Semtech

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

SMTC · Last close · October 26, 2026

$136.73

Semtech's revenue rose 15.5% to $1.1 billion in fiscal 2026. Its operating margin was 3.1%, down from 5.5% a year earlier. Free cash flow was $171 million, up 241.9%. The diluted share count rose 23.4%.

Semtech Corporation Latest fiscal year ended January 25, 2026 10-K filed March 23, 2026 · 0000088941-26-000005 Updated October 17, 2026

Revenue

$1.1B

15.5%

Operating margin

3.1%

2.4 pts

Net income

−$40M

Free cash flow

$171M

241.9%

Return on capital

2.9%

1.4 pts

Market cap

$13.4B

Oct 26 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.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2023, earnings per share grew 2.5% a year and net income 1.9% a year, as buybacks cut the share count by 3%. Semtech then lost money in fiscal 2024, 2025 and 2026.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Semtech yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Semtech's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Semtech's fiscal 2026 free cash flow of $171M, net cash of −$296M at January 25, 2026 and 88 million diluted shares, from its filings. The scenarios are fitted to Semtech: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Semiconductors), plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 25, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Semtech's own revenue growth, as above. Cautious: growth of 6% then 4% a year, 2% after year 10, a 13% discount rate. Base: growth of 11.5% then 7% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 17.5% then 10% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $136.73
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Semtech's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	292	248	143	164	195
Debt incl. finance leases	172	1,340	1,371	552	491
Net debt (negative means net cash)	−120	1,092	1,228	387	296
Net debt to EBITDA	−0.7x	9.1x	—	4.6x	4.7x
Debt to equity	0.2x	1.8x	—	1.0x	0.9x
Interest coverage	28.5x	5.3x	−9.9x	0.6x	0.8x
Current ratio	3.9x	1.8x	2.5x	2.1x	2.4x
Quick ratio	3.0x	1.3x	1.8x	1.5x	1.7x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Semtech shares on the open market, and 12 insiders sold $17.6 million, $10.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 21, 2026	Paul Walsh V JrDirector	Sold plan	500	$139.44	$69,720	Form 4
Sep 23, 2026	Paul Walsh V JrDirector	Sold plan	500	$172.61	$86,305	Form 4
Sep 16, 2026	Rodolpho C CardenutoDirector	Sold	5,321	$165.00	$877,965	Form 4
Sep 10, 2026	Mark LinEVP and CFO	Sold plan	683	$159.90	$109,212	Form 4
Sep 4, 2026	Hong Q HouPresident and CEO, Director	Sold plan	2,000	$138.71	$277,420	Form 4
Sep 4, 2026	Julie Garcia RuehlDirector	Sold plan	1,500	$145.00	$217,500	Form 4
Aug 19, 2026	Paul Walsh V JrDirector	Sold plan	500	$135.48	$67,740	Form 4
Aug 17, 2026	Asaf SilbersteinEVP and COO	Sold plan	5,000	$150.00	$750,000	Form 4
Aug 7, 2026	Hong Q HouPresident and CEO, Director	Sold plan	2,000	$140.00	$280,000	Form 4
Jul 22, 2026	Paul Walsh V JrDirector	Sold plan	500	$133.07	$66,535	Form 4
Jul 14, 2026	Asaf SilbersteinEVP and COO	Sold plan	3,000	$145.04	$435,120	Form 4
Jul 10, 2026	Hong Q HouPresident and CEO, Director	Sold plan	2,000	$133.00	$266,000	Form 4

The latest 12 of 49 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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Fail	Pass	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	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 9	6 of 9	7 of 9
Accruals ratio	−50.6%	−15.8%	−15.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Semtech 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
Semtech	FY26	15.5%	3.1%	16.3%	2.9%	4.7x	7
MACOM Technology Solutions	FY25	32.6%	13.4%	19.9%	9.8%	−1.3x	5	Compare
Synaptics	FY26	11.4%	−5.6%	8.5%	−3.4%	—	5	Compare
Allegro MicroSystems	FY26	22.8%	2.1%	14.0%	1.3%	1.4x	7	Compare
Astera Labs	FY25	115.1%	20.3%	33.0%	—	—	—	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 above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	544	588	627	548	595	741	756	869	909	1,050
Revenue growth	11.0%	8.0%	6.7%	−12.7%	8.7%	24.5%	2.1%	14.8%	4.7%	15.5%
Gross profit	325	352	377	337	356	461	479	296	456	542
Research and development	102	105	109	107	118	148	167	186	171	196
Operating income	84	67	106	52	75	145	93	−944	50	33
Net income	55	35	70	32	60	126	61	−1,092	−162	−40
Diluted EPS (US$)	0.83	0.51	1.02	0.47	0.91	1.92	0.96	−17.03	−2.26	−0.46
Diluted shares (millions)	66	68	68	67	66	66	64	64	72	88
Cash flow
Cash from operations	118	112	184	119	119	203	127	−94	58	181
Capital expenditure	33	36	17	23	33	26	28	29	8	10
Free cash flow	85	76	167	96	86	177	98	−123	50	171
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	1	15	116	70	71	130	50	0	0	0
Acquisitions	0	18	16	0	0	0	1,241	0	0	22
Stock-based compensation	31	50	67	52	53	51	39	40	68	58
Balance sheet at fiscal year end
Cash and short-term investments	297	308	312	293	269	292	248	143	164	195
Debt incl. finance leases	241	226	211	195	179	172	1,340	1,371	552	491
Total assets	1,012	1,086	1,063	1,052	1,082	1,131	2,570	1,374	1,419	1,410
Total liabilities	406	421	380	375	383	393	1,814	1,681	877	861
Shareholders' equity	605	665	683	677	699	738	756	−307	542	550
Margins and ratios
Gross margin	59.7%	59.9%	60.1%	61.5%	59.8%	62.2%	63.3%	34.1%	50.2%	51.6%
Operating margin	15.4%	11.3%	16.8%	9.5%	12.6%	19.6%	12.3%	−108.7%	5.5%	3.1%
Net margin	10.0%	5.9%	11.1%	5.8%	10.1%	17.0%	8.1%	−125.7%	−17.8%	−3.9%
Free cash flow margin	15.6%	12.9%	26.6%	17.4%	14.5%	23.9%	13.0%	−14.2%	5.5%	16.3%
Return on capital	11.2%	7.1%	18.0%	6.4%	11.9%	21.0%	5.9%	−53.9%	4.3%	2.9%
Return on equity	9.7%	5.5%	10.3%	4.7%	8.7%	17.5%	8.2%	−487.1%	−137.8%	−7.4%
Return on assets	5.7%	3.3%	6.5%	3.0%	5.6%	11.4%	3.3%	−55.4%	−11.6%	−2.9%
Net debt to EBITDA	−0.4x	−0.7x	−0.7x	−1.1x	−0.9x	−0.7x	9.1x	—	4.6x	4.7x

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