governs; +4.7% in FY2026.","name":"MCU (53%)"},{"desc":"Analog (~29%) — higher-margin power/signal-chain products sold alongside MCUs; +14.9% in FY2026, the strongest rebound.","name":"Analog (29%)"},{"desc":"FPGA, memory and other — including specialty demand (defense, comms) and the datacenter connectivity/timing new-growth line.","name":"FPGA/memory/other"}],"total":"FY2026 revenue $4,713.1M (+7.1%, rebound after destocking)","concentration":"Automotive/industrial led; datacenter growing."},"returns_yearly":{"2021":27.5,"2022":-18,"2023":30.9,"2024":-35,"2025":14.6,"2026":40.6},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":2,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":2,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied 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Electric","tier":3,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":9.4}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hitachi","name":"히타치","name_en":"Hitachi","tier":3,"returns_yearly":{"2021":40.6,"2022":16.7,"2023":75.4,"2024":71.1,"2025":37.5,"2026":-11.8}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":3,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":3,"returns_yearly":null}],"analysis":"투자 논점은 전장·산업 반도체 재고사이클의 바닥 통과와 데이터센터 신성장이다. MCU(~53%)·아날로그(~29%)·FPGA 종합 반도체로 전장·산업에 편중돼, 이 시장의 재고조정이 끝나면 실적이 반등하는 사이클주다. 신성장은 데이터센터 커넥티비티·타이밍 사업부로, 2025년 $3억에서 2026년 ~$5억으로 커지며 AI 인프라 수요를 흡수한다. 구조는 자체 팹과 TSMC 위탁을 혼합해 캐파 유연성을 확보하지만, 매출이 전장·산업에 쏠려 이 두 전방시장의 사이클 진폭에 실적이 흔들린다.","analysis_en":"The thesis is the automotive/industrial chip inventory cycle passing its trough plus datacenter new growth. As a broad-line maker of MCUs (~53%), analog (~29%) and FPGA concentrated in automotive and industrial, it is a cyclical whose results rebound once destocking ends. The new growth is its datacenter connectivity/timing unit, rising from $0.3B in 2025 to ~$0.5B in 2026 as it absorbs AI-infrastructure demand. Mixing in-house fabs with TSMC outsourcing gives capacity flexibility, but revenue skewed to automotive and industrial means results swing with those two end markets' cycles.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"전장·자동차 (MCU·아날로그)","counterparty_slug":null,"confidence":"high","metric":{"fy":2026,"yoy_pct":7.1,"total_rev_musd":4713.1,"foreign_sales_pct":75},"note":"차량용 MCU·아날로그·전력 반도체를 공급 — 전동화·ADAS로 차당 반도체 콘텐츠가 늘어나는 구조적 수요이나, 완성차 재고·생산 사이클에 실적이 직결된다. FY2026 그룹 매출은 재고조정을 끝내며 $47.1억(+7.1%)으로 전 부문·전 지역이 반등했고, 해외 매출이 약 75%를 차지한다.","note_en":"Supplies automotive MCUs, analog and power chips — structural demand as electrification and ADAS raise chip content per car, but results tie directly to the automaker inventory and production cycle. FY2026 group revenue rebounded to $4,713.1M (+7.1%) as destocking ended, with all product lines and geographies up; foreign sales are ~75%.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"FY2026 net sales $4,713.1M vs $4,401.6M in FY2025, up on increased demand after customers reduced excess inventory and new design wins entering production; all product lines and geographies increased. Foreign sales ~75%.","excerpt_en":"FY2026 net sales $4,713.1M (+7.1%); all lines/geographies up as destocking ended; foreign ~75%."},{"stance":"confirms","publisher":"스톡플러스","publisher_en":"Stockplus","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://insight.stockplus.com/articles/5224","title":"반도체 슈퍼마켓 마이크로칩 테크놀로지(MCU 53%·아날로그 29%)","title_en":"Microchip: the semiconductor supermarket (MCU 53%, analog 29%)","excerpt":"전장·산업이 마이크로칩 핵심 시장.","excerpt_en":"Automotive/industrial are Microchip’s core markets."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0000827054/000082705425000132/exhibit991q1fy26.htm","title":"Microchip 분기 실적(8-K)","title_en":"Microchip quarterly results (8-K)","excerpt":"FY2025 매출 $44억, MCU 53%.","excerpt_en":"FY2025 revenue $4.4B, MCU 53%."}]},{"direction":"revenue","counterparty":"유통 채널(애로우 일렉트로닉스 12% 등, ~101,000 고객)","counterparty_slug":null,"confidence":"high","metric":{"fy":2026,"arrow_pct":12,"customers_k":101,"distributor_sales_pct":47},"note":"FY2026 매출의 약 47%를 유통 채널로 판매(직판 53%) — 최대 유통사 애로우 일렉트로닉스가 매출의 12%(FY2025 10%)로 유일한 10% 초과 고객이며, 그 외엔 어떤 고객·유통사도 10% 미만인 약 10만1천 고객의 분산 구조다. 유통 재고 수준이 분기 매출의 변동 요인이다.","note_en":"About 47% of FY2026 sales went through distributors (53% direct) — the largest distributor, Arrow Electronics, was 12% of sales (10% in FY2025), the only customer above 10%; otherwise no customer or distributor exceeds 10% across ~101,000 customers, a diversified base. Distributor inventory levels are a swing factor for quarterly sales.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"In fiscal 2026, 47% of net sales through distributors (53% direct); Arrow Electronics, the largest distributor, was 12% of net sales (10% in FY2025); no other distributor or direct customer over 10%. ~101,000 unique customers.","excerpt_en":"47% via distributors; Arrow 12% (only >10% customer); ~101,000 customers."},{"stance":"mentions","publisher":"KeyBanc","publisher_en":"KeyBanc","kind":"research","lang":"en","published_at":"2026-05-08","url":"https://www.marketbeat.com/stocks/NASDAQ/MCHP/forecast/","title":"마이크로칩 애널리스트 컨센서스(매수, 평균 ~$114; 키뱅크 비중확대 $135·모건스탠리 $94)","title_en":"Microchip analyst consensus (Buy, avg ~$114; KeyBanc Overweight $135, Morgan Stanley $94)","excerpt":"애널리스트 컨센서스 '매수'(평균 ~$114) — 키뱅크 비중확대 $135(재고 감소·가동률저하 충당 축소·리드타임 확대로 사이클 회복 확인), 모건스탠리 중립 $94. 재고 정상화 거의 완료가 논점.","excerpt_en":"Consensus Buy (avg ~$114): KeyBanc Overweight $135 (inventory reductions, lower underutilization charges, longer lead times confirm cyclical recovery), Morgan Stanley Equal Weight $94 — near-complete inventory normalization is the thesis."}]},{"direction":"investment","counterparty":"자체 팹 수직통합·자본배치(Fab 4 보류·배당)","counterparty_slug":null,"confidence":"high","metric":{"fy":2026,"fab4_capex":"paused_through_fy2027","common_dividend_musd":984,"preferred_dividend_musd":108.5,"cumulative_dividend_usd_bn":8.61},"note":"자체 웨이퍼 팹·조립·테스트 소유가 원가우위·공급회복력의 핵심 자본투자로, 임베디드 업계 최저원가 생산자 지위의 배경이다 — 다만 수요 약세기엔 Fab 4(오리건) 증설을 FY2027까지 보류하는 등 캐파 투자를 조절한다. 자본배치는 성장 재투자보다 주주환원에 무게가 실려 FY2026 보통주 배당 $9.84억(누적 $86.1억)·우선주 배당 $1.085억을 지급했다.","note_en":"Ownership of wafer fabs, assembly and test is the core capital investment behind its cost edge and supply resilience — the basis for being one of the lowest-cost producers in embedded control — though it throttles capacity investment in soft demand (Fab 4 Oregon expansion paused through FY2027). Capital allocation tilts to shareholder return over reinvestment: FY2026 common dividends $984.0M (cumulative $8.61B) and preferred dividends $108.5M.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"Ownership of a substantial portion of manufacturing resources is a core strategy, making Microchip one of the lowest-cost producers in embedded control. FY2026 common dividends $984.0M (cumulative ~$8.61B), preferred dividends $108.5M; Fab 4 expansion paused through FY2027.","excerpt_en":"Owned-fab strategy (lowest-cost producer); FY2026 common dividends $984.0M (cumulative $8.61B); Fab 4 paused."}]},{"direction":"revenue","counterparty":"데이터센터 (커넥티비티·타이밍)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 커넥티비티·타이밍·메모리 부품을 공급($3억+ 사업부) — 전장·산업 편중을 벗어나는 신성장 축으로, AI 인프라 증설이 이 부문 매출을 끌어올린다.","note_en":"Supplies datacenter connectivity, timing and memory parts (a $0.3B+ unit) — the new-growth axis diversifying away from automotive/industrial, where AI-infrastructure build-outs lift its revenue.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0000827054/000082705425000132/exhibit991q1fy26.htm","title":"Microchip 분기 실적(8-K)","title_en":"Microchip quarterly results (8-K)","excerpt":"데이터센터 솔루션 BU 2025년 ~$3억.","excerpt_en":"Data Center Solutions BU ~$300M in 2025."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":{"fy":2026,"outside_foundry_sales_pct":65},"note":"일부 제품을 TSMC 등 외부 파운드리에 위탁하는 혼합 팹 구조 — FY2026 매출의 약 65%가 외부 파운드리 생산분(300mm 전량+일부 200/150mm 특수공정)으로, 자체 팹과 병행해 캐파 유연성을 확보하되 선단·특수공정 일부는 파운드리 캐파·가격·지정학 리스크에 노출된다.","note_en":"A mixed-fab structure outsourcing some products to TSMC and other external foundries — ~65% of FY2026 sales came from products made at outside foundries (all 300mm plus some 200/150mm specialty processes), giving capacity flexibility alongside in-house fabs but exposing some leading/specialty processes to foundry capacity, pricing and geopolitical risk.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"In fiscal 2026, approximately 65% of sales came from products produced at outside wafer foundries, including all 300mm wafer requirements and some 200mm/150mm specialty processes.","excerpt_en":"~65% of FY2026 sales made at outside foundries (all 300mm + some specialty)."},{"stance":"confirms","publisher":"스톡플러스","publisher_en":"Stockplus","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://insight.stockplus.com/articles/5224","title":"반도체 슈퍼마켓 마이크로칩 테크놀로지(MCU 53%·아날로그 29%)","title_en":"Microchip: the semiconductor supermarket (MCU 53%, analog 29%)","excerpt":"자체팹 + TSMC 등 파운드리 혼합.","excerpt_en":"In-house fabs plus TSMC."}]},{"direction":"revenue","counterparty":"산업·임베디드 (MCU)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2026,"mcu_growth_pct":4.7,"analog_growth_pct":14.9,"distributor_days_inv":26},"note":"산업 자동화·임베디드 기기에 MCU를 공급 — 매출의 큰 축이자 재고사이클에 가장 민감한 수요선. FY2026 MCU 매출 +4.7%·아날로그 +14.9%로 반등했고, 유통 재고일수가 33일→26일로 정상화되며 사이클 바닥 통과를 뒷받침했다.","note_en":"Supplies MCUs to industrial automation and embedded devices — a large revenue axis and the demand line most sensitive to the inventory cycle. FY2026 MCU revenue rose 4.7% and analog 14.9% as demand recovered, with distributor days of inventory normalizing from 33 to 26 days, supporting the trough-passing thesis.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"FY2026 mixed-signal microcontroller net sales +4.7%, analog +14.9% on recovering demand and new design wins. Distributors held 26 days of inventory at Mar 31, 2026 vs 33 days a year earlier.","excerpt_en":"MCU +4.7%, analog +14.9% FY2026; distributor inventory 33→26 days."},{"stance":"confirms","publisher":"스톡플러스","publisher_en":"Stockplus","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://insight.stockplus.com/articles/5224","title":"반도체 슈퍼마켓 마이크로칩 테크놀로지(MCU 53%·아날로그 29%)","title_en":"Microchip: the semiconductor supermarket (MCU 53%, analog 29%)","excerpt":"MCU가 매출 53%.","excerpt_en":"MCUs are 53% of revenue."}]},{"direction":"cost","counterparty":"자체 팹·후공정 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"fy":2026,"internal_test_pct":69,"internal_assembly_pct":67},"note":"자체 웨이퍼 팹·조립·테스트 운영이 원가·공급의 축 — 성숙공정의 원가경쟁력·공급안정·IP 보안을 자체 제조로 확보하나, 가동률 하락은 고정비(가동률 저하 충당) 부담이 된다. FY2026 조립 약 67%·테스트 약 69%가 내부이며, 수요 약세기 대응으로 Fab 4(오리건) 증설·설비투자를 FY2027까지 보류했다.","note_en":"In-house wafer fabs, assembly and test are the cost/supply axis — securing cost competitiveness, supply stability and IP security for mature processes, but falling utilization becomes a fixed-cost (underutilization) burden. In FY2026 ~67% of assembly and ~69% of test were internal, and Fab 4 (Oregon) expansion and capital investment were paused through FY2027 in response to soft demand.","sources":[{"stance":"confirms","publisher":"Microchip Technology (SEC 10-K)","publisher_en":"Microchip Technology (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-05-21","url":"https://www.sec.gov/Archives/edgar/data/827054/000082705426000016/mchp-20260331.htm","title":"마이크로칩 10-K (FY2026)","title_en":"Microchip Technology — Form 10-K (FY2026)","excerpt":"In fiscal 2026, ~67% of assembly and ~69% of test were performed internally. In Q4 FY2024 the Company paused Fab 4 (Gresham, Oregon) expansion and capital equipment investment through fiscal 2027, to resume as growth requires.","excerpt_en":"~67% assembly/69% test internal; Fab 4 expansion paused through FY2027."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/Archives/edgar/data/0000827054/000082705425000132/exhibit991q1fy26.htm","title":"Microchip 분기 실적(8-K)","title_en":"Microchip quarterly results (8-K)","excerpt":"다수 공정 자체 팹.","excerpt_en":"Many processes in own fabs."}]}]}