olivLaw · US equity research
Semtech Corporation SMTC
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Semtech is a provider of high-performance semiconductors for data center networking, IoT connectivity and cellular infrastructure, with adjusted operating margins rising. In the second quarter of fiscal 2027 net sales reached 341.9 million USD, up 33% year-over-year. The company reported record backlog and growth prospects that depend heavily on AI demand.
At the close of 04 Nov 2026, Semtech Corporation (SMTC) stock was 110.96 USD (−12.92% on the day), with market capitalisation 10.3 bn USD, beta 2.73, 52-week range 62.57–197.20 USD. Latest reported quarter (Q1 2027): revenue of 291.0 m USD (+15.9% YoY), net income of 26.6 m USD (+37.3% YoY), diluted EPS 0.27 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)
- 33.2
- weak (30–45)
- Bollinger (20, 2)
- 103.95 – 185.18
- in the lower half of the band · %B 0.09 · band width 56.2%
- SMA 50 / 200
- 156.92 / 125.65
- mixed trend
- MACD (12, 26, 9)
- -11.39 / -8.46
- MACD below 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 | −42.5% | −1.1% | −41.4 pp | — |
| 3 months | −8.5% | −0.5% | −8.0 pp | — |
| 6 months | −6.9% | +4.4% | −11.3 pp | — |
| Year to date | +50.6% | +12.3% | +38.3 pp | — |
| 1 year | +72.2% | +13.5% | +58.7 pp | +35.9% |
| 3 years | +653.8% | +76.4% | +577.4 pp | +30.5% |
| 5 years | +23.0% | +63.7% | −40.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 26 Apr 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 215.4 m | 236.8 m | 251.0 m | 251.1 m | 257.6 m | 267.0 m | 274.4 m | 291.0 m |
| Cost of revenue | 109.9 m | 115.9 m | 120.5 m | 119.8 m | 123.5 m | 128.5 m | 136.1 m | 139.6 m |
| Gross profit | 105.5 m | 121.0 m | 130.5 m | 131.3 m | 134.1 m | 138.5 m | 138.3 m | 151.5 m |
| Research & development | 40.1 m | 42.6 m | 46.7 m | 47.5 m | 48.2 m | 49.4 m | 51.2 m | 57.6 m |
| SG&A | 55.8 m | 59.8 m | 54.5 m | 46.4 m | 58.5 m | 57.1 m | 59.8 m | 66.6 m |
| Operating income | 7.8 m | 17.8 m | 21.2 m | 36.0 m | -16.2 m | 31.1 m | -18.3 m | 25.8 m |
| Depreciation & amortisation | 12.6 m ≈ | 10.1 m ≈ | — | 10.2 m | 10.3 m ≈ | 10.1 m ≈ | — | 9.2 m |
| Interest expense | 23.5 m | 21.3 m | 21.6 m | 5.4 m | 4.7 m | 3.4 m | 27.0 m | 766.0 k |
| Pre-tax income | -166.1 m | -3.6 m | 6.5 m | 27.0 m | -22.2 m | 4.4 m | -30.4 m | 25.1 m |
| Income tax | 4.2 m | 4.0 m | -33.2 m | 8.7 m | 4.8 m | 7.3 m | -937.0 k | 112.0 k |
| Net income | -170.3 m | -7.6 m | 39.1 m | 19.3 m | -27.1 m | -2.9 m | -29.8 m | 26.6 m |
| Diluted EPS | -2.61 | -0.10 | 0.48 ≈ | 0.22 | -0.31 | -0.03 | -0.32 ≈ | 0.27 |
| Operating cash flow | -5.0 m ≈ | 29.6 m ≈ | 33.5 m | 27.8 m | 44.4 m ≈ | 47.5 m ≈ | 61.5 m | 36.2 m |
| Capex | 3.4 m ≈ | 483.0 k ≈ | 2.6 m | 1.7 m | 2.9 m ≈ | 2.8 m ≈ | 2.4 m | 8.2 m |
≈ 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.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 627.2 m | 547.5 m | 595.1 m | 740.9 m | 756.5 m | 868.8 m | 909.3 m | 1.0 bn |
| Revenue YoY | +6.7% | −12.7% | +8.7% | +24.5% | +2.1% | +14.8% | +4.7% | +15.5% |
| Net income | 69.6 m | 31.9 m | 59.9 m | 125.7 m | 61.4 m | -1.1 bn | -161.9 m | -40.4 m |
| Net income YoY | +101.0% | −54.2% | +88.0% | +109.8% | −51.2% | −1,879.1% | unavailable | unavailable |
| Diluted EPS | 1.02 | 0.47 | 0.91 | 1.92 | 0.96 | -17.03 | -2.26 | -0.46 |
| Diluted EPS YoY | +100.0% | −53.9% | +93.6% | +111.0% | −50.0% | −1,874.0% | unavailable | unavailable |
| net % | 11.1% | 5.8% | 10.1% | 17.0% | 8.1% | -125.7% | -17.8% | -3.8% |
| Free cash flow | 166.5 m | 95.6 m | 86.2 m | 176.9 m | 98.4 m | -123.1 m | 50.1 m | 171.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 25 Jan 2026
- Cash
- 195.2 m USD
- Financial debt
- 491.2 m USD
- Net debt
- 296.1 m USD
- Equity
- 549.7 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- 0.89x
- Current ratio
- 2.37x
- ROE
- -7.4%
- ROA
- -2.9%
- FCF margin
- 16.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 595.1 m | 740.9 m | 756.5 m | 868.8 m | 909.3 m | 1.0 bn | SEC (XBRL)· 23 Mar 2026verified |
| Cost of revenue | 239.2 m | 279.7 m | 278.0 m | 572.5 m | 452.8 m | 507.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Gross profit | 355.9 m | 461.1 m | 478.6 m | 296.3 m | 456.5 m | 542.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Research & development | 117.5 m | 147.9 m | 166.9 m | 186.5 m | 170.9 m | 196.3 m | SEC (XBRL)· 23 Mar 2026verified |
| SG&A | 162.8 m | 168.2 m | 224.8 m | 220.2 m | 222.4 m | 221.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Operating income | 75.0 m | 145.0 m | 92.8 m | -944.3 m | 49.9 m | 32.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Interest expense | 5.3 m | 5.1 m | 17.6 m | 95.8 m | 90.1 m | 40.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Pre-tax income | 63.0 m | 139.1 m | 78.5 m | -1.0 bn | -183.4 m | -21.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Income tax | 3.4 m | 15.5 m | 17.3 m | 50.5 m | -22.0 m | 19.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Net income | 59.9 m | 125.7 m | 61.4 m | -1.1 bn | -161.9 m | -40.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Diluted EPS | 0.91 | 1.92 | 0.96 | -17.03 | -2.26 | -0.46 | SEC (XBRL)· 23 Mar 2026verified |
| Weighted average diluted shares | 66.1 m | 65.6 m | 64.0 m | 64.1 m | 71.6 m | 88.4 m | SEC (XBRL)· 23 Mar 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 268.9 m | 279.6 m | 235.5 m | 128.6 m | 151.7 m | 195.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Receivables | 70.4 m | 71.5 m | 161.7 m | 134.3 m | 162.5 m | 160.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Inventories | 87.5 m | 114.0 m | 207.7 m | 145.0 m | 163.6 m | 195.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Current assets | 474.7 m | 502.3 m | 722.8 m | 534.2 m | 585.5 m | 655.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Property, plant & equipment, net | 130.9 m | 134.9 m | 169.3 m | 153.6 m | 126.2 m | 109.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Goodwill | 351.1 m | 351.1 m | 1.3 bn | 541.2 m | 533.1 m | 457.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Intangibles (excl. goodwill) | 11.7 m | 6.8 m | 215.1 m | 35.6 m | 33.1 m | 40.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 2.6 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 23 Mar 2026verified |
| Short-term debt | — | 0 | 43.1 m | 0 | 45.6 m | 0 | SEC (XBRL)· 23 Mar 2026verified |
| Long-term debt | 179.2 m | 171.7 m | 1.3 bn | 1.4 bn | 505.9 m | 491.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Current liabilities | 109.6 m | 128.4 m | 396.9 m | 217.2 m | 283.0 m | 275.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Equity | 699.0 m | 737.8 m | 756.0 m | -307.3 m | 542.4 m | 549.7 m | SEC (XBRL)· 23 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 118.9 m | 203.1 m | 126.7 m | -93.9 m | 58.0 m | 181.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Capex | 32.7 m | 26.2 m | 28.3 m | 29.2 m | 7.9 m | 9.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Free cash flow | 86.2 m ≈ | 176.9 m ≈ | 98.4 m ≈ | -123.1 m ≈ | 50.1 m ≈ | 171.4 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Investing cash flow | -42.9 m | -40.3 m | -1.2 bn | -22.7 m | -11.9 m | -38.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Financing cash flow | -100.5 m | -152.1 m | 1.1 bn | 10.6 m | -21.7 m | -101.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Share repurchases | 71.4 m | 129.7 m | 50.0 m | 0 | 0 | — | SEC (XBRL)· 25 Mar 2025verified |
≈ 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: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet92
- Quality42
- Valuation29
- Growth50
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: 30.72 – 121.17 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)30.72 – 49.30 (Mid 37.92)WACC 9.1% · starting FCFF 203.4 m USD · terminal value share of EV 74%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/Sales40.01 – 121.17 (Mid 63.84)28 companies used · median multiple 5.8x · quartiles 3.7x – 10.7xAAOI, ADI, ALGM, AMAT, AMD, AMKR, AVGO, DIOD, FSLR, FTCI, ICHR, INTC, MCHP, MRAM, MRVL, MTSI, MU, MXL, NVDA, NXPI, ON, PLAB, Q, QUIK, SPCB, SYNA, TXN, WOLF
- 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
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 51.6% | 29 (on a fixed band) | 12% |
| EBIT margin · Quality | 2.1% | 35 (vs peers) | 10% |
| FCF margin · Quality | 15.9% | 64 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 11.5% | 46 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 15.5% | 56 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 92 (on a fixed band) | 7% |
| EV/Sales · Valuation | 9.8x | 25 (vs peers) | 19% |
| FCF yield · Valuation | 1.7% | 34 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial92/100 · 1/2 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation29/100 · 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
Semtech Corporation (SMTC). Latest full fiscal year: 2026; data up to 2026-04-26.
Figures computed from the financial statements: revenue 1.0 bn USD in 2026; YoY growth 15.5%; net margin -3.0%; ROE -5.8%.
The estimated value range is 35.37–85.24 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 50.88 USD, the price of 110.96 USD leaves a potential of -54.1% (value / price − 1) and a margin of safety of -118.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Gross margin: 51.6%
- EV/Sales: 9.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
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 | |
|---|---|---|---|---|---|---|
| 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% |
| ARMArm Holdings PLC | 204.1 bn | 225.6 | 12.0% | 18.4% | +22.8% | +41% / +212% |
| 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% |
| SMTCSemtech Corporation | 10.3 bn | — | -5.8% | -3.0% | +15.5% | +72% / +654% |
| AMKRAmkor Technology, Inc. | 8.8 bn | 14.4 | 13.6% | 8.3% | +6.2% | −2% / +27% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| CRUSCirrus Logic, Inc. | 5.8 bn | 14.6 | 19.5% | 20.2% | +5.3% | −4% / +53% |
| 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 SMTC 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
Semtech is a provider of high-performance semiconductors for data center networking, IoT connectivity and cellular infrastructure, with adjusted operating margins rising. In the second quarter of fiscal 2027 net sales reached 341.9 million USD, up 33% year-over-year 3. The company reported record backlog and growth prospects that depend heavily on AI demand.
SWOT
Strengths
- The company has rare expertise in analog and mixed-signal design, which lets it differentiate its products 1.
- Diversification across three segments and three end markets reduces vulnerability to pressure in any single area 1.
- Recent quarterly results show improving margins and a record backlog at the end of the second quarter 3.
Weaknesses
- Sales concentration among a few large customers and in China could increase exposure to order fluctuations 1.
- Most manufacturing is outsourced, which depends on suppliers located outside the country 1.
- GAAP results have been well below adjusted results in recent quarters, and past losses included goodwill impairment 3.
Opportunities
Threats
- Large competitors and hyperscale providers could develop their own solutions and reduce the company's share 1.
- Geopolitical tensions, export restrictions and tariffs could disrupt the supply chain and sales 12.
- AI infrastructure investment could correct sharply, which would reduce demand for the company's products 1.
Risks
- Customer concentrationhigh
A few large customers account for a significant share of sales and receivables, and losing one could affect results 1.
- Exposure to AI demandhigh
Concentration of demand in AI semiconductors increases cyclical and competitive risk, especially if technical requirements change quickly 1.
- Foreign supply chainmedium
Dependence on suppliers and contractors in China, Taiwan, Israel and other countries could delay production if disruptions occur 1.
- Pricing pressuremedium
Product prices usually decline over the life cycle, which could reduce margins if not offset by volume or new products 1.
- Macroeconomic and financial conditionslow
High interest rates, banking instability and geopolitical tensions could affect demand and access to financing 1.
Investment thesis
What would need to be true (bull case)
- If AI connectivity demand and the record backlog convert into revenue, growth in adjusted margins could continue 3.
- Diversification across three segments and three end markets could stabilize results in weak periods 1.
- The HieFo acquisition and photonic expansion could open new revenue sources in data centers 12.
What would break the thesis
- If hyperscale investment corrects, demand for the company's products could fall quickly 1.
- Dependence on a few large customers and on the China market could amplify the impact of a slowdown 1.
- The gap between GAAP and adjusted results shows that significant expenses are excluded from the core figures 3.
What to watch
- Delivery of the third-quarter sales and adjusted margin outlookQ3 2027
- Development of backlog and orders in the data center segmentQ3 2027
- Effects of completing the sale of the cellular module business classified as held for sale2027
- Share of large customers and China in annual sales in the next annual reportnext 10-K
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.
The business
Semtech designs, develops and markets analog and mixed-signal semiconductors for infrastructure, high-end consumer and industrial applications; the company was incorporated in Delaware in 1960 1. Its activity is organized in three reportable segments: Signal Integrity, Analog Mixed Signal and Wireless, and IoT Systems and Connectivity 1. Its end customers are mainly original equipment manufacturers, and the company outsources most manufacturing to foundries and assembly contractors 1. In March 2026 it acquired HieFo Corporation for approximately 34.0 million USD 1.
Segments
Signal Integrity
The segment designs optical and copper circuits for data communications, including for data centers, PON and base station optical transceivers, with interfaces from 100Mbps to 1.6Tbps 1. Segment net sales in the first half of fiscal 2027 were 228,176 thousand USD 2. The HieFo acquisition extended the company's photonic production for data center interconnects 2.
Market context
The analog and mixed-signal semiconductor market has longer product life cycles than the digital market, and its customer base is diverse and specialized 1. The company serves mainly infrastructure, high-end consumer and industrial markets, and in fiscal 2026 the industrial share was 55% of net sales 1. AI demand in data centers is an important growth driver but could become more cyclical if infrastructure investment corrects 1.
Trends
- Data center connectivity demandtailwind
Rising bandwidth needs and demand for high-speed connectivity, including for AI, support the company's optical and copper products 13. If hyperscale investment stays high, the Signal Integrity segment could keep growing.
- IoT and edge AI expansiontailwind
On-device AI in IoT applications and the adoption of edge computing support demand for the company's low-power solutions such as LoRa 1.
- Cyclicality of the semiconductor industryheadwind
The industry has periods of oversupply and falling prices, and orders can be cancelled or delayed in weak periods 1. Pricing pressure could limit margins if demand cools.
- Reliance on foreign suppliers and trademixed
The company depends on foundries and contractors outside the United States, and export restrictions and tariffs can affect sales and gross profit 12. The effect depends on future trade policy.
Competitive position
Semtech competes in analog and mixed-signal semiconductors with firms that have large research and development resources, and the sources consulted do not detail each competitor's position. AI demand also attracts hyperscale providers and well-capitalized competitors, who could develop their own solutions 1. The company notes that some distributors also sell competing products, which is customary in the industry 1.
- Hyperscale providers and well-capitalized competitors
The risk that they develop or adapt technology in-house for AI connectivity is noted in the annual report 1.
- Distributors carrying competing product lines
Some of the company's distributors also sell competing products, a common practice in the industry 1.
- Analog and digital semiconductor manufacturers
The sources describe market competition in general terms without naming specific firms 1.
- IoT module and connectivity service providers
The IoT segment competes with module and connectivity providers, with no further detail in the sources 1.
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
- What Makes Semtech Corp. (SMTC) a Key Enabler of AI Data Infrastructure?Yahoo Finance — News · 23 Sept 2026 · EN
- Semtech’s (SMTC) LoRa Plus Expansion Is Bigger Than Two New ChipsYahoo Finance — News · 20 Sept 2026 · EN
- Semtech Corporation Q2 2027 Earnings Call SummaryYahoo Finance — News · 26 Aug 2026 · EN
- Semtech Q2 Earnings Call HighlightsYahoo Finance — News · 25 Aug 2026 · EN
- Chipmaker Semtech Smashes Sales, Earnings Targets. Stock Rises.Yahoo Finance — News · 25 Aug 2026 · EN
- Dear Semtech Stock Fans, Mark Your Calendars for August 25Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 15 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report15 Oct 2026Regulation FD disclosure
- Quarterly report26 Aug 2026
- Current report25 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Other events · Financial statements and exhibits
- Current report06 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Shareholder vote
- Quarterly report27 May 2026
- Current report26 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement21 Apr 2026
- Annual report23 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-25 · SEC / Semtech Corporation · 23 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-26 · SEC / Semtech Corporation · 26 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Semtech Corporation · 25 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.