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 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, STMicroelectronics is directly linked to 7 companies (4 supply, 3 revenue relationships) and reaches 25 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 | +174.2 |
| Satellogic | lead2 | · | -68.6 | -42.6 | +62.9 | -34.4 | +148.1 |
| Viasat | lead2 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +118.6 |
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Deere & Company | lead2 | +28.9 | +26.6 | -5.5 | +7.6 | +11.4 | +49.8 |
| Globalstar | lead2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| BlackSky Technology | lead2 | -57.1 | -65.7 | -9.1 | -3.7 | +73.8 | +9.3 |
| Firefly Aerospace | lead2 | · | · | · | · | · | -3.1 |
| Royal Caribbean Cruises Ltd. | lead2 | +3 | -35.7 | +162 | +79 | +22.5 | -3.9 |
| Planet Labs | lead2 | · | -29.3 | -43.2 | +63.6 | +388.1 | -8.1 |
| Northrop Grumman | lead2 | +29.3 | +43 | -12.8 | +1.9 | +23.6 | -8.6 |
| Intuitive Machines | lead2 | · | +3.7 | -74.4 | +610.8 | -10.6 | -8.7 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Eutelsat Group | lead2 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | -21.7 |
| SES S.A. | lead2 | +2.8 | +10.6 | -13 | -36 | +141.5 | -28.2 |
| Sidus Space | lead2 | · | · | -91.9 | -44.4 | -35.9 | -34.1 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| SpaceX | lead1 | · | · | · | · | · | +0.7 |
| Mobileye | lead1 | · | · | +23.6 | -54 | -47.6 | -18 |
| STMicroelectronics | node | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| Cohu | benef1 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +118 |
| Wolfspeed | benef1 | · | · | · | · | · | +62.8 |
| Cadence Design Systems | benef1 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Synopsys | benef1 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
STMicroelectronics operates across Analog and SiC power semiconductors. It is up +102.2% in 2026. The stock (+102.2%) is ahead of both its demand side (avg +0.2%) and supply side (avg +39.6%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Cohu (+118%) and the furthest behind is Mobileye (-18%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The French and Italian governments hold 27.5% via a holding company.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0