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On April 15, 2026 Silicom announced a design win with a European secure-communications provider — an initial ~$1.0M commitment with the relationship expected to scale toward roughly $3.0M per year. On May 5, 2026 the company filed a Form 6-K reporting that a pioneering AI inference acceleration provider selected Silicom’s inference-specific solution for a major PoC targeting Tier‑1 hyperscalers; initial orders placed to support the PoC are scheduled for delivery in H1 2026 with the PoC planned for H2 2026.
Technical Analysis
Trend strength (ADX / DI+ / DI-): ADX at 19.72 signals no dominant trend; DI+ at 22.43 is decreasing, which reads as bearish pressure on directional strength, while DI- at 18.07 is decreasing, which reads as a reduction in downside directional pressure. Together these readings imply limited directional conviction despite recent upside in price.
MACD: MACD sits below its signal line (MACD 1.80 vs signal 2.08) and shows a peak-and-reversal pattern; that configuration signals bearish momentum emerging from a recent peak.
MRO (Momentum/Regression Oscillator): MRO at 26.08 (positive and declining) indicates price currently sits above the WMDST target and that downside pressure has begun to increase as momentum wanes.
RSI and short EMAs: RSI at 57.1 with a peak-and-reversal pattern points to rolling off near-term bullishness; the 12‑day EMA shows a peak-and-reversal as well, reinforcing an early momentum rollover even though the RSI remains below overbought levels.
Price vs. moving averages and bands: Last close $44.96 trades well above the 50‑day average $39.47 and the 200‑day average $22.84, anchoring a constructive longer-term bias; price sits below the 1x upper Bollinger band ($47.41) and below the SuperTrend upper level ($48.45), indicating limited immediate upside room before short-term resistance zones.
Fundamental Analysis
Revenue and growth cadence: Total revenue $19.10M for the quarter shows strong sequential acceleration: quarter‑over‑quarter revenue growth +56.29% while year‑over‑year revenue fell -18.72%, reflecting a recent operational inflection after weaker prior-year comparisons.
Profitability: Operating (EBIT) and operating margin stand negative at $-2.81M and -14.70% respectively; the operating margin sits materially below the industry peer mean of 26.285% and median of 26.165%, indicating Silicom remains loss-making on an operating basis relative to typical peers. Operating margin QoQ change equals -11.529% and YoY change equals -34.215%.
Earnings per share: GAAP EPS of -$0.25 beat the estimate of -$0.36 by about 30.6%, producing an EPS surprise ratio of 30.56%, which reflects smaller-than-expected loss versus consensus. Forward EPS sits negative, and trailing PE metrics remain negative, so headline P/E multiples do not provide constructive valuation signals today.
Balance sheet and liquidity: Cash $30.03M and cash and short-term investments $35.01M provide substantial liquidity versus total debt $6.60M; current ratio 3.30 and quick ratio 1.50 indicate strong near-term coverage. Cash conversion cycle ~380 days and days inventory outstanding ~446 days highlight elevated inventory and working-capital drag despite healthy current coverage.
Efficiency and returns: Asset turnover 0.1228 remains low though improved QoQ (+10.19%) and YoY (+28.12%), showing better revenue per asset recently but still modest utilization. Return on equity -2.04% and return on assets -1.52% remain negative, reflecting current losses despite improving top-line trends.
Valuation context: Price-to-book ~1.09 sits below the industry peer mean book multiple of 7.83512 and median 6.36565, while EV-to-revenue and price‑to‑sales sit at enterprise value ratio 5.16 and PS 6.65 respectively. WMDST values the stock as under-valued based on the firm’s balance‑sheet strength, recent design wins and revenue acceleration, but profitability metrics lag peer means materially. (Earnings and full quarter detail published April 30, 2026).
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ -8.58 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 2.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 19.1 M | |
| Forward Revenue | $ 1.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 13.5 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 5.3 M | |
| Total Operating Expenses | $ 21.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 5.6 M | |
| EBITDA | $ -2.81 M | |
| EBIT | $ -2.81 M | |
| Operating Income | $ -2.81 M | |
| Interest Income | $ 452.0 K | |
| Interest Expense | — | |
| Net Interest Income | $ 452.0 K | |
| Income Before Tax | $ -2.36 M | |
| Tax Provision | $ 11.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -2.37 M | |
| Net Income From Continuing Operations | $ -2.37 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.36 | |
| EPS Actual | $ -0.25 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 30.556 % | |
| Forward EPS | $ -0.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 158.8 M | |
| Intangible Assets | $ 3.5 M | |
| Net Tangible Assets | $ 112.5 M | |
| Total Current Assets | $ 116.2 M | |
| Cash and Short-Term Investments | $ 35.0 M | |
| Cash | $ 30.0 M | |
| Net Receivables | $ 13.9 M | |
| Inventory | $ 63.5 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 20.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 35.2 M | |
| Net Debt | — | |
| Total Debt | $ 6.6 M | |
| Total Liabilities | $ 42.8 M | |
| EQUITY | ||
| Total Equity | $ 116.0 M | |
| Retained Earnings | $ 93.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.33 | |
| Shares Outstanding | 5.706 M | |
| Revenue Per-Share | $ 3.35 | |
| VALUATION | Market Capitalization | $ 126.9 M |
| Enterprise Value | $ 98.5 M | |
| Enterprise Multiple | -35.082 | |
| Enterprise Multiple QoQ | 116.64 % | |
| Enterprise Multiple YoY | 491.367 % | |
| Enterprise Multiple IPRWA | high: 338.716 mean: 84.574 median: 68.042 SILC: -35.082 low: -157.605 |
|
| EV/R | 5.158 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.369 | |
| Asset To Liability | 3.712 | |
| Debt To Capital | 0.054 | |
| Debt To Assets | 0.042 | |
| Debt To Assets QoQ | 0.874 % | |
| Debt To Assets YoY | -0.12 % | |
| Debt To Assets IPRWA | high: 0.642 median: 0.244 mean: 0.208 SILC: 0.042 low: 0.01 |
|
| Debt To Equity | 0.057 | |
| Debt To Equity QoQ | 6.575 % | |
| Debt To Equity YoY | 13.848 % | |
| Debt To Equity IPRWA | high: 1.77 median: 0.63 mean: 0.527 SILC: 0.057 low: 0.014 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.094 | |
| Price To Book QoQ | 47.144 % | |
| Price To Book YoY | 60.583 % | |
| Price To Book IPRWA | high: 29.004 mean: 7.835 median: 6.366 SILC: 1.094 low: -8.728 |
|
| Price To Earnings (P/E) | -88.973 | |
| Price To Earnings QoQ | 97.62 % | |
| Price To Earnings YoY | 123.503 % | |
| Price To Earnings IPRWA | high: 391.742 mean: 124.495 median: 92.924 SILC: -88.973 low: -227.806 |
|
| PE/G Ratio | 3.361 | |
| Price To Sales (P/S) | 6.646 | |
| Price To Sales QoQ | 28.646 % | |
| Price To Sales YoY | 12.561 % | |
| Price To Sales IPRWA | high: 26.443 median: 19.792 mean: 15.955 SILC: 6.646 low: 0.753 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -161.689 | |
| Forward PE/G | 6.108 | |
| Forward P/S | 95.89 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.005 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.123 | |
| Asset Turnover Ratio QoQ | 10.191 % | |
| Asset Turnover Ratio YoY | 28.121 % | |
| Asset Turnover Ratio IPRWA | high: 0.474 mean: 0.162 median: 0.126 SILC: 0.123 low: 0.043 |
|
| Receivables Turnover | 1.656 | |
| Receivables Turnover Ratio QoQ | 2.431 % | |
| Receivables Turnover Ratio YoY | 44.507 % | |
| Receivables Turnover Ratio IPRWA | high: 3.425 mean: 2.084 median: 1.96 SILC: 1.656 low: 0.512 |
|
| Inventory Turnover | 0.232 | |
| Inventory Turnover Ratio QoQ | -4.193 % | |
| Inventory Turnover Ratio YoY | -7.223 % | |
| Inventory Turnover Ratio IPRWA | high: 1.771 median: 1.093 mean: 1.057 SILC: 0.232 low: 0.204 |
|
| Days Sales Outstanding (DSO) | 55.09 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 380.347 | |
| Cash Conversion Cycle Days QoQ | -0.728 % | |
| Cash Conversion Cycle Days YoY | 2.325 % | |
| Cash Conversion Cycle Days IPRWA | SILC: 380.347 high: 272.087 mean: 106.406 median: 55.19 low: -108.637 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.236 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 116.0 M | |
| Net Invested Capital | $ 116.0 M | |
| Invested Capital | $ 116.0 M | |
| Net Tangible Assets | $ 112.5 M | |
| Net Working Capital | $ 81.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.995 | |
| Current Ratio | 3.301 | |
| Current Ratio QoQ | -20.465 % | |
| Current Ratio YoY | -55.527 % | |
| Current Ratio IPRWA | high: 6.25 SILC: 3.301 mean: 1.798 median: 1.121 low: 0.73 |
|
| Quick Ratio | 1.497 | |
| Quick Ratio QoQ | -32.522 % | |
| Quick Ratio YoY | -71.035 % | |
| Quick Ratio IPRWA | high: 3.505 SILC: 1.497 mean: 1.448 median: 0.931 low: 0.548 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.351 | |
| Cost Of Debt | 2.787 % | |
| Interest Coverage Ratio | -9.391 | |
| Interest Coverage Ratio QoQ | -0.071 % | |
| Interest Coverage Ratio YoY | -12.659 % | |
| Interest Coverage Ratio IPRWA | high: 48.917 mean: 12.873 median: 10.854 SILC: -9.391 low: -29.31 |
|
| Operating Cash Flow Ratio | -0.244 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 121.172 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.37 % | |
| Revenue Growth | 12.952 % | |
| Revenue Growth QoQ | 56.293 % | |
| Revenue Growth YoY | -1871.819 % | |
| Revenue Growth IPRWA | high: 33.034 % SILC: 12.952 % median: 3.131 % mean: 0.649 % low: -71.127 % |
|
| Earnings Growth | -26.471 % | |
| Earnings Growth QoQ | 376.44 % | |
| Earnings Growth YoY | -26.89 % | |
| Earnings Growth IPRWA | high: 100.0 % median: 4.0 % mean: -3.197 % SILC: -26.471 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 29.548 % | |
| Gross Margin QoQ | -0.852 % | |
| Gross Margin YoY | -0.572 % | |
| Gross Margin IPRWA | high: 74.628 % median: 61.897 % mean: 56.89 % SILC: 29.548 % low: 16.069 % |
|
| EBIT Margin | -14.703 % | |
| EBIT Margin QoQ | -11.529 % | |
| EBIT Margin YoY | -34.215 % | |
| EBIT Margin IPRWA | high: 43.259 % mean: 26.285 % median: 26.165 % SILC: -14.703 % low: -43.884 % |
|
| Return On Sales (ROS) | -14.703 % | |
| Return On Sales QoQ | -11.529 % | |
| Return On Sales YoY | -34.215 % | |
| Return On Sales IPRWA | high: 42.739 % mean: 25.66 % median: 24.868 % SILC: -14.703 % low: -43.884 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | -44.947 % | |
| Cash Flow To Earnings | 3.627 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.522 % | |
| Return On Assets QoQ | -8.917 % | |
| Return On Assets YoY | -18.61 % | |
| Return On Assets IPRWA | high: 4.977 % mean: 2.776 % median: 2.597 % SILC: -1.522 % low: -5.098 % |
|
| Return On Capital Employed (ROCE) | -2.271 % | |
| Return On Equity (ROE) | -0.02 | |
| Return On Equity QoQ | -5.424 % | |
| Return On Equity YoY | -9.374 % | |
| Return On Equity IPRWA | high: 0.239 median: 0.067 mean: 0.066 SILC: -0.02 low: -0.295 |
|
| DuPont ROE | -2.027 % | |
| Return On Invested Capital (ROIC) | -1.452 % | |
| Return On Invested Capital QoQ | -23.134 % | |
| Return On Invested Capital YoY | -6.141 % | |
| Return On Invested Capital IPRWA | high: 6.911 % median: 4.495 % mean: 4.322 % SILC: -1.452 % low: -8.258 % |
|