Recent News
On June 22, 2026 Semtech’s AirLink OS 6.1 rollout and release notes highlighted multi-profile SIM automation, Secure Boot updates, and broader feature coverage for EX400 and RX400 5G RedCap routers. The company also held its 2026 virtual annual meeting via webcast on June 4, 2026 with routine proxy disclosures and board/pay matters reported.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 21.79 signals an emerging trend strength. DI+ shows a peak-and-reversal, which counts as a bearish signal, and DI- is increasing, which also reads as bearish pressure. Together this points to emerging directional risk against the short-term up-leg that produced recent gains.
MACD: MACD sits at 5.59 below its signal line at 8.14 with a documented peak-and-reversal; that configuration denotes fading bullish momentum and favors short-term downward pressure until MACD recovers above its signal line.
MRO (Momentum/Regression Oscillator): MRO at 29.8 is positive, indicating price currently sits above the model target and is more likely to move lower toward fair-value range if momentum validates a reversal. The recent peak-and-reversal on the MRO reinforces potential mean reversion risk.
RSI: RSI near 59.9 with a peak-and-reversal shows waning upward momentum without reaching overbought extremes; the indicator signals loss of short-term upward conviction rather than oversold support for an immediate rebound.
Price vs moving averages and bands: Price closed at $156.14, below the 20-day average of $160.79 and the 12-day EMA that has peaked and reversed, while remaining above the 50-day average of $139.50 and the 200-day average of $91.85. This alignment implies the medium-term trend stays constructive but short-term momentum has weakened; the 1x Bollinger lower band sits near $152.29 and the super trend support near $144.73, which serve as reference support levels on a corrective move.
Volatility and volume: 42‑day beta registers 3.75 and 52‑week beta 2.98, indicating elevated sensitivity to market moves. Recent volume of ~3.46M trades undercuts the 10‑day average (~5.97M) but exceeds the 200‑day average (~2.30M), suggesting episodic liquidity and the potential for volatile intraday swings if momentum shifts.
Fundamental Analysis
Profitability & margins: Operating (and EBIT) margin at 9.25% compares to the industry peer mean of 78.24% and the industry peer median of 80.11%; the company’s margin figures sit well below the industry peer mean and median. Quarter-over-quarter EBIT margin moved by -185.61% and year-over-year change shows -31.00%, reflecting margin compression on the reported cadence despite positive top-line moves.
Revenue and earnings: Total revenue of $291,018,000 pairs with YoY revenue growth of +263.09% and sequential revenue growth of +119.60% as reported in the supplied metrics. Reported EPS actual of $0.51 exceeded the estimate of $0.45, producing an EPS surprise ratio of 13.33% (EPS beat of $0.06).
Cash, leverage, and capital returns: Cash and short-term investments total $163,310,000 with operating cash flow of $36,183,000 and free cash flow of $22,737,000 (free cash flow yield 0.23%). Net debt stands at $328,672,000 with total debt $491,982,000 and debt-to-equity of 0.86; interest coverage at 14.50 supports near-term serviceability of interest costs.
Efficiency & working capital: Asset turnover measures 0.2043 and cash conversion cycle ≈128.35 days (slightly above the industry peer mean of 120.31 days), indicating heavier working-capital needs relative to the average peer. Receivables turnover at 1.74 improved QoQ by +2.90% and YoY by +13.47%.
Valuation metrics: Price multiples run high: P/E ≈207.62 (forward PE ≈90.34), P/S ≈33.89 (forward PS ≈39.80), and P/B ≈17.20—P/B sits above the industry peer mean of 8.70 and above the industry peer high of 14.86. Enterprise multiple and EV-based metrics also skew elevated versus historic comparators. WMDST values the stock as over-valued, reflecting the combination of lofty market multiples, modest free cash flow yield, and margin levels below the industry peer mean and median.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-04-30 |
| REPORT DATE: | 2026-05-26 |
| NEXT REPORT DATE: | 2026-08-25 |
| CASH FLOW | Begin Period Cash Flow | $ 195.2 M |
| Operating Cash Flow | $ 36.2 M | |
| Capital Expenditures | $ -13.45 M | |
| Change In Working Capital | $ -31.18 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -31.87 M | |
| End Period Cash Flow | $ 163.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 291.0 M | |
| Forward Revenue | $ 247.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 139.6 M | |
| Depreciation | $ 10.7 M | |
| Depreciation and Amortization | $ 10.7 M | |
| Research and Development | $ 57.6 M | |
| Total Operating Expenses | $ 264.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 151.5 M | |
| EBITDA | $ 37.6 M | |
| EBIT | $ 26.9 M | |
| Operating Income | $ 27.0 M | |
| Interest Income | $ 888.0 K | |
| Interest Expense | $ 1.9 M | |
| Net Interest Income | $ -968.00 K | |
| Income Before Tax | $ 25.1 M | |
| Tax Provision | $ 112.0 K | |
| Tax Rate | 0.447 % | |
| Net Income | $ 26.6 M | |
| Net Income From Continuing Operations | $ 26.6 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.45 | |
| EPS Actual | $ 0.51 | |
| EPS Difference | $ 0.06 | |
| EPS Surprise | 13.333 % | |
| Forward EPS | $ 0.97 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | $ 530.1 M | |
| Net Tangible Assets | $ 43.2 M | |
| Total Current Assets | $ 648.7 M | |
| Cash and Short-Term Investments | $ 163.3 M | |
| Cash | $ 163.3 M | |
| Net Receivables | $ 174.8 M | |
| Inventory | $ 204.7 M | |
| Long-Term Investments | $ 121.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 90.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 273.7 M | |
| Net Debt | $ 328.7 M | |
| Total Debt | $ 492.0 M | |
| Total Liabilities | $ 865.6 M | |
| EQUITY | ||
| Total Equity | $ 573.3 M | |
| Retained Earnings | $ -409.50 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.16 | |
| Shares Outstanding | 93.129 M | |
| Revenue Per-Share | $ 3.12 | |
| VALUATION | Market Capitalization | $ 9.9 B |
| Enterprise Value | $ 10.2 B | |
| Enterprise Multiple | 270.683 | |
| Enterprise Multiple QoQ | -161.746 % | |
| Enterprise Multiple YoY | 240.645 % | |
| Enterprise Multiple IPRWA | SMTC: 270.683 high: 169.931 mean: 27.738 median: 23.495 low: -212.588 |
|
| EV/R | 35.015 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.51 | |
| Asset To Liability | 1.662 | |
| Debt To Capital | 0.462 | |
| Debt To Assets | 0.342 | |
| Debt To Assets QoQ | -3.035 % | |
| Debt To Assets YoY | -9.774 % | |
| Debt To Assets IPRWA | SMTC: 0.342 high: 0.048 median: 0.048 mean: 0.046 low: 0.011 |
|
| Debt To Equity | 0.858 | |
| Debt To Equity QoQ | -5.141 % | |
| Debt To Equity YoY | -10.048 % | |
| Debt To Equity IPRWA | SMTC: 0.858 high: 0.063 median: 0.063 mean: 0.061 low: 0.012 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 17.2 | |
| Price To Book QoQ | 24.38 % | |
| Price To Book YoY | 205.35 % | |
| Price To Book IPRWA | SMTC: 17.2 high: 14.859 mean: 8.701 median: 8.494 low: 5.016 |
|
| Price To Earnings (P/E) | 207.621 | |
| Price To Earnings QoQ | 11.362 % | |
| Price To Earnings YoY | 112.434 % | |
| Price To Earnings IPRWA | high: 629.789 SMTC: 207.621 mean: 36.128 low: 30.204 median: 30.204 |
|
| PE/G Ratio | 13.051 | |
| Price To Sales (P/S) | 33.885 | |
| Price To Sales QoQ | 22.293 % | |
| Price To Sales YoY | 165.512 % | |
| Price To Sales IPRWA | high: 70.166 SMTC: 33.885 mean: 22.377 low: 20.637 median: 20.637 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 90.338 | |
| Forward PE/G | 5.678 | |
| Forward P/S | 39.798 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -31.417 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.204 | |
| Asset Turnover Ratio QoQ | 4.84 % | |
| Asset Turnover Ratio YoY | 15.99 % | |
| Asset Turnover Ratio IPRWA | high: 0.352 median: 0.352 mean: 0.346 SMTC: 0.204 low: 0.126 |
|
| Receivables Turnover | 1.736 | |
| Receivables Turnover Ratio QoQ | 2.899 % | |
| Receivables Turnover Ratio YoY | 13.472 % | |
| Receivables Turnover Ratio IPRWA | high: 2.562 median: 1.961 mean: 1.959 low: 1.834 SMTC: 1.736 |
|
| Inventory Turnover | 0.697 | |
| Inventory Turnover Ratio QoQ | -2.313 % | |
| Inventory Turnover Ratio YoY | -2.865 % | |
| Inventory Turnover Ratio IPRWA | high: 0.76 median: 0.76 mean: 0.755 SMTC: 0.697 low: 0.606 |
|
| Days Sales Outstanding (DSO) | 52.574 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 128.347 | |
| Cash Conversion Cycle Days QoQ | -3.474 % | |
| Cash Conversion Cycle Days YoY | -6.624 % | |
| Cash Conversion Cycle Days IPRWA | high: 141.483 SMTC: 128.347 mean: 120.315 median: 119.759 low: 63.13 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.776 | |
| CapEx To Revenue | -0.046 | |
| CapEx To Depreciation | -1.253 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ 43.2 M | |
| Net Working Capital | $ 375.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.597 | |
| Current Ratio | 2.37 | |
| Current Ratio QoQ | -0.177 % | |
| Current Ratio YoY | -6.495 % | |
| Current Ratio IPRWA | high: 10.153 mean: 3.653 median: 3.425 low: 2.427 SMTC: 2.37 |
|
| Quick Ratio | 1.622 | |
| Quick Ratio QoQ | -2.568 % | |
| Quick Ratio YoY | -10.535 % | |
| Quick Ratio IPRWA | high: 8.88 mean: 3.185 median: 2.985 low: 1.946 SMTC: 1.622 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.069 | |
| Cost Of Debt | 0.374 % | |
| Interest Coverage Ratio | 14.499 | |
| Interest Coverage Ratio QoQ | -136.012 % | |
| Interest Coverage Ratio YoY | 188.462 % | |
| Interest Coverage Ratio IPRWA | high: 1037.875 median: 1037.875 mean: 1001.643 SMTC: 14.499 low: -15.098 |
|
| Operating Cash Flow Ratio | 0.074 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 58.487 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.028 % | |
| Revenue Growth | 6.074 % | |
| Revenue Growth QoQ | 119.595 % | |
| Revenue Growth YoY | 26308.696 % | |
| Revenue Growth IPRWA | high: 73.747 % median: 73.747 % mean: 71.204 % SMTC: 6.074 % low: -0.506 % |
|
| Earnings Growth | 15.909 % | |
| Earnings Growth QoQ | -290.916 % | |
| Earnings Growth YoY | -418.18 % | |
| Earnings Growth IPRWA | high: 105.82 % median: 105.82 % mean: 102.047 % SMTC: 15.909 % low: -15.385 % |
|
| MARGINS | ||
| Gross Margin | 52.046 % | |
| Gross Margin QoQ | 3.268 % | |
| Gross Margin YoY | -0.474 % | |
| Gross Margin IPRWA | high: 84.562 % median: 84.562 % mean: 83.909 % low: 58.381 % SMTC: 52.046 % |
|
| EBIT Margin | 9.247 % | |
| EBIT Margin QoQ | -185.612 % | |
| EBIT Margin YoY | -31.003 % | |
| EBIT Margin IPRWA | high: 80.114 % median: 80.114 % mean: 78.241 % SMTC: 9.247 % low: -19.347 % |
|
| Return On Sales (ROS) | 9.267 % | |
| Return On Sales QoQ | -5.986 % | |
| Return On Sales YoY | -30.854 % | |
| Return On Sales IPRWA | high: 80.37 % median: 80.37 % mean: 78.488 % SMTC: 9.267 % low: -19.347 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 22.7 M | |
| Free Cash Flow Yield | 0.231 % | |
| Free Cash Flow Yield QoQ | -69.961 % | |
| Free Cash Flow Yield YoY | -71.125 % | |
| Free Cash Flow Yield IPRWA | high: 2.053 % median: 2.053 % mean: 1.992 % SMTC: 0.231 % low: -0.974 % |
|
| Free Cash Growth | -61.099 % | |
| Free Cash Growth QoQ | -256.112 % | |
| Free Cash Growth YoY | 285.848 % | |
| Free Cash Growth IPRWA | high: 218.383 % median: 218.383 % mean: 210.022 % SMTC: -61.099 % low: -297.562 % |
|
| Free Cash To Net Income | 0.856 | |
| Cash Flow Margin | 6.962 % | |
| Cash Flow To Earnings | 0.763 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.865 % | |
| Return On Assets QoQ | -188.138 % | |
| Return On Assets YoY | 37.436 % | |
| Return On Assets IPRWA | high: 23.973 % median: 23.973 % mean: 23.326 % SMTC: 1.865 % low: -2.271 % |
|
| Return On Capital Employed (ROCE) | 2.309 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | -185.48 % | |
| Return On Equity YoY | 36.225 % | |
| Return On Equity IPRWA | high: 0.28 median: 0.28 mean: 0.273 SMTC: 0.046 low: -0.03 |
|
| DuPont ROE | 4.731 % | |
| Return On Invested Capital (ROIC) | 2.515 % | |
| Return On Invested Capital QoQ | -191.156 % | |
| Return On Invested Capital YoY | 22.384 % | |
| Return On Invested Capital IPRWA | high: 27.207 % median: 27.207 % mean: 26.326 % SMTC: 2.515 % low: -1.923 % |
|