At a glance
Alpha and Omega Semiconductor Ltd is worth $746.5M. Revenue fell 2.5% to $678.9M in fiscal 2026, at a loss; over 5 years it has grown 0.7% a year. It pays no dividend; it spent $31.6M buying back its shares over FY2022–FY2026. The stock returned −17.0% over the past year with dividends reinvested and −6.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.7% in the 2020 crash (S&P 500: 33.7%) and 55.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Alpha and Omega Semiconductor (AOSL) designs and sells power semiconductors: chips that switch, convert and regulate electricity so electronics get the right voltage and current. It offers about 2,900 products, aimed at high-volume goods such as PCs, graphics cards, smartphones, home appliances, power tools and power supplies for servers and telecom equipment. Computing is its largest end market, but the company has expanded into consumer, communications and industrial markets and is pursuing AI applications.
In the fiscal year ended June 30, 2026, revenue was about $679 million. Power discrete devices, simple parts such as MOSFETs (transistors that switch power on and off), made up 64.5%. Power integrated circuits (ICs), which combine power control and delivery in a single device, brought in 34.4%. Packaging and testing services added 1.1%. It sells to electronics makers, with a substantial portion going through distributors.
AOSL makes wafers at its own 8-inch fab, or chip factory, in Hillsboro, Oregon, and uses contract foundries for mature, high-volume products. Most assembly and testing happens at its own plants in China. It also owns part of a chip-making joint venture in Chongqing, China, which is committed to providing it specified monthly wafer capacity. During fiscal 2026 it sold about 20.3% of the venture for $150 million, leaving an 18.9% stake.
Price history
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AOSL -17.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Power discrete | $437.8M | 64.5% |
| Power IC | $233.9M | 34.4% |
| Packaging and testing services | $7.3M | 1.1% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $170.4M, down 3.5% from a year earlier, and net income was $-13.1M.
- For fiscal 2026, revenue was $678.9M (-2.5% year over year; +0.7% a year from FY2021 to FY2026) with a -6.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +0.7% watch |
|---|---|
| Operating margin | -6.4% weak |
| Free cash flow margin | -10% weak |
| Return on equity (FY2026) | -5.3% weak |
| Return on assets (FY2026) | -4.4% weak |
| Net cash (cash minus debt) | $177.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $656.9M | $58.1M | $56.0M |
| FY2022 | $777.6M | $453.2M | $80.9M |
| FY2023 | $691.3M | $12.4M | $-90.0M |
| FY2024 | $657.3M | $-11.1M | $-11.4M |
| FY2025 | $696.2M | $-97.0M | $-7.5M |
| FY2026 | $678.9M | $-42.3M | $-68.1M |
Valuation snapshot
| Market value | $746.5M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Alpha and Omega Semiconductor Ltd’s market value went from $484.0M at the end of 2016 to $746.5M on Oct 28, 2026, up 54%; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $746.5M | +25.4% |
| 2025 | $595.5M | -44.6% |
| 2024 | $1.08B | +48.5% |
| 2023 | $724.1M | -7.5% |
| 2022 | $783.0M | -51.0% |
| 2021 | $1.60B | +165.1% |
| 2020 | $602.5M | +80.2% |
| 2019 | $334.4M | +38.0% |
| 2018 | $242.4M | -37.9% |
| 2017 | $390.6M | -19.3% |
| 2016 | $484.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AOSL price data to Oct 28, 2026 | +24.5% | -17.0% | +0.9% | -6.9% | +1.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.5% |
| 2025 | -46.5% |
| 2024 | +42.1% |
| 2023 | -8.8% |
| 2022 | -52.8% |
| 2021 | +156.2% |
| 2020 | +73.6% |
| 2019 | +33.7% |
| 2018 | -37.7% |
| 2017 | -23.1% |
| 2016 | +131.4% |
| 2015 | +3.8% |
| 2014 | +14.8% |
| 2013 | -8.2% |
| 2012 | +14.9% |
| 2011 | -43.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.4% over that stretch · deepest drop along the way 47.7%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 53% over that stretch · deepest drop along the way 55.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($641K) and 15 sales ($2.5M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Mike F Chang Director, 10% owner | buy | $641K |
| Apr 14, 2026 | Yifan Liang CFO and Corp Secretary | sell (plan) | $358K |
| Apr 17, 2026 | Stephen Chunping Chang Chief Executive Officer, Director | sell (plan) | $346K |
| Apr 17, 2026 | Yifan Liang CFO and Corp Secretary | sell (plan) | $302K |
| Apr 14, 2026 | Yifan Liang CFO and Corp Secretary | sell (plan) | $238K |
Who owns it
Large shareholders (13G filings)
| Mike F. Chang | 14.1% | Dec 31, 2024 |
| BlackRock, Inc. | 12.7% | Mar 31, 2025 |
| STATE STREET CORPORATION | 7.8% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 4.5% | Jun 30, 2026 |
ETFs with the most weight in AOSL
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.4% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 0.39% |
| SVAL iShares US Small Cap Value Factor ETF | 0.26% |
| IWC iShares Micro-Cap ETF | 0.14% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.12% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.11% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.06% |
| VTWV Vanguard Russell 2000 Value ETF | 0.06% |
What could go wrong
- Heavy reliance on the PC market. Computing is AOSL's largest end market, and the company warns that a decline in personal computer markets could materially hurt results. Its push into appliances, industrial and communications markets may not succeed as planned.
- Deep ties to China amid US tensions. Most assembly and testing happens at AOSL's own plants in China. Tariffs, export controls, Chinese limits on moving money out of the country, or Taiwan–China friction could raise costs or disrupt operations.
- Limited control over the Chongqing joint venture. AOSL owned 18.9% of the Chongqing venture as of June 30, 2026, and counts on it for committed wafer capacity. As a minority owner, it lacks control over the venture's decisions.
- Oregon factory needs ongoing investment. Running its own wafer plant in Hillsboro, Oregon, brings operating risks and calls for ongoing capital spending. AOSL has already invested in new equipment there, and the company warns these costs may hurt results.
- Chip prices tend to fall quickly. Average selling prices in AOSL's markets have historically dropped fast, squeezing revenue and margins. Gross margin, the share of sales left after production costs, was 22.3% in fiscal 2026, when it lost $42.3 million.
- Bermuda company with possible PFIC tax risk. AOSL is incorporated in Bermuda, where shareholder rights differ from US law. If it were classified as a passive foreign investment company (PFIC), US shareholders could face harsher federal income tax treatment.
Recent events
- Quarterly results released
- Executive or board change
- Acquisition or sale of assets completed
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
AOSL paid no dividends in fiscal 2021 through 2026, so it provides no income stream; any return must come from a rising share price. It bought back $31.6 million of stock in fiscal 2023 and 2026, yet shares outstanding still rose 14.7% between October 22, 2021 and July 31, 2026, to about 30.3 million. In fiscal 2026 it lost $42.3 million, and free cash flow (cash left after capital spending) was negative $68.1 million.
The stock has fallen hard in market slumps. In the 2020 COVID crash it dropped 47.7% but regained its prior peak by April 29, 2020. In the 2022 bear market it fell 55.5% from March 24 to October 12, 2022, and had not regained that peak as of October 28, 2026. Its deepest drop in about 16.5 years of price history was 75.3%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Alpha and Omega Semiconductor pay a dividend?
No. AOSL paid no dividends in any fiscal year from 2021 through 2026. It has returned some cash through share buybacks, totaling $31.6 million over fiscal 2022 to 2026. Those purchases did not shrink the share count, which rose 14.7% between October 22, 2021 and July 31, 2026. Investors seeking regular income would get none from this stock and would rely entirely on share price gains.
How does Alpha and Omega Semiconductor make money?
It designs and sells power semiconductors, chips that switch and regulate electricity inside electronics. In the fiscal year ended June 30, 2026, revenue was about $679 million: 64.5% from power discrete devices such as MOSFET transistors, 34.4% from power integrated circuits and 1.1% from packaging and testing services. Computing, including PCs and graphics cards, is its largest end market. It also sells into consumer, communications and industrial markets, with products for home appliances and power tools.
Is Alpha and Omega Semiconductor profitable?
No, not in its last three fiscal years. AOSL lost $42.3 million, or $1.41 per diluted share, in the fiscal year ended June 30, 2026. That followed losses of $97.0 million in fiscal 2025 and $11.1 million in fiscal 2024. Free cash flow was negative $68.1 million in fiscal 2026. The balance sheet offers a cushion: as of June 30, 2026, the company held $180.8 million in cash and investments against $3.6 million of debt.
Why did Alpha and Omega Semiconductor sell part of its China joint venture?
To raise money for growth. In July 2025, AOSL agreed to sell about 20.3% of its Chongqing joint venture to a strategic investor for $150 million, paid in four installments. It received every payment during fiscal 2026, leaving it with an 18.9% stake as of June 30, 2026. The company says the cash supports technology investment, new products and possible acquisitions. The venture is committed to providing AOSL a specified level of monthly wafer capacity.
How volatile is Alpha and Omega Semiconductor stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 88.8%, and its beta was 3.33. That means its price tended to move about 3.3 times as much as the overall market. Over that year it fell as much as 59.2% from peak to trough, and it dropped 55.5% in the 2022 bear market. The shares were down 17% over one year but up 24.5% year to date.