Alpha and Omega Semiconductor

AOSL · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

AOSL · Last close · November 6, 2026

$23.61

Value Alpha and Omega Semiconductor yourself

Alpha and Omega Semiconductor's revenue fell 2.5% to $679 million in fiscal 2026. Its operating margin was −6.4%, down from −4.1% a year earlier. Free cash flow was −$68 million. It paid out $18 million in dividends and buybacks. The diluted share count rose 1.9%.

Alpha and Omega Semiconductor Limited Latest fiscal year ended June 30, 2026 10-K filed August 27, 2026 · 0001628280-26-059261 Updated November 7, 2026

Revenue

$679M

2.5%

Operating margin

−6.4%

2.3 pts

Net income

−$42M

Free cash flow

−$68M

Return on capital

−5.2%

2.1 pts

Market cap

$715M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Alpha and Omega Semiconductor does

Alpha and Omega Semiconductor designs, develops and sells power semiconductors, which are chips that control and convert electric power in electronic devices. Its catalog has about two thousand nine hundred products, and it adds dozens of new ones each year.

It makes some of its chips in its own eight-inch wafer factory in Hillsboro, Oregon, and holds a minority stake in a joint venture in Chongqing, China, that packages and tests power chips and runs a twelve-inch wafer factory, giving it more manufacturing capacity. A significant part of its sales goes through distributors.

The company has been diversifying beyond personal computers into other markets, and it says the decline of the PC market could hurt its results. It holds many U.S. and foreign patents. Its fiscal year ends June 30.

Its biggest risks, as it describes them

Downturns in the semiconductor industry and changes in end-market demand could hurt its results.
The shrinking PC market could hurt its sales.
Tension between the United States and China could harm its business.
Running its Oregon factory brings added risks and capital spending.
Prices of its chips fall quickly over time, which could cut revenue and margins.

From Alpha and Omega Semiconductor's annual report on Form 10-K, filed August 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2023, earnings per share fell 4.7% a year and net income 1.8% a year, as new shares raised the share count by 19% and diluted each share's earnings. Alpha and Omega Semiconductor then lost money in fiscal 2024, 2025 and 2026.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	314	195	175	153	181
Debt incl. finance leases	73	54	42	29	5
Net debt (negative means net cash)	−242	−141	−134	−124	−176
Net debt to EBITDA	−1.7x	−2.1x	−2.7x	−3.6x	−12.5x
Debt to equity	0.1x	0.1x	0.1x	0.0x	0.0x
Interest coverage	30.0x	4.6x	−0.9x	−10.8x	−55.7x
Current ratio	2.0x	2.5x	2.6x	2.6x	3.4x
Quick ratio	1.5x	1.4x	1.3x	1.3x	1.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Alpha and Omega Semiconductor's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Alpha and Omega Semiconductor's projections

What Alpha and Omega Semiconductor says to expect

Fiscal first quarter 2027: revenueRevenue is expected to be $176 million plus or minus $10 million.
Fiscal first quarter 2027: gross marginGAAP gross margin is expected to be 23.8% plus or minus 1%. Non-GAAP gross margin is expected to be 24.5% plus or minus 1%.
Fiscal first quarter 2027: operating expensesGAAP operating expenses are expected to be in the range of $52.5 million, plus or minus $1 million. Non-GAAP operating expenses are expected to be in the range of $46.5 million plus or minus $1 million.
Fiscal first quarter 2027: tax expenseTax expense is expected to be in the range of $1.1 million to $1.3 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed August 12, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $640,813 of Alpha and Omega Semiconductor shares on the open market, and 4 insiders sold $2.7 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 16, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	875	$33.99	$29,741	Form 4
Jun 16, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	4,916	$47.09	$231,494	Form 4
May 22, 2026	Claudia ChenDirector	Sold plan	4,061	$39.53	$160,520	Form 4
May 18, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	4,916	$41.00	$201,556	Form 4
Apr 17, 2026	Stephen Chunping ChangChief Executive Officer, Director	Sold plan	14,884	$34.47	$512,987	Form 4
Apr 17, 2026	Yifan LiangCFO and Corp Secretary	Sold plan	8,625	$35.00	$301,875	Form 4
Apr 16, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	1,832	$31.21	$57,177	Form 4
Apr 14, 2026	Yifan LiangCFO and Corp Secretary	Sold plan	26,517	$30.57	$810,493	Form 4
Apr 14, 2026	Stephen Chunping ChangChief Executive Officer, Director	Sold plan	5,594	$31.90	$178,449	Form 4
Mar 16, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	2,408	$21.92	$52,783	Form 4
Mar 9, 2026	Mike F ChangDirector, 10% owner	Bought	33,727	$19.00	$640,813	Form 4
Feb 17, 2026	Bing XueEVP-WW Sales & Bus Development	Sold plan	2,460	$22.33	$54,932	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	6 of 9	4 of 9	5 of 9
Rule of 40	−6.7%	4.8%	−12.5%
Altman Z''	6.87	7.10	8.53
Accruals ratio	−3.1%	−11.6%	−2.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	4 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Alpha and Omega Semiconductor side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alpha and Omega Semiconductor	FY26	−2.5%	−6.4%	−10.0%	−5.2%	−12.5x	5
Rambus	FY25	27.1%	36.8%	47.1%	34.3%	—	5	Compare
Universal Display	FY25	0.5%	38.2%	23.7%	17.9%	−2.0x	3	Compare
T1 Energy	FY25	25,572.8%	−31.1%	2.2%	−31.5%	—	6	Compare
Silicon Labs	FY25	34.3%	−9.0%	8.4%	−7.0%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	383	422	451	465	657	778	691	657	696	679
Revenue growth	14.2%	10.0%	7.0%	3.1%	41.3%	18.4%	−11.1%	−4.9%	5.9%	−2.5%
Gross profit	92	112	115	103	204	269	200	172	161	152
Research and development	30	37	46	51	63	71	88	90	94	104
Operating income	13	8	−7	−14	64	102	22	−4	−28	−43
Net income	14	14	2	−7	58	453	12	−11	−97	−42
Diluted EPS (US$)	0.56	0.57	0.08	−0.27	2.13	16.07	0.42	−0.39	−3.30	−1.41
Diluted shares (millions)	25	25	25	25	27	28	30	28	29	30
Cash flow
Cash from operations	43	4	31	62	129	219	20	26	30	−16
Capital expenditure	0	0	1	62	73	138	110	37	37	52
Free cash flow	42	3	31	−0	56	81	−90	−11	−8	−68
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	15	2	0	0	0	13	0	0	18
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	7	11	13	10	15	31	38	22	30	27
Balance sheet at fiscal year end
Cash and short-term investments	116	132	122	158	202	314	195	175	153	181
Debt incl. finance leases	0	34	86	172	165	73	54	42	29	5
Total assets	398	667	739	793	919	1,299	1,200	1,145	1,034	964
Total liabilities	100	241	296	361	402	444	316	253	212	166
Shareholders' equity	271	279	291	294	373	854	884	892	822	798
Margins and ratios
Gross margin	23.9%	26.6%	25.6%	22.1%	31.1%	34.5%	28.9%	26.2%	23.1%	22.3%
Operating margin	3.4%	2.0%	−1.6%	−3.0%	9.8%	13.1%	3.3%	−0.6%	−4.1%	−6.4%
Net margin	3.6%	3.4%	0.4%	−1.4%	8.8%	58.3%	1.8%	−1.7%	−13.9%	−6.2%
Free cash flow margin	11.1%	0.8%	6.8%	−0.0%	8.5%	10.4%	−13.0%	−1.7%	−1.1%	−10.0%
Rule of 40 (growth + FCF margin)	25.3%	10.7%	13.8%	3.1%	49.8%	28.8%	−24.1%	−6.7%	4.8%	−12.5%
Return on capital	5.6%	2.9%	−1.5%	−2.6%	12.9%	17.2%	2.3%	−0.4%	−3.1%	−5.2%
Return on equity	5.4%	5.2%	0.7%	−2.3%	17.4%	73.8%	1.4%	−1.2%	−11.3%	−5.2%
Return on assets	3.9%	2.7%	0.3%	−0.9%	6.8%	40.9%	1.0%	−0.9%	−8.9%	−4.2%
Net debt to EBITDA	−2.9x	−2.6x	−1.4x	0.4x	−0.3x	−1.7x	−2.1x	−2.7x	−3.6x	−12.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alpha and Omega Semiconductor's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alpha and Omega Semiconductor.