Margin ExpansionSustained margin expansion to gross ~33.9%, EBIT ~13% and net ~9.1% indicates stronger pricing, cost control or mix improvements. Durable margins increase operating leverage in cyclic semiconductor markets, supporting consistent cash generation, reinvestment, and resilience through downturns.
Conservative Balance SheetVery low leverage and steady equity growth give the company flexibility in a capital-intensive industry. A conservative balance sheet reduces refinancing risk, enables disciplined capex or strategic investments, and supports dividends or buffer during semiconductor demand troughs.
Improving Cash GenerationOperating cash flow and free cash flow rebounded strongly in 2025, with FCF close to net income, signaling high earnings quality and internal funding capacity. Reliable cash conversion supports sustained capex, R&D, shareholder returns and lowers dependence on external financing.