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Call sheet · Q4'25

SiTime (SITM)

Q4'25 earnings call · held February 4, 2026 · compared with the Q3'25 call · management-credibility review
3/12
Disclosure score
2 high, 3 medium, 2 low flags
Financial quality
Bottom line
The real story is cash collection deteriorating badly with operating cash flow at only 62% of net income and DSO jumping 50%, while management distracts with a transformational acquisition. Yes, revenue grew 66% and they beat estimates, but when cash lags earnings this badly, it signals either aggressive revenue recognition or customer credit issues. The binding constraint is their ability to collect cash from booming sales, not demand or supply. Beth's comment that linearity 'returned to more normal' while DSO spiked is corporate speak for 'we stuffed the channel at quarter end.' My view changes if Q1 OCF/NI ratio returns above 100% and DSO drops below 30 days.

The 30-second version

  • The Real Story: Operating Cash Flow Severely Lagging Net Income Shows Collection Issues Masked by Headlines
  • The $1.5B Renesas Acquisition Creates Integration Risk While Core Growth Decelerates
  • Management Stopped Disclosing Channel Inventory Metrics After Emphasizing Them for Years

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$83.6M (+45% YoY)$113.3M (+66% YoY)+2100 bps YoY acceleration
EPS$0.87 (+100% YoY)$1.53 (+219% YoY)+119 ppt YoY growth acceleration
Operating Income$15.4M (18% margin)$34.0M (30% margin)+1200 bps margin expansion
Net Income$23.4M$41.3M+76% sequential growth
CED Revenue$42.1M (+115% YoY)$64.6M (+160% YoY)+4500 bps YoY acceleration
CED Mix %51% of revenue57% of revenue+600 bps mix shift
Gross Margin58.8%61.2%+240 bps sequential
Operating Cash Flow$31.4M$25.4M-19% sequential decline
Days Sales Outstanding24 days36 days+50% deterioration
Inventory$86.7M$81.7M-6% reduction

Accountability tracked

6 new promises made4 narrative shifts flagged5 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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