Semtech vs Synaptics
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KIRA’s take AI analyst
I put Semtech and Synaptics side by side, using each one’s latest annual report. Here is what stands out:
- Synaptics is the larger business, with $1.2B of revenue in fiscal 2026 against $1.1B for Semtech.
- Semtech grew revenue faster (15.5%, against 11.4%).
- Semtech kept more of each dollar of sales as operating profit (3.1% operating margin, against −5.6%).
- Semtech turned more of its sales into free cash flow (16.3% FCF margin, against 8.5%).
- Semtech earned a higher return on the capital invested in it (2.9%, against −3.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Semtech
SMTC
9/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Synaptics
SYNA
1/10
Share count change
Side by side
Best in the row
| Latest fiscal year | SMTC FY26 | SYNA FY26 |
|---|---|---|
| Size | ||
| Market cap | $13.4B | $4.6B |
| Revenue | $1.1B | $1.2B |
| Free cash flow | $171M | $101M |
| Net income | −$40.4M | −$491M |
| Growth | ||
| Revenue growth | 15.5% | 11.4% |
| 5-year growth | 12.0% | −2.2% |
| Share count change | 23.4% | −1.0% |
| Profitability | ||
| Gross margin | 51.6% | 44.7% |
| Operating margin | 3.1% | −5.6% |
| Net margin | −3.9% | −41.0% |
| FCF margin | 16.3% | 8.5% |
| Return on capital | 2.9% | −3.4% |
| Return on equity | −7.4% | −42.2% |
| Balance sheet | ||
| Net debt | $296M | $395M |
| Net debt / EBITDA | 4.7x | — |
| Dividends and buybacks | $0.0M | $92.7M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.