Arm Holdings plc (ARM)
NEUTRALFundamental
53
Precio
$242.48
Capitalización Bursátil
$255.02B
Parte 1 · Cuánto vale la empresa
Resumen
Arm designs the instruction set architecture and processor blueprints used in nearly all smartphones and most connected devices, from watches to servers. It does not manufacture chips; it licenses its designs to chipmakers like Qualcomm, Apple and Samsung, who build and sell the physical silicon. Once a niche player in mobile CPUs, Arm's low-power architecture is now expanding into data-center servers, automotive systems and AI accelerators, chasing markets long dominated by Intel and AMD's x86 designs.
Cómo genera ingresos
Arm earns money two ways: an upfront licensing fee when a chipmaker signs on to use an architecture, and a royalty paid on every chip shipped that contains an Arm design, typically a small percentage of the chip's selling price. Royalties compound over the life of a product family and now outweigh licensing fees in most years. Because Arm designs rather than fabricates, it carries almost no manufacturing cost, so each additional royalty dollar converts to profit at a very high rate.
Ingresos por segmento
Per-chip fees paid by licensees on every device shipped using an Arm design, across smartphones, data centers, automotive and IoT.
Upfront and milestone fees paid by chipmakers to access an Arm architecture or subsystem design, before any chip ships.
Ventaja competitiva
Costes de cambio · AmpliaChipmakers build years of software, tooling and engineering expertise around Arm's instruction set before a single chip ships. Re-architecting a product line onto a different instruction set means rewriting compilers, drivers and applications — a multi-year, high-risk undertaking most licensees avoid, which keeps them paying royalties long after the original licensing decision was made.
Qué impulsa la demanda
CíclicoRoyalty revenue tracks how many chips get shipped worldwide, and chip shipments follow the same boom-and-bust cycles as the smartphone and PC markets that still generate most of Arm's royalties. A slowdown in device sales shows up in Arm's results a year or more later, once the affected chip generation reaches customers.
Riesgos clave
- Arm China and customer concentration — Arm China operates under a separate joint-venture structure that Arm does not fully control, and the top five customers together provide more than half of revenue; a dispute with any of them affects results disproportionately.
- Competition from RISC-V and x86 — Customers building chips on the open, royalty-free RISC-V architecture, or using x86 designs, could reduce over time the number of chips built on Arm's technology.
- Move into production silicon — Arm's push into building its own chips and subsystems, rather than only licensing designs, risks competing directly with the same customers who license its architecture.
- China exposure and geopolitics — A large share of revenue is tied to China, where government policy, trade restrictions and the unusual governance of Arm China create risks outside Arm's control.
Concentración de clientes
Los principales clientes representan el 57% de los ingresos
In fiscal 2026 the top five customers, including SoftBank-affiliated Arm China, made up about 57% of revenue, with Arm China alone accounting for roughly 16%. A single large licensee's plans move the whole company.
Los argumentos a favor
Buyers argue that Arm's architecture already sits inside nearly every smartphone and now stands to gain from server and AI chips that carry a far higher royalty per unit, converting device-count growth into a lasting increase in revenue per chip.
Los argumentos en contra
Sellers worry that RISC-V's free licensing model erodes Arm's pricing power over time, that dependence on a handful of huge customers — several of them exploring in-house designs — leaves little room for error, and that Arm China's separate ownership structure could cut off a large slice of revenue.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 de agosto de 2026 with claude-opus-5 — shared with all users
Synopsys licenses processor and DesignWare IP blocks under the same license-plus-royalty model, competing with Arm for the IP budget of the same SoC design teams.
Cadence licenses Tensilica processor and DSP cores plus a broad IP catalogue to the same semiconductor customers, offering an alternative to buying the compute block from Arm.
SiFive licenses commercial RISC-V CPU cores to the same chipmakers that would otherwise license Arm cores, making it the leading alternative in the open-architecture camp Arm's own 20-F flags as a competitive threat.
Andes sells 32- and 64-bit RISC-V processor IP into embedded, microcontroller and consumer SoCs, competing head-on with Arm's Cortex-M and Cortex-A cores especially among Asian chip designers.
Imagination licenses GPU and AI accelerator IP for mobile and automotive SoCs, the same design slots Arm fills with its Mali and Immortalis graphics cores.
Ceva licenses DSP, wireless connectivity and edge-AI cores to chipmakers on a license-and-royalty basis, overlapping with Arm in the signal-processing and edge inference blocks of the same devices.
Balance y Liquidez
Ingresos
$5.16B
Últimos 12 meses (hasta 30/6/2026)
Beneficio Neto
$1.04B
Últimos 12 meses (hasta 30/6/2026)
Flujo de Caja Libre
$1.33B
Patrimonio Neto Total
$8.63B
Pasivo Total
$485M
Ratio de Liquidez
5.25
Cobertura de Intereses
-
Deuda/EBITDA
0.46
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$194.63
Precio Actual
$242.48
Margen de Seguridad
-24.6%
Rango de Valor Justo
$126.51 - $262.75
Métodos de Estimación
Métricas de Valoración
Ratio P/E
246.16
ROE
13.4%
Ratio P/B
29.55
P/FCF
191.10
Margen Bruto
97.5%
ROIC
3.4%
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
3.4%
WACC
18.0%
ROIC − WACC
-14.6 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Criterios de Análisis Fundamental
Superado (11)
- Price CAGR 47.93%
- Gross Margin 97.5%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 13.0%
- Revenue Growth 5Y 19.4%
- Analyst Consensus 62% Buy
- Earnings Surprise avg 8.3%
- Earnings Quality (OCF/NI) 2.32
Fallido (8)
- ROIC 3.4%
- P/FCF 191.10
- P/B Ratio 29.55
- CapEx intensity
- DCF valuation (Overvalued)
- PEG Ratio 15.90
- Net Margin Trend 18.4% vs 19.8%
- Piotroski F-Score 2/9
No disponible (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Rene Anthony Andrada Haas | CEO & Director | 63 |
| Mr. Jason E. Child | Executive VP & CFO | 56 |
| Mr. Eric Hayes | Executive Vice President of Operations | - |
| Laura Bartels | Chief Accounting Officer | - |
| Mr. Jeffrey Thomas Kvaal | VP & Head of Investor Relations | - |
| Mr. Spencer Collins | Executive VP, Chief Legal Officer, Company Secretary & Head of Corporate Development | 43 |
| Ms. Ami M. Badani | Chief Marketing Officer | 46 |
| Ms. Charlotte Eaton | Chief People Officer | 41 |
| Mr. Richard Grisenthwaite | Executive VP & Chief Architect | 56 |
| Mr. William Abbey | Executive VP & Chief Commercial Officer | 54 |
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for ARM, sourced from Markets Gazette.
- 6/10/2026NEGATIVEWhat Is Going On With Arm Stock On Wednesday?
Arm Holdings (ARM) experienced a 4.46% decline, closing at $310.79 on Wednesday. This downturn is attributed to a general profit-taking trend across the broader market, which notably impacted the semiconductor sector. Investors are observing this movement as a typical market correction rather than a company-specific issue. The semiconductor industry, having seen significant gains, is now undergoing a period of consolidation as traders adjust their positions. This broad market sentiment suggests a temporary pullback for ARM and its peers.
- 6/4/2026POSITIVEArm’s $180 Billion Leap Makes It One of Market’s Priciest Stocks
Arm Holdings Plc has experienced a dramatic surge, nearly doubling its share price in recent weeks, making it one of the most expensive stocks in the market. This rapid appreciation has pushed its valuation to exceptionally high levels, a rarity for investors. While the stock has been considered expensive since its ADR issuance in 2023, the current price movement suggests significant market optimism or speculative interest. Investors are now evaluating whether this elevated valuation is sustainable or indicative of a potential bubble.
- 6/2/2026NEUTRALArm CEO Warns China CPU Curbs May Be Impossible To Enforce— 'They Would Have To Limit Everything'
Arm Holdings CEO Rene Haas has expressed skepticism regarding the feasibility of enforcing export restrictions on AI CPUs to China, contrasting the situation with Nvidia's GPUs. Haas indicated that such controls would necessitate limiting a vast array of technologies due to the pervasive use of Arm's architecture across numerous applications. This stance suggests that while geopolitical tensions may lead to regulatory scrutiny, the fundamental business model of Arm, which licenses its designs, may prove more resilient to broad export bans than anticipated. Investors will monitor potential impacts on Arm's China revenue stream and the company's ability to navigate complex international trade policies.
- 6/2/2026POSITIVEArm CEO Haas on Agentic AI and Taiwan's Ecosystem
Arm CEO Rene Haas highlighted Taiwan's crucial role in the AI development ecosystem, suggesting strong future partnerships. Furthermore, Haas anticipates that the rapid advancement of agentic AI will lead to substantial growth in CPU demand. This dual focus on strategic regional collaboration and the projected surge in processing power requirements for advanced AI applications positions Arm favorably. Investors should note the company's potential to benefit from both ecosystem strength and increased chip demand driven by next-generation AI technologies.
- 6/1/2026POSITIVEArm’s stock may be the biggest beneficiary of Nvidia’s new AI effort
Nvidia's latest AI effort, the RTX Spark PC chip, incorporates Arm's foundational technology. This strategic integration signifies a significant endorsement of Arm's architecture for next-generation computing, particularly in the rapidly expanding AI sector. For investors, this partnership suggests a substantial revenue stream and market share expansion for Arm, as Nvidia's chip designs are widely adopted. The news positions Arm as a key enabler of AI advancements, potentially leading to increased demand for its intellectual property and licensing agreements, thereby driving stock value.
- 5/21/2026POSITIVEA New Chipmaker Just Topped Micron's 2026 Return, Thanks To Nvidia
Arm Holdings plc experienced a significant surge, climbing 38% over three trading sessions. This impressive rally has propelled Arm past Micron in the 2026 return rankings within the SOXX semiconductor index. The primary catalyst for this upward momentum appears to be the strong performance and positive outlook stemming from Nvidia's recent earnings report, indicating robust demand and potential for Arm's chip designs in next-generation technologies.
- 5/18/2026POSITIVEArm’s stock could rise another 45% as the ‘renaissance of CPUs’ takes hold, analyst says
Bernstein analysts predict Arm Holdings' stock could surge an additional 45%, driven by its pivotal role in the burgeoning server CPU market. The firm forecasts this market to expand fourfold to $137 billion by 2030. This outlook suggests Arm is well-positioned to capitalize on the 'renaissance of CPUs,' potentially leading to significant revenue growth and market share gains. Investors are watching closely as Arm's chip designs become increasingly critical for next-generation computing infrastructure, especially in data centers and AI applications.
- 5/7/2026NEGATIVEArm has a ton of chip demand. There’s just one problem.
Arm Holdings plc experienced a stock decline due to analysts highlighting a critical issue: the company has not yet secured sufficient manufacturing capacity to meet its substantial new CPU demand. This mismatch between burgeoning chip demand and limited production capabilities poses a significant bottleneck, potentially impacting Arm's ability to capitalize on its market opportunities and fulfill orders. Investors are likely reassessing growth projections as a result of this supply chain constraint.
- 5/7/2026NEUTRALArm Faces Questions Over AI CPU Niche Erosion As Competition From AMD, Intel, Nvidia Heats Up, But CEO Says Nice To See 'Rest Of Market' Catch Up
Arm Holdings is facing increased competition in the AI CPU market from rivals like AMD, Intel, and Nvidia. Despite these challenges, CEO Rene Haas expressed confidence, stating Arm is positioned to lead the CPU market by the end of the decade. He also noted that the increased competition is a positive sign of market growth and innovation. Investors are watching closely to see if Arm can maintain its market share and technological edge amidst this intensifying competitive landscape.
via Markets Gazette