PerpEquities

Semiconductor Manufacturing International Corporation (SMIC) financials

HKSE · Technology · Semiconductors · 19,952 employees · CEO Haijun Zhao

Price
HK$43.66 +1.58%
Market cap
HK$442B
Enterprise value
$91.1B
Last report
Q2 '26 filed 2026-06-30
Next report
2026-11-13
Revenue (TTM)$10.5B+18.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)10.3%+0.8 pp vs a year agoOperating income $1.08B
Net income (TTM)$1.06B+83.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$2.22B+31.3% vs a year agoCapex $7.9B
Diluted EPS (TTM)$0.13+86.2% vs a year agoSum of the last 4 quarters
Net cash-$1.23B+41.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
HK$442B
EV $91.1B
Revenue
$10.5B
Trailing 12 months
Revenue growth
+28%
FY2026 consensus
Profit margin
10.1%
Net income / revenue, TTM
P/E
117.9×
P/S
8.1×
Price / sales, TTM
EV / EBITDA
18.4×
TTM
Free cash flow
-$2.22B
Trailing 12 months
Net income
$1.06B
Trailing 12 months
Revenue estimate
$11.9B
FY2026 consensus
Earnings
2026-11-13
Dividend
–
No dividend

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 36.1% year on yearQ2 '26 revenue $3.01B, against an average of 13.4% over the four quarters before.
  • Operating margin 10.3% (TTM), +0.8 pp on a year agoOperating income grew 27.9% while revenue grew 18.4%.
  • 34.5% of pre-tax profit is non-operatingPre-tax income $1.65B vs operating income $1.08B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
  • Capex 75.6% of revenue (a year ago 77.2%)$7.9B invested in the last 4 quarters (+15.9% on a year earlier). Free cash flow -$2.22B = -208.9% of net income.
  • Diluted share count up 6.9% in a year8.56B diluted shares in Q2 '26, 8.01B a year earlier.
  • Net debt $1.23BCash + short-term investments $12.8B, debt incl. leases $14B; a year ago net debt $2.08B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
Revenue$3.01B$2.21B+36.1%
Gross margin25.3%20.4%+4.9 pp
Operating income$534M$151M+254.5%
Operating margin17.8%6.8%+11.0 pp
Net income$479M$132M+261.7%
Diluted EPS$0.06$0.02+237.3%
Operating cash flow$2.52B$1.07B+135.8%
Capex$1.54B$1.59B-2.9%
Free cash flow$981M-$518M+289.6%
R&D$209M$182M+14.6%
Stock-based compensation$0$0–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
$5.69B
Capex
-$7.9B
Buybacks
$0
Dividends
$0
Acquisitions
$2.23B
Net debt issued
$1.46B
Stock-based compensation
$0
Free cash flow
-$2.22B
Returned to shareholders / FCF
0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)117.9×43.2×9.3× – 107.0×
EV / EBITDA18.4×9.6×4.1× – 24.5×
EV / Sales8.7×5.2×2.6× – 11.7×
Price / FCF16.5×––
Price / Book4.7×1.9×0.9× – 4.7×
FCF yield6.1%-10.6%-21.7% – -4.8%
Return on invested capital2.0%2.5%0.8% – 4.8%
Return on equity4.6%5.9%2.4% – 9.9%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026$11.9B+28.0%$0.18+105.8%–17
FY2027$14.3B+19.7%$0.23+29.8%–18
FY2028$16.4B+15.1%$0.28+23.8%–9
FY2029$15.5B-5.6%$0.30+5.8%–9
FY2030$15.8B+1.9%$0.32+6.7%–8

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-02 · Amounts in USD as reported; price and market cap in HKD.