Recent News
Feb. 26, 2026 — Semtech announced participation at MWC26 Barcelona to showcase cellular and LoRa IoT portfolio and highlight multi‑protocol and private-network use cases.
Mar. 10, 2026 — Semtech launched the FX86E 5G RedCap modem for industrial IoT, marketed as a pre‑certified plug‑and‑play solution to shorten carrier certification cycles.
Mar. 12, 2026 — At OFC 2026 Semtech demonstrated live 1.6T and 3.2T optical/copper interconnects for AI/data‑center applications, promoting next‑generation high‑speed ICs.
Mar. 31, 2026 — Kaskela Law announced a shareholder investigation into Semtech related to prior disclosures about CopperEdge demand and related disclosures.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 31.93 indicates a strong trend; DI+ at 37.16 is increasing while DI- at 14.07 is decreasing, a bullish directional set that supports continuation of recent upside.
MACD and signal: MACD at 10.17 sits above the signal line at 7.41 and shows an increasing MACD_trend; the MACD cross above the signal line confirms bullish momentum.
Price vs. moving averages and bands: Last close $139.74 trades well above the 200‑day average $76.02, 50‑day average $94.16 and 20‑day average $114.83; the 12‑day EMA ($120.69) trends higher, signaling short‑term strength. Price sits between the 1x and 2x upper Bollinger bands, consistent with a stretched short‑term move.
MRO and RSI: MRO at 36.91 sits positive, which indicates price above the model target and leaves a latent downside bias if momentum reverses; RSI at 62.15 and rising shows constructive momentum but leaves limited additional room before classic overbought territory.
Volatility, beta and volume context: 42‑day beta 3.15 and 52‑week beta 2.79 reflect elevated volatility; 10‑day average volume (2.63M) and recent volume (3.45M) confirm above‑average liquidity supporting trend continuation. SuperTrend lower support sits near $121.63.
Fundamental Analysis
Profitability: EBIT equals -$29,632,000 and EBIT margin equals -10.80%, a QoQ margin contraction of -4.66 percentage points and YoY margin change of -2.40 percentage points. The company’s EBIT margin sits below the industry peer mean of 38.93% and below the industry peer median of 32.66%.
Revenue and earnings: Total revenue $274,355,000 with reported revenue growth of 2.77%, while revenue growth YoY shows -53.79%; EPS actual $0.44 versus estimate $0.43, an EPS beat of $0.01 and an EPS surprise ratio of 2.33%.
Cash flow and liquidity: Cash and short‑term investments $195,179,000, operating cash flow $61,487,000, and free cash flow $58,449,000. Current ratio 2.37 and quick ratio 1.66 indicate ample near‑term liquidity; free cash flow yield at 0.77% falls slightly below the industry peer mean free cash flow yield of 1.00% (industry peer mean = 0.00999 expressed as percentage).
Capital structure and leverage: Total debt $497,297,000, net debt $296,055,000, debt‑to‑equity 0.90 and debt‑to‑assets 0.35. Interest coverage negative and operating leverage metrics reflect operating losses at the EBIT level despite positive operating income in the dataset; net income reported -$29,795,000.
Valuation multiples: P/E 186.44, P/S 27.71, and P/B 13.83. P/B sits above the industry peer mean P/B of 5.64 and industry peer median of 5.73; P/S sits above the industry peer mean of 25.16. The current valuation as determined by WMDST: over‑valued.
Bottom line valuation context: Product wins and IoT/AI interconnect demonstrations support revenue runway potential, but negative EBIT, elevated leverage, and stretched multiples leave fundamental valuation inconsistent with the current price; WMDST classifies the stock as over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-01-31 |
| REPORT DATE: | 2026-03-16 |
| NEXT REPORT DATE: | 2026-06-15 |
| CASH FLOW | Begin Period Cash Flow | $ 164.7 M |
| Operating Cash Flow | $ 61.5 M | |
| Capital Expenditures | $ -3.04 M | |
| Change In Working Capital | $ 6.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 30.5 M | |
| End Period Cash Flow | $ 195.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 274.4 M | |
| Forward Revenue | $ -155.28 M | |
| COSTS | ||
| Cost Of Revenue | $ 136.1 M | |
| Depreciation | $ 11.6 M | |
| Depreciation and Amortization | $ 11.6 M | |
| Research and Development | $ 51.2 M | |
| Total Operating Expenses | $ 247.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 138.3 M | |
| EBITDA | $ -18.03 M | |
| EBIT | $ -29.63 M | |
| Operating Income | $ 27.0 M | |
| Interest Income | $ 834.0 K | |
| Interest Expense | $ 736.0 K | |
| Net Interest Income | $ -993.00 K | |
| Income Before Tax | $ -30.37 M | |
| Tax Provision | $ -937.00 K | |
| Tax Rate | 3.086 % | |
| Net Income | $ -29.80 M | |
| Net Income From Continuing Operations | $ -29.80 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.43 | |
| EPS Actual | $ 0.44 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 2.326 % | |
| Forward EPS | $ 0.73 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 497.9 M | |
| Net Tangible Assets | $ 51.8 M | |
| Total Current Assets | $ 655.1 M | |
| Cash and Short-Term Investments | $ 195.2 M | |
| Cash | $ 195.2 M | |
| Net Receivables | $ 160.6 M | |
| Inventory | $ 195.7 M | |
| Long-Term Investments | $ 113.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 84.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 275.9 M | |
| Net Debt | $ 296.1 M | |
| Total Debt | $ 497.3 M | |
| Total Liabilities | $ 860.6 M | |
| EQUITY | ||
| Total Equity | $ 549.7 M | |
| Retained Earnings | $ -436.06 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.93 | |
| Shares Outstanding | 92.669 M | |
| Revenue Per-Share | $ 2.96 | |
| VALUATION | Market Capitalization | $ 7.6 B |
| Enterprise Value | $ 7.9 B | |
| Enterprise Multiple | -438.379 | |
| Enterprise Multiple QoQ | -236.228 % | |
| Enterprise Multiple YoY | -435.164 % | |
| Enterprise Multiple IPRWA | high: 394.414 mean: 56.031 median: 22.264 low: -338.1 SMTC: -438.379 |
|
| EV/R | 28.809 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.566 | |
| Asset To Liability | 1.639 | |
| Debt To Capital | 0.475 | |
| Debt To Assets | 0.353 | |
| Debt To Assets QoQ | 1.069 % | |
| Debt To Assets YoY | 997.448 % | |
| Debt To Assets IPRWA | high: 0.423 SMTC: 0.353 mean: 0.151 median: 0.106 low: 0.002 |
|
| Debt To Equity | 0.905 | |
| Debt To Equity QoQ | 4.328 % | |
| Debt To Equity YoY | 976.184 % | |
| Debt To Equity IPRWA | SMTC: 0.905 high: 0.733 mean: 0.276 median: 0.149 low: 0.003 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.829 | |
| Price To Book QoQ | 32.191 % | |
| Price To Book YoY | 79.504 % | |
| Price To Book IPRWA | high: 18.637 SMTC: 13.829 median: 5.73 mean: 5.641 low: 0.296 |
|
| Price To Earnings (P/E) | 186.438 | |
| Price To Earnings QoQ | 39.592 % | |
| Price To Earnings YoY | 53.964 % | |
| Price To Earnings IPRWA | high: 539.07 SMTC: 186.438 mean: 84.078 median: 52.007 low: -104.46 |
|
| PE/G Ratio | -22.373 | |
| Price To Sales (P/S) | 27.708 | |
| Price To Sales QoQ | 25.009 % | |
| Price To Sales YoY | 66.432 % | |
| Price To Sales IPRWA | high: 100.342 SMTC: 27.708 mean: 25.163 median: 17.401 low: 0.418 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 101.808 | |
| Forward PE/G | -12.218 | |
| Forward P/S | -49.067 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -172.114 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.195 | |
| Asset Turnover Ratio QoQ | 2.601 % | |
| Asset Turnover Ratio YoY | 8.606 % | |
| Asset Turnover Ratio IPRWA | high: 0.255 SMTC: 0.195 median: 0.192 mean: 0.19 low: 0.053 |
|
| Receivables Turnover | 1.687 | |
| Receivables Turnover Ratio QoQ | 0.54 % | |
| Receivables Turnover Ratio YoY | 2.474 % | |
| Receivables Turnover Ratio IPRWA | high: 4.864 mean: 2.082 median: 2.039 SMTC: 1.687 low: 0.605 |
|
| Inventory Turnover | 0.713 | |
| Inventory Turnover Ratio QoQ | 2.453 % | |
| Inventory Turnover Ratio YoY | -3.177 % | |
| Inventory Turnover Ratio IPRWA | high: 0.918 median: 0.716 SMTC: 0.713 mean: 0.69 low: 0.24 |
|
| Days Sales Outstanding (DSO) | 54.098 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 132.967 | |
| Cash Conversion Cycle Days QoQ | -2.774 % | |
| Cash Conversion Cycle Days YoY | -2.048 % | |
| Cash Conversion Cycle Days IPRWA | high: 241.357 SMTC: 132.967 median: 119.741 mean: 117.899 low: 39.374 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.724 | |
| CapEx To Revenue | -0.011 | |
| CapEx To Depreciation | -0.262 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ 51.8 M | |
| Net Working Capital | $ 379.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.707 | |
| Current Ratio | 2.374 | |
| Current Ratio QoQ | -2.432 % | |
| Current Ratio YoY | 14.776 % | |
| Current Ratio IPRWA | high: 12.476 mean: 3.044 median: 2.897 SMTC: 2.374 low: 0.912 |
|
| Quick Ratio | 1.665 | |
| Quick Ratio QoQ | -2.381 % | |
| Quick Ratio YoY | 11.694 % | |
| Quick Ratio IPRWA | high: 11.279 mean: 2.373 median: 2.319 SMTC: 1.665 low: 0.554 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -27.582 | |
| Cost Of Debt | 0.538 % | |
| Interest Coverage Ratio | -40.261 | |
| Interest Coverage Ratio QoQ | -1855.028 % | |
| Interest Coverage Ratio YoY | -2770.58 % | |
| Interest Coverage Ratio IPRWA | high: 246.986 mean: 18.956 median: 12.548 SMTC: -40.261 low: -89.791 |
|
| Operating Cash Flow Ratio | -0.055 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 56.58 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.318 % | |
| Revenue Growth | 2.766 % | |
| Revenue Growth QoQ | -24.053 % | |
| Revenue Growth YoY | -53.792 % | |
| Revenue Growth IPRWA | high: 25.112 % SMTC: 2.766 % median: -2.391 % mean: -3.551 % low: -30.033 % |
|
| Earnings Growth | -8.333 % | |
| Earnings Growth QoQ | -148.808 % | |
| Earnings Growth YoY | -115.476 % | |
| Earnings Growth IPRWA | high: 155.23 % mean: 54.915 % median: -4.762 % SMTC: -8.333 % low: -112.5 % |
|
| MARGINS | ||
| Gross Margin | 50.399 % | |
| Gross Margin QoQ | -2.836 % | |
| Gross Margin YoY | -3.066 % | |
| Gross Margin IPRWA | high: 79.726 % median: 64.709 % mean: 58.742 % SMTC: 50.399 % low: 0.564 % |
|
| EBIT Margin | -10.801 % | |
| EBIT Margin QoQ | -465.888 % | |
| EBIT Margin YoY | -239.584 % | |
| EBIT Margin IPRWA | high: 67.863 % mean: 38.932 % median: 32.662 % SMTC: -10.801 % low: -54.605 % |
|
| Return On Sales (ROS) | 9.857 % | |
| Return On Sales QoQ | -17.279 % | |
| Return On Sales YoY | 27.384 % | |
| Return On Sales IPRWA | high: 67.624 % mean: 39.168 % median: 33.067 % SMTC: 9.857 % low: -79.417 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 58.4 M | |
| Free Cash Flow Yield | 0.769 % | |
| Free Cash Flow Yield QoQ | 8.31 % | |
| Free Cash Flow Yield YoY | 5.487 % | |
| Free Cash Flow Yield IPRWA | high: 1.329 % median: 1.294 % mean: 0.999 % SMTC: 0.769 % low: -2.351 % |
|
| Free Cash Growth | 39.138 % | |
| Free Cash Growth QoQ | 459.354 % | |
| Free Cash Growth YoY | 377.584 % | |
| Free Cash Growth IPRWA | high: 263.082 % SMTC: 39.138 % median: 38.554 % mean: 25.605 % low: -265.342 % |
|
| Free Cash To Net Income | -1.962 | |
| Cash Flow Margin | -5.496 % | |
| Cash Flow To Earnings | 0.506 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -2.116 % | |
| Return On Assets QoQ | 937.255 % | |
| Return On Assets YoY | -175.625 % | |
| Return On Assets IPRWA | high: 14.706 % median: 13.379 % mean: 8.727 % SMTC: -2.116 % low: -5.759 % |
|
| Return On Capital Employed (ROCE) | -2.612 % | |
| Return On Equity (ROE) | -0.054 | |
| Return On Equity QoQ | 971.146 % | |
| Return On Equity YoY | -175.111 % | |
| Return On Equity IPRWA | high: 0.085 mean: 0.029 median: 0.025 SMTC: -0.054 low: -0.099 |
|
| DuPont ROE | -5.343 % | |
| Return On Invested Capital (ROIC) | -2.759 % | |
| Return On Invested Capital QoQ | -568.421 % | |
| Return On Invested Capital YoY | -71.858 % | |
| Return On Invested Capital IPRWA | high: 7.994 % median: 2.605 % mean: 2.596 % SMTC: -2.759 % low: -2.915 % |
|