At a glance
Qorvo Inc is worth $10.07B, about 32 times its fiscal 2026 earnings. Revenue fell 1.1% to $3.68B in fiscal 2026, with 9.2% kept as profit; over 5 years it has grown 1.7% a year. It pays no dividend; it spent $3.30B buying back its shares over FY2022–FY2026. The stock returned +22.1% over the past year with dividends reinvested and −7.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.5% in the 2020 crash (S&P 500: 33.7%) and 51.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Qorvo designs and makes radio frequency (RF) chips, which let devices send and receive wireless signals, plus chips that manage power. Its parts go into smartphones, cars, cell towers, cable networks, satellites, data-center drives and military radar. Customers include device makers, network equipment makers, auto suppliers, defense contractors and the U.S. government. Qorvo makes money by selling chips and modules. It also sells chip-making and packaging services, including to defense customers.
In the fiscal year ended March 28, 2026, revenue was $3.68 billion. The Advanced Cellular Group, which sells RF modules and power-management chips for smartphones, wearables, laptops and tablets, brought in 69.4% of that. High Performance Analog, which serves defense and aerospace, cellular base stations, cable broadband and industrial power uses, added 19.2%. The Connectivity and Sensors Group, which makes Wi-Fi, Bluetooth Low Energy and ultra-wideband chips (short-range radio for precise location, such as digital car keys), supplied 11.5%. The 10-K attributes 63% of revenue to the United States, 12.9% to China and 9.7% to Taiwan.
In October 2025, Qorvo agreed to merge with Skyworks Solutions, and shareholders of both companies approved the deal on February 11, 2026. An October 5, 2026 filing reported a completed acquisition and a change in control, pointing to Qorvo becoming a wholly owned subsidiary of Skyworks.
Price history
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QRVO +22.1% over the year to Oct 5, 2026, total return with dividends reinvested.
How it makes money
By business segment
| ACG | $2.55B | 69.4% |
| HPA | $705.7M | 19.2% |
| CSG | $421.7M | 11.5% |
By geography
| UNITED STATES | $2.32B | 63% |
| CHINA | $474.9M | 12.9% |
| Other Asia | $431.9M | 11.7% |
| TAIWAN, PROVINCE OF CHINA | $357.7M | 9.7% |
| Europe | $98.3M | 2.7% |
Latest results
- In Q1 FY2027 (ended Jun 27, 2026), revenue was $784.8M, down 4.2% from a year earlier, and net income was $85.8M (+235.2%).
- For fiscal 2026, revenue was $3.68B (-1.1% year over year; -1.7% a year from FY2021 to FY2026) with a 9.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | -1.7% weak |
|---|---|
| Operating margin | 11.2% watch |
| Free cash flow margin | 18.5% good |
| Return on equity (FY2026) | 10.1% watch |
| Return on assets (FY2026) | 5.8% watch |
| Net cash (cash minus debt) | $-205.4M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.02B | $733.6M | $1.11B |
| FY2022 | $4.65B | $1.03B | $835.8M |
| FY2023 | $3.57B | $103.2M | $684.3M |
| FY2024 | $3.77B | $-70.3M | $706.0M |
| FY2025 | $3.72B | $55.6M | $484.6M |
| FY2026 | $3.68B | $339.0M | $679.6M |
Valuation snapshot
| Market value | $10.07B |
|---|---|
| P/E ratio | 31.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Qorvo’s market value went from $6.74B at the end of 2016 to $10.07B on Oct 5, 2026, up 50%; since the end of 2025 it is up 29%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 5, 2026 | $10.07B | +29.0% |
| 2025 | $7.81B | +18.1% |
| 2024 | $6.61B | -39.7% |
| 2023 | $10.96B | +19.3% |
| 2022 | $9.19B | -46.7% |
| 2021 | $17.24B | -9.1% |
| 2020 | $18.96B | +40.4% |
| 2019 | $13.50B | +78.0% |
| 2018 | $7.59B | -10.4% |
| 2017 | $8.47B | +25.7% |
| 2016 | $6.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| QRVO price data to Oct 5, 2026 | +35.1% | +22.1% | +6.7% | -7.2% | +7.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.1% |
| 2025 | +20.9% |
| 2024 | -37.9% |
| 2023 | +24.2% |
| 2022 | -42.0% |
| 2021 | -5.9% |
| 2020 | +43.0% |
| 2019 | +91.4% |
| 2018 | -8.8% |
| 2017 | +26.3% |
| 2016 | +3.6% |
| 2015 | -27.7% |
| 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 33.5% over that stretch · deepest drop along the way 33.5%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 50.9% over that stretch · deepest drop along the way 51.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 17 sales ($6.3M), 17 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | Robert A Bruggeworth President and CEO, Director | sell (plan) | $1.7M |
| Sep 2, 2026 | Robert A Bruggeworth President and CEO, Director | sell (plan) | $1.2M |
| Aug 31, 2026 | Frank P. Stewart SVP, Advanced Cellular | sell (plan) | $784K |
| Aug 17, 2026 | Philip Chesley SVP, High Performance Analog | sell (plan) | $535K |
| Aug 17, 2026 | Grant Brown SVP & Chief Financial Officer | sell (plan) | $505K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.6% | Sep 30, 2025 |
| Vanguard Portfolio Management | 6.26% | Mar 31, 2026 |
ETFs with the most weight in QRVO
| PSCT Invesco S&P SmallCap Information Technology ETF | 4.1% |
| XSD SPDR S&P Semiconductor ETF | 2.8% |
| SOVF Sovereign's Capital Flourish Fund | 1.36% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.05% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.99% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.88% |
| DTEC ALPS Disruptive Technologies ETF | 0.82% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.54% |
What could go wrong
- Merger benefits could fall short. Through the merger, Qorvo stockholders end up owning Skyworks stock. If the expected benefits arrive late or not at all, or combining the two companies proves difficult, Skyworks' share price could suffer.
- Merger tax treatment is not guaranteed. The deal aims to qualify as a tax-favored reorganization under Section 368(a) of the tax code. If it does not, U.S. holders of Qorvo stock may owe additional federal income tax.
- A few large customers drive sales. Qorvo depends on several large customers for a big share of revenue, and its mobile-focused cellular group produced 69.4% of fiscal 2026 sales. Losing a major customer, or share at one, could hurt results sharply.
- Short product cycles demand constant design wins. Sales depend on design wins, when a customer picks Qorvo's chip for a new device. Customer needs change fast and product lives are short, so missing one generation can cut revenue quickly.
- Tariffs, export limits and China exposure. Trade policies, including tariffs and export restrictions, have already limited Qorvo's sales to some customers. China accounted for 12.9% of fiscal 2026 revenue, and Chinese economic regulation could also hurt results.
- Idle factories and poor yields hurt profits. Qorvo runs its own chip plants. When demand weakens, underused factories still carry fixed costs, and low yields, meaning too few usable chips per batch, push costs up further and squeeze profits.
Recent events
- Major agreement ended; Acquisition or sale of assets completed; Listing notice from the exchange; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed
- Shareholder vote results
- Quarterly results released
- Major agreement signed
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Qorvo pays no dividend and paid none from fiscal 2022 through fiscal 2026, so it has offered no regular income. An income investor holding it would have needed to sell shares to raise cash, possibly at low prices. Instead of paying dividends, the company spent about $3.3 billion buying back its own stock over those five years, and its share count fell 20.6% between July 2021 and July 2026. For holders who receive Skyworks stock through the merger, Skyworks' own dividend policy is what matters.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 33.5%, then recovered by May 27, 2020, about two months later. In the 2022 bear market it fell about 51% between January 4 and October 12, 2022, and had not regained that peak as of October 5, 2026. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Qorvo make money?
Qorvo makes money selling radio frequency (RF) and power-management chips and modules. In the fiscal year ended March 28, 2026, its Advanced Cellular Group, which supplies RF parts for smartphones, wearables, laptops and tablets, produced 69.4% of $3.68 billion in revenue. High Performance Analog, which serves defense, aerospace, cell networks and cable broadband, added 19.2%. The Connectivity and Sensors Group, which makes Wi-Fi, Bluetooth Low Energy and ultra-wideband chips for cars, homes and factories, added 11.5%. Qorvo also sells chip-making and packaging services.
Does Qorvo pay a dividend?
No. Qorvo paid no dividends from fiscal 2022 through fiscal 2026. Instead, it returned cash by buying back its own stock, spending about $3.3 billion over those five years, and its share count fell 20.6% between July 2021 and July 2026. For an income investor, that means no regular cash payments, so any gain had to come from the share price. For holders who receive Skyworks stock through the merger, Skyworks' own dividend policy is what matters.
Is Qorvo merging with Skyworks?
Yes. On October 27, 2025, Qorvo agreed to merge with Skyworks Solutions, which would make Qorvo a wholly owned subsidiary of Skyworks and turn Qorvo stockholders into Skyworks stockholders. Shareholders of both companies approved it on February 11, 2026. On October 5, 2026, Qorvo filed a report disclosing a completed acquisition, a change in control and a notice from its stock exchange. SEC records also no longer list a ticker for the company. Together, these point to the deal having closed and QRVO no longer trading separately.
Is Qorvo profitable?
Yes, in its latest fiscal year. For the year ended March 28, 2026, Qorvo earned $339 million, or $3.62 per diluted share, on revenue of $3.68 billion. Profits have swung widely, though: net income was $1.03 billion in fiscal 2022 but a $70 million loss in fiscal 2024. Revenue has shrunk about 1.7% a year over the five years since fiscal 2021. At the October 5, 2026 price, the stock traded at 31.5 times fiscal 2026 earnings.
Is Qorvo stock volatile?
Yes. As of October 5, 2026, its one-year volatility, a measure of how much the price swings, was 39.2%. Its one-year beta of 1.18 means it has tended to move more than the overall market. The stock fell 42% in 2022 and 37.9% in 2024 but rose 91.4% in 2019. Its worst drop from a peak over its full price history was 74.5%. Over the 10 years to October 5, 2026, its price rose about 7.7% a year, compared with a 7.2% annual loss over five years.