Recent News
On September 15, 2025 Semtech announced plans to showcase its integrated IoT and LoRa®/cellular connectivity portfolio at The Things Conference in Amsterdam. On September 3, 2025 a filing reported PDT Partners LLC increased its stake in Semtech.
Technical Analysis
ADX at 12.84 indicates no strong trend; price momentum exists but lacks directional strength, which reduces conviction for extended single-direction moves relative to pure momentum breakouts.
DI+ at 24.3 shows an increasing trajectory, which reads as bullish pressure; DI- at 23.93 decreases, reinforcing the short-term bullish bias implied by directional indicators.
MACD sits at 0.79 with a MACD signal at 0.34 and shows a dip-and-reversal pattern; MACD has crossed above the signal line, a bullish momentum signal that supports the near-term upside narrative.
MRO at -12.73 places price below the implied target, implying upward potential toward that target; the negative MRO suggests mean-reversion pressure favoring higher prices if momentum sustains.
RSI at 56.08 with a dip-and-reversal trend signals mild bullish momentum without overbought conditions, leaving room for additional upside before technical exhaustion.
Price sits above the 20-day average ($68.55) and well above the 200-day average ($48.76), with Ichimoku components (Tenkan/Kijun ~ $68.39; Senkou A/B ~ $67.79/$60.13) placing price above the cloud—technical structure supports continued upward bias while ADX warns trend strength remains limited.
Bollinger placement shows current price near the 1× upper band (upper1x ~$73.64), indicating price trades at the upper volatility envelope but not at the extreme 2× upper bound; volume averaged below 10- and 200-day normals, suggesting moves lack broadening participation.
Fundamental Analysis
Total revenue reached $266,971,000. QoQ revenue growth measured +40.02%, while YoY revenue change measured -63.47%, reflecting significant year-over-year comparison effects alongside sequential recovery.
Gross margin equals 51.87%, little changed QoQ (gross margin QoQ change +0.369 percentage points) and up YoY by about 1.55 percentage points; operating margin stands at 11.92% with an operating margin QoQ increase of 12.48% and YoY increase of 58.92%, indicating margin expansion on sequential sales recovery.
EBIT totaled $7,880,000 and EBIT margin reached 2.95%, although the QoQ EBIT margin change reads -146.92% and YoY change -60.63%, reflecting a sharp swing in the underlying EBIT run-rate versus short-term comparators.
Net income recorded a loss of $-2,862,000, while operating income totaled $31,813,000. EPS actual $0.48 exceeded the estimate $0.45 by $0.03, producing an EPS surprise of 6.67%.
Free cash flow measured $42,008,000 with a free cash flow yield of 0.71%, and operating cash flow registered a small negative $-682,000; cash and short-term investments totaled $164,670,000, supporting liquidity given current liabilities of $255,142,000 and a current ratio of 2.43.
Total debt reached $490,486,000 with net debt of $325,816,000; debt-to-EBITDA equals 25.28x and interest coverage approximates 2.29x, signaling leverage that materially exceeds typical low-single-digit multiples and creates sensitivity to operating cash flow. Debt-to-equity sits near 86.71%.
Returns remain compressed: return on assets -0.20% and return on equity -0.51%. Revenue per share equals $2.89 and shares outstanding total 92,303,006.
Valuation metrics show elevated multiples: P/E ~133.56, forward P/E ~150.43, P/B ~10.46, P/S ~22.16 and enterprise multiple ~321.80. WMDST values the stock using an EVR of 23.39 and notes a mean analyst target of $67.65; current close at $74.16 trades above that mean, reflecting premium market pricing relative to the implied mean target.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-10-31 |
| REPORT DATE: | 2025-11-24 |
| NEXT REPORT DATE: | 2026-02-23 |
| CASH FLOW | Begin Period Cash Flow | $ 168.6 M |
| Operating Cash Flow | $ -682.00 K | |
| Capital Expenditures | $ -5.45 M | |
| Change In Working Capital | $ -5.89 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -3.89 M | |
| End Period Cash Flow | $ 164.7 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 267.0 M | |
| Forward Revenue | $ -887.92 M | |
| COSTS | ||
| Cost Of Revenue | $ 128.5 M | |
| Depreciation | $ 11.5 M | |
| Depreciation and Amortization | $ 11.5 M | |
| Research and Development | $ 49.4 M | |
| Total Operating Expenses | $ 235.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 138.5 M | |
| EBITDA | $ 19.4 M | |
| EBIT | $ 7.9 M | |
| Operating Income | $ 31.8 M | |
| Interest Income | $ 790.0 K | |
| Interest Expense | $ 3.4 M | |
| Net Interest Income | $ -5.69 M | |
| Income Before Tax | $ 4.4 M | |
| Tax Provision | $ 7.3 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -2.86 M | |
| Net Income From Continuing Operations | $ -2.86 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.45 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 6.667 % | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 525.2 M | |
| Net Tangible Assets | $ 40.4 M | |
| Total Current Assets | $ 620.9 M | |
| Cash and Short-Term Investments | $ 164.7 M | |
| Cash | $ 164.7 M | |
| Net Receivables | $ 164.8 M | |
| Inventory | $ 185.7 M | |
| Long-Term Investments | $ 115.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 75.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 255.1 M | |
| Net Debt | $ 325.8 M | |
| Total Debt | $ 490.5 M | |
| Total Liabilities | $ 840.2 M | |
| EQUITY | ||
| Total Equity | $ 565.7 M | |
| Retained Earnings | $ -406.27 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.13 | |
| Shares Outstanding | 92.303 M | |
| Revenue Per-Share | $ 2.89 | |
| VALUATION | Market Capitalization | $ 5.9 B |
| Enterprise Value | $ 6.2 B | |
| Enterprise Multiple | 321.798 | |
| Enterprise Multiple QoQ | -131.81 % | |
| Enterprise Multiple YoY | 114.589 % | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 23.385 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.485 | |
| Asset To Liability | 1.673 | |
| Debt To Capital | 0.464 | |
| Debt To Assets | 0.349 | |
| Debt To Assets QoQ | -5.483 % | |
| Debt To Assets YoY | -59.581 % | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | 0.867 | |
| Debt To Equity QoQ | -7.616 % | |
| Debt To Equity YoY | -110.176 % | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.461 | |
| Price To Book QoQ | 36.532 % | |
| Price To Book YoY | -143.85 % | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 133.559 | |
| Price To Earnings QoQ | 16.486 % | |
| Price To Earnings YoY | -21.427 % | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | 7.823 | |
| Price To Sales (P/S) | 22.165 | |
| Price To Sales QoQ | 34.775 % | |
| Price To Sales YoY | 57.521 % | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 150.435 | |
| Forward PE/G | 8.811 | |
| Forward P/S | -6.664 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -40.807 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.19 | |
| Asset Turnover Ratio QoQ | 4.605 % | |
| Asset Turnover Ratio YoY | 10.138 % | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | 1.678 | |
| Receivables Turnover Ratio QoQ | 3.965 % | |
| Receivables Turnover Ratio YoY | 4.643 % | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | 0.696 | |
| Inventory Turnover Ratio QoQ | -0.309 % | |
| Inventory Turnover Ratio YoY | -3.989 % | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 54.39 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 136.761 | |
| Cash Conversion Cycle Days QoQ | -0.818 % | |
| Cash Conversion Cycle Days YoY | 3.938 % | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.73 | |
| CapEx To Revenue | -0.02 | |
| CapEx To Depreciation | -0.473 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ 40.4 M | |
| Net Working Capital | $ 365.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.645 | |
| Current Ratio | 2.433 | |
| Current Ratio QoQ | -3.789 % | |
| Current Ratio YoY | 2.733 % | |
| Current Ratio IPRWA | — | |
| Quick Ratio | 1.705 | |
| Quick Ratio QoQ | -3.931 % | |
| Quick Ratio YoY | 1.845 % | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 25.281 | |
| Cost Of Debt | 0.894 % | |
| Interest Coverage Ratio | 2.294 | |
| Interest Coverage Ratio QoQ | -185.014 % | |
| Interest Coverage Ratio YoY | 175.486 % | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | -0.003 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 53.975 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.0 % | |
| Revenue Growth | 3.642 % | |
| Revenue Growth QoQ | 40.023 % | |
| Revenue Growth YoY | -63.47 % | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 17.073 % | |
| Earnings Growth QoQ | 116.251 % | |
| Earnings Growth YoY | -87.48 % | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 51.87 % | |
| Gross Margin QoQ | -0.369 % | |
| Gross Margin YoY | 1.549 % | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 2.952 % | |
| EBIT Margin QoQ | -146.924 % | |
| EBIT Margin YoY | -60.63 % | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | 11.916 % | |
| Return On Sales QoQ | 12.479 % | |
| Return On Sales YoY | 58.922 % | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 42.0 M | |
| Free Cash Flow Yield | 0.71 % | |
| Free Cash Flow Yield QoQ | -23.409 % | |
| Free Cash Flow Yield YoY | -15.976 % | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | 6.997 % | |
| Free Cash Growth QoQ | -86.821 % | |
| Free Cash Growth YoY | -102.103 % | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | -14.678 | |
| Cash Flow Margin | -0.255 % | |
| Cash Flow To Earnings | 0.238 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.204 % | |
| Return On Assets QoQ | -89.303 % | |
| Return On Assets YoY | -63.043 % | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | 0.685 % | |
| Return On Equity (ROE) | -0.005 | |
| Return On Equity QoQ | -89.663 % | |
| Return On Equity YoY | -109.317 % | |
| Return On Equity IPRWA | — | |
| DuPont ROE | -0.512 % | |
| Return On Invested Capital (ROIC) | 0.589 % | |
| Return On Invested Capital QoQ | -149.33 % | |
| Return On Invested Capital YoY | -55.748 % | |
| Return On Invested Capital IPRWA | — | |