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Semtech

SMTC Nasdaq Semiconductors Financials FY2017–FY2026

Semtech's revenue rose 15.5% to $1.1 billion in fiscal 2026. Its operating margin was 3.1%, down from 5.5% a year earlier. Free cash flow was $171 million, up 241.9%. The diluted share count rose 23.4%.

Last close · Oct 23, 2026

$132.00

5.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
15.5% vs prior year
Operating margin Operating income as a share of revenue.
3.1%
2.4 pts
Net income Profit after all expenses, interest and tax.
−$40.4M
Free cash flow Cash from operations minus capital spending.
$171M
241.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.9%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Semtech does

No business description yet.

Legal name
Semtech Corporation
Fiscal year ends
January 25, 2026
Latest annual report
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Accession · CIK
0000088941-26-000005
0000088941

Revenue and margins

Semtech had $1.1B of revenue in fiscal 2026, up 15.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $171M in fiscal 2026, 16.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Semtech returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 23.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Semtech yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$296M and divides by 88.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Semtech can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $292M$248M$143M$165M$195M
Debt incl. finance leases $172M$1.3B$1.4B$552M$491M
Net debt / EBITDA −0.7x9.1x—4.6x4.7x
Debt / equity 0.2x1.8x—1.0x0.9x
Interest coverage 28.5x5.3x−9.9x0.6x0.8x
Current ratio 3.9x1.8x2.5x2.1x2.4x
Quick ratio 3.0x1.3x1.8x1.5x1.7x
Total assets $1.1B$2.6B$1.4B$1.4B$1.4B
Total liabilities $393M$1.8B$1.7B$877M$861M
Shareholders' equity $738M$756M−$307M$542M$550M
Net debt (− = net cash) −$120M$1.1B$1.2B$387M$296M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.5M

6 insiders

Of sales under plans

81%

$3.6M

DateInsiderTradeSharesPriceValueFiling
Sep 23, 2026 Paul Walsh V JrDirector Sold plan 500 $172.61 $0.1M Form 4
Sep 16, 2026 Rodolpho C CardenutoDirector Sold 5,321 $165.00 $0.9M Form 4
Sep 10, 2026 Mark LinEVP and CFO Sold plan 683 $159.90 $0.1M Form 4
Sep 4, 2026 Hong Q HouPresident and CEO, Director Sold plan 2,000 $138.71 $0.3M Form 4
Sep 4, 2026 Julie Garcia RuehlDirector Sold plan 1,500 $145.00 $0.2M Form 4
Aug 19, 2026 Paul Walsh V JrDirector Sold plan 500 $135.48 $0.1M Form 4
Aug 17, 2026 Asaf SilbersteinEVP and COO Sold plan 5,000 $150.00 $0.8M Form 4
Aug 7, 2026 Hong Q HouPresident and CEO, Director Sold plan 2,000 $140.00 $0.3M Form 4
Jul 22, 2026 Paul Walsh V JrDirector Sold plan 500 $133.07 $0.1M Form 4
Jul 14, 2026 Asaf SilbersteinEVP and COO Sold plan 3,000 $145.04 $0.4M Form 4
Jul 10, 2026 Hong Q HouPresident and CEO, Director Sold plan 2,000 $133.00 $0.3M Form 4
Jul 8, 2026 Asaf SilbersteinEVP and COO Sold plan 8,500 $127.80 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 3 / 96 / 97 / 9
Accruals ratio −50.6%−15.8%−15.7%
Altman Z'' −3.851.371.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Semtech SMTC $12.9B 15.5% 3.1% 16.3% 2.9% — 7
MACOM Technology Solutions MTSI $18.5B 32.6% 13.4% 19.9% 9.8% 75.2x 5 Compare →
Synaptics SYNA $4.6B 11.4% −5.6% 8.5% −3.4% — 5 Compare →
Allegro MicroSystems ALGM $5.9B 22.8% 2.1% 14.0% 1.3% — 7 Compare →
Silicon Labs SLAB $7.3B 34.3% −9.0% 8.4% −7.0% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $544M $588M $627M $548M $595M $741M $757M $869M $909M $1.1B
Gross profit $325M $352M $377M $337M $356M $461M $479M $296M $457M $542M
Research and development $103M $105M $109M $107M $118M $148M $167M $186M $171M $196M
Operating income $84.1M $66.6M $106M $52.0M $75.0M $145M $92.8M −$944M $49.9M $32.6M
Interest expense $6.5M $7.4M $8.7M $8.6M $5.3M $5.1M $17.6M $95.8M $90.1M $40.6M
Pretax income $73.1M $57.8M $70.1M $44.6M $63.0M $139M $78.5M −$1.0B −$183M −$21.2M
Income tax $18.4M $22.9M $0.4M $12.8M $3.4M $15.5M $17.3M $50.5M −$22.0M $19.8M
Net income $54.7M $34.6M $69.6M $31.9M $59.9M $126M $61.4M −$1.1B −$162M −$40.4M
Diluted EPS $0.83 $0.51 $1.02 $0.47 $0.91 $1.92 $0.96 −$17.03 −$2.26 −$0.46
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.07B 0.09B
Cash flow
Cash from operations $118M $112M $184M $119M $119M $203M $127M −$93.9M $58.0M $181M
Capital expenditure $32.9M $35.5M $17.1M $23.1M $32.7M $26.2M $28.3M $29.2M $7.9M $9.8M
Free cash flow $84.7M $76.0M $167M $95.6M $86.2M $177M $98.4M −$123M $50.1M $171M
Depreciation and amortization $47.1M $49.0M $49.6M $39.6M $24.2M $26.0M $26.6M $44.2M $34.1M $30.5M
Stock-based compensation $30.8M $50.1M $66.8M $52.0M $53.0M $51.2M $39.2M $40.2M $68.0M $57.7M
Acquisitions $0.0M $17.6M $15.9M $0.0M $0.0M $0.0M $1.2B $0.0M $0.0M $21.5M
Share buybacks $1.0M $14.8M $116M $70.2M $71.4M $130M $50.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.0M $14.9M $116M $70.2M $71.4M $130M $50.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $297M $308M $312M $293M $269M $292M $248M $143M $165M $195M
Total debt $241M $227M $211M $195M $179M $172M $1.3B $1.4B $552M $491M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $438M $461M $485M $461M $475M $502M $723M $534M $586M $655M
Current liabilities $123M $126M $130M $98.6M $110M $128M $397M $217M $283M $276M
Inventory $65.9M $71.1M $63.7M $73.0M $87.5M $114M $208M $145M $164M $196M
Property and equipment, net $109M $125M $119M $124M $131M $135M $169M $154M $126M $109M
Total assets $1.0B $1.1B $1.1B $1.1B $1.1B $1.1B $2.6B $1.4B $1.4B $1.4B
Total liabilities $406M $421M $380M $375M $383M $393M $1.8B $1.7B $877M $861M
Shareholders' equity $605M $665M $683M $677M $699M $738M $756M −$307M $542M $550M
Margins
Gross margin 59.7% 59.9% 60.1% 61.5% 59.8% 62.2% 63.3% 34.1% 50.2% 51.6%
Operating margin 15.5% 11.3% 16.8% 9.5% 12.6% 19.6% 12.3% −108.7% 5.5% 3.1%
EBITDA margin 24.1% 19.7% 24.7% 16.7% 16.7% 23.1% 15.8% −103.6% 9.2% 6.0%
Net margin 10.0% 5.9% 11.1% 5.8% 10.1% 17.0% 8.1% −125.7% −17.8% −3.9%
FCF margin 15.6% 12.9% 26.6% 17.5% 14.5% 23.9% 13.0% −14.2% 5.5% 16.3%
Returns
Return on capital 11.2% 7.1% 18.0% 6.4% 11.9% 21.0% 5.9% −53.9% 4.3% 2.9%
Return on capital employed 9.9% 7.2% 11.2% 5.5% 7.8% 14.7% 5.9% −56.7% 4.4% 2.9%
Return on equity 9.7% 5.5% 10.3% 4.7% 8.7% 17.5% 8.2% −487.1% −137.8% −7.4%
Return on assets 5.7% 3.3% 6.5% 3.0% 5.6% 11.4% 3.3% −55.4% −11.6% −2.9%
Growth
Revenue growth 11.0% 8.0% 6.7% −12.7% 8.7% 24.5% 2.1% 14.8% 4.7% 15.5%
Net income growth 375.4% −36.6% 101.0% −54.2% 88.0% 109.8% −51.2% −1,879.1% — —
EPS growth 388.2% −38.6% 100.0% −53.9% 93.6% 111.0% −50.0% −1,874.0% — —
FCF growth −4.9% −10.2% 119.0% −42.6% −9.8% 105.3% −44.4% −225.1% — 241.9%
Share count change 0.2% 2.3% 1.3% −1.6% −2.0% −0.8% −2.4% 0.2% 11.7% 23.4%
Financial health
Net debt / EBITDA −0.4x −0.7x −0.7x −1.1x −0.9x −0.7x 9.1x — 4.6x 4.7x
Debt / equity 0.4x 0.3x 0.3x 0.3x 0.3x 0.2x 1.8x — 1.0x 0.9x
Interest coverage 13.0x 9.0x 12.2x 6.0x 14.1x 28.5x 5.3x −9.9x 0.6x 0.8x
Current ratio 3.6x 3.7x 3.7x 4.7x 4.3x 3.9x 1.8x 2.5x 2.1x 2.4x
Quick ratio 3.0x 3.1x 3.3x 3.9x 3.5x 3.0x 1.3x 1.8x 1.5x 1.7x
Capital allocation
Capex / revenue 6.1% 6.0% 2.7% 4.2% 5.5% 3.5% 3.7% 3.4% 0.9% 0.9%
Stock comp / revenue 5.7% 8.5% 10.7% 9.5% 8.9% 6.9% 5.2% 4.6% 7.5% 5.5%
Payouts / FCF 1.2% 19.5% 69.8% 73.5% 82.9% 73.3% 50.8% — 0.0% 0.0%
Quality scores
Piotroski F-score 7.0 6.0 7.0 7.0 7.0 8.0 5.0 3.0 6.0 7.0
Altman Z'' 5.7 5.6 6.5 6.4 6.6 7.3 2.6 −3.9 1.4 1.6
Accruals ratio −6.6% −7.3% −10.6% −8.2% −5.5% −7.0% −3.5% −50.6% −15.8% −15.7%

Source: SEC EDGAR XBRL filings (CIK 0000088941). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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