SiTime (SITM) concentration risks

The company's concentration profile is broadly consistent with its fabless semiconductor model: high exposure to international distribution, a layered customer dependency, and reliance on a small number of critical manufacturing partners. Approximately 93% of revenue for the year ended December 31, 2025 was from distributors with ship-to locations outside the United States — a high-share geographic exposure that is structural in character, reflecting where end-market demand sits rather than any single-name dependency. Revenue attributable to the ten largest end customers accounted for 65% of revenue, also a high-share concentration, with a dependency character since order patterns at individual accounts can shift across technology cycles. Beneath that aggregate, Apple, the largest disclosed end customer, accounted for approximately 17% of revenue — a low-share contribution relative to the top-ten group, suggesting the customer base is somewhat distributed even within the concentrated cohort. The top three distributors together accounted for approximately 59% of revenue, a high-share channel dependency that amplifies the end-customer risk if a distributor relationship weakens. On the supply side, the company relies primarily on Bosch and Teledyne Digital Imaging for MEMS fabrication — a high-share, dependency-type exposure — and primarily on TSMC and UMC for analog circuits fabrication, a moderate supply dependency. The manufacturing concentrations are the most structurally constrained, as they cannot be quickly substituted.

For the engine’s reasoning on SITM’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.