Allegro MicroSystems vs Semtech
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The short version
- Semtech is the larger business, with $1.1B of revenue in fiscal 2026 against $890M for Allegro MicroSystems.
- Allegro MicroSystems grew revenue faster (22.8%, against 15.5%).
- Semtech kept more of each dollar of sales as operating profit (3.1% operating margin, against 2.1%).
- Semtech turned more of its sales into free cash flow (16.3% FCF margin, against 14.0%).
- Semtech earned a higher return on the capital invested in it (2.9%, against 1.3%).
| Latest fiscal year | ALGM · FY26 | SMTC · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $12.9B |
| Revenue | $890M | $1.1B |
| Free cash flow | $125M | $171M |
| Net income | −$14.9M | −$40.4M |
| Growth | ||
| Revenue growth | 22.8% | 15.5% |
| 5-year growth | 8.5% | 12.0% |
| Share count change | −1.4% | 23.4% |
| Profitability | ||
| Gross margin | 46.3% | 51.6% |
| Operating margin | 2.1% | 3.1% |
| Net margin | −1.7% | −3.9% |
| FCF margin | 14.0% | 16.3% |
| Return on capital | 1.3% | 2.9% |
| Return on equity | −1.6% | −7.4% |
| Balance sheet | ||
| Net debt | $119M | $296M |
| Net debt / EBITDA | 1.4x | 4.7x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
ALGM —
SMTC $544M
FY18
ALGM —
SMTC $588M
FY19
ALGM —
SMTC $627M
FY20
ALGM $650M
SMTC $548M
FY21
ALGM $591M
SMTC $595M
FY22
ALGM $769M
SMTC $741M
FY23
ALGM $974M
SMTC $757M
FY24
ALGM $1.0B
SMTC $869M
FY25
ALGM $725M
SMTC $909M
FY26
ALGM $890M
SMTC $1.1B
ALGM
SMTC
Operating margin
FY17
ALGM —
SMTC 15.5%
FY18
ALGM —
SMTC 11.3%
FY19
ALGM —
SMTC 16.8%
FY20
ALGM 8.1%
SMTC 9.5%
FY21
ALGM 2.1%
SMTC 12.6%
FY22
ALGM 17.8%
SMTC 19.6%
FY23
ALGM 20.9%
SMTC 12.3%
FY24
ALGM 18.7%
SMTC −108.7%
FY25
ALGM −2.7%
SMTC 5.5%
FY26
ALGM 2.1%
SMTC 3.1%
ALGM
SMTC
Free cash flow
FY17
ALGM —
SMTC $84.7M
FY18
ALGM —
SMTC $76.0M
FY19
ALGM —
SMTC $167M
FY20
ALGM $35.8M
SMTC $95.6M
FY21
ALGM $79.9M
SMTC $86.2M
FY22
ALGM $86.2M
SMTC $177M
FY23
ALGM $113M
SMTC $98.4M
FY24
ALGM $56.9M
SMTC −$123M
FY25
ALGM $22.0M
SMTC $50.1M
FY26
ALGM $125M
SMTC $171M
ALGM
SMTC
Return on capital
FY17
ALGM —
SMTC 11.2%
FY18
ALGM —
SMTC 7.1%
FY19
ALGM —
SMTC 18.0%
FY20
ALGM —
SMTC 6.4%
FY21
ALGM 2.2%
SMTC 11.9%
FY22
ALGM 26.0%
SMTC 21.0%
FY23
ALGM 32.3%
SMTC 5.9%
FY24
ALGM 17.0%
SMTC −53.9%
FY25
ALGM −1.3%
SMTC 4.3%
FY26
ALGM 1.3%
SMTC 2.9%
ALGM
SMTC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.