Forensic Analysis · Semiconductors · as of Sep 25, 2026
Sitime Corp (SITM)
A forensic read on Sitime Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
16.1
Distress distance
Clean
Earnings quality
4
Forensic signals
1310.8
P / E (ttm)
-3.7%
ROE
$18.3B
Market cap
0.00%
Dividend yield
61.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sitime Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 16.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+49.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +49.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +27% against revenue +61% and receivables up +18% against revenue +61%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 14% of net operating assets, against an accruals ratio of 49.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-4.4%
FY2025
Return on invested capital.Return on invested capital is -4.4% in the latest fiscal year, against -10.2% in FY2023, having run between -11.7% and -4.4% across FY2023–FY2025 with no direction held. After-tax operating profit was ($85M) in FY2023 and ($53M) in FY2025, with operating income at -74.4% of revenue in FY2023, -56.9% in FY2024 and -20.5% in FY2025. The capital base behind it grew +46% across FY2023–FY2025, from $830M to $1.2B, and the return did not fall doing it, so the dollars added over that window earned at least the -10.2% the older base was already earning.
+6.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
Key fundamentals
Latest Revenue$326.7M
Revenue Growth YoY+61.2%
Revenue CAGR (2yr)+50.6%
Net Margin-13.1%
Free Cash Flow$35.1M
Return on Equity-3.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sitime Corp's actual 10-K/10-Q/8-K filings?
Stock-based comp load.Stock-based compensation ran 32% of revenue and 295% of free cash flow in FY2025 — about $4.15 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.1% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.