Semtech
ConvictionModerate
Fabless semiconductor designer (TSMC/OSAT outsourced manufacturing) selling signal-integrity chips (optical PHY/TIA/drivers, CopperEdge active-copper), protection/analog components, and LoRa RF; plus an IoT Systems & Connectivity segment (Sierra Wireless modules, AirLink routers, and recurring connectivity/software services) sold through distributors, ODMs/OEMs, hyperscaler supply chains, and direct.
Revenue
$1.05B GAAP net sales FY2026ended Jan 2026); TTM ~$1.09B through Q1 FY2027Rev growth
+15% FY2026 vs $909.3M FY2025Q1 FY2027 record $291.0M, +16% YoY / +6% sequentialGross margin
Non-GAAP adjusted gross margin 53.0%in Q1 FY2027 (guided ~54% Q2 FY2027), up ~300bps YoY; GAAP gross margin ~52% (FY2026 51.6%Op margin
Non-GAAP operating margin roughly high-teens and expanding on mixGAAP operating result near breakeven-to-slightly-negative (FY2026 GAAP net loss $40.4M, narrowed ~75% from FY2025's $161.9MCapex intensity
Very low~1% of revenue (FY2026 capex ~$10M; fabless, manufacturing outsourced to TSMC and OSAT partnersMarket cap
~$12.6BNasdaq: SMTC, as of Jul 2, 2026 close $135.27; ~93.15M shares; 52-wk range $42.42-$177.35; beta ~2.3The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Semtech
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence