SMTC Nasdaq Semiconductors Financials FY2017βFY2026
Semtech had $1.1B of revenue in fiscal 2026, up 15.5% on the year before. Over five years, revenue changed +12.0% a year on average.
Hi! I read Semtechβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+15.5%
Yes. Sales grew 15.5% last year.
Does it make a profit?
β3.9%
No. It lost money last year.
Does profit turn into cash?
16.3%
Yes. 16.3% of sales ends up as free cash.
Is debt under control?
4.7x
Heavy. Repaying its debt would take 4.7 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Semtech had $1.1B of revenue in fiscal 2026, up 15.5% on the year before. Over five years, revenue changed +12.0% a year on average. Its operating margin was 3.1%, down 2.4Β pts: of every 100 in sales, about 3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Semtech lost $40.4M in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $171M in fiscal 2026, 16.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Semtech returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 23.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $18.7M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$18.7M
12 insiders
Of sales under plans
63%
$11.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $139.44 | $0.1M | Form 4 |
| Oct 7, 2026 | Jason Elliot GreenEVP and CCO | Sold plan | 2,766 | $190.35 | $0.5M | Form 4 |
| Oct 2, 2026 | Hong Q HouPresident and CEO, Director | Sold plan | 2,000 | $191.21 | $0.4M | Form 4 |
| Oct 1, 2026 | Mark LinEVP and CFO | Sold plan | 967 | $178.87 | $0.2M | Form 4 |
| 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 | Julie Garcia RuehlDirector | Sold plan | 1,500 | $145.00 | $0.2M | Form 4 |
| Sep 4, 2026 | Hong Q HouPresident and CEO, Director | Sold plan | 2,000 | $138.71 | $0.3M | 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 |
| Jul 7, 2026 | Jason Elliot GreenEVP and CCO | Sold plan | 2,264 | $129.90 | $0.3M | Form 4 |
| Jul 1, 2026 | Mark LinEVP and CFO | Sold plan | 970 | $150.41 | $0.1M | Form 4 |
| Jun 30, 2026 | Gregory Michael FischerDirector | Sold plan | 1,500 | $156.24 | $0.2M | Form 4 |
| Jun 29, 2026 | Hong Q HouPresident and CEO, Director | Sold | 9,605 | $152.56 | $1.5M | Form 4 |
| Jun 24, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $164.99 | $0.1M | Form 4 |
| Jun 22, 2026 | John Michael WilsonChief Quality Officer and CTO | Sold | 5,500 | $170.00 | $0.9M | Form 4 |
| Jun 10, 2026 | Mark LinEVP and CFO | Sold plan | 683 | $155.16 | $0.1M | Form 4 |
| Jun 5, 2026 | Hong Q HouPresident and CEO, Director | Sold plan | 2,000 | $162.10 | $0.3M | Form 4 |
| Jun 3, 2026 | Asaf SilbersteinEVP and COO | Sold | 2,000 | $164.00 | $0.3M | Form 4 |
| May 28, 2026 | Ye Jane LiDirector | Sold | 5,285 | $166.84 | $0.9M | Form 4 |
| May 28, 2026 | Gregory Michael FischerDirector | Sold | 1,000 | $164.69 | $0.2M | Form 4 |
| May 20, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $138.21 | $0.1M | Form 4 |
| May 1, 2026 | Hong Q HouPresident and CEO, Director | Sold plan | 2,000 | $103.01 | $0.2M | Form 4 |
| Apr 22, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $105.93 | $0.1M | Form 4 |
| Apr 10, 2026 | Hong Q HouPresident and CEO, Director | Sold plan | 2,000 | $90.11 | $0.2M | Form 4 |
| Apr 9, 2026 | Martin BurvillDirector | Sold | 2,500 | $88.98 | $0.2M | Form 4 |
| Apr 1, 2026 | Mark LinEVP and CFO | Sold plan | 974 | $78.42 | $0.1M | Form 4 |
| Apr 1, 2026 | Jason Elliot GreenEVP and CCO | Sold | 7,500 | $81.73 | $0.6M | Form 4 |
| Mar 24, 2026 | Mark LinEVP and CFO | Sold plan | 9,186 | $75.05 | $0.7M | Form 4 |
| Mar 18, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $80.87 | $0.0M | Form 4 |
| Mar 11, 2026 | Mark LinEVP and CFO | Sold plan | 3,908 | $87.24 | $0.3M | Form 4 |
| Mar 10, 2026 | Mark LinEVP and CFO | Sold plan | 2,734 | $85.27 | $0.2M | Form 4 |
| Mar 6, 2026 | Mark LinEVP and CFO | Sold plan | 6,582 | $83.75 | $0.6M | Form 4 |
| Feb 18, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $88.24 | $0.0M | Form 4 |
| Feb 9, 2026 | Asaf SilbersteinEVP and COO | Sold plan | 10,000 | $92.00 | $0.9M | Form 4 |
| Feb 2, 2026 | Asaf SilbersteinEVP and COO | Sold plan | 10,000 | $88.00 | $0.9M | Form 4 |
| Jan 22, 2026 | Asaf SilbersteinEVP and COO | Sold plan | 5,000 | $83.00 | $0.4M | Form 4 |
| Jan 21, 2026 | Paul Walsh V JrDirector | Sold plan | 500 | $78.25 | $0.0M | Form 4 |
| Jan 9, 2026 | Gregory Michael FischerDirector | Sold | 1,034 | $75.50 | $0.1M | Form 4 |
| Jan 8, 2026 | John Michael WilsonChief Quality Officer and CTO | Sold | 5,000 | $75.12 | $0.4M | Form 4 |
| Jan 7, 2026 | Saar GillaiDirector | Sold | 3,600 | $75.26 | $0.3M | Form 4 |
| Jan 5, 2026 | Mark LinEVP and CFO | Sold plan | 1,333 | $76.20 | $0.1M | Form 4 |
| Dec 17, 2025 | Paul Walsh V JrDirector | Sold plan | 500 | $71.61 | $0.0M | Form 4 |
| Dec 5, 2025 | Asaf SilbersteinEVP and COO | Sold plan | 10,500 | $79.64 | $0.8M | Form 4 |
| Dec 3, 2025 | Hong Q HouPresident and CEO, Director | Sold | 10,000 | $74.08 | $0.7M | Form 4 |
| Nov 19, 2025 | Paul Walsh V JrDirector | Sold plan | 500 | $63.08 | $0.0M | Form 4 |
| Oct 22, 2025 | Paul Walsh V JrDirector | Sold plan | 500 | $66.24 | $0.0M | Form 4 |
| Oct 3, 2025 | Mark LinEVP and CFO | Sold plan | 971 | $72.83 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Semtech owes $296M more than it holds in cash, about 4.7 years of operating profit.
Cash, debt and the ratios that show how comfortably Semtech can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $292M | $248M | $143M | $165M | $195M |
| Debt incl. finance leases | $172M | $1.3B | $1.4B | $552M | $491M |
| Net debt / EBITDA | β0.7x | 9.1x | β | 4.6x | 4.7x |
| Debt / equity | 0.2x | 1.8x | β | 1.0x | 0.9x |
| Interest coverage | 28.5x | 5.3x | β9.9x | 0.6x | 0.8x |
| Current ratio | 3.9x | 1.8x | 2.5x | 2.1x | 2.4x |
| Quick ratio | 3.0x | 1.3x | 1.8x | 1.5x | 1.7x |
| 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 | β$307M | $542M | $550M |
| Net debt (β = net cash) | β$120M | $1.1B | $1.2B | $387M | $296M |
KIRA Β· Its return on capital was 2.9%: every 100 invested in the business earned about 3 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Semtech passes 7 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 3 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | β50.6% | β15.8% | β15.7% |
| Altman Z'' | β3.85 | 1.37 | 1.58 |
What does the share cost, and how does it compare?
KIRA Β· At $132.00 a share, the company is worth $12.9B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$296M and divides by 88.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
KIRA Β· Semtech grew sales faster than 1 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Semtech SMTC | $12.9B | 15.5% | 3.1% | 16.3% | 2.9% | β | 7 | |
| MACOM Technology Solutions MTSI | $18.5B | 32.6% | 13.4% | 19.9% | 9.8% | 75.2x | 5 | Compare β |
| Synaptics SYNA | $4.6B | 11.4% | β5.6% | 8.5% | β3.4% | β | 5 | Compare β |
| Allegro MicroSystems ALGM | $5.9B | 22.8% | 2.1% | 14.0% | 1.3% | β | 7 | Compare β |
| Silicon Labs SLAB | $7.3B | 34.3% | β9.0% | 8.4% | β7.0% | β | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$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 | β$1.0B | β$183M | β$21.2M |
| Income tax | $18.4M | $22.9M | $0.4M | $12.8M | $3.4M | $15.5M | $17.3M | $50.5M | β$22.0M | $19.8M |
| Net income | $54.7M | $34.6M | $69.6M | $31.9M | $59.9M | $126M | $61.4M | β$1.1B | β$162M | β$40.4M |
| Diluted EPS | $0.83 | $0.51 | $1.02 | $0.47 | $0.91 | $1.92 | $0.96 | β$17.03 | β$2.26 | β$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 | β$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 | β$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 | β$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% | β108.7% | 5.5% | 3.1% |
| EBITDA margin | 24.1% | 19.7% | 24.7% | 16.7% | 16.7% | 23.1% | 15.8% | β103.6% | 9.2% | 6.0% |
| Net margin | 10.0% | 5.9% | 11.1% | 5.8% | 10.1% | 17.0% | 8.1% | β125.7% | β17.8% | β3.9% |
| FCF margin | 15.6% | 12.9% | 26.6% | 17.5% | 14.5% | 23.9% | 13.0% | β14.2% | 5.5% | 16.3% |
| Returns | ||||||||||
| Return on capital | 11.2% | 7.1% | 18.0% | 6.4% | 11.9% | 21.0% | 5.9% | β53.9% | 4.3% | 2.9% |
| Return on capital employed | 9.9% | 7.2% | 11.2% | 5.5% | 7.8% | 14.7% | 5.9% | β56.7% | 4.4% | 2.9% |
| Return on equity | 9.7% | 5.5% | 10.3% | 4.7% | 8.7% | 17.5% | 8.2% | β487.1% | β137.8% | β7.4% |
| Return on assets | 5.7% | 3.3% | 6.5% | 3.0% | 5.6% | 11.4% | 3.3% | β55.4% | β11.6% | β2.9% |
| Growth | ||||||||||
| Revenue growth | 11.0% | 8.0% | 6.7% | β12.7% | 8.7% | 24.5% | 2.1% | 14.8% | 4.7% | 15.5% |
| Net income growth | 375.4% | β36.6% | 101.0% | β54.2% | 88.0% | 109.8% | β51.2% | β1,879.1% | β | β |
| EPS growth | 388.2% | β38.6% | 100.0% | β53.9% | 93.6% | 111.0% | β50.0% | β1,874.0% | β | β |
| FCF growth | β4.9% | β10.2% | 119.0% | β42.6% | β9.8% | 105.3% | β44.4% | β225.1% | β | 241.9% |
| Share count change | 0.2% | 2.3% | 1.3% | β1.6% | β2.0% | β0.8% | β2.4% | 0.2% | 11.7% | 23.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.4x | β0.7x | β0.7x | β1.1x | β0.9x | β0.7x | 9.1x | β | 4.6x | 4.7x |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.3x | 0.3x | 0.2x | 1.8x | β | 1.0x | 0.9x |
| Interest coverage | 13.0x | 9.0x | 12.2x | 6.0x | 14.1x | 28.5x | 5.3x | β9.9x | 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% | β | 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 | β3.9 | 1.4 | 1.6 |
| Accruals ratio | β6.6% | β7.3% | β10.6% | β8.2% | β5.5% | β7.0% | β3.5% | β50.6% | β15.8% | β15.7% |
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 β not investment advice. Check the original filings before relying on any figure.
