SMTC

MKT CAP:$10B

Semtech Corporation

Market Cap

$10B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$103.77+$28.50 (+37.88%)

Apr 23, 2026

Company Details

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video t...

CEO

Hong Q. Hou

IPO Date

Mar 17, 1980

Website

www.semtech.com

Key Metrics TTM

Revenue

$1.1B

+12.5% YoY

Net Income

-$90M

EPS (Diluted)

-$0.98

Free Cash Flow

$171M

Revenue / Share

$11.59

Gross Margin

51.1%

Operating Margin

11.2%

Net Margin

-8.3%

FCF Margin

15.9%

P/S

9.6x

P/E

—

Earnings Reports

FY 2026

Mar 23, 2026

$1.1B+15.5%EPS -$0.46

Q4 2026

Mar 23, 2026

$274M+9.3%EPS -$0.32

Q3 2026

Nov 25, 2025

$267M+12.7%EPS -$0.03

Q2 2026

Aug 26, 2025

$258M+19.6%EPS -$0.31

Q1 2026

May 29, 2025

$251M+21.8%EPS $0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$209M	$135M	$46M
Q3 23	$178M	$115M	$37M
Q4 23	$168M	$99M	$20M
Q1 24	$237M	$99M	-$10M
Q2 24	$238M	$96M	-$10M
Q3 24	$201M	$88M	-$7M
Q4 24	$193M	$91M	$3M
Q1 25	$206M	$99M	$5M
Q2 25	$215M	$105M	$9M
Q3 25	$237M	$121M	$18M
Q4 25	$251M	$130M	$30M
Q1 26	$251M	$131M	$37M
Q2 26	$258M	$134M	$27M
Q3 26	$267M	$138M	$32M
Q4 26	$274M	$138M	$31M
Q4 26	$274M	$138M	$31M

Valuation

Quarter	P/S	P/E
Q2 23	4.7x	23.5x
Q3 23	2.3x	12.0x
Q4 23	2.8x	34.0x
Q1 24	1.6x	—
Q2 24	2.3x	—
Q3 24	1.0x	—
Q4 24	1.6x	—
Q1 25	2.8x	—
Q2 25	2.5x	—
Q3 25	3.4x	—
Q4 25	5.3x	—
Q1 26	2.6x	—
Q2 26	4.7x	196.7x
Q3 26	6.0x	214.8x
Q4 26	6.8x	—
Q4 26	7.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$50M	$42M
Q2 23	$77M	$70M
Q3 23	$18M	$11M
Q4 23	-$19M	-$24M
Q1 24	-$90M	-$104M
Q2 24	-$12M	-$19M
Q3 24	-$6M	-$13M
Q4 24	$14M	$11M
Q1 25	-$913.0K	-$4M
Q2 25	-$5M	-$12M
Q3 25	$30M	$35M
Q4 25	$33M	$30M
Q1 26	$28M	$26M
Q2 26	$44M	$42M
Q3 26	$47M	$45M
Q4 26	$61M	$59M

Capital Expenditures

Quarter	CapEx
Q1 23	$8M
Q2 23	$7M
Q3 23	$7M
Q4 23	$6M
Q1 24	$14M
Q2 24	$7M
Q3 24	$7M
Q4 24	$3M
Q1 25	$3M
Q2 25	$7M
Q3 25	$5M
Q4 25	$3M
Q1 26	$2M
Q2 26	$2M
Q3 26	$3M
Q4 26	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+13.1%	+10.1%
Q3 23	-8.9%	-10.0%
Q4 23	-12.1%	-0.7%
Q1 24	+17.0%	+58.5%
Q2 24	+13.9%	+52.4%
Q3 24	+13.1%	+47.6%
Q4 24	+15.2%	+29.0%
Q1 25	-12.9%	-18.6%
Q2 25	-9.7%	-17.2%
Q3 25	+17.9%	+4.8%
Q4 25	+30.1%	+16.0%
Q1 26	+21.8%	+6.6%
Q2 26	+19.6%	+11.8%
Q3 26	+12.7%	+7.7%
Q4 26	+9.3%	+10.3%
Q4 26	+9.3%	+13.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$11M	5.4%
Q2 23	$13M	6.3%
Q3 23	$3M	1.7%
Q4 23	$12M	7.2%
Q1 24	$8M	3.6%
Q2 24	$13M	5.6%
Q3 24	$7M	3.3%
Q4 24	$12M	6.1%
Q1 25	$15M	7.4%
Q2 25	$17M	8.0%
Q3 25	$18M	7.8%
Q4 25	$17M	6.9%
Q1 26	$7M	2.7%
Q2 26	$17M	6.7%
Q3 26	$17M	6.4%
Q4 26	$16M	6.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 23	$41M	$48M
Q3 23	$35M	$43M
Q4 23	$41M	$38M
Q1 24	$51M	$58M
Q2 24	$47M	$59M
Q3 24	$47M	$49M
Q4 24	$42M	$47M
Q1 25	$42M	$52M
Q2 25	$40M	$56M
Q3 25	$43M	$60M
Q4 25	$47M	$54M
Q1 26	$48M	$46M
Q2 26	$48M	$58M
Q3 26	$49M	$57M
Q4 26	$51M	$56M
Q4 26	$51M	$56M

Revenue Segments

Quarter	Protection	Signal Integrity	Wireless and Sensing	Advanced Protection And Sensing Products Group	IoT Connected Services Group	IoT System Products Group	IoT Systems And Connectivity
Q2 23	$54M	$87M	$68M	—	—	—	—
Q3 23	$40M	$77M	$61M	—	—	—	—
Q1 24	—	$42M	—	$36M	$24M	$135M	—
Q2 24	—	$47M	—	$49M	$24M	$119M	—
Q3 24	—	$49M	—	$51M	$24M	$77M	—
Q1 25	—	$58M	—	$75M	—	—	$72M
Q2 25	—	$59M	—	$79M	—	—	$77M
Q3 25	—	$72M	—	$83M	—	—	$82M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$275M	$0	$275M
Q2 23	$362M	$0	$362M
Q3 23	$618M	$0	$618M
Q4 23	$236M	$0	$236M
Q1 24	$164M	$0	$164M
Q2 24	$148M	$0	$148M
Q3 24	$124M	$0	$124M
Q4 24	$129M	$15M	$143M
Q1 25	$127M	$12M	$139M
Q2 25	$116M	$0	$116M
Q3 25	$137M	$0	$137M
Q4 25	$152M	$13M	$164M
Q1 26	$156M	$0	$156M
Q2 26	$169M	$13M	$181M
Q3 26	$165M	$10M	$174M
Q4 26	$195M	$0	$195M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	64M	-0.9%	-2.5%
Q3 23	64M	-0.2%	-2.2%
Q4 23	64M	+0.0%	-2.1%
Q1 24	64M	+0.1%	-1.0%
Q2 24	64M	+0.1%	+0.0%
Q3 24	64M	+0.3%	+0.6%
Q4 24	64M	+0.2%	+0.8%
Q1 25	65M	+0.2%	+0.9%
Q2 25	65M	+1.2%	+2.0%
Q3 25	75M	+15.4%	+17.3%
Q4 25	90M	+19.9%	+40.3%
Q1 26	90M	-0.8%	+38.9%
Q2 26	87M	-3.2%	+32.8%
Q3 26	88M	+1.1%	+16.4%
Q4 26	93M	0.0%	+3.4%
Q4 26	93M	0.0%	+3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 23	$200.6K	1K
Q3 23	$170.3K	1K
Q4 23	$99.4K	2K
Q1 24	$140.4K	2K
Q2 24	$141.5K	2K
Q3 24	$119.2K	2K
Q4 24	$202.7K	952
Q1 25	$216.5K	952
Q2 25	$226.2K	952
Q3 25	$248.8K	952
Q4 25	$180.6K	1K
Q1 26	$180.6K	1K
Q2 26	$185.3K	1K
Q3 26	$192.1K	1K
Q4 26	$191.0K	1K
Q4 26	$191.0K	1K

Revenue / Employee