MACOM Technology Solutions Hold (MTSI) concentration risks

The company's disclosed concentration profile is one of the more layered in the semiconductor sector, combining customer, geographic, foundry, and reseller dimensions. Sales to the top 10 direct and distribution customers accounted for an aggregate of 56.7% of revenue — a high share by disclosed size with a dependency character. Simultaneously, sales to customers located outside the United States accounted for 56.3% of revenue for fiscal year 2025 — also a high share with structural character, reflecting where the company's end-market demand is geographically concentrated. On the supply side, wafers for a particular process technology are generally sourced through a single foundry for all production needs in that process — a high share by disclosed size with a dependency character, meaning that for each process node, a single manufacturing partner bears the entire production risk. Within the geographic picture, China and the Asia Pacific region accounted for 28.4% and 11.5% of total fiscal 2025 sales respectively — moderate and small shares by disclosed size, both structural in character. At the reseller level, one reseller accounted for 12.4% of revenue and a second reseller accounted for 11.2% — small shares at the consolidated level, both with dependency character. Together, the profile is concentrated across multiple dimensions simultaneously: a handful of top customers, a major foundry dependency per process node, and geographic exposure to China alongside a two-reseller distribution layer. The foundry dependency is the most idiosyncratic supply-side variable; China exposure is the most geopolitically sensitive demand-side variable.

For the engine’s reasoning on MTSI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.