At a glance
Lattice Semiconductor Corporation is worth $14.80B, about 5209 times its fiscal 2025 earnings. Revenue grew 2.7% to $523.3M in fiscal 2025, with 0.6% kept as profit; over 5 years it has grown 5.1% a year. It pays no dividend; it spent $427.3M buying back its shares over FY2021–FY2025. The stock returned +45.0% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.5% in the 2020 crash (S&P 500: 33.7%) and 43.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 9 months after the lows.
The business in plain English
Lattice Semiconductor designs field programmable gate arrays, or FPGAs: chips whose logic a customer can configure with software after the chip is built. That flexibility lets one chip serve many products and helps customers launch faster than they could with a custom-designed chip. Lattice focuses on small, low-power FPGAs, sold in families such as MachXO, CrossLink, ECP and iCE. It owns no chip factories: outside foundries make its silicon wafers, and subcontractors assemble and test the chips.
The chips often work beside a main processor as helpers: managing power and security in servers, linking cameras and sensors, or running small artificial intelligence (AI) models next to a sensor. Lattice serves three end-market groups: Communications and Computing (servers, 5G wireless equipment, switches and routers), Industrial and Automotive (factory automation, robots, driver-assistance systems and in-car entertainment), and Consumer (smart home devices, sound bars, augmented and virtual reality headsets, and wearables). It also earns fees from licensing its intellectual property and from design services.
Revenue in fiscal 2025 (the year ended January 3, 2026) was $523.3 million. Sales lean heavily on Asia: China accounted for 52.2% of revenue, the Americas 19.6%, Europe 12.8%, other Asian countries 9.9% and Japan 5.5%. Lattice relies on a concentrated group of distributors to reach many of its customers.
Price history
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LSCC +45.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| CHINA | $273.2M | 52.2% |
| Americas | $102.8M | 19.6% |
| Europe | $66.8M | 12.8% |
| Other Asia | $51.9M | 9.9% |
| JAPAN | $28.6M | 5.5% |
Latest results
- In Q2 FY2026 (ended Jul 4, 2026), revenue was $201.1M, up 62.2% from a year earlier, and net income was $19.4M (+564.6%).
- For fiscal 2025, revenue was $523.3M (+2.7% year over year; +5.1% a year from FY2020 to FY2025) with a 0.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.1% good |
|---|---|
| Operating margin | 2.1% weak |
| Free cash flow margin | 25.3% good |
| Return on equity (FY2025) | 0.4% weak |
| Return on assets (FY2025) | 0.3% weak |
| Cash and investments | $173.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $408.1M | $47.4M | $79.6M |
| FY2021 | $515.3M | $95.9M | $157.9M |
| FY2022 | $660.4M | $178.9M | $215.5M |
| FY2023 | $737.2M | $259.1M | $249.5M |
| FY2024 | $509.4M | $61.1M | $119.9M |
| FY2025 | $523.3M | $3.1M | $132.6M |
Valuation snapshot
| Market value | $14.80B |
|---|---|
| P/E ratio | 5208.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Lattice Semiconductor’s market value went from $891.7M at the end of 2016 to $14.80B on Oct 28, 2026, about 16.6 times as much; since the end of 2025 it is up 47%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.80B | +47.0% |
| 2025 | $10.06B | +28.8% |
| 2024 | $7.82B | -17.9% |
| 2023 | $9.52B | +7.1% |
| 2022 | $8.89B | -15.7% |
| 2021 | $10.55B | +69.1% |
| 2020 | $6.24B | +144.1% |
| 2019 | $2.56B | +185.2% |
| 2018 | $896.3M | +25.7% |
| 2017 | $713.1M | -20.0% |
| 2016 | $891.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LSCC price data to Oct 28, 2026 | +41.6% | +45.0% | +14.1% | +8.5% | +32.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.6% |
| 2025 | +29.9% |
| 2024 | -17.9% |
| 2023 | +6.3% |
| 2022 | -15.8% |
| 2021 | +68.2% |
| 2020 | +139.4% |
| 2019 | +176.6% |
| 2018 | +19.7% |
| 2017 | -21.5% |
| 2016 | +13.8% |
| 2015 | -6.1% |
| 2014 | +25.5% |
| 2013 | +37.6% |
| 2012 | -32.8% |
| 2011 | -2.0% |
| 2010 | +124.4% |
| 2009 | +78.8% |
| 2008 | -53.5% |
| 2007 | -49.9% |
| 2006 | +50.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.2% over that stretch · deepest drop along the way 75.4%, back to its old high 13.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.5% over that stretch · deepest drop along the way 30.5%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.6% over that stretch · deepest drop along the way 43.2%, back to its old high 8.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 10 sales ($3.0M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Esam Elashmawi SVP, Strategy and Marketing | sell (plan) | $1.2M |
| Aug 17, 2026 | Esam Elashmawi SVP, Strategy and Marketing | sell (plan) | $257K |
| Aug 17, 2026 | Esam Elashmawi SVP, Strategy and Marketing | sell (plan) | $254K |
| Sep 15, 2026 | Pravin Desale SVP, R&D | sell (plan) | $252K |
| Aug 17, 2026 | Esam Elashmawi SVP, Strategy and Marketing | sell (plan) | $248K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 11.8% | Mar 31, 2026 |
| BlackRock, Inc. | 10% | Oct 31, 2025 |
| T. Rowe Price Investment Management, Inc. | 5.7% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.43% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Artisan Partners Asset Management Inc. | 3.4% | Jun 30, 2025 |
ETFs with the most weight in LSCC
| SMHX VanEck Fabless Semiconductor ETF | 3.29% |
| SNSR Global X Internet of Things ETF | 3.29% |
| WISE Themes Generative Artificial Intelligence ETF | 1.75% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.43% |
| TTEQ T. Rowe Price Technology ETF | 0.87% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.64% |
| TMAT Main Thematic Innovation ETF | 0.63% |
| TSME Thrivent Small-Mid Cap Equity ETF | 0.61% |
What could go wrong
- Over half of revenue tied to China. China made up 52.2% of fiscal 2025 revenue. Tariffs, export controls or sanctions could cut sales, and Lattice also runs operations and research sites in China.
- Relies on outside, overseas chip factories. Foreign foundries make Lattice's wafers, and overseas subcontractors package and test its chips. Shortages, higher wafer prices, quality problems or geopolitical trouble affecting these suppliers could delay shipments and squeeze margins.
- Heavy reliance on a few distributors. Lattice depends on a highly concentrated distributor network. Losing a major distributor could hurt sales, and accounting rules for distributor sales can make reported revenue run ahead of real end-customer demand.
- New products and lumpy, hard-to-predict sales. Lattice must keep launching chips that customers design into their products. Long sales cycles make revenue, margins and inventory hard to forecast, and occasional patent sales or big licensing deals add swings.
- Rivals with far deeper pockets. Lattice competes with companies that have significantly greater resources, and with other options such as custom chips (ASICs) and microcontrollers. Bigger rivals can outspend it on research and pricing.
- Chip industry booms and busts. Semiconductor demand is cyclical. Lattice's revenue fell from $737.2 million in fiscal 2023 to $509.4 million in fiscal 2024, and net income dropped from $259.1 million to $61.1 million.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Major agreement signed; Quarterly results released; Unregistered sale of shares; Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Other company announcement
For income and retirement investors
Lattice pays no dividend and paid none from fiscal 2021 through fiscal 2025, so the stock provides no regular income; any cash from it would come from share sales. Instead, Lattice repurchases its own stock: $427.3 million over those five years, including $100 million in fiscal 2025, when free cash flow (cash left after running the business and investing in equipment) was $132.6 million. Even so, the share count rose 3.7% between October 2021 and July 2026.
The stock has fallen hard in downturns. It dropped 75.4% in the 2008 financial crisis and did not regain its peak until April 2010. It fell 30.5% in the 2020 COVID crash but recovered within a month, and lost 43.2% in the 2022 bear market (a long, broad market slide) before recovering by February 2023. Its worst drop in about 21 years of price history was 85.3%. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Lattice Semiconductor make money?
Mainly from sales of small, low-power chips called field programmable gate arrays (FPGAs), which customers configure with software for jobs such as server security, connecting sensors and running artificial intelligence (AI) near the sensor. Its chips end up in servers, 5G and network equipment, factory robots, cars and consumer devices. Lattice also earns licensing and design-service fees. Revenue was $523.3 million in fiscal 2025, the year ended January 3, 2026. Lattice owns no factories; outside foundries and subcontractors make and test its chips.
Does Lattice Semiconductor pay a dividend?
No. Lattice paid no dividends from fiscal 2021 through fiscal 2025, so the stock has no dividend yield and provides no regular income. The company returns cash through share repurchases instead, spending $427.3 million over those five years, including $100 million in fiscal 2025. Repurchases have not shrunk the share count, though: it rose 3.7%, from about 136.9 million in October 2021 to 142.0 million in July 2026.
How much of Lattice Semiconductor's revenue comes from China?
Just over half. China accounted for 52.2% of Lattice's $523.3 million in revenue in fiscal 2025, by far its largest region. The Americas made up 19.6%, Europe 12.8%, other Asian countries 9.9% and Japan 5.5%. Lattice's annual report (10-K) lists tariffs, export controls, sanctions and trade restrictions among its risks, and the company also runs operations and research sites in China.
Is Lattice Semiconductor profitable?
Yes, but barely in fiscal 2025. Net income fell 95% to $3.1 million on $523.3 million of revenue, after $61.1 million in fiscal 2024 and $259.1 million in fiscal 2023. Free cash flow held up better at $132.6 million. In the quarter ended July 4, 2026, revenue rose 62.2% from a year earlier to $201.1 million, and net income was $19.4 million. That thin profit pushed the price-to-earnings ratio (share price divided by yearly earnings per share) to about 5,209 as of October 28, 2026.
How volatile is Lattice Semiconductor stock?
Very volatile. As of October 28, 2026, the stock's one-year volatility, a measure of how widely its price swings, was 61.4%. Its beta was 3, meaning it tended to move about three times as much as the broad market over that year. Its largest drop over three years was 54.7%, and its worst in about 21 years of price history was 85.3%. Gains have also been large: the price rose 45% over one year and about 1,619% over 10 years.