Wolfspeed Inc WOLF

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 21.98 USD on Nov 1, 2026, +26.2% year to date

Quant rating

Quant rating D Rank 290 of 389 in Information Technology

Growth C 229 of 389
Valuation D 300 of 389
Quality D 315 of 389
Revisions B 74 of 389
Momentum D 328 of 389

Wall Street consensus Hold (3.00)Average target 25.00 USD +13.7%

Historical valuation

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

Key data

Market cap: 1.2B
Enterprise value: 1.8B
52-week range: 13.68 – 80.70
3-year range: 13.68 – 80.70
Dividend yield: –
Beta (5 years): –
Shares outstanding: 52.9M
Next earnings: Nov 4, 2026

About the company

Wolfspeed, Inc. is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. The Company’s products include power devices and silicon carbide and gallium nitride (GaN) materials. Its products are targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. The Company’s materials products and power devices are used in electric vehicles, motor drives, power supplies, solar and transportation applications. Its materials products are also used in military communications, radar, satellite and telecommunication applications. The Company’s power device products consist of silicon carbide Schottky diodes, metal oxide semiconductor field effect transistors (MOSFETs) and power modules. Its silicon carbide materials products consist of silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers.

Growth and profitability

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	665	758	807	758	572	–
Revenue growth	−12.2%	−6.1%	6.4%	32.6%	8.8%	4.8%
EPS (basic, normalized)	−12.80	−3.32	−2.59	−1.45	−0.50	–
EPS growth	–	–	–	–	–	–
Gross margin	−24.8%	−3.2%	9.6%	32.0%	36.4%	10.0%
Net margin	0.7%	−212.4%	−71.1%	−34.3%	−43.7%	−72.2%
ROE	1.8%	−739.9%	−45.8%	−12.8%	−11.0%	−161.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,089
Current ratio	6.86x
Long-term debt (mil)	1,689
Net debt (mil)	601
Total equity (mil)	930
Net debt / equity	0.65x
Net debt / EBITDA	−2.98x

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	665	−12.2%	2.7x	−202	+23.1%	−8.8x	−12.80	−285.5%	−1.7x
2027	643	−3.3%	2.7x	–	–	–	−7.51	+41.3%	−2.9x
2028	795	+23.6%	2.2x	–	–	–	−5.83	+22.4%	−3.8x

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	643	0.0%	−0.4%	−13.5%	−7.51	0.0%	+13.1%	−68.5%
2028	795	0.0%	−0.8%	–	−5.83	0.0%	+23.6%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	201	201	195	180	185	197	197	168	150	150
Sales mean (mil)	201	201	200	180	186	192	212	169	195	224
Surprise	−0.2%	−0.2%	−2.8%	+0.3%	−0.2%	+2.7%	−7.1%	−0.4%	−22.9%	−33.4%
EPS reported	−0.62	−0.89	−0.91	−0.95	−0.72	−0.77	−0.55	−6.11	−3.26	−2.26
EPS mean	−0.64	−0.85	−1.00	−1.02	−0.82	−0.77	–	−0.61	−2.02	−2.45
Surprise	+3.2%	−5.0%	+8.9%	+7.3%	+12.3%	+0.4%	–	−893.5%	−61.8%	+7.8%

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
WOLF Wolfspeed Inc	1.2B	−2.98x	0.7%	1.23x	−2.9x	−3.8x	–	–
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
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
TXN Texas Instruments Incorporated	274.9B	0.67x	28.1%	14.33x	33.2x	26.1x	23.3x	18.7x
Mean		−0.37x	22.1%	11.34x	31.8x	19.9x	25.9x	16.0x
Median		0.10x	20.2%	13.29x	30.7x	21.5x	21.9x	13.8x

Technical analysis

1M−20.3%
3M+0.5%
1Y−28.5%
3Y−0.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Wolfspeed Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	665	758	807	758	572	526
Cost of revenue	830	782	730	516	364	361
Gross profit	−165	−24.5	77.4	243	208	165
Selling, general & administrative expenses	142	190	246	214	183	182
Research & development	112	175	202	166	143	178
Depreciation/amortization	–	–	1.1	1.7	2.2	14.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−464	948	106	136	109	105
Other operating expenses	0	0	0	0	0	0
Operating income	46.1	−1,338	−478	−275	−229	−315
Net interest income (expense)	−34.5	−280	−92.8	15.6	−13.8	−25.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−2.3	−0.8	−1.4	−0.3	0.6	−0.2
Net income before taxes	9.3	−1,619	−572	−260	−242	−340
Provision for taxes	4.9	−9.7	1.1	0.7	8.2	1.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4.4	−1,609	−574	−260	−250	−341
Extraordinary items	–	0	−291	−69.4	49.2	−183
Net income	4.4	−1,609	−864	−330	−201	−524
EBIT, normalized	−418	−390	−372	−139	−120	−209
EBITDA, normalized	−245	−138	−191	25.2	10.1	−88.4
Basic EPS, normalized	−12.80	−3.32	−2.59	−1.45	−0.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Wolfspeed Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,089	955	2,175	2,955	1,199	1,155
Receivables	189	885	148	156	152	102
Total inventory	234	435	441	328	227	167
Prepaid expenses	38.8	97.2	56.6	36.8	32.1	25.7
Other current assets	39.2	169	180	132	153	29.5
Total current assets	1,589	2,542	3,000	3,606	1,762	1,479
Property, plant & equipment	788	4,040	3,752	2,296	1,530	1,304
Goodwill	–	0	359	359	359	359
Intangibles	395	34.2	23.9	116	125	140
Long-term investments	–	0	79.3	–	–	0
Note receivable	116	107	2.3	2.6	105	138
Other long-term assets	116	131	769	206	36.2	25.6
Total assets	3,005	6,854	7,985	6,587	3,918	3,447
Liabilities
Accounts payable	17.4	30.6	53.0	44.9	57.8	44.2
Payable/accrued	–	–	–	–	132	–
Accrued expenses	114	350	478	500	116	340
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.2	6,538	0.5	0.5	0.5	5.2
Other current liabilities	99.5	171	134	82.6	82.2	59.7
Total current liabilities	232	7,090	665	628	388	449
Long-term debt	1,689	8.4	6,170	4,184	1,031	834
Minority interest	–	–	–	–	–	0
Other liabilities	154	203	267	153	58.5	47.6
Total liabilities	2,075	7,302	7,102	4,965	1,478	1,330
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.2	0.2	0.2	0.2	0.1
Additional paid-in capital	1,346	4,094	3,822	3,711	4,228	3,677
Retained earnings (accumulated deficit)	−416	−4,538	−2,928	−2,064	−1,764	−1,563
Treasury stock	–	–	–	–	–	–
Other equity	0	−3.8	−11.6	−25.1	−25.3	2.7
Total equity	930	−447	882	1,622	2,439	2,116
Total liabilities & shareholders' equity	3,005	6,854	7,985	6,587	3,918	3,447

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Wolfspeed Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4.4	−1,609	−864	−330	−295	−522
Depreciation, depletion & amortization	169	252	181	164	130	121
Deferred taxes	1.6	−10.3	0.2	0.5	0.7	0.9
Non-cash items	−598	744	305	88.5	113	329
Changes in working capital	220	−88.4	−347	−65.7	−102	−53.9
Cash from operations	−203	−712	−726	−143	−154	−126
Investing activities
Capital expenditures	−182	−1,277	−2,280	−962	−651	−576
Other investing cash flows	850	1,009	337	−185	260	128
Cash from investing	668	−268	−1,943	−1,147	−391	−449
Financing activities
Financing cash flow items	−5.3	4.6	−19.0	−294	−138	−35.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−350	396	1,977	2,891	754	539
Cash from financing	−356	400	1,958	2,597	616	504
Foreign exchange effects	0.2	1.0	−0.2	0	−0.2	0.2
Net change in cash	109	−579	−711	1,308	70.5	−69.8
Free cash flow	−385	−1,988	−3,006	−1,105	−805	−702

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.