olivLaw · US equity research
Skyworks Solutions, Inc. SWKS
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Skyworks Solutions designs and manufactures analog and mixed-signal semiconductors for wireless connectivity, automotive, data centers and industry. The company is pursuing a combination with Qorvo that would change the scale and structure of its business, with revenue of 935 million dollars in the third fiscal quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Skyworks Solutions, Inc. (SWKS) stock was 82.92 USD (−2.90% on the day), with market capitalisation 12.5 bn USD, P/E 42.9 on diluted EPS of 1.93 USD over the last 12 months, dividend yield 3.42%, beta 1.54, 52-week range 52.50–91.45 USD. Latest reported quarter (Q3 2026): revenue of 934.8 m USD (−3.1% YoY), net income of 33.9 m USD (−67.7% YoY), diluted EPS 0.22 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)
- 49.6
- neutral
- Bollinger (20, 2)
- 74.11 – 89.91
- in the upper half of the band · %B 0.56 · band width 19.3%
- SMA 50 / 200
- 81.55 / 68.05
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.27 / 1.15
- 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 | −1.2% | −1.1% | −0.1 pp | — |
| 3 months | +23.8% | −0.5% | +24.2 pp | — |
| 6 months | +27.6% | +4.4% | +23.2 pp | — |
| Year to date | +30.8% | +12.3% | +18.5 pp | — |
| 1 year | +15.2% | +13.5% | +1.6 pp | +35.9% |
| 3 years | −8.9% | +76.4% | −85.3 pp | +34.4% |
| 5 years | −49.5% | +63.7% | −113.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 03 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 953.2 m | 965.0 m | 1.1 bn | 1.0 bn | 943.7 m | 934.8 m |
| Cost of revenue | 595.2 m | 626.6 m | 561.6 m | 564.0 m | 652.7 m | 608.2 m | 558.4 m | 559.8 m |
| Gross profit | 429.8 m | 441.9 m | 391.6 m | 401.0 m | 447.5 m | 427.2 m | 385.3 m | 375.0 m |
| Research & development | 163.6 m | 176.4 m | 186.5 m | 199.4 m | 223.1 m | 203.4 m | 212.4 m | 207.8 m |
| SG&A | 74.1 m | 82.6 m | 88.0 m | 89.3 m | 111.6 m | 108.4 m | 119.7 m | 98.7 m |
| Operating income | 59.4 m | 181.1 m | 97.3 m | 110.6 m | 111.0 m | 103.8 m | 42.1 m | 48.5 m |
| Interest expense | 6.9 m | 6.8 m | 6.8 m | 6.6 m | 6.9 m | 6.3 m | 7.5 m | 5.9 m |
| Pre-tax income | 58.4 m | 190.4 m | 102.4 m | 112.0 m | 122.0 m | 109.7 m | 45.4 m | 48.8 m |
| Income tax | -2.1 m | 28.4 m | 33.7 m | 7.0 m | -19.4 m | 30.5 m | 9.8 m | 14.9 m |
| Net income | 60.5 m | 162.0 m | 68.7 m | 105.0 m | 141.4 m | 79.2 m | 35.6 m | 33.9 m |
| Diluted EPS | 0.37 ≈ | 1.00 | 0.43 | 0.70 | 0.94 ≈ | 0.53 | 0.24 | 0.22 |
| Operating cash flow | 476.1 m | 377.2 m | 409.4 m ≈ | 314.2 m ≈ | 200.0 m | 395.5 m | 50.3 m ≈ | 70.4 m ≈ |
| Capex | 82.8 m | 39.0 m | 38.5 m ≈ | 61.5 m ≈ | 56.0 m | 56.5 m | 82.4 m ≈ | 87.1 m ≈ |
| Dividends paid | 112.0 m | 112.5 m | 110.6 m | 103.9 m | 105.6 m | 106.4 m | 106.8 m | 106.9 m |
| Share repurchases | 0 | — | — | 330.2 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 100 percentile of its own 39-quarter history (min 10.8, median 19.9, max 32.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 3.4 bn | 3.4 bn | 5.1 bn | 5.5 bn | 4.8 bn | 4.2 bn | 4.1 bn |
| Revenue YoY | +5.9% | −12.7% | −0.6% | +52.3% | +7.4% | −13.0% | −12.5% | −2.2% |
| Net income | 918.4 m | 853.6 m | 814.8 m | 1.5 bn | 1.3 bn | 982.8 m | 596.0 m | 477.1 m |
| Net income YoY | −9.1% | −7.1% | −4.5% | +83.9% | −14.9% | −22.9% | −39.4% | −19.9% |
| Diluted EPS | 5.01 | 4.89 | 4.80 | 8.97 | 7.81 | 6.13 | 3.69 | 3.08 |
| Diluted EPS YoY | −7.4% | −2.4% | −1.8% | +86.9% | −12.9% | −21.5% | −39.8% | −16.5% |
| net % | 23.7% | 25.3% | 24.3% | 29.3% | 23.2% | 20.6% | 14.3% | 11.7% |
| Free cash flow | 838.3 m | 969.0 m | 815.1 m | 1.1 bn | 935.2 m | 1.6 bn | 1.7 bn | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 03 Oct 2025
- Cash
- 1.2 bn USD
- Financial debt
- 995.8 m USD
- Net debt
- -165.5 m USD
- Equity
- 5.8 bn USD
- Total assets
- 7.9 bn USD
- Debt / equity
- 0.17x
- Current ratio
- 2.33x
- ROE
- 7.9%
- ROA
- 5.9%
- FCF margin
- 27.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.4 bn | 5.1 bn | 5.5 bn | 4.8 bn | 4.2 bn | 4.1 bn | SEC (XBRL)· 07 Nov 2025verified |
| Cost of revenue | 1.7 bn | 2.6 bn | 2.9 bn | 2.7 bn | 2.5 bn | 2.4 bn | SEC (XBRL)· 07 Nov 2025verified |
| Gross profit | 1.6 bn | 2.5 bn | 2.6 bn | 2.1 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 07 Nov 2025verified |
| Research & development | 464.1 m | 532.3 m | 617.9 m | 606.8 m | 631.7 m | 785.5 m | SEC (XBRL)· 07 Nov 2025verified |
| SG&A | 231.4 m | 322.5 m | 329.8 m | 314.0 m | 300.8 m | 371.5 m | SEC (XBRL)· 07 Nov 2025verified |
| Operating income | 891.8 m | 1.6 bn | 1.5 bn | 1.1 bn | 637.4 m | 500.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Interest expense | 0 | -13.4 m | 47.9 m | 64.4 m | 30.7 m | 27.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Pre-tax income | 891.7 m | 1.6 bn | 1.5 bn | 1.1 bn | 636.4 m | 526.7 m | SEC (XBRL)· 07 Nov 2025verified |
| Income tax | 76.9 m | 100.4 m | 201.4 m | 96.0 m | 40.4 m | 49.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Net income | 814.8 m | 1.5 bn | 1.3 bn | 982.8 m | 596.0 m | 477.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Diluted EPS | 4.80 | 8.97 | 7.81 | 6.13 | 3.69 | 3.08 | SEC (XBRL)· 07 Nov 2025verified |
| Weighted average diluted shares | 169.9 m | 167.0 m | 163.3 m | 160.3 m | 161.5 m | 155.1 m | SEC (XBRL)· 07 Nov 2025verified |
| Dividend per share | 1.82 | 2.06 | 2.30 | 2.54 | 2.74 | 2.81 | SEC (XBRL)· 07 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 566.7 m | 882.9 m | 566.0 m | 718.8 m | 1.4 bn | 1.2 bn | SEC (XBRL)· 07 Nov 2025verified |
| Inventories | 806.0 m | 885.0 m | 1.2 bn | 1.1 bn | 784.8 m | 754.7 m | SEC (XBRL)· 07 Nov 2025verified |
| Current assets | 2.3 bn | 2.9 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.1 bn | SEC (XBRL)· 07 Nov 2025verified |
| Property, plant & equipment, net | 1.2 bn | 1.5 bn | 1.6 bn | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 07 Nov 2025verified |
| Goodwill | 1.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 07 Nov 2025verified |
| Intangibles (excl. goodwill) | 53.5 m | 1.7 bn | 1.4 bn | 1.2 bn | 900.5 m | 809.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Total assets | 5.1 bn | 8.6 bn | 8.9 bn | 8.4 bn | 8.3 bn | 7.9 bn | SEC (XBRL)· 07 Nov 2025verified |
| Accounts payable | 226.9 m | 236.0 m | 274.2 m | 159.2 m | 171.8 m | 236.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Short-term debt | — | 0 | 499.2 m | 299.4 m | 0 | 499.4 m | SEC (XBRL)· 07 Nov 2025verified |
| Long-term debt | 0 | 2.2 bn | 1.7 bn | 992.9 m | 994.3 m | 496.4 m | SEC (XBRL)· 07 Nov 2025verified |
| Current liabilities | 448.4 m | 658.5 m | 1.2 bn | 955.7 m | 602.7 m | 1.3 bn | SEC (XBRL)· 07 Nov 2025verified |
| Total liabilities | 942.5 m | 3.3 bn | 3.4 bn | 2.3 bn | 1.9 bn | 2.2 bn | SEC (XBRL)· 07 Nov 2025verified |
| Equity | 4.2 bn † | 5.3 bn † | 5.5 bn † | 6.1 bn † | 6.3 bn † | 5.8 bn † | SEC (XBRL)· 07 Nov 2025verified |
† 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 1.8 bn | 1.4 bn | 1.9 bn | 1.8 bn | 1.3 bn | SEC (XBRL)· 07 Nov 2025verified |
| Capex | 389.4 m | 637.8 m | 489.4 m | 210.3 m | 157.0 m | 195.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Free cash flow | 815.1 m ≈ | 1.1 bn ≈ | 935.2 m ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 07 Nov 2025derived |
| Investing cash flow | -581.4 m | -3.1 bn | -378.9 m | -224.4 m | -355.9 m | -234.0 m | SEC (XBRL)· 07 Nov 2025verified |
| Financing cash flow | -907.7 m | 1.7 bn | -1.4 bn | -1.5 bn | -819.0 m | -1.3 bn | SEC (XBRL)· 07 Nov 2025verified |
| Dividends paid | 307.0 m | 340.6 m | 373.1 m | 405.2 m | 439.1 m | 432.6 m | SEC (XBRL)· 07 Nov 2025verified |
| Share repurchases | 647.5 m | 195.6 m | 886.8 m | 175.3 m | 77.3 m | 830.2 m | SEC (XBRL)· 07 Nov 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: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation74
- Returns91
- Quality29
- Balance sheet100
- Growth8
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: 34.62 – 348.48 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)34.62 – 51.73 (Mid 41.26)WACC 9.1% · starting FCFF 457.9 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 28.3%
- Peers: EV/Sales92.92 – 348.48 (Mid 155.54)26 companies used · median multiple 5.8x · quartiles 3.4x – 13.0xAAOI, ADI, ALGM, AMAT, AMD, AVGO, FSLR, GFS, ICHR, INTC, JKS, MCHP, MRAM, MRVL, MTSI, MU, NVDA, NXPI, ON, PENG, Q, QUIK, SPCB, TE, 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 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 40.7% | 2 (on a fixed band) | 11% |
| EBIT margin · Quality | 7.6% | 47 (vs peers) | 9% |
| FCF margin · Quality | 10.8% | 43 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -9.3% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | -2.2% | 23 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 3.0x | 78 (vs peers) | 18% |
| FCF yield · Valuation | 3.5% | 70 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 3.5% | 91 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth8/100 · 2/2 factors with a value
- Quality29/100 · 3/3 factors with a value
- Returns91/100 · 1/1 factors with a value
- Valuation74/100 · 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
SKYWORKS SOLUTIONS, INC. (SWKS). Latest full fiscal year: 2025; data up to 2026-07-03.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth -2.2%; net margin 7.2%; ROE 5.1%.
The estimated value range is 63.77–200.11 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 98.40 USD, the price of 82.92 USD leaves a potential of 18.7% (value / price − 1) and a margin of safety of 15.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.1x
- EV/Sales: 3.0x
- Shareholder yield (distributions): 3.5%
What contradicts it
- Gross margin: 40.7%
- Revenue CAGR 3Y: -9.3%
- Revenue growth (YoY): -2.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): 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 | |
|---|---|---|---|---|---|---|
| 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 |
| GFSGLOBALFOUNDRIES Inc. | 22.4 bn | 25.4 | 7.8% | 13.0% | +0.6% | +13% / −25% |
| 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% |
| SWKSSkyworks Solutions, Inc. | 12.5 bn | 42.9 | 5.1% | 7.2% | −2.2% | +15% / −9% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
| HIMXHimax Technologies, Inc. | 3.6 bn | 80.3 | 4.9% | 5.3% | −8.2% | +38% / +83% |
| KLICKulicke And Soffa Industries, Inc. | 3.6 bn | 31.5 | 13.2% | 12.2% | −7.4% | +52% / +33% |
1- and 3-year price returns: for SWKS 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 | 44.24 Total return -45% · Per year -45% | 78.60 Total return -3% · Per year -3% | 118.94 Total return 46% · Per year 46% |
| 3 years | 35.13 Total return -53% · Per year -22% | 70.94 Total return -8% · Per year -3% | 118.94 Total return 51% · Per year 15% |
| 5 years | 27.89 Total return -60% · Per year -17% | 64.02 Total return -13% · Per year -3% | 118.94 Total return 57% · Per year 9% |
- Exit P/E± 17.73
- Net margin± 12.41
- Annual revenue growth± 11.21
- Annual dilution± 1.04
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 28 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
Skyworks Solutions designs and manufactures analog and mixed-signal semiconductors for wireless connectivity, automotive, data centers and industry. The company is pursuing a combination with Qorvo that would change the scale and structure of its business, with revenue of 935 million dollars in the third fiscal quarter of 2026 3.
SWOT
Strengths
- A broad portfolio of RF and analog solutions, supported by a large patent library and a globally scaled supply chain 1.
- Long-standing relationships with leading customers and a position as a system solutions provider rather than just a component vendor 1.
- Growth in Broad Markets, led by automotive and data center, shows that diversification is progressing 3.
Weaknesses
- Dependence on a small number of customers, notably one major customer, makes revenue sensitive to their decisions 1.
- Gross margins weakened in fiscal 2025 due to product mix, lower selling prices and facility consolidation costs 1.
- Research spending rose sharply, weighing on operating profitability in recent quarters 13.
Opportunities
- If the Qorvo combination closes, the combined company could have a broader portfolio and more opportunities for synergies 2.
- Demand in automotive and data centers could keep growing, with a pipeline of new design wins in these segments 3.
- Adoption of 5G, IoT and new wireless standards could create new demand for the company's solutions 1.
Threats
- Delay or failure of the Qorvo combination could bring costs and a termination fee of hundreds of millions of dollars 2.
- Trade rules, export controls and geopolitical tensions could affect supply chains and sales 2.
- Competition from better-resourced companies and falling prices could erode market position 1.
Risks
- Regulatory approvals for Qorvohigh
Closing depends on antitrust and foreign investment approvals, and investigations could delay the deal or impose conditions 12.
- Higher indebtednesshigh
The acquisition financing could reduce the financial flexibility of the combined company and increase sensitivity to interest rates 13.
- Dependence on large customershigh
A small number of customers generates a large share of revenue, and a loss of share at one of them can affect results 1.
- Industry cyclicalitymedium
Demand for semiconductors can fall sharply, and prices tend to decline over time, which can press margins 1.
- International and China exposuremedium
International operations and exposure to China bring risks related to taxes, regulation and supply chains 1.
Investment thesis
What would need to be true (bull case)
- If the merger closes and synergies are achieved, the combined company could have a more diversified base and greater capacity to repurchase shares 23.
- Growth in automotive and data centers could offset weakness in mobile if the trend strengthens 3.
- The broad portfolio and patents can support a position as a system partner rather than only a component supplier 1.
What would break the thesis
What to watch
- Status of FTC and other regulatory approvals for the Qorvo combinationQ4 fiscal 2026
- Revenue and profit guidance for the fourth fiscal quarter of 2026Q4 fiscal 2026
- Execution of the roughly 2 billion dollar financing and the resulting debt level2027
- Demand trends in automotive and data centers relative to mobilenext 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.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
Skyworks Solutions, Inc. is a developer, manufacturer and provider of analog and mixed-signal solutions for numerous applications, from phones and tablets to automotive, cellular infrastructure, industrial and defense 1. Its portfolio covers amplifiers, SAW, TC-SAW and BAW filters, front-end modules, timing devices and digital power isolators 1. Key customers include Apple, Samsung, Tesla and Cisco, and a small number of OEMs has historically accounted for a significant portion of revenue 1.
The company operates worldwide, with engineering, manufacturing, sales and service facilities in Asia, Europe and North America 1. Products are sold through a direct sales force, electronic component distributors and independent sales representatives 1. Its hybrid manufacturing model combines internal capabilities with alliances for leading-edge technologies 1.
On October 27, 2025, Skyworks agreed to combine with Qorvo, with Qorvo becoming a wholly owned subsidiary of Skyworks, and Skyworks shareholders expected to own about 63% of the combined company 2. Closing was anticipated in early calendar 2027, but in July 2026 management said it was increasingly hopeful the deal could close within the calendar year 23.
Segments
Mobile
The mobile segment, covering smartphones and tablets, is described by management as performing well on healthy demand in the third fiscal quarter of 2026 3. For the fourth fiscal quarter of 2026, management expects sequential growth in the high-teens range, supported by new product launches at the largest customer 3.
Broad Markets
Broad Markets covers automotive, data center, industrial, infrastructure and other markets, and grew year over year in the third fiscal quarter of 2026, led by automotive and data center 3. Management expects it to represent about 39% of sales in the fourth fiscal quarter of 2026, with growth of roughly 5% year over year 3.
Market context
The wireless connectivity market is expanding as 5G, IoT, vehicle electrification and AI drive demand for speed and bandwidth 1. The annual report cites Ericsson and McKinsey forecasts of large increases in IoT connections and connected cars by 2030 1.
The company's revenue is seasonal, with its fourth and first fiscal quarters typically stronger due to consumer electronics production ahead of holiday sales 1. Average selling prices of established products typically decline across the industry, which pressures margins 1.
Trends
- Vehicle electrification and safetytailwind
The shift toward electric vehicles and advanced driver-assistance systems opens demand for power isolation, connectivity and digital radio content 1. If this demand solidifies, Broad Markets could offset the cyclicality of mobile 3.
- AI in data centers and phonestailwind
Management links AI to demand for faster networks and precision timing solutions, and the first wave of AI-capable phones could drive a stronger upgrade cycle 1. The effect remains conditional on actual customer adoption 1.
- Cyclicality of the semiconductor industryheadwind
The industry is highly cyclical and subject to significant downturns that can quickly affect volumes and prices 1. Lost share at a significant customer was the main reason for the revenue decline in fiscal 2025 1.
- Financing costs and integration pressuremixed
Interest, tax and integration costs could rise with the financing of the merger, and restructuring charges were significant 12. The net effect depends on realised synergies and the timing of closing 2.
Competitive position
Skyworks competes on time-to-market, innovation, performance, price and strategic relationships with customers and baseband vendors 1. Competitors named in the annual report include companies in analog, RF and power management, from Broadcom to Texas Instruments 1. The market is described as highly competitive, and some rivals may have greater resources for development 1.
The combination with Qorvo would change the competitive position, since Qorvo is a provider of connectivity and power solutions 2. It could make sense for combining RF portfolios, but integration and regulatory approvals are risks to watch 12.
- QorvoQRVO
Provider of connectivity and power solutions and partner in the announced combination with Skyworks 2.
- BroadcomAVGO
Competitor named in the annual report, active in communications semiconductor markets 1.
- QualcommQCOM
Competitor named in the annual report, present in the mobile phone market 1.
- Texas InstrumentsTXN
Competitor named in the annual report, active in analog semiconductors 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
- Skyworks tumbles as sluggish smartphone market weighs on forecastCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- Stocks making the biggest moves after hours: Arista Networks, AMD, Super Micro, Skyworks Solutions & moreCNBC — Top News · 03 Nov 2026 · EN
- Is Skyworks Solutions Stock Outperforming the Dow?Yahoo Finance — News · 22 Sept 2026 · EN
- Qualcomm Jumps 7% as AI Interconnect Demo Points Past Handsets; Skyworks and Qorvo Sit Out the RallyYahoo Finance — News · 21 Sept 2026 · EN
- Most Qorvo (QRVO) Bondholders Said Yes, but Skyworks (SWKS) Is Still WaitingYahoo Finance — News · 21 Sept 2026 · EN
- Stocks making the biggest moves midday: Skyworks Solutions, Axon, Dave & Buster's, Revvity & moreCNBC — Top News · 15 Sept 2026 · EN
- Skyworks Is Trading 18% Above Its Own Price Target. Overbought or Something Else?Yahoo Finance — News · 14 Sept 2026 · EN
- Stocks making the biggest moves midday: Dell, Skyworks Solutions, GameStop & moreCNBC — Top News · 11 Sept 2026 · EN
- Skyworks Rises 7%, Qorvo Gains 5% as CEO Says $22B Merger Is in Final Stages; Qualcomm Ticks UpYahoo Finance — News · 11 Sept 2026 · EN
- Skyworks (SWKS) Rockets 9.8% on Looming $22B Qorvo Merger NodYahoo Finance — News · 11 Sept 2026 · EN
- Skyworks Solutions Surges 10%, Qorvo Climbs 6% While Chip Stocks Fall: Is the Merger Finally Clearing?Yahoo Finance — News · 10 Sept 2026 · EN
- Qorvo (QRVO) Agreed to Be Acquired by SkyworksYahoo Finance — News · 01 Sept 2026 · EN
SEC filings
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report07 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 Oct 2026Acquisition or disposition of assets · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report30 Sept 2026Other events · Financial statements and exhibits
- Current report02 Sept 2026Other events · Financial statements and exhibits
- Current report10 Aug 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report03 Aug 2026Other events
- Current report03 Aug 2026Other events · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-10-03 · SEC / Skyworks Solutions, Inc. · 07 Nov 2025
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Skyworks Solutions, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Skyworks Solutions, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.