ARM

ARM

ARM Holdings

Semiconductors

★ Quality 67/100
Overvalued

Price today

$252.09

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The brain inside every smartphone

99% of the phones in the world use chips designed under ARM licences. Apple, Qualcomm, Samsung — all of them depend on its architecture.

What this business is made of

67qualityReturnsMoatBalance sheetPricing powerReinvestment

The business

ARM is the master blueprint: every chip is built on its design.

ARM designs the chip architecture that powers 99% of the world's smartphones. It manufactures nothing: it licenses the design and collects royalties on every chip sold with its IP, between 1% and 5% of the chip's price.

Forty years of ecosystem built on top of ARM. Switching architectures means rewriting software, redesigning silicon, and breaking compatibility with billions of devices. That's why Apple, Qualcomm, and Nvidia pay without complaint.

Revenue history

$2.7B
2022
$2.7B
2023
$3.2B
2024
$4.0B
2025
$4.7B
2026
CAGR 5 años: +15%

From $2.7B to $4.7B in 4 years. The business grows steadily.

Where each $100 of sales goes

Revenue $4.9B · FY2026

Cost of sales$121M · 3%
Operations and taxes$3.9B · 79%
Net profit$904M · 18%

Of every $100 in sales, $82 goes to costs and operations; $18 is left as net profit (18% margin).

Catalysts and risks

Armv9 already accounts for ~25% of royalties at rates 2x higher than v8.

Compute Subsystems (CSS) accelerating adoption in datacenter and automotive.

Penetration in AI servers: Nvidia Grace, AWS Graviton, Microsoft Cobalt.

⚠️

Trades at 106x FCF. The price prices in perfection for a decade.

⚠️

SoftBank holds ~90% of the equity. Any secondary sale pressures the price.

⚠️

RISC-V gaining ground in IoT and embedded, where ARM collects higher royalties.

Charlie's note

Spectacular business, ridiculous price. Paying 106x cash flow for something growing 24% assumes nothing goes wrong for ten years — I'd rather wait for the market to remember gravity.

Analysis · May 2026

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