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Operating Margin Breakdown
Provides insight into profitability by detailing margins across operations, revealing efficiency, cost control, and pricing power.ST’s margin mix is visibly shifting: Embedded Processing and RF/Optics are driving expanding profitability—reflecting AI/data‑center and photonics design wins—while Analog recovered after a temporary dip. Critically, Power & Discrete has plunged into deeply negative margins, turning a structural drag tied to SiC/production transitions, start‑up inefficiencies and capacity/unused‑charge effects. That divergence means revenue growth won’t automatically translate to operating leverage; management’s guidance of sequential margin improvement is credible but meaningful relief depends on successful fab ramps and capacity qualification into late‑2027/28.
Date | Analog Products | Power and Discrete Products | Embedded Processing | RF and Optical Communications |
|---|---|---|---|---|
Jun 30, 2026 | 10.10 | -21.30 | 19.70 | 21.20 |
Mar 31, 2026 | 12.22 | -21.59 | 16.82 | 14.91 |
Dec 31, 2025 | 16.22 | -30.00 | 19.21 | 23.40 |
Sep 30, 2025 | 15.41 | -15.60 | 16.50 | 15.52 |
Jun 30, 2025 | 7.50 | -12.50 | 13.50 | 17.90 |
Mar 31, 2025 | 7.67 | -7.05 | 4.50 | 5.80 |
Dec 31, 2024 | 16.32 | 7.48 | 9.28 | 9.48 |
Sep 30, 2024 | 16.12 | 12.27 | 7.33 | 9.35 |
Jun 30, 2024 | 14.45 | 10.59 | 6.59 | 10.60 |
Mar 31, 2024 | 17.50 | 12.20 | 11.39 | 9.84 |