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Call sheet · Q1'26

SiTime (SITM)

Q1'26 earnings call · held May 7, 2026 · compared with the Q4'25 call · management-credibility review
6/12
Disclosure score
1 high, 4 medium, 3 low flags
Financial quality
Bottom line
The sleeper story isn't the AI boom everyone sees, it's that cash collection is badly lagging the income statement, with DSO extending to 44 days and operating cash flow growing just 2x while revenue grows 88%, the classic tell of aggressive revenue recognition. Yes, CED is crushing it at 158% growth, but management just went silent on segment margins and turned book-to-bill disclosure qualitative, suggesting they're hiding mix deterioration or demand deceleration. The binding constraint has shifted from demand to OSAT capacity, and Rajesh admitted 'challenges from time to time in the back end' after claiming they caught up last quarter. Beth's deflection on CED margins was particularly telling: 'I wouldn't read much into it.' My view changes if Q2 DSO improves and they return to quantitative book-to-bill disclosure.

The 30-second version

  • The real story: Cash flow is lagging revenue growth, a classic quality warning
  • AI infrastructure demand is white hot BUT everyone already knows this
  • Management stopped disclosing segment-specific gross margins and quietly walked back Renesas integration timelines

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$113.3M (+66% YoY)$113.6M (+88% YoY)+2200 bps YoY acceleration
EPS$1.53 (3x YoY)$1.44 (5x YoY)Sequential decline despite flat revenue
Gross Margin61.2%64.5% (+710 bps YoY)+330 bps sequential expansion
Operating Margin30%28%-200 bps sequential compression
CED Revenue$64.6M (+160% YoY)$75.7M (+158% YoY)8th consecutive triple-digit quarter
CED Mix %57% of revenue66.6% of revenue+960 bps mix shift
Aerospace/Defense/Auto$24.5M (+19% YoY)$21.2M (+51% YoY)YoY acceleration but sequential decline
Consumer/IoT$24.2M (+7% YoY)$16.7M (-1% YoY)First YoY decline in consumer
Largest Consumer Customer$17M$10.2M-40% sequential drop
Operating Cash Flow$25.4M$31.2M (2x YoY)Growth lagging revenue growth by 4400 bps

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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