olivLaw · US equity research
Lattice Semiconductor Corporation LSCC
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Lattice Semiconductor designs low power programmable logic chips (FPGAs) used from data center servers to industrial and automotive systems. The company is in a visible recovery, with revenue up 62% in the second quarter of fiscal 2026, and the AMI acquisition, closed in July 2026, extends it into platform firmware for cloud and AI.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Lattice Semiconductor Corporation (LSCC) stock was 107.25 USD (+1.26% on the day), with market capitalisation 15.3 bn USD, P/E 330.1 on diluted EPS of 0.32 USD over the last 12 months, beta 2.44, 52-week range 61.73–155.27 USD. Latest reported quarter (Q3 2027): revenue of 291.0 m USD (+118.3% YoY), net income of 11.2 m USD (+301.1% YoY), diluted EPS 0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.3
- neutral
- Bollinger (20, 2)
- 87.98 – 126.81
- in the lower half of the band · %B 0.50 · band width 36.2%
- SMA 50 / 200
- 114.52 / 116.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.91 / -5.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.3% | −1.1% | −18.2 pp | — |
| 3 months | −16.4% | −0.5% | −16.0 pp | — |
| 6 months | −14.3% | +4.4% | −18.7 pp | — |
| Year to date | +45.8% | +12.3% | +33.4 pp | — |
| 1 year | +69.6% | +13.5% | +56.1 pp | +37.6% |
| 3 years | +86.1% | +76.4% | +9.7 pp | +125.7% |
| 5 years | +30.8% | +63.7% | −32.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2027 · 03 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 | Q3 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117.4 m | 120.2 m | 124.0 m | 133.3 m | 145.8 m | 170.9 m | 201.1 m | 291.0 m |
| Cost of revenue | 45.7 m | 38.4 m | 39.2 m | 42.8 m | 45.9 m | 53.3 m | 59.7 m | 94.9 m |
| Gross profit | 71.8 m | 81.7 m | 84.8 m | 90.5 m | 99.9 m | 117.6 m | 141.3 m | 196.1 m |
| Research & development | 38.6 m | 41.4 m | 43.5 m | 49.6 m | 53.4 m | 50.8 m | 64.2 m | 80.3 m |
| SG&A | 29.5 m | 33.1 m | 34.8 m | 41.4 m | 44.3 m | 40.1 m | 50.3 m | 60.0 m |
| Operating income | -12.2 m | 7.0 m | 4.7 m | -1.5 m | 1.1 m | 26.1 m | 22.4 m | 24.0 m |
| Interest expense | 66.0 k | — | — | 67.0 k | 64.0 k | — | — | 10.2 m |
| Pre-tax income | -13.6 m | 8.0 m | 5.1 m | -954.0 k | 1.3 m | 27.3 m | 17.2 m | 13.8 m |
| Income tax | -30.1 m | 3.0 m | 2.2 m | -3.7 m | 8.9 m | 5.4 m | -2.1 m | 2.6 m |
| Net income | 16.5 m | 5.0 m | 2.9 m | 2.8 m | -7.6 m | 21.8 m | 19.4 m | 11.2 m |
| Diluted EPS | 0.12 ≈ | 0.04 | 0.02 | 0.02 | -0.06 ≈ | 0.16 | 0.14 | 0.08 |
| Operating cash flow | 45.4 m | 31.9 m | 38.5 m ≈ | 47.1 m ≈ | 57.6 m | 50.3 m | 88.3 m ≈ | 95.0 m ≈ |
| Capex | 5.8 m | 8.6 m | 7.2 m ≈ | 13.1 m ≈ | 13.6 m | 10.5 m | 7.0 m ≈ | 17.4 m ≈ |
| Share repurchases | 20.0 m | 25.0 m | 45.9 m ≈ | 15.0 m ≈ | 14.1 m | 15.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 20-quarter history (min 37.3, median 66.4, max 3,160.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2021 | ⚠ 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 386.0 m | 398.8 m | 404.1 m | 408.1 m | 660.4 m | 737.2 m | 509.4 m | 523.3 m |
| Revenue YoY | −9.6% | +3.3% | +1.3% | unavailable | — | +11.6% | −30.9% | unavailable |
| Net income | -70.6 m | -26.3 m | 43.5 m | 47.4 m | 178.9 m | 259.1 m | 61.1 m | 3.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | +44.8% | −76.4% | unavailable |
| Diluted EPS | -0.58 | -0.21 | 0.32 | 0.34 | 1.27 | 1.85 | 0.44 | 0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | — | +45.7% | −76.2% | unavailable |
| net % | -18.3% | -6.6% | 10.8% | 11.6% | 27.1% | 35.1% | 12.0% | 0.6% |
| Free cash flow | 25.7 m | 43.1 m | 108.5 m | 79.6 m | 215.5 m | 249.5 m | 119.9 m | 132.6 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 03 Jan 2026
- Cash
- 133.9 m USD
- Financial debt
- 0 USD
- Net debt
- -133.9 m USD
- Equity
- 714.1 m USD
- Total assets
- 883.1 m USD
- Debt / equity
- 0.00x
- Current ratio
- 3.09x
- ROE
- unavailable
- ROA
- 0.3%
- FCF margin
- 25.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 404.1 m | 408.1 m | 660.4 m | 737.2 m | 509.4 m | 523.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 165.7 m | 162.8 m | 208.3 m | 222.5 m | 169.0 m | 166.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 238.4 m | 245.3 m | 452.1 m | 514.7 m | 340.4 m | 356.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 78.6 m | 89.2 m | 135.8 m | 159.8 m | 159.3 m | 188.0 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 82.5 m | 95.3 m | 122.1 m | 137.2 m | 116.9 m | 153.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 59.0 m | 52.4 m | 187.4 m | 212.3 m | 34.5 m | 11.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 33.1 m | — | — | — | — | — | SEC (XBRL)· 24 Feb 2020verified |
| EBITDA | 92.1 m ≈ | — | — | — | — | — | SEC (XBRL)· 24 Feb 2020derived |
| Interest expense | 11.7 m | 3.7 m | 4.1 m | 3.0 m | 266.0 k | 264.0 k | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 45.1 m | 48.5 m | 182.1 m | 214.9 m | 36.2 m | 13.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 1.6 m | 1.1 m | 3.2 m | -44.2 m | -24.9 m | 10.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 43.5 m | 47.4 m | 178.9 m | 259.1 m | 61.1 m | 3.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 0.32 | 0.34 | 1.27 | 1.85 | 0.44 | 0.02 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 137.3 m | 141.3 m | 140.7 m | 139.8 m | 138.3 m | 138.2 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 118.1 m | 182.3 m | 145.7 m | 128.3 m | 136.3 m | 133.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 64.9 m | 64.6 m | 94.0 m | 104.4 m | 81.1 m | 102.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 55.0 m | 64.6 m | 110.4 m | 98.8 m | 103.4 m | 89.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 262.4 m | 333.8 m | 379.2 m | 367.9 m | 364.8 m | 363.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 39.2 m | 39.7 m | 47.6 m | 49.5 m | 53.0 m | 77.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 267.5 m | 267.5 m | 315.4 m | 315.4 m | 315.4 m | 315.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 7.0 m | 6.3 m | 25.1 m | 21.0 m | 4.6 m | 4.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 612.0 m | 680.1 m | 798.7 m | 840.9 m | 843.9 m | 883.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 44.4 m | 27.5 m | 42.0 m | 34.5 m | 36.8 m | 56.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 21.5 m | 12.8 m | 0 | — | — | — | SEC (XBRL)· 17 Feb 2023verified |
| Long-term debt | 125.1 m | 157.9 m | 128.8 m | 0 | — | 0 | SEC (XBRL)· 03 Nov 2026verified |
| Current liabilities | 99.8 m | 79.7 m | 127.4 m | 97.4 m | 99.6 m | 117.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 284.4 m | 295.6 m | 311.6 m | 148.9 m | 133.0 m | 169.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 327.7 m † | 384.4 m † | 487.2 m † | 692.0 m † | 710.9 m † | 714.1 m † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 124.1 m | 91.7 m | 238.8 m | 269.6 m | 140.9 m | 175.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 15.6 m | 12.1 m | 23.3 m | 20.1 m | 21.0 m | 42.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 108.5 m ≈ | 79.6 m ≈ | 215.5 m ≈ | 249.5 m ≈ | 119.9 m ≈ | 132.6 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -15.5 m | -20.9 m | -34.9 m | -33.3 m | -37.7 m | -62.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | -109.9 m | -8.1 m | -188.1 m | -253.7 m | -94.5 m | -115.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 0 | 15.0 m | 110.1 m | 80.0 m | 67.0 m | 100.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 37 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet66
- Valuation18
- Quality73
- Growth0
- Returns37
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.99 – 78.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)13.99 – 24.27 (Mid 17.96)WACC 9.0% · starting FCFF 251.0 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales19.81 – 78.34 (Mid 42.95)24 companies used · median multiple 8.5x · quartiles 4.4x – 14.7xAAOI, ADI, AMAT, AMD, AVGO, AXTI, FSLR, FTCI, INTC, MCHP, MRAM, MRVL, MTSI, MU, MXL, NVDA, NXPI, ON, Q, SMTC, TE, TSEM, TXN, UCTT
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 37/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 68.6% | 72 (on a fixed band) | 13% |
| EBIT margin · Quality | 9.1% | 47 (vs peers) | 10% |
| FCF margin · Quality | 30.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -10.8% | 0 (on a fixed band) | 20% |
| Revenue growth (YoY) · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 66 (on a fixed band) | 8% |
| EV/Sales · Valuation | 19.8x | 8 (vs peers) | 20% |
| FCF yield · Valuation | 1.6% | 32 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 0.2% | 37 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial66/100 · 1/2 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns37/100 · 1/1 factors with a value
- Valuation18/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lattice Semiconductor Corp (LSCC). Latest full fiscal year: 2026; data up to 2026-10-03.
Figures computed from the financial statements: revenue 523.3 m USD in 2026; net margin 5.5%; ROE 4.2%.
The estimated value range is 16.90–51.31 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.46 USD, the price of 107.25 USD leaves a potential of -71.6% (value / price − 1) and a margin of safety of -252.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 68.6%
- FCF margin: 30.0%
What contradicts it
- Revenue CAGR 3Y: -10.8%
- EV/Sales: 19.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue growth (YoY), Net debt / EBITDA.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Company Limited | 10,262.8 bn | 291.0 | 29.3% | 40.0% | +25.0% | +36% / +307% |
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| TSEMTower Semiconductor Ltd. | 16.7 bn | 76.7 | 7.9% | 14.1% | +9.1% | +38% / +443% |
| LSCCLattice Semiconductor Corp | 15.3 bn | 330.1 | 4.2% | 5.5% | unavailable | +70% / +86% |
| SMTCSemtech Corporation | 10.3 bn | — | -5.8% | -3.0% | +15.5% | +50% / +578% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| MXLMaxLinear, Inc. | 5.2 bn | — | -5.9% | -4.4% | +29.7% | +265% / +204% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
1- and 3-year price returns: for LSCC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 55.52 Total return -48% · Per year -48% | 98.65 Total return -8% · Per year -8% | 149.27 Total return 39% · Per year 39% |
| 3 years | 44.08 Total return -59% · Per year -26% | 89.03 Total return -17% · Per year -6% | 149.27 Total return 39% · Per year 12% |
| 5 years | 35.00 Total return -67% · Per year -20% | 80.35 Total return -25% · Per year -6% | 149.27 Total return 39% · Per year 7% |
- Exit P/E± 22.26
- Net margin± 15.58
- Annual revenue growth± 14.07
- Annual dilution± 1.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Lattice Semiconductor designs low power programmable logic chips (FPGAs) used from data center servers to industrial and automotive systems 1. The company is in a visible recovery, with revenue up 62% in the second quarter of fiscal 2026 3, and the AMI acquisition, closed in July 2026, extends it into platform firmware for cloud and AI 3.
SWOT
Strengths
- The company has recognized positioning in low power consumption and small form factors, supported by long-standing customer relationships and product families on the market for over two decades.
- Gross margins improved and in the second quarter of fiscal 2026 exceeded seventy percent, while operating cash flow grew significantly.
- The IP licensing and patent portfolio adds diversified revenue that does not depend only on selling chips.
Weaknesses
- The share of revenue from the industrial and automotive segment has fallen considerably, making the company more dependent on a narrower group of customers.
- The company depends on external foundries and subcontractors in Asia, exposing it to geopolitical and logistics risks.
- Research and development spending has risen sharply, and operating margin pressure remains sensitive to revenue trends.
Opportunities
- AI demand in servers and edge systems could open new design wins, particularly with the AMI integration.
- The AMI acquisition could broaden the addressable market toward platform firmware and infrastructure manageability for cloud and AI.
- Expansion of post-quantum security products could attract customers seeking adaptable programmable solutions.
Threats
- Tariffs, export controls and possible trade restrictions could reduce access to some markets or raise costs.
- Competitors with much greater resources could erode the company's share, especially in high-volume segments.
- Tensions between Taiwan and China could disrupt regional suppliers on which the company depends.
Risks
- Geopolitical exposure of the supply chainhigh
The company buys wafers from foreign foundries and uses subcontractors in Asia; a regional conflict could interrupt production and shipments.
- Tariffs and export restrictionshigh
US trade measures, including possible tariffs under Section 232, could raise costs and reduce demand in certain regions.
- Irregular IP and patent revenuemedium
IP revenue is irregular because patent sales and significant licensing deals occur intermittently and can change the gross margin.
- Integration of the AMI acquisitionmedium
Integrating an acquisition of this size could face operational difficulties, retention issues or unforeseen costs.
- Cyclicality of end marketsmedium
Downturns in industrial and automotive, already seen in fiscal 2025, could return if demand weakens again.
Investment thesis
What would need to be true (bull case)
- Rising revenue, expanding margins and strong cash flow could show the business model gaining operating leverage; sustained AI demand could support that path.
- The AMI acquisition and the move toward complete management and control platforms could broaden the addressable market and attract hyperscaler customers.
- Strong design-win momentum and record new contracts, especially in data centers, could support continued growth in new product revenue.
What would break the thesis
- Rapid growth is concentrated in a few data center customers, and a cut in their investment could affect results significantly.
- Exposure to the Asian supply chain and trade restrictions could raise costs or delay deliveries.
- Integrating a large acquisition alongside high development spending could erode the efficiency gains promised.
What to watch
- Delivery against FPGA and total revenue guidance, including the two-month AMI contributionQ3 2026
- Non-GAAP gross margin performance against the roughly 69.5% targetQ3 2026
- Integration of AMI and its contribution to revenue and marginsnext 10-K
- Evolution of industrial and automotive demand after the first-half recovery2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Lattice Semiconductor Corporation develops technologies it monetizes through programmable logic semiconductor products, silicon-enabling products, system solutions, design services and technology licenses 1. Its main products are small and mid-range FPGA families built on the Nexus, Nexus 2 and Avant platforms, aimed at connectivity, control and security 1. The company presents itself as the low power programmable leader and aims to address the network from Edge to Cloud 1.
Segments
Industrial and Embedded
The segment covers factory automation, robotics, automotive electronics, industrial IoT, smart home and consumer applications. Demand has recovered after a weak year and grew 18% in the same six-month period 2. Its share of revenue has fallen as the computing segment expanded quickly 2.
Trends
- AI demand in data centerstailwind
The growth of AI servers and network infrastructure leads to FPGAs being used for control and connect functions, which could support revenue growth in the computing segment if this demand persists.
- Replacement of ASICs by FPGAstailwind
Rising development costs of ASICs and ASSPs could lead customers to allocate more functions to programmable FPGAs, which could support the company's longer-term market 1.
- Tariffs and export controlsheadwind
US tariffs on semiconductors and export restrictions could raise costs and disrupt supply chains, given that Lattice relies on foundries and subcontractors outside the United States 1.
- Industrial and automotive cyclemixed
Demand in industrial and automotive fell in fiscal 2025 due to softer demand and customer inventory normalization 1, though the recent recovery could signal a change; the outcome remains uncertain.
Competitive position
The company competes with other FPGA vendors and with producers of ASICs, ASSPs and microcontrollers, but at times acts as a companion chip to other devices 1. According to the source, competitors have significantly greater resources than Lattice 1.
- Other FPGA vendors
Companies offering competing programmable chips, referred to generically in the filing without names.
- ASIC producers
Application-specific integrated circuits that can replace FPGAs in large, stable designs.
- ASSP producers
Application-specific standard parts competing in control and connect functions.
- Microcontroller producers
Solutions that can take over control functions, though slower than the parallel architecture of FPGAs.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Author Correction: Perovskite lattice compliance enables efficient and stable bifacial perovskite/silicon tandem photovoltaicsNature Energy · 04 Nov 2026 · EN
- Highly Efficient Molecular-to-Lattice Chirality Transfer in Benzene-Based Dion–Jacobson Perovskites for Circularly Polarized Light DetectionACS Nano · 03 Nov 2026 · EN
- Photodoping-Driven Lattice Expansion Enables Polarization Enhancement in Sliding Ferroelectric MoS2ACS Nano · 02 Nov 2026 · EN
- Ordering Mixed-Q Topological Magnetism into Lattice via Moiré EngineeringJournal of the American Chemical Society · 30 Oct 2026 · EN
- Sulfur-Induced Lattice Disordering in Halide Electrolytes Enables Superionic Sodium-Ion ConductionACS Nano · 29 Oct 2026 · EN
- Perovskite lattice compliance enables efficient and stable bifacial perovskite/silicon tandem photovoltaicsNature Energy · 29 Oct 2026 · EN
- Integrating Lattice and Molecular Oxygen Pathways to Enhance Toluene Oxidation via Mn Substitution in Fe x Co3– x O4 SpinelEnvironmental Science & Technology · 22 Oct 2026 · EN
- Laser-made lattice reveals discrete light solitons in tunable atomic vaporPhys.org · 21 Oct 2026 · EN
- Surface-Confined Pt–Ov–Mn Atomic Interfaces Promote Deep Benzene Mineralization through Coupled Electron Transfer and Lattice-Oxygen ActivationEnvironmental Science & Technology · 21 Oct 2026 · EN
- Light Ignites Lattice Oxygen in an Asymmetric MotifJournal of the American Chemical Society · 12 Oct 2026 · EN
- Lattice-Oxygen-Mediated Electronic Reconstruction of High-Entropy Oxides for Durable Fenton-like Water TreatmentEnvironmental Science & Technology · 09 Oct 2026 · EN
- Interfacial pH Dynamics in Lattice-Nitrogen Protonation to AmmoniaJournal of the American Chemical Society · 07 Oct 2026 · EN
- In Situ Reaction-Induced Surface Lattice Strengthening of Cs x FA1– x PbI3 Perovskite Quantum Dots for Solar Cells with 18.55% EfficiencyACS Nano · 06 Oct 2026 · EN
- Lattice Parameter Governs Magnetic Ground State Selection in Tsai-Type Intermetallic CompoundsJournal of the American Chemical Society · 30 Sept 2026 · EN
- “Spike-Accessed” Polymer-Based Interphase-Engineered Surface-to-Bulk Lattice Stabilization for Ni-Rich Positive ElectrodesJournal of the American Chemical Society · 24 Sept 2026 · EN
- Disentangling Electronic and Lattice Contributions to Transient Absorption in Metal Halide Perovskites: A First-Principles Study of CH3NH3PbBr3Journal of the American Chemical Society · 22 Sept 2026 · EN
- Chiral Lattice Distortion Enables Bright Near-Infrared Circularly Polarized Luminescence in Lead-Free Metal HalidesJournal of the American Chemical Society · 21 Sept 2026 · EN
- Inositol Hexakisphosphate Promotes Open Pore State in HIV Capsid Protein Lattice by Reconfiguring Subunit ContactsACS Nano · 19 Sept 2026 · EN
- Lattice Semiconductor SVP Desale Sells 4,279 Shares for $452,000Yahoo Finance — News · 19 Sept 2026 · EN
- Interplay of Lattice Distortion and Cation Disorder Governs Li-Ion Transport in Cation-Disordered Rocksalt CathodesJournal of the American Chemical Society · 18 Sept 2026 · EN
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report (amendment)30 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report22 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)13 Oct 2026Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02 · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 May 2026Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-03 · SEC / Lattice Semiconductor Corporation · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-04 · SEC / Lattice Semiconductor Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lattice Semiconductor Corporation · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.