STOCKREPORTS		 Maxim Integrated Products, Inc. NASDAQ Symbol MXIM
In S&P MidCap 400
21-JUN-97 Industry:
Electronics (Semiconductors)		 Summary: This company is a worldwide leader in design, development and manufacture of linear and mixed-signal integrated circuits.

Recent Price 58.00
52 Wk Range 58.13 - 23.25		 Yield Nil
12-Mo. P/E 31.0

Quantitative Evaluation:
Outlook (1 Lowest - 5 Highest)
5-
Fair Value
76.00
Risk
HIGH
Earn/Div Rank
B+
Technical Evaluation:
BULLISH since 09/96
Rel. Strength Rank (1 Lowest - 99 Highest)
75
Insider Activity
Neutral

Business Profile 10-FEB-97

Orders rose in the second quarter of FY 97 (Jun.), and backlog stabilized. The company believes that the inventory correction in the semiconductor industry has ended. The linear and mixed-signal integrated circuits manufactured by the company are commonly known as analog circuits. The company believes that compared to the digital integrated market, the analog market is characterized by longer product life cycles, less foreign competition, and more stable growth rates that are less influenced by economic cycles. Industries served by MXIM include communications, industrial control, instrumentation, and data processing.

Operation Review 10-FEB-97

Revenues in the first six months of FY 97 (Jun.), increased 1.5% year to year. Growth slowed from previous periods due to a recently completed inventory correction in the semiconductor industry. Margins widened on improved manufacturing efficiencies and well controlled SG&A and R&D expenses. Results also benefited from a sharp rise in net interest income. Net income gained 19% to $64,706,000 ($0.91 a share) from $54,459,000 ($0.77). Backlog shippable in the next 12 months as of the end of the second quarter was $103 million, unchanged from the end of the preceding quarter.

Stock Performance 20-JUN-97n

In the past 30 trading days, MXIM's shares have declined 0.22%, compared to a 9% rise in the S&P 500. Average trading volume for the past five days was 694,800 shares, compared with the 40-day moving average of 886,646 shares.

Key Stock Statistics

Dividend Rate/Share Nil
Shs. outstg. (M) 64.5
Avg. daily vol. (M) 0.599
Tang. Bk. Value/Share 5.30
Beta 1.68
Shareholders 1,400
Market cap. (B) $ 3.7
Inst. holdings 88%
Value of $10,000 invested 5 years ago:$ 111,137

Fiscal Year Ending Jun. 30

Revenue (Million $)
1997 1996 1995 1994 1993 1992
Q1 101.0 96.45 52.00 33.09 25.00 20.40
Q2 104.7 106.2 56.18 36.14 26.70 21.10
Q3 111.0 109.0 66.63 40.57 28.38 22.10
Q4 NA 110.0 76.00 44.12 30.10 23.30
Year NA 421.6 250.8 153.9 110.2 87.00

Earning Per Share ($)
1997 1996 1995 1994 1993 1992
Q1 0.45 0.32 0.13 0.08 0.07 0.06
Q2 0.46 0.45 0.13 0.09 0.07 0.06
Q3 0.48 0.48 0.15 0.10 0.07 0.06
Q4 NA 0.49 0.17 0.10 0.08 0.06
Year NA 1.74 0.58 0.38 0.29 0.24

Dividend Data: No cash dividends have been paid. A two-for-one stock split was effected in December 1994.

Business Summary 04-OCT-96

Maxim Integrated Products, Inc. designs, develops, makes and markets a broad range of linear and mixed-signal integrated circuits known as analog circuits. Linear devices process signals representing real-world phenomena (such as temperature, pressure, sound or speed). Mixed-signal devices combine linear and digital functions.

Maxim initially generated substantially all revenues from sales of products that were second sources of a single competitor's integrated circuits, with distribution primarily to European customers. Although second-sourcing continues to be an important component of the company's product development program, current research emphasizes proprietary circuits. Maxim has introduced over 1,000 proprietary products.

Maxim operates two wafer fabrication facilities capable of producing 0.8 and 1.2 micron Complementary Metal-Oxide Semiconductor (CMOS) and bipolar products. In addition, the company subcontracts the fabrication of a small portion of its silicon wafers to outside silicon foundries. The majority of processed wafers are subject to parametric and individual circuits and assembled into a variety of packages. Products accounting for approximately 50% of the worldwide revenue of the company are functionally tested by a subcontractor located in the Philippines.

Products include data converters, interface circuits, microprocessor supervisors, amplifiers, power supplies, multiplexers, switches, battery chargers, and voltage references. Users include major firms in the instrumentation, industrial control, communications, data processing and other industries. Non-U.S. sales account for approximately 57% of total revenues.

Important Developments

Feb. '97 MXIM said that bookings levels in the U.S., Europe and Japan were higher in the second quarter of FY 97 (Jun.) than in the previous two quarters, and the Pacific Rim continues to show strong sequential growth. In addition, MXIM said that turns orders (orders that are received from customers and shipped in the same quarter) nearly doubled from the first quarter. Customer cancellations of $17 million were still higher than normal, but were lower than the previous six quarters. Backlog shippable in the next 12 months was at $103 million, unchanged from the previous quarter. MXIM also said it believes that the inventory correction in the semiconductor industry which limited growth in recent quarters has been completed.

Capitalization

Long Term Debt: None (12/96).

Per Share Data ($)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Tangible Bk. Val. 5.30 3.03 2.27 1.75 1.35 1.01 0.77 0.61 0.50 0.26
Cash Flow 1.92 0.76 0.49 0.38 0.32 0.28 0.23 0.17 0.13 0.02
Earnings 1.74 0.59 0.38 0.29 0.24 0.19 0.15 0.11 0.07 0.01
Dividends Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Prices - High 43 3/4 41 7/8 14 5/8 12 1/4 7 1/2 5 7/8 3 3/8 2 5/16 2 NA
- Low 20 5/8 14 1/8 10 7/8 6 1/8 4 7/8 2 3/4 1 7/8 1 5/8 1 5/16 NA
P/E Ratio - High 25 71 39 43 32 32 23 21 28 NA
- Low 12 24 29 21 20 15 13 14 19 NA

Income Statement Analysis (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Revs. 422 251 154 110 87.0 73.8 56.0 42.1 28.3 16.0
Oper. Inc. 199 69.0 42.8 30.7 25.6 20.8 15.2 12.3 7.4 2.8
Depr. 12.9 11.6 7.2 5.2 5.1 4.9 4.6 3.3 2.4 1.5
Int. Exp. 0.0 0.0 0.1 0.1 0.4 0.8 1.0 0.8 0.8 0.5
Pretax Inc. 190 60.0 37.6 26.6 21.0 15.6 10.2 8.6 4.4 0.8
Eff. Tax Rate 35% 35% 36% 35% 35% 35% 25% 37% 33% 52%
Net Inc. 123 39.0 24.1 17.3 13.7 10.1 7.6 5.5 2.9 0.4

Balance Sheet & Other Fin. Data (Million $)
1996 1995 1994 1993 1992 1991 1990 1989 1988 1987
Cash 129 55.0 48.4 49.1 33.7 14.9 4.9 7.7 7.4 2.3
Curr. Assets 265 162 100 91.3 67.9 42.1 29.2 24.7 18.3 10.6
Total Assets 418 256 179 127 95.5 71.8 60.7 46.7 34.7 19.2
Curr. Liab. 88.4 66.0 43.4 27.2 20.2 15.9 17.1 12.9 8.5 4.6
LT Debt Nil Nil 0.0 0.2 0.7 2.8 4.9 4.6 4.3 3.5
Common Eqty. 325 179 130 97.3 72.3 51.2 37.7 28.5 22.0 -6.4
Total Cap. 325 184 135 100 75.3 56.0 43.6 33.8 26.2 14.7
Cap. Exp. 75.1 35.5 50.9 12.9 4.2 4.6 12.3 9.0 10.7 2.3
Cash Flow 136 50.6 31.3 22.5 18.8 15.0 12.2 8.8 5.4 1.0

Curr. Ratio 3.0 2.5 2.3 3.4 3.4 2.7 1.7 1.9 2.2 2.3
% LT Debt of Cap. Nil NM Nil 0.2 0.9 4.9 11.3 13.6 16.3 23.8
% Net Inc.of Revs. 29.1 16.0 15.6 15.7 15.7 13.7 13.6 13.0 10.4 2.4
% Ret. on Assets 36.6 17.9 15.6 15.2 16.0 14.9 13.8 13.2 3.8 2.2
% Ret. on Equity 48.9 25.2 20.9 20.0 21.6 22.3 22.4 21.3 NM 3.8

Data as orig. reptd.; bef. results of disc. opers. and/or spec. items. Per share data adj. for stk. divs. as of ex-div. date. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked.

Office--120 San Gabriel Dr., Sunnyvale, CA 94086. Tel--(408) 737-7600. Chrmn, Pres & CEO--J. F. Gifford. VP, CFO & Secy--M. J. Byrd. VP & Investor Contact--Richard Slater. Dirs--J. R. Bergman, J. F. Gifford, R. F. Graham, A. R. F. Wazzan. Transfer Agent & Registrar--Boston Equiserve, Boston. Incorporated--in Delaware in 1988. Empl-- 1,987. S&P Analyst: Stephen T. Madonna, CFA


This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither S&P nor any other party guarantee its accuracy or make warranties regarding results from its usage. Redistribution is prohibited without written permission. Copyright © 1997