Semtech Corporation (SMTC) financials
NASDAQ · Technology · Semiconductors · 1,920 employees · CEO Hong Q. Hou
- Price
- $127.38 -9.56%
- Market cap
- $11.9B
- Enterprise value
- $12.2B
- Last report
- Q2 '27 filed 2026-08-26
- Next report
- 2026-11-23 EPS est. $1.13
Revenue (TTM)$1.17B+17.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)12.7%+1.4 pp vs a year agoOperating income $149M
Net income (TTM)$154M+546.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$181M+40.1% vs a year agoCapex $20.9M
Diluted EPS (TTM)$1.51+528.1% vs a year agoSum of the last 4 quarters
Net cash-$321M+8.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $11.9B EV $12.2B
- Revenue
- $1.17B Trailing 12 months
- Revenue growth
- +43% FY2027 consensus
- Profit margin
- 13.1% Net income / revenue, TTM
- P/E
- 76.9× Forward 34.9× (FY2027)
- P/S
- 10.1× Price / sales, TTM
- EV / EBITDA
- 92.4× TTM
- Free cash flow
- $181M Trailing 12 months
- Net income
- $154M Trailing 12 months
- Revenue estimate
- $1.5B FY2027 consensus
- Earnings
- 2026-11-23 Revenue est. $417M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-25): revenue beat by 4.0%, EPS beat by 15.6%Revenue $342M vs $329M expected (+4.0%); EPS $0.71 vs $0.61 (+15.6%).
- Revenue growth accelerating: 32.7% year on yearQ2 '27 revenue $342M, against an average of 14.4% over the four quarters before.
- Operating margin 12.7% (TTM), +1.4 pp on a year agoOperating income grew 31.9% while revenue grew 17.8%.
- 171.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $55.1M vs operating income $149M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 1.8% of revenue (a year ago 0.6%)$20.9M invested in the last 4 quarters (+260.3% on a year earlier). Free cash flow $181M = 117.9% of net income.
- Returned $218M to shareholders = 120.0% of free cash flowBuybacks $218M (a year earlier -$4.19M), dividends $0, stock-based pay $83.9M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 16.3% in a year101M diluted shares in Q2 '27, 86.7M a year earlier.
- Net debt $321MCash + short-term investments $204M, debt incl. leases $525M; a year ago net debt $350M.
Last quarter: Q2 '27
Quarter ended 2026-07-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $342M | $258M | +32.7% |
| Gross margin | 53.8% | 52.0% | +1.8 pp |
| Operating income | $55.8M | $27.3M | +104.5% |
| Operating margin | 16.3% | 10.6% | +5.7 pp |
| Net income | $160M | -$27.1M | +691.6% |
| Diluted EPS | $1.59 | -$0.31 | +612.9% |
| Operating cash flow | $68.9M | $44.4M | +55.2% |
| Capex | $7.49M | $5.13M | +45.9% |
| Free cash flow | $61.4M | $39.3M | +56.4% |
| R&D | $60.6M | $48.2M | +25.7% |
| Stock-based compensation | $23.8M | $17.3M | +37.9% |
Reported vs consensus
2026-08-25| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $342M | $329M | +4.0% |
| EPS (as estimated) | $0.71 | $0.61 | +15.6% |
From the report of 2026-08-25 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Semiconductor Products Group | $244M | – | 41.6% | – | – | |
| Signal Integrity | $126M | – | 21.6% | – | – | |
| Advanced Protection And Sensing Products Group | $117M | – | 20.0% | – | – | |
| IoT Systems And Connectivity | $98.3M | – | 16.8% | – | – |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Asia Pacific | $272M | – | 59.9% | – | – | |
| North America | $112M | – | 24.7% | – | – | |
| Europe | $70M | – | 15.4% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $202M
- Capex
- -$20.9M
- Buybacks
- -$218M
- Dividends
- $0
- Acquisitions
- -$57.8M
- Net debt issued
- $186M
- Stock-based compensation
- $83.9M
- Free cash flow
- $181M
- Returned to shareholders / FCF
- 120.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 76.9× | 35.3× 2 of 5 years | 34.0× – 36.6× |
| EV / EBITDA | 92.4× | 54.2× 3 of 5 years | 24.4× – 113.8× |
| EV / Sales | 10.4× | 5.1× | 3.0× – 7.1× |
| Price / FCF | 65.5× | 46.5× 4 of 5 years | 21.2× – 93.8× |
| Price / Book | 15.9× | 7.4× 4 of 5 years | 2.8× – 13.1× |
| FCF yield | 1.5% | 0.5% | -9.1% – 4.7% |
| Return on invested capital | 11.0% | 6.3% | -2.9% – 12.6% |
| Return on equity | 25.3% | 68.6% | -29.8% – 355.2% |
Analysts
Consensus target $216.82 (+70.2%)
range $186.00 – $300.00 · rating Buy
Strong buy0
Buy31
Hold5
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $1.5B | +43.2% | $3.65 | +893.7% | 34.9× | 10 |
| FY2028 | $2.04B | +35.9% | $6.67 | +82.8% | 19.1× | 11 |
| FY2029 | $2.71B | +32.9% | $9.89 | +48.2% | 12.9× | 6 |
| FY2030 | $3.27B | +20.5% | $12.45 | +25.9% | 10.2× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 317 figures Semtech Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $90.3M | $69.1M | +30.6% | $84.1M | $59.2M | +42.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $175M | $166M | +5.5% | $161M | $163M | -1.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $8.09M | $5.62M | +44.0% | $7.98M | $5.25M | +52.0% |
| Accrued Employee Benefits, Current | $55.3M2026-01-25 | $44.9M | +23.1% | $55.3M | $44.9M | +23.1% |
| Accrued Liabilities, Current | $183M | $167M | +9.9% | $192M | $178M | +7.6% |
| Accrued Professional Fees, Current | $4.82M2026-01-25 | $2.95M | +63.6% | $4.82M | $2.95M | +63.6% |
| Accrued Royalties | $4.42M2026-01-25 | $3.26M | +35.3% | $4.42M | $3.26M | +35.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $347M | $318M | +8.8% | $340M | $314M | +8.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.36M | -$9.4M | +21.7% | -$7.68M | -$12.1M | +36.5% |
| Additional Paid in Capital, Common Stock | $1.45B | $1.46B | -0.6% | $1.47B | $1.47B | -0.2% |
| Advances on Inventory Purchases | $29.9M2026-01-25 | $34.8M | -14.2% | $29.9M | $34.8M | -14.2% |
| Advertising Expense | – | – | – | $1.4M | $900K | +55.6% |
| Amortization | $2.35M | $2.49M | -5.4% | $10.9M | $10.3M | +5.7% |
| Amortization of Debt Discount (Premium) | $1.09M | $1.25M | -13.1% | $4.79M | $8.27M | -42.1% |
| Amortization of Debt Issuance Costs and Discounts | $1.09M | $1.25M | -13.1% | $4.79M | $8.27M | -42.1% |
| Amortization of Intangible Assets | $328K | $147K | +123.1% | $631K | $884K | -28.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 8.96M | -100.0% | 8.79M2025-01-26 | 10.7M | -17.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $22.5M | $13.2M | +70.2% | $56.7M | $56.6M | +0.2% |
| Assets | $1.44B | $1.43B | +0.5% | $1.41B | $1.42B | -0.6% |
| Assets, Current | $649M | $598M | +8.5% | $655M | $585M | +11.9% |
| Capital Expenditures Incurred but Not yet Paid | $97K | $247K | -60.7% | $2.42M | $183K | +1,219.7% |
| Cash and Cash Equivalents, at Carrying Value | $163M | $156M | +4.4% | $195M | $152M | +28.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $163M | $156M | +4.4% | $195M | $152M | +28.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$31.9M | $4.73M | -773.6% | $43.4M | $23.2M | +87.6% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | – | – | – | $51.152022-10-19 | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 8.6M2022-10-19 | – | – |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 250M | 250M | 0.0% | 250M | 250M | 0.0% |
| Common Stock, Shares, Issued | 104M | 99M | +5.3% | 104M | 99M | +5.3% |
| Common Stock, Shares, Outstanding | 93.1M | 86.6M | +7.5% | 92.7M | 86.3M | +7.4% |
| Common Stock, Value, Issued | $1.04M | $990K | +5.4% | $1.04M | $990K | +5.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | – | – | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | – | – | – | -$36M | -$171M | +79.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $26.9M | $22M | +22.1% | -$36M | -$171M | +79.0% |
| Contract with Customer, Liability, Current | $14.2M2026-01-25 | $15.9M | -10.5% | $14.2M | $15.9M | -10.5% |
| Contract with Customer, Liability, Noncurrent | $11.7M2026-01-25 | $10.8M | +8.3% | $11.7M | $10.8M | +8.3% |
| Cost of Goods and Services Sold | $140M | $120M | +16.5% | $508M | $453M | +12.2% |
| Cost, Amortization | $1.75M | $2.21M | -20.6% | $9.19M | $9.11M | +1.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$613K | -$10.4M | +94.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $14.1M | $9.95M | +41.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $14M | $1.05M | +1,236.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $485K | $1.51M | -67.9% |
| Customer Refund Liability, Current | $47.4M2026-01-25 | $39.4M | +20.2% | $47.4M | $39.4M | +20.2% |
| Debt Conversion, Converted Instrument, Amount | – | – | – | $0 | $0 | – |
| Debt Conversion, Original Debt, Amount | $02026-01-25 | $0 | – | $0 | $188M | -100.0% |
| Debt Instrument, Interest Rate, Effective Percentage | 0.6% | 3.4% | -83.6% | – | – | – |
| Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $0 | $72K | -100.0% | $0 | $0 | – |
| Debt Issuance Costs, Net | $11M | $10M | +10.0% | $11.8M | $11.1M | +5.7% |
| Debt Securities, Available-for-sale | $0 | $12.7M | -100.0% | $0 | $12.7M | -100.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | -$4.52M | -$2.01M | -124.8% | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $5.21M2026-01-25 | $2.01M | +159.0% | $5.21M | $2.01M | +159.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $4.52M | $14.7M | -69.3% | $5.21M | $14.7M | -64.7% |
| Debt Securities, Available-for-sale, Current | $02026-01-25 | $12.7M | -100.0% | $0 | $12.7M | -100.0% |
| Debt, Weighted Average Interest Rate | 0.6%2026-01-25 | 4.1% | -86.6% | 0.6% | 4.1% | -86.6% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityAllowanceForCreditLoss | $4.5M2026-01-25 | $4.5M | 0.0% | $4.5M | $4.5M | 0.0% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $800K2026-01-25 | $300K | +166.7% | $800K | $300K | +166.7% |
| Deferred Compensation Liability, Current | $3.53M2026-01-25 | $2.93M | +20.4% | $3.53M | $2.93M | +20.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $5.85M | -$23.1M | +125.4% |
| Deferred Income Tax Assets, Net | $31.8M | $38.6M | -17.6% | $34.2M | $41.1M | -16.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-26, 10-Q 2026-04-26, 10-K 2026-01-25, 10-Q 2025-10-26, 10-Q 2025-07-27, 10-Q 2025-04-27, 10-K 2025-01-26, 10-Q 2024-10-27, 10-Q 2024-07-28
Data as of 2026-11-02