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Makes analog and mixed-signal semiconductors for infrastructure, high-speed data-center and IoT/connectivity applications.
Makes analog and mixed-signal semiconductors for infrastructure, high-speed data-center and IoT/connectivity applications.
Is paid per chip, with data-centre signal-integrity chips (which clean up and retime fast links between servers and optical modules) the newer line and LoRa chips for low-power wireless sensors the older IoT line. It bought Sierra Wireless in 2023 to widen its IoT offering, then agreed to sell the cellular-module unit to Quectel.
Moat: narrow (IP / patents, process know-how). Proprietary LoRa IoT connectivity standard and data-center signal-integrity IP, though scale is small versus larger analog peers.
Headquarters: Camarillo, California, United States · Founded: 1960 · Employees: 1,920
Size Semtech (SMTC) is a United States Information Technology company (Semiconductors) with a market value of $9.63B, the 796th largest of 3,117 United States companies the cockpit tracks. Shares closed at $103.21 on 6 Nov 2026.
Performance Over six months the shares fell 15.3%, against -13.8% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 18 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +32.7%); the operating margin is 12.3% (peer median 9.8%).
Valuation It trades at 19.1× forward earnings against a peer median of 24.3× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +40 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points below its cost of capital (16.8% WACC).
Credit Semtech has 2 bonds outstanding ($503M).
Short interest Short interest is 6.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.17B | $1.05B | $909M | $869M | $757M |
| Revenue growth | — | +15% | +5% | +15% | — |
| Gross profit | $610M | $541M | $456M | $374M | $479M |
| EBITDA | $190M | $170M | $111M | $50.3M | $196M |
| Net income | $154M | -$40.4M | -$162M | -$1.09B | $61.4M |
| Free cash flow | $182M | $160M | $49.3M | -$123M | $98.4M |
| Capital expenditure | $30.1M | $15.8M | $14.2M | $31.1M | $28.3M |
| Total debt | $525M | $522M | $579M | $1.40B | $1.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Semtech SMTC | $9.63B | -15% | +18% | 12% | 19.1× | 51.8% |
| Marvell Technology MRVL | $124B | -17% | +31% | 17% | 25.0× | 54.4% |
| MaxLinear MXL | $4.48B | -51% | +56% | -1% | 12.1× | n/a |
| Credo Technology CRDO | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SMTC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -45.0% | -15.8% | 3rd lowest of 20 |
| 6-month return | -15.3% | -13.8% | 8th lowest of 18 |
| Distance from 52-week high | -48.9% | -50.1% | 11th highest of 21 |
| Revenue growth (TTM) | +17.8% | +32.7% | 6th lowest of 21 |
| Operating margin | 12.3% | 9.8% | 7th highest of 21 |
| Forward P/E | 19.1× | 24.3× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 51.8% | 17.9% | most demanding of 9 |
| Growth delivered (Del g) | +12.0% | +12.8% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | +39.7 pp | +5.1 pp | most demanding of 9 |
| ROIC minus cost of capital | -6.0 pp | -2.4 pp | 7th lowest of 21 |
| EV / EBITDA | 52.3× | 16.9× | most expensive of 6 |
| Net debt / EBITDA | 1.7× | -1.4× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Semtech SMTC | United States | $9.63B | -15% | +18% | 12% | 19.1× | 51.8% | +12.0% |
| Nexchip Semiconductor 2249.HK | Hong Kong | $9.55B | n/a | +20% | 7% | 50.2× | n/a | n/a |
| China Resources Microelectronics 688396.SS | China | $9.72B | -14% | +17% | 10% | 46.9× | 25.7% | +9.7% |
| Xi'an ESWIN Material Technology 688783.SS | China | $9.34B | -36% | +25% | -25% | n/a | n/a | n/a |
| Novatek Microelectronics 3034.TW | Taiwan | $9.16B | +18% | +2% | 20% | 14.1× | -4.2% | +4.7% |
| National Silicon Industry 688126.SS | China | $10.2B | 0% | +33% | -41% | n/a | n/a | n/a |
| United Nova Technology 688469.SS | China | $8.92B | +4% | +42% | -10% | 102.1× | n/a | n/a |
| TongFu Microelectronics 002156.SZ | China | $10.5B | -15% | +21% | 7% | 28.7× | n/a | n/a |
| Realtek Semiconductor 2379.TW | Taiwan | $11.0B | +33% | +12% | 11% | 19.9× | 8.4% | +9.6% |
| SG Micro 300661.SZ | China | $8.33B | -12% | +46% | 17% | 55.7× | 35.9% | +26.7% |
| VeriSilicon Microelectronics (Shanghai) 688521.SS | China | $8.31B | -63% | +39% | -23% | n/a | 40.5% | +15.9% |
| Yuanjie Semiconductor Technology 688498.SS | China | $11.2B | -45% | +300% | 64% | 60.1× | n/a | n/a |
| Amkor Technology AMKR | United States | $8.13B | -57% | +16% | 10% | 12.1× | n/a | n/a |
| Shenzhen Techwinsemi Technology 001309.SZ | China | $8.12B | -64% | +317% | 35% | 6.7× | n/a | n/a |
| Konfoong Materials International 300666.SZ | China | $8.09B | +9% | +35% | 10% | 53.5× | n/a | n/a |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 19.9× | 24.5% | +23.5% |
| Fabrinet FN | United States | $11.7B | -47% | +43% | 10% | 15.6× | n/a | n/a |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | n/a | n/a | n/a |
| Ingenic Semiconductor 3223.HK | Hong Kong | $7.76B | n/a | +100% | 35% | 10.9× | -3.9% | +16.1% |
| Tianshui Huatian Technology 002185.SZ | China | $7.74B | +10% | +33% | 4% | 45.0× | n/a | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 7.6× | 11.3% | +0.5% |
Semtech has 2 bonds outstanding with $503M face value.