Slide 1: STMicroelectronics Investor presentation July 2026
STMicroelectronics Investor presentation July 2026
Slide 2: Forward looking information
Forward looking information Some of the statements contained in this document that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 193
Slide 3: STMicroelectronics in a snapshot
STMicroelectronics in a snapshot
Slide 4: We are creators and makers of technology
We are creators and makers of technology One of the world’s largest semiconductor companies ~49,000 employees $11.8 billion revenues of which ~9,500 in R&D in 2025 Over 80 sales & marketing 14 main manufacturing offices serving over 200,000 sites customers across the globe Signatory of the United Na
Slide 5: FY 2025 revenues overview
FY 2025 revenues overview % by reportable segments % by shipment location % by region of origin Americas Americas Asia Asia RF & Optical 16% Pacific Pacific Communications 31% (RF&OC) 21% 43% Analog products, 12% MEMS & Sensors 63% 26% (AM&S) EMEA EMEA Embedded 43% 31% % by end market Processing (EM
Slide 6: We serve more than 200,000 customers
We serve more than 200,000 customers Top 10 Customers* 2025 Apple Mobileye Bosch Samsung 47% of revenues Top Continental SpaceX 10 Denso Tesla HP Vitesco Globally Unified worldwide account management tailored to each account to provide global Managed coverage and service 53% of Accounts revenues Sta
Slide 7: IDM model providing strong competitive advantage and supply chain resilience
IDM model providing strong competitive advantage and supply chain resilience for our customers Process development Chip Wafer Assembly Sales and qualification design fabrication & test & support Full control and optimization of the value chain 7
Slide 8: ST technology and manufacturing strategy is a key business enabler
ST technology and manufacturing strategy is a key business enabler In-house manufacturing ST in-house manufacturing complemented by partnerships • Agile and competitive footprint • Reliable supply chain for our customers • Product differentiation through proprietary technologies Manufacturing roadma
Slide 9: China-for-China operating model to support domestic China growth
China-for-China operating model to support domestic China growth Operate locally to support fast-changing and highly-competitive Shenzhen China market Back-end assembly & test Chongqing Fully localized, scalable integrated device manufacturing SiC Front-end manufacturing Front-end manufacturing for
Slide 10: Differentiated technologies are our foundation
Differentiated technologies are our foundation MEMS Smart Power: BCD for sensors & micro-actuators (Bipolar - CMOS - Power DMOS) FD-SOI CMOS Discrete, Power MOSFET, IGBT FinFET through Foundry Silicon Carbide, Gallium Nitride Analog, RF CMOS & BiCMOS, Vertical Intelligent Power Silicon photonics eNV
Slide 11: Our strategy stems from key long-term enablers
Our strategy stems from key long-term enablers Cloud-connected Smart Mobility Power & Energy Autonomous Things Helping car manufacturers make driving Enabling industries to increase energy Supporting the proliferation of secure, safer, greener, and more connected for efficiency everywhere and the us
Slide 12: We will be carbon neutral by our 40th anniversary
We will be carbon neutral by our 40th anniversary Milestones Carbon neutral by 2027 (on Scope 1 & 2 and focusing on product transportation, business travel and employee commuting emissions for scope 3) Sourcing 100% renewable electricity by 2027 renewable Collaborative programs and partnerships for
Slide 13: Our value proposition for all our stakeholders
Our value proposition for all our stakeholders For our shareholders For our customers For all our stakeholders Return value in line Provide differentiating enablers Committed to sustainability with our objective Sustainable and profitable growth Independent, reliable & secure supply chain Our values
Slide 14: Company-specific revenues growth drivers
Company-specific revenues growth drivers including ADAS engaged customer programs Engaged customer programs in Silicon Carbide power devices sensors & analog MEMS & Imaging sensors Cloud optical interconnect and General purpose microcontrollers Power and Analog for data centers Humanoid robots Low-e
Slide 15: Entering the Cloud and physical AI era
Entering the Cloud and physical AI era Cloud AI: ~400 products addressing AI Data Centers Physical AI: 500+ ST components in humanoid robots • ST optical technologies critical for AI infrastructure • ST is ideally positioned to win in the growing sensor • ST has the power technologies for next-gener
Slide 16: ST SAM Content per GW AI data center
ST SAM Content per 1 GW AI data center IT Rack IT Rack with PSU + Side-car ST SAM $M OPTICAL Transceiver with fibers PSU ∼ $230M Power the full rack HVDC For 1GW AI data center Power the server DC DC Power the GPUs Leveraging a broad AI data center portfolio to accelerate revenue growth. Compute tra
Slide 17: Continued strong demand in AI datacenters
Continued strong demand in AI datacenters, reflecting the success of our product and technology portfolio Driven by continued strong demand in AI datacenters, we are raising our revenue ambition for datacenters Data center revenues are now expected above $1 billion in 2026 Assuming the current dynam
Slide 18: Strategic collaboration with AWS
Strategic collaboration with AWS Multi-year, multi-billion $ commercial engagement with AWS serving several product categories A major milestone to position ST in the AI revolution. This collaboration establishes ST as a strategic supplier of advanced semiconductor technologies and products that AWS
Slide 19: ~$600 current addressable BoM in humanoid robots
~$600 current addressable BoM in humanoid robots Sensors are core components Sensors are present in most units of the humanoid robot Head unit Sensors are core components MCU, Motor Drivers Articulations MCU, GaN, Sensors, enabling further ST component attach Camera, Sensors Drivers, Connectivity, O
Slide 20: ST is uniquely positioned to address humanoid robots
ST is uniquely positioned to address humanoid robots through its broad portfolio Flow diagram Main blocks Environmental inputs Distributed Brain • Brain: main CPU / GPU Sensors brain Data • Distributed brain: MCU STM32 communication MCU • Energy Processor Software • Power control Motion Pressure • B
Slide 21: ST and SpaceX: Connecting the unconnected
ST and SpaceX: Connecting the unconnected 10 years of co-designing products for user terminals and satellites, building Starlink global broadband network 21 21
Slide 22: ST's opportunity in the fast growing LEO Broadband market
ST’s opportunity in the fast growing LEO Broadband market 2025 2028 2030 LEO credibility & viability proven by Starlink More constellations being deployed, including D2C China constellation deployment Understanding of LEO strategic importance Developments for strategic independence LEO Satellite par
Slide 23: ST's Space business ambition
ST’s Space business ambition Well above $3 billion over the next 3 years ('26-’28) Expected generated cumulative revenues given the current market trends Remaining the leading semiconductor provider in New Space 23
Slide 24: STMicroelectronics Q2 FY 2026 Financial Results
STMicroelectronics Q2 FY 2026 Financial Results
Slide 25: Highlights
Highlights • Net revenues of $3.49B increased 26.0% Y/Y and 12.7% Q/Q. Revenues came above the mid-point of our business outlook range, driven by higher revenues in CECP and Automotive. Q2 • Gross margin was 34.8% and non-U.S. GAAP* gross margin was 35.2%; both in line with the mid-point of our busi
Slide 26: Q2 2026 Revenues dynamic
Q2 2026 Revenues dynamic % by reportable segments % by end market RF & Optical Communications (RF&OC) Others Communications equipment & +32.0%Y/Y computer peripherals Analog products, +50%Y/Y +8.6%Q/Q MEMS and +13% Q/Q 0.1% Sensors (AM&S) 13% +26.0%Y/Y 18% Automotive +8.2% Q/Q +16%Y/Y 37% +14% Q/Q 4
Slide 27: Q2 2026 Revenues
Q2 2026 Revenues % by shipment location % by region of origin % by customer type Americas Asia Distribution Top 10 14% Americas Pacific OEMs 33% 30% Asia 40% 43% 22% Pacific 64% EMEA 27% 27% Other EMEA OEMs 27
Slide 28: Q2 2026 Financial highlights
Q2 2026 Financial highlights Revenues = $3.49B Non-U.S. GAAP Operating Margin* = 7.7% 3.5 10% 3.0 5% +26.0% 2.5 Y/Y 2.0 0% Q225 Q126 Q226 Q225 Q126 Q226 Non-U.S. GAAP Gross Margin* = 35.2% Non-U.S. GAAP Net Income* = $291M 38% 300 36% 225 34% 150 32% 75 30% 0 Q225 Q126 Q226 Q225 Q126 Q226 *Non-U.S.
Slide 29: Q2 2026 Financial flexibility
Q2 2026 Financial flexibility Net Cash From Operating Net Capex* = $409M Free Cash Flow* = $75M Activities = $502M 1,000 1,000 30% 250 Capex / sales (%) 800 800 50 25% 600 600 -150 20% 400 400 -350 15% 200 200 -550 0 0 10% -750 Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126**
Slide 30: Solid capital structure
Solid capital structure $6.03B $5.63B ST is in a very solid position from a capital, $4.57B liquidity and balance sheet perspective. $4.03B $2.96B $2.57B $2.67B $2.01B ST credit rating is currently BBB+ with Negative $2.00B Outlook from S&P and Baa1 with Stable Outlook from Moody’s. Q225* Q126* Q226
Slide 31: Q3 2026 Outlook
Q3 2026 Outlook Net Revenues Q326 outlook, at the mid-point, is for net revenues of $3.70B, increasing Y/Y by 16.2% and Q/Q by 6.2%, plus or minus 350 bps. Gross Margin Gross margin is expected to be about 37.0%, +/- 200 bps. The third quarter will close on September 26, 2026. This outlook is based
Slide 32: Takeaways
Takeaways In Q2 we saw demand further accelerating, strong bookings in all end-markets and improved visibility. Q3 revenues expected to continue to grow Q/Q and Y/Y; and gross margin to continue to improve. Personal Electronics seasonality this year is different vs previous years. Revenue growth for
Slide 33: Recent transaction in MEMS
Recent transaction in MEMS A highly complementary acquisition
Slide 34: MEMS technology portfolio further strengthened with the acquired business
MEMS technology portfolio further strengthened with the acquired business ThELMA Accuracy Small form factor sensors PεTRA Sustainable materials actuators UMEMS High sensitivity Low calibration effort Acquired Business PCELL Capacitive pressure sensors 34
Slide 35: Complementary MEMS product portfolio
Complementary MEMS product portfolio … Acquired Business Personal #1 in MEMS sensors for Android - electronics #1 accelerometer for safety #1 in MEMS for automotive navigation Automotive In top 5 for pressure sensor Applications specific solutions Industrial Solution for medical industrial #1 in MEM
Slide 36: Rebalancing MEMS end-market exposure
… rebalancing MEMS end-market exposure Breakdown of MEMS revenues by end market PERSONAL ELECTRONICS AUTOMOTIVE PERSONAL AUTOMOTIVE 41% 37% ELECTRONICS 24% 30% 2025 Reported 2025 Numbers Pro Forma* COMM EQUIP, COMPU & PERIPH INDUSTRIAL 20% COMM EQUIP, 18% INDUSTRIAL COMPU & 15% PERIPH * Including ac
Slide 37: Our Financial Ambition & Model
Our Financial Ambition & Model
Slide 38: Summary
Summary $20B+ Ambition and attendant financial model is still valid but postponed Intermediate model with revenues expected at ~$18B in 2027 / 2028 ST has the right innovation capabilities, product portfolio, & end-market exposure to achieve this target Gross Margin expected in a 44-46% range in 202
Slide 39: The $20B+ ambition is postponed but still intact
The $20B+ ambition is postponed but still intact A new intermediate point in FY 2027/2028 is set Revenue trajectory ~$18B $20B+ $17.3B $13.3B* 8-11% CAGR 2023 2024 2027-2028 By 2030 Considering a changing market and competitive environment, we set a new intermediate Financial Model on the path towar
Slide 40: Introducing a new intermediate financial model towards the $20B+ ambition
Introducing a new intermediate financial model towards the $20B+ financial ambition Key financials Intermediate $20B+ ambition model (2027/28) (by 2030) Revenue ~$18B $20B+ Gross Margin ~44-46% ~50% Operating Margin ~22-24%* >30% Free Cash Flow Margin** ~20%* >25% Financials assume a currency exchan
Slide 41: Strengthening revenue growth capability and improving operating efficiency
Strengthening revenue growth capability and improving operating efficiency Delivering enhanced product development Implementing new organization innovation and efficiency, time-to-market as well as customer focus by end market. Reshaping of manufacturing footprint Improve productivity / efficiency o
Slide 42: Key drivers of operating margin improvement
Key drivers of operating margin improvement ~22-24% >12% Operating margin Capacity reservation fees Mix & price Unused capacity charges Manufacturing reshaping & Net Operating Leverage Operating margin in 2024 & efficiency Opex base resizing in 2027-28 Unused capacity charges & efficiency, cost base
Slide 43: Capital intensity is expected to decrease
Capital intensity is expected to decrease We are in a position to leverage the significant investments in the infrastructure done in the last few years 30% Net Capex / Net Revenues (%) Main investments 2024-27 Capacity & mix Changes 25% Average 2022-24: ~21% • Agrate and Crolles 300mm 20% Average •
Slide 44: Investment & capital allocation
Investment & capital allocation Market-driven R&D based on leading-edge products and technologies Commitment to Accelerate R&D investment on critical success areas: wide bandgap materials, innovation and growth Edge AI, Silicon Photonics, Cloud-Connected Autonomous Things… Commitment to organic and
Slide 45: Analog, Power & Discrete, MEMS and Sensors Group
Analog, Power & Discrete, MEMS and Sensors Group
Slide 46: APMS product portfolio
APMS product portfolio Power Analog Sensors Power transistors Discrete & filter Application specific General purpose MEMS Imaging Silicon MOSFETs Thyristor & Triac Automotive: Battery AC-DC, DC-DC Smart sensors CMOS image sensors IGBTs Ultrafast & SiC Diodes Management, Traction, MOSFET, IGBT, SiC,
Slide 47: APMS product strategy
APMS product strategy Broad product portfolio Focused market approach 15,000+ products $100B+ SAM 100,000+ Customers Power Strategic focus on industrial & automotive end Power transistors markets Discrete & filters Address specific high-volume opportunities in personal Analog electronics Application
Slide 48: APMS growth stems from key trends
APMS growth stems from key trends Smart Mobility Power & Energy Intelligent Things Safer Greener generation Intelligent Greener Smarter transmission Sustainable More connected Efficient utilization Transformative 48
Slide 49: Smart mobility trends driving car architecture and technology evolution
Smart mobility trends driving car architecture and technology evolution Safer More connected Greener Enhanced safety features Connected vehicles Electric vehicles Advanced driver assistance systems Digital experience Stricter emissions standards Self-driving vehicles Post-purchase Services Alternati
Slide 50: SiC market dynamics and strategic focus
SiC market dynamics and strategic focus Recent trends Strategy & Ambition Global EV growth pace and shift of focus to hybrid Back to 2024 revenues in 2027 models Strong long-term growth of the SiC market ~30% long-term market share ambition Evolving customer landscape in the automotive ST’s manufact
Slide 51: Winning in smart mobility
Winning in smart mobility Large and growing opportunity thanks to transformation of industry Targeting to grow 2x the market Strong customer base Key technologies Over 30 years of automotive experience SiC discretes and module Strong relationships with key automotive car Vertical Integrated Power ma
Slide 52: Power & energy trends
Power & energy trends Greener generation Smarter transmission Efficient utilization Rising demand Smart grid technologies More power-hungry factories, servers.. Renewable sources Smart buildings and IoT Better use of every watt Reducing emissions Charging infrastructure Efficient energy conversion S
Slide 53: Power: challenges and architecture (r)evolution
Power: challenges and architecture (r)evolution Today – 2025 / 2026 Challenges Evolution – 2027 and beyond Power: 130 kW – 288 kW Power: 500 kW – 1 MW+ HV Grid HV Grid SST* : High Frequency Transformer Low Frequency Transformer + AC/DC Growing xPU compute Solid State Circuit Breaker 400V AC 800V DC
Slide 54: ST offering from grid to core power delivery
ST offering from grid to core power delivery 800V AC-DC 800V to 54V 54V to 12V 12V to 0.8V PSU for power shelf 12 kW High density 2 kW GaN-based Digital multiphase controller applications converter “HV Buck” and SPS High-efficiency and density High-efficiency and density High-efficiency and density
Slide 55: Winning in power & energy
Winning in power & energy Growing and fragmented market Target low teens growth in line with the market Strong technology roadmaps Wide portfolio Go-to-Market strategy Wide power process technology from low to 15,000 products to support growing Addressing both OEMs and distribution high power, from
Slide 56: Sensors at the intersection of structural growth trends
Sensors at the intersection of structural growth trends across multiple end-markets Energy transition & Automotive safety & environmental monitoring regulation Health, medical & remote Electrification & care Autonomous driving Sensor IoT & Smart home / smart Market Industrial automation & city Growt
Slide 57: Our ambition in sensors: Outgrowing the markets we serve
Our ambition in sensors: Outgrowing the markets we serve “Aim to grow our sensors* revenues at a mid-teens CAGR** between 2025 and 2028, with further opportunities to grow beyond this time horizon * MEMS + Imaging ** from a base of $2.2B in 2025 57
Slide 58: Winning in intelligent sensing
Winning in intelligent sensing Intelligent sensing is essential for AI…. … and AI will drive future sensor growth with intelligence at the edge Strong technology & products In-house manufacturing capacity roadmaps #1 European IDM for optical sensing technology Proprietary front-end & back-end techno
Slide 59: Microcontrollers, Digital ICs and RF products Group
Microcontrollers, Digital ICs and RF products Group
Slide 60: MDRF Product Group focus and ambition
MDRF Product Group focus and ambition Continuously focus our R&D on markets where we are or we can become #1 or #2, accretive to ST GM and OM margin targets and leveraging our IDM model Leverage ST differentiated technology and manufacturing platform to: 1. Grow our GP MCU 1.5x faster than the marke
Slide 61: MDRF product portfolio
MDRF product portfolio Embedded processing (Microcontrollers reporting segment) RF & Optical Communications General-purpose MCU Automotive MCUs Secure NFC Optical RF & MPUs & Custom processing solutions & Memory Communications STM32 32-bit general- Scalable single- and Mobile consumer NFC / RFID Tag
Slide 62: The trends we intend to benefit from
The trends we intend to benefit from AI Electrified & software LEO satellite Cloud optical at the (tiny) edge defined vehicles constellations interconnect Enables more energy-efficient & smarter Are flexible & upgradable: with over- Connect the unconnected: Cloud requires increasingly higher decisio
Slide 63: What's unique about ST in microcontrollers
What’s unique about ST in microcontrollers MCU key eNVM CMOS process Why ST success factors in-house technology Manufacturing capacity, In-house silicon technology & capacity in Europe, and resilience External fab partners, China for China nm 110 90 65 40/45 28 18 eNVM technology 40 nm eNVM in produ
Slide 64: A developer-first mindset with STM32Cube
A developer-first mindset with STM32Cube The world largest MCU software ecosystem platform STM32Cube adoption is accelerating 1.6M unique active developers in 2025 - 25% YoY growth • Continuing to grow strongly in 2026 Continue to deploy STM32Cube next-generation platform in 2026 • Next level of dev
Slide 65: Making AI @ the tiny edge… a reality
Making AI @ the tiny edge… a reality Increasing adoption Significant growth in A roadmap for the most Introducing STM32N6 of edge AI solutions developer engagement challenging workloads with Neural-ART 1 Neural-ART Accelerator Battery management Arc fault detection Face / object recognition Anomaly
Slide 66: STM32 China-for-China game plan
STM32 China-for-China game plan Growing local customers base 50% by 2030 Creating a differentiator that will help us gain ST eNVM 40 nm dual-supply chain market share with Chinese and global customers China Non-China Support growing need of Chinese and global customers for a fully localized supply c
Slide 67: On track to recover historical market share
On track to recover historical market share ST General Purpose MCU quarterly market share Q1’26 #1 GP MCU market share 2021-2025 Market Share Bottomed in Q2’24 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Sources: ST based on WSTS, Omdia 67
Slide 68: Doubling down on automotive MCUs
Doubling down on automotive MCUs ST objective Grow automotive MCU revenue 2x HPC 2030 vs. 2024 Autonomous (ADAS/IVI) Drive & Computing Vehicle How we achieve this Computer Leveraging ST’s IDM model ST MCU focus Ethernet Capitalizing on ST proprietary eNVM technology X-1 Realtime Electrification Intr
Slide 69: Explosive growth in LEO satellite communications ecosystem
Explosive growth in LEO satellite communications ecosystem Tbps deployed in space Millions of LEO Gateways (downlink) subscribers Disruption in capacity created by Backhaul infrastructure growing Exponential growth fueled latest launcher generation linked to area coverage by new entrants 10x Tbps >4
Slide 70: Why ST technology dominates LEO
Why ST technology dominates LEO Technology enabler for ASIC & MCU The winning combo for LEO user terminal front-end module FD-SOI BiCMOS PLP ► 300 mm wafer for high-volume FD-SOI ► 200 mm wafer for high-volume B9MW ► Very high-volume panel-level packaging ► 300 mm wafer for leading-edge B55X ► Versa
Slide 71: ST fuels innovation with Starlink
ST fuels innovation with Starlink “The STM32V8’s high computing performance and integration of large embedded memory and digital features were critical in meeting our demanding real-time processing requirements, while providing a higher level of reliability and robustness to Low Earth Orbit environm
Slide 72: ST's Space business ambition
ST’s Space business ambition Major disruption for space is driving LEO explosive growth ST’s manufacturing independence and unique technologies for Space A differentiated portfolio spanning every LEO layer LEO SAM: ~$3B by 2030, 4x vs 2025 $3B+ space cumulative revenue in 2026–28, leading Space semi
Slide 73: A more detailed view of cloud-optical interconnect products
A more detailed view of cloud-optical interconnect products Near-packaged optics (NPO) Pluggable Co-packaged optics (CPO) Courtesy Innolight EIC Micro- optics Optical Engine MCU TSV PIC Substrate Microcontroller (MCU) Control transceiver operation Photonic IC (PIC) Substrate Socket Convert light to
Slide 74: ST technology integrated in advanced packaging
ST technology integrated in advanced packaging Silicon photonics for PIC BiCMOS B55X for EIC STM32 for MCU Unique silicon-only 300mm The high-performing 300mm BiCMOS The world’s leading technology supporting 200G/lane leading RF & optical markets MCU platform Optical Engine in Advanced Packaging tec
Slide 75: ST's industry-leading silicon photonics platform supports AI infrastructure demand
ST’s industry-leading silicon photonics platform supports AI infrastructure demand PIC100 in 300mm high-volume production for leading hyperscalers, 4x capacity expansion by 2027 High-volume production for silicon photonics-based PIC100 platform for optical interconnects for data centers and AI clust
Slide 76: © STMicroelectronics - All rights reserved.
© STMicroelectronics - All rights reserved. ST logo is a trademark or a registered trademark of STMicroelectronics International NV or its affiliates in the EU and/or other countries. For additional information about ST trademarks, please refer to www.st.com/trademarks. All other product or service
Slide 77: Appendix
Appendix
Slide 78: FY 2025 Reportable segment revenues by end market
FY 2025 Reportable segment revenues by end market Analog products, MEMS and Sensors (AM&S) Power and discrete products (P&D) 7% 2% 8% 40% 41% 36% 55% Automotive 11% Industrial Personal electronics Communications equipment Embedded Processing (EMP) RF & Optical Communications (RF&OC) & computer perip
Slide 79: Historical financial performance
Historical financial performance Effective Exchange Rate €/$ 1.06 1.09 1.14 1.14 1.11 1.16 1.16 U.S. GAAP Q125 Q225 Q325 Q425 FY25 Q126 Q226 US$M, except EPS Net Revenues 2,517 2,766 3,187 3,329 11,800 3,095 3,487 Gross Margin 33.4% 33.5% 33.2% 35.2% 33.9% 33.8% 34.8% Operating Income 3 (133) 180 12
Slide 80: Historical Revenues and Operating Margin by Product Groups and Reportable Segments
Historical Revenues and Operating Margin by Product Groups and Reportable Segments US$M Q125 Q225 Q325 Q425 FY25 Q126 Q226 Analog products, MEMS and Sensors (AM&S) 1,069 1,133 1,434 1,449 5,085 1,318 1,426 Revenue 7.7% 7.5% 15.4% 16.2% 12.3% 12.2% 10.1% Operating Margin Power and discrete products (
Slide 81: Appendix
Appendix • Net financial position and Adjusted Net Financial Position (non-U.S. GAAP measure): represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable secu