Nasdaq:MBLY
Mobileye Global Inc.
Mobileye provides the world's most advanced driver-assistance systems and autonomous driving software to automotive OEMs worldwide.
Key Metrics
Investment Thesis
Bull Case
Mobileye is well-positioned to lead the mass adoption of autonomous driving due to its cost-efficient vision-based technology and massive installed base across millions of vehicles. The company's strong balance sheet with nearly $2B in cash provides ample runway to fund aggressive R&D and weather industry downturns while competitors struggle for liquidity. As regulatory frameworks mature, Mobileye's head start in safety validation and map data could allow it to capture a dominant share of the lucrative Level 3+ autonomy market.
Bear Case
The company faces a stark challenge with consistent net losses exceeding $800M over the last two years, raising concerns about the path to sustainable profitability. Heavy competition is forcing pricing pressure on chips and software licenses, which could erode margins even as revenue fluctuates between $1.6B and $2.1B annually. The long amortization schedule of $443M for intangible assets suggests a heavy burden from past acquisitions that may not be easily offset by current growth.
About Mobileye Global Inc.
Mobileye Global Inc. is a leading developer of advanced driver-assistance systems (ADAS) and autonomous driving software solutions, primarily serving the global automotive industry. The company leverages its proprietary EyeQ silicon chips and AI-driven mapping technologies to provide safety-critical features to Original Equipment Manufacturers (OEMs). Operating globally with a focus on smart mobility, Mobileye aims to transition vehicles from assisted to fully autonomous levels through its core technology stack.
Analysis
Management Discussion
Despite a reported net loss of $392M in 2025, Mobileye has successfully grown its revenue to $1.89B after a dip in 2024, demonstrating resilience in a volatile market. The company maintained a robust cash position of $1.86B and returned $100M to shareholders via share repurchases while investing heavily in R&D at $1.15B to sustain technological leadership. Operating leverage has begun to improve as fixed costs are covered by higher volume sales, though profitability remains a critical focus for investors.
Industry Overview
The automotive semiconductor industry is undergoing a massive transformation as OEMs race to integrate ADAS features and autonomous capabilities into next-generation vehicles. This sector is characterized by high capital intensity, long product development cycles, and rapid technological iteration driven by artificial intelligence advancements. Consolidation is expected as smaller players fail to achieve scale against incumbents like Mobileye and emerging tech rivals.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.87B | $2.08B | $1.65B | $1.89B |
| Cost of Revenue | $947.0M | $1.03B | $913.0M | $990.0M |
| Gross Profit | $922.0M | $1.05B | $741.0M | $904.0M |
| Operating Expenses | $959.0M | $1.08B | $3.97B | $1.34B |
| Operating Income | $-37.0M | $-33.0M | $-3.23B | $-440.0M |
| R&D | $789.0M | $889.0M | $1.08B | $1.15B |
| G&A | $50.0M | $73.0M | $70.0M | $80.0M |
| Marketing | $120.0M | $118.0M | $118.0M | $113.0M |
| Stock-Based Comp | $174.0M | $252.0M | $279.0M | $277.0M |
| D&A | $23.0M | $39.0M | $62.0M | $74.0M |
| Depreciation | $23.0M | $39.0M | $62.0M | $74.0M |
| Amortization | $544.0M | $474.0M | $444.0M | $443.0M |
| Other OpEx | $0 | $0 | $2.69B | $0 |
| Non-Operating Income | $5.0M | $49.0M | $62.0M | $63.0M |
| Pre-Tax Income | $-32.0M | $16.0M | $-3.16B | $-377.0M |
| Income Tax | $50.0M | $43.0M | $-73.0M | $15.0M |
| Continuing Ops | $-82.0M | $-27.0M | $-3.09B | $-392.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-82.0M | $-27.0M | $-3.09B | $-392.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-82.0M | $-27.0M | $-3.09B | $-392.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.52B | $2.07B | $2.17B | $2.48B |
| Cash & Equivalents | $1.02B | $1.21B | $1.43B | $1.84B |
| Accounts Receivable | $269.0M | $357.0M | $212.0M | $131.0M |
| Inventory | $113.0M | $391.0M | $415.0M | $327.0M |
| Other Current Assets | $110.0M | $106.0M | $121.0M | $184.0M |
| Long-Term Assets | $13.93B | $13.51B | $10.40B | $10.01B |
| PP&E (Net) | $384.0M | $447.0M | $458.0M | $473.0M |
| Intangibles | $2.53B | $2.05B | $1.61B | $1.17B |
| Goodwill | $10.89B | $10.89B | $8.20B | $8.20B |
| Operating Leases | $57.0M | $49.0M | $47.0M | $50.0M |
| Other LT Assets | $62.0M | $67.0M | $91.0M | $125.0M |
| Total Assets | $15.44B | $15.58B | $12.58B | $12.49B |
| Current Liabilities | $384.0M | $403.0M | $333.0M | $406.0M |
| Accounts Payable | — | $39.0M | $4.0M | $4.0M |
| Current Leases | $13.0M | $12.0M | $13.0M | $18.0M |
| Other Current Liab | $371.0M | $352.0M | $316.0M | $384.0M |
| Long-Term Liabilities | $263.0M | $250.0M | $159.0M | $205.0M |
| LT Operating Leases | $45.0M | $39.0M | $37.0M | $44.0M |
| Other LT Liab | $218.0M | $211.0M | $122.0M | $161.0M |
| Total Liabilities | $647.0M | $653.0M | $492.0M | $611.0M |
| Shareholders' Equity | $14.79B | $14.92B | $12.09B | $11.88B |
| Paid-In Capital | $14.74B | $14.89B | $15.14B | $15.31B |
| Retained Earnings | $57.0M | $30.0M | $-3.06B | $-3.45B |
| AOCI | $-9.0M | — | $2.0M | $17.0M |
| Total L&E | $15.44B | $15.58B | $12.58B | $12.49B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-82.0M | $-27.0M | $-3.09B | $-392.0M |
| Non-Cash Adjustments | $520.0M | $51.0M | $3.59B | $1.05B |
| Working Capital Changes | $108.0M | $370.0M | $-96.0M | $-58.0M |
| Cash from Operations | $546.0M | $394.0M | $400.0M | $602.0M |
| Capital Expenditures | $111.0M | $98.0M | $81.0M | $79.0M |
| Cash from Investing | $1.19B | $-98.0M | $-120.0M | $-91.0M |
| Share Buybacks | — | — | — | $100.0M |
| Dividends Paid | $337.0M | $0 | $0 | — |
| Cash from Financing | $-1.32B | $-100.0M | $-66.0M | $-106.0M |
| FX Effect | $-6.0M | $-5.0M | $-2.0M | $17.0M |
| Net Change in Cash | $410.0M | $191.0M | $212.0M | $422.0M |
| Beginning Cash | $625.0M | $1.03B | $1.23B | $1.44B |
| Ending Cash | $1.03B | $1.23B | $1.44B | $1.86B |
Frequently Asked Questions
How does Mobileye Global Inc. make money?
The company's revenue is driven by sales of EyeQ system-on-chip products, which power ADAS features like lane-keeping and adaptive cruise control, alongside its high-margin AI-driven mapping services that provide real-time traffic and hazard data to vehicles globally. Additional segments include software licensing fees, cloud-based computing services for fleet management, and specialized solutions for commercial transport and smart city infrastructure projects.
What are the main risks for MBLY?
Intense competition from large tech giants like Nvidia and Tesla, as well as traditional semiconductor firms, threatens market share and pricing power. Regulatory hurdles and varying government policies regarding autonomous driving deployment create uncertainty around future revenue scaling. The heavy reliance on automotive OEMs for capital investment exposes the company to cyclicality in auto sales and potential shifts away from L2+ ADAS features.
What is MBLY's competitive advantage?
Mobileye possesses a significant first-mover advantage in the industry with its mature EyeQ chip architecture and extensive proprietary map database that covers over 100 countries. The company's 'vision-only' sensor approach eliminates the need for expensive LiDAR, offering a cost-effective path to autonomy that appeals to mass-market OEMs. Its deep historical data moat allows the AI models to continuously improve safety performance without relying on external sensor fusion.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.