Melexis N.V.

MLXSF

Semiconductors · Technology

Price

$76.00

+0.00 (+0.00%)

Market Cap

$2.99B

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Melexis is a Belgian semiconductor company that designs tiny computer chips used mainly in cars. Its chips help control things like electric motors, sensors for temperature and pressure, and systems that make driving safer — such as parking sensors and seatbelt reminders. The company sells to major automakers and their suppliers around the world, making it a specialized player in the automotive chip market.

Melexis earns money by selling these chips to car parts manufacturers, who then build them into vehicles. The company is headquartered in Ypres, Belgium, and generates most of its revenue in Europe and Asia, with a heavy focus on the global auto industry. Its competitive edge comes from deep expertise in automotive-grade chips, which must meet strict safety and durability standards that take years to develop. The main growth driver is the rise of electric vehicles, which use more chips per car than traditional vehicles, though a slowdown in global auto production remains a key risk.

Winston Score History

Share count broadly stable

−0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 40.4M (2021) → 40.1M (2025)

Score breakdown

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Quality

Gross Margin

40.5%

Healthy — 40.5% gross margin

Operating Margin

17.8%

Healthy — 17.8% operating margin

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-0.6%

Shrinking sales (-0.6% YoY)

EPS YoY

-20.5%

Earnings shrinking (-20.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

230%

Turns 230% of profit into real cash

FCF Margin

24.0%

Converts sales into free cash efficiently (24.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.67

Moderate — manageable debt (0.67)

Interest Cover

13.71x

Comfortably covers interest (13.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

29.2x

Growth-priced — P/E 29.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+12.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.2 → 16.4)

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Dividends

Dividend Yield

5.42%

Healthy income — 5.42% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+4.6%

Dividend growing modestly (4.6% YoY)

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