Semtech Corporation SMTC

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 127.38 USD on Nov 1, 2026, +72.9% year to date

Quant rating

Quant rating A Rank 11 of 389 in Information Technology

Growth A 26 of 389
Valuation C 212 of 389
Quality B 105 of 389
Revisions A 10 of 389
Momentum B 73 of 389

Wall Street consensus Buy (1.89)Average target 217.97 USD +71.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.9B
Enterprise value: 12.2B
52-week range: 60.31 – 201.83
3-year range: 13.43 – 201.83
Dividend yield: –
Beta (5 years): 2.50
Shares outstanding: 93.3M
Next earnings: Nov 23, 2026

About the company

Semtech Corporation is a provider of high-performance semiconductors, Internet of Things (IoT) systems and cloud connectivity service solutions. Signal Integrity segment designs, develops, manufactures and markets a portfolio of optical and copper data communications and video transport products used in a wide variety of infrastructure and industrial applications. The Analog Mixed Signal and Wireless segment designs, develops, manufactures and markets high-performance protection devices, which are often referred to as transient voltage suppressors and specialized sensing products. The IoT Systems and Connectivity segment designs, develops, operates and markets a comprehensive product portfolio of IoT solutions that enable businesses to connect and manage their devices, collect and analyze data, and improve decision-making. It also manufactures Indium Phosphide optoelectronic devices for optical transceivers used across data center interconnects and intra-data center interconnects.

Growth and profitability fiscal year ends January 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,050	909	869	757	741	–
Revenue growth	15.5%	4.7%	14.8%	2.1%	24.5%	12.0%
EPS (basic, normalized)	1.71	0.88	0.14	2.80	2.61	–
EPS growth	94.3%	528.6%	−95.0%	7.3%	–	–
Gross margin	51.6%	50.2%	44.8%	63.4%	62.2%	54.5%
Net margin	−3.8%	−17.8%	−125.7%	8.1%	17.0%	−24.5%
ROE	−7.4%	−137.8%	−487.1%	8.2%	17.5%	−121.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	204
Current ratio	1.70x
Long-term debt (mil)	349
Net debt (mil)	289
Total equity (mil)	749
Net debt / equity	0.39x
Net debt / EBITDA	1.24x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,050	+15.5%	11.6x	232	+26.6%	52.5x	1.71	+94.3%	74.5x
2027	1,494	+42.2%	8.2x	405	+74.4%	30.1x	3.64	+113.1%	35.0x
2028	2,029	+35.8%	6.0x	719	+77.7%	16.9x	6.73	+84.8%	18.9x
2029	2,595	+27.9%	4.7x	1,048	+45.7%	11.6x	9.38	+39.3%	13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,494	+1.6%	+9.3%	+20.6%	3.64	+4.9%	+37.1%	+64.9%
2028	2,029	+6.8%	+18.7%	+45.2%	6.73	+14.9%	+75.1%	+131.3%
2029	2,595	+9.4%	+17.7%	+73.8%	9.38	+14.8%	+57.5%	+195.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	206	215	237	251	251	258	267	274	291	342
Sales mean (mil)	200	212	233	249	250	256	266	273	283	329
Surprise	+3.0%	+1.5%	+1.7%	+0.7%	+0.4%	+0.6%	+0.2%	+0.4%	+2.7%	+4.0%
EPS reported	0.06	0.11	0.26	0.40	0.38	0.41	0.48	0.44	0.51	0.71
EPS mean	0.00	0.09	0.23	0.32	0.37	0.40	0.45	0.43	0.45	0.61
Surprise	+3,041.4%	+15.9%	+11.7%	+25.7%	+2.5%	+2.1%	+7.9%	+2.0%	+12.6%	+15.7%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SMTC Semtech Corporation	11.9B	1.24x	−3.8%	15.87x	35.0x	18.9x	30.1x	16.9x
NVDA NVIDIA Corporation	4.93T	−0.47x	55.6%	21.58x	22.0x	12.9x	17.7x	10.5x
AVGO Broadcom Inc	1.56T	0.82x	36.2%	15.62x	28.2x	17.0x	21.9x	13.5x
MU Micron Technology, Inc.	1.00T	−0.35x	63.8%	7.23x	5.1x	4.3x	3.9x	3.3x
AMD Advanced Micro Devices, Inc.	824.1B	−1.16x	12.3%	12.26x	66.0x	31.5x	50.1x	23.8x
INTC Intel Corp	349.2B	0.87x	−0.5%	3.04x	44.0x	35.5x	16.7x	13.8x
Mean		0.16x	27.3%	12.60x	33.4x	20.0x	23.4x	13.6x
Median		0.24x	24.3%	13.94x	31.6x	17.9x	19.8x	13.7x

Technical analysis

1M−27.1%
3M+14.4%
1Y+80.8%
3Y+778.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Semtech Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,050	909	869	757	741	595
Cost of revenue	508	453	480	277	280	239
Gross profit	542	457	389	480	461	356
Selling, general & administrative expenses	222	222	220	162	168	163
Research & development	200	179	192	166	155	127
Depreciation/amortization	1.4	1.2	14.9	0.8	0	0.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	118	149	910	66.5	−6.2	−3.1
Other operating expenses	0	0	0	0	0	0
Operating income	1.0	−95.9	−948	84.4	144	68.2
Net interest income (expense)	−16.9	−87.8	−92.8	−4.6	−3.6	−2.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−5.3	0.3	−0.5	−1.3	−1.0	−2.4
Net income before taxes	−21.2	−183	−1,042	78.5	139	63.0
Provision for taxes	19.8	−22.0	50.5	17.3	15.5	3.4
Minority interest	–	–	0	0	0	0
Equity in affiliates	0.6	−0.5	0	0.2	2.1	0.3
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−40.4	−162	−1,092	61.4	126	59.9
Extraordinary items	–	–	–	–	–	–
Net income	−40.4	−162	−1,092	61.4	126	59.9
EBIT, normalized	119	53.6	−38.1	151	138	65.1
EBITDA, normalized	160	97.1	39.9	188	173	101
Basic EPS, normalized	1.71	0.88	0.14	2.80	2.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Semtech Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	195	164	143	248	290	280
Receivables	196	188	152	174	71.5	70.4
Total inventory	196	164	145	208	114	87.5
Prepaid expenses	61.6	63.0	81.8	83.7	6.0	22.1
Other current assets	6.4	6.3	12.7	9.1	20.6	14.9
Total current assets	655	585	534	723	502	475
Property, plant & equipment	133	148	177	201	155	147
Goodwill	458	533	541	1,282	351	351
Intangibles	40.0	33.1	35.6	215	6.8	11.7
Long-term investments	–	–	–	1.4	8.3	4.1
Note receivable	–	–	–	–	–	–
Other long-term assets	124	120	85.3	147	108	93.1
Total assets	1,410	1,419	1,374	2,570	1,131	1,082
Liabilities
Accounts payable	84.1	59.2	45.1	101	50.7	50.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	178	162	121	185	53.6	46.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	45.6	0	43.1	–	–
Other current liabilities	14.2	15.9	50.8	67.8	24.1	13.3
Total current liabilities	276	283	217	397	128	110
Long-term debt	491	506	1,371	1,297	172	179
Minority interest	–	0	0.2	0.2	0.2	0.2
Other liabilities	93.4	87.9	92.8	120	93.1	94.4
Total liabilities	861	877	1,681	1,814	393	383
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.0	0.8	0.8	0.8	0.8
Additional paid-in capital	1,467	1,470	485	471	492	474
Retained earnings (accumulated deficit)	−436	−396	−234	858	797	671
Treasury stock	−474	−521	−557	−578	−550	−439
Other equity	−7.7	−12.1	−3.0	3.4	−2.1	−8.2
Total equity	550	542	−307	756	738	699
Total liabilities & shareholders' equity	1,410	1,419	1,374	2,570	1,131	1,082

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Semtech Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−40.4	−162	−1,092	61.4	126	59.9
Depreciation, depletion & amortization	40.8	43.5	84.5	36.9	35.3	35.9
Deferred taxes	7.9	−21.7	40.6	−15.3	−3.8	−7.4
Non-cash items	190	248	955	24.1	55.6	66.4
Changes in working capital	−16.9	−49.8	−81.8	19.6	−9.6	−35.8
Cash from operations	181	58.0	−93.9	127	203	119
Investing activities
Capital expenditures	−15.8	−14.2	−31.1	−28.3	−26.2	−32.7
Other investing cash flows	−23.0	2.3	8.4	−1,219	−14.1	−10.2
Cash from investing	−38.8	−11.9	−22.7	−1,247	−40.3	−42.9
Financing activities
Financing cash flow items	172	−10.3	−32.1	−36.0	−19.6	−21.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−273	−11.4	42.6	1,112	−132	−78.9
Cash from financing	−101	−21.7	10.6	1,077	−152	−100
Foreign exchange effects	2.1	−1.3	−0.9	–	–	–
Net change in cash	43.4	23.2	−107	−44.1	10.7	−24.4
Free cash flow	165	43.8	−125	98.4	177	86.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.