Analog and SiC power semiconductors
STMicroelectronics
STMicroelectronics is the world No.1 in SiC (silicon-carbide) power semiconductors (~33% share; 50%+ of automotive SiC) and a leader in analog, MCU and sensors, supplying ToF/image sensors to Apple and processors/RF to SpaceX Starlink terminals. It holds SiC, a key component of vehicle electrification, but depends on Wolfspeed and others for SiC wafers, and its heavy cycle exposure showed in a -50% drop in 2024 and a +176% rebound in 2026. The French and Italian governments hold 27.5% via a holding company.
STM Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, STMicroelectronics is directly linked to 7 companies (4 supply, 3 revenue relationships) and reaches 21 companies within two hops; the links are backed by 15 dated sources, 8 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · $11.8bn (FY2025, -11.1%)
- Customer concentration · Analog and SiC power semiconductors.
- Segments · Analog and SiC power semiconductors
Revenue from
- Apple High confidence· Market share 32.6% · 2023 · global SiC power share
Supplies ToF and image sensors to Apple. - SpaceX Medium confidence· supply volume 1 million terminals · 2020~ · Starlink terminal production (as reported)
Supplies the processor (Catson SoC), RF front-end and secure element of SpaceX Starlink user terminals; a 1-million-terminal production agreement has been reported.Confirms EN KU Leuven COSIC Published Jan 1, 2022: Dumping and extracting the SpaceX Starlink User Terminal firmwareConfirms EN Wccftech Published Aug 6, 2021: Starlink User Terminals Use Same Supplier As Apple's iPhone Shows Teardown - automotive & industrial OEM (undisclosed) Medium confidence
Supplies ToF and image sensors to automotive and industrial OEMs. - Mobileye Medium confidence
Sole manufacturer/co-developer of Mobileye's EyeQ SoCs (six generations).Confirms EN SEC EDGAR (Mobileye 10-K) Published Feb 12, 2026: Mobileye Global Inc. Form 10-K (FY2025)Confirms EN Power Systems Design Published May 18, 2016: Mobileye and STMicro to develop next-gen EyeQ5 SoC
Pays to
- Cohu (test handlers & contactors) High confidence
Uses Cohu's test handlers, contactors and interfaces in back-end test — STM was the only >10% customer named in Cohu's 10-K (12% in 2023). As an automotive/industrial IDM, its procurement of test equipment and consumables anchors back-end yield and utilization. - Wolfspeed Medium confidence
Purchases SiC wafers and materials from Wolfspeed. - Synopsys Medium confidence
Pays for synopsys EDA tools and IP licenses. - Cadence Design Systems Medium confidence
Pays for cadence EDA tools and IP licenses. - front-end equipment (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).
Investors
- French · Italian governments (STMicro Holding) High confidence
French and Italian governments hold 27.5% via a holding company.Confirms EN Reuters (via Yahoo Finance) Published Oct 23, 2025: STMicro names new Italian board members, defusing tension with RomeConfirms EN U.S. Securities and Exchange Commission (EDGAR) Published Feb 14, 2024: STMicroelectronics SC 13G/A Exhibit — Principal Shareholders (ST Holding structure)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Iridium Communications | lead2 | +5 | +24.5 | -19.1 | -28.1 | -38.5 | +190.7 |
| Satellogic | lead2 | · | -68.6 | -42.6 | +62.9 | -34.4 | +142.8 |
| Viasat | lead2 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| BlackSky Technology | lead2 | -57.1 | -65.7 | -9.1 | -3.7 | +73.8 | +33.4 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Globalstar | lead2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Deere & Company | lead2 | +28.9 | +26.6 | -5.5 | +7.6 | +11.4 | +26.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| SES S.A. | lead2 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Firefly Aerospace | lead2 | · | · | · | · | · | +7.7 |
| Eutelsat Group | lead2 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | +3.2 |
| Intuitive Machines | lead2 | · | +3.7 | -74.4 | +610.8 | -10.6 | -0.6 |
| Northrop Grumman | lead2 | +29.3 | +43 | -12.8 | +1.9 | +23.6 | -4.6 |
| Sidus Space | lead2 | · | · | -91.9 | -44.4 | -35.9 | -31.2 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| SpaceX | lead1 | · | · | · | · | · | +0.7 |
| Mobileye | lead1 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| STMicroelectronics | node | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Cohu | benef1 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
| Wolfspeed | benef1 | · | · | · | · | · | +102.7 |
| Cadence Design Systems | benef1 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Synopsys | benef1 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
ST's thesis is 'the No.1 in SiC for vehicle electrification, but a stock that swings hard with the cycle.' As the world No.1 in SiC power (~33%, 50%+ of automotive SiC) it holds a key part of EV/industrial electrification, but softening EV/industrial demand hits results directly, showing a wide swing — a -50% drop in 2024 and a +176% rebound in 2026. It diversifies via analog, MCU and sensors (Apple ToF, SpaceX Starlink terminals), yet depends on Wolfspeed and others for SiC wafers and is tied to the downstream auto cycle (e.g., manufacturing Mobileye's EyeQ). What to watch is the normalization of EV/industrial inventory and the pace of SiC-demand recovery.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0