Astera Labs vs Semtech
Semtech reported revenue of $1.1 billion in fiscal 2026, 1.2 times Astera Labs' $852 million in fiscal 2025. Astera Labs' revenue grew 115.1% in its latest year, and Semtech's grew 15.5%. Astera Labs had an operating margin of 20.3%, against 3.1% at Semtech. Free cash flow was $282 million at Astera Labs and $171 million at Semtech. Their fiscal years end in different months (December 31 and January 25), so the periods don't line up exactly.
Side by side
| Astera Labs | Semtech | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Jan 25, 2026 |
| Revenue | $852M | $1.1B |
| Revenue growth | 115.1% | 15.5% |
| Revenue growth a year, last 5 years | — | 12.0% |
| Gross margin | 75.7% | 51.6% |
| Operating margin | 20.3% | 3.1% |
| Net margin | 25.7% | −3.9% |
| Free cash flow | $282M | $171M |
| Free cash flow margin | 33.0% | 16.3% |
| Return on capital | — | 2.9% |
| Net debt to EBITDA | — | 4.7x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 36.8% | 23.4% |
| Last close | $259.51 | $136.73 |
| P/E at the last close | 128.5× | — |
| Insider trades, last 12 months | sold $702.2 million | sold $17.6 million |
| Piotroski F-score | — | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Astera LabsSemtech
Operating margin
Percent of revenue
Astera LabsSemtech
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Astera LabsSemtech
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Astera Labs and Semtech pages.