At a glance
Semtech Corporation is worth $13.72B. Revenue grew 15.5% to $1.05B in fiscal 2026, at a loss; over 5 years it has grown 12.0% a year. It pays no dividend; it spent $179.7M buying back its shares over FY2022–FY2026. The stock returned +108.6% over the past year with dividends reinvested and +11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.9% in the 2020 crash (S&P 500: 33.7%) and 70.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 41 months after the lows.
The business in plain English
Semtech, incorporated in Delaware in 1960, designs chips and wireless hardware for three broad markets. The first is infrastructure, such as data centers and fiber networks. The second is high-end consumer devices, such as smartphones and wearables. The third is industrial uses, such as smart meters and asset tracking. Its main customers are original equipment manufacturers (OEMs), the companies that build finished products. Its IoT (Internet of Things) modules, routers and gateways, which link devices to the internet, go to device makers, enterprises and solution providers. Semtech outsources most manufacturing, largely to partners in the U.S., China, Israel, Japan, Taiwan and Vietnam, so it can focus on design and marketing.
Revenue was about $1.05 billion in the fiscal year ended January 25, 2026, spread fairly evenly across three segments. Analog Mixed Signal and Wireless (35.6%) makes chips that shield electronics from voltage spikes such as static shocks, along with sensing chips and LoRa long-range radio chips. IoT Systems and Connectivity (33.7%) offers cellular modules, routers, gateways and connected services. Signal Integrity (30.7%) makes optical and copper data-link chips for data centers, fiber broadband and wireless base stations, at speeds up to 1.6 terabits per second.
Products made up 89.7% of revenue and services 10.3%. By region, Asia-Pacific accounted for 66.4%, North America 22.1% and Europe 11.5%. Semtech says its infrastructure market has expanded to support AI-driven applications.
Price history
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SMTC +108.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $942.1M | 89.7% |
| Services | $107.9M | 10.3% |
By business segment
| Analog Mixed Signal and Wireless | $373.4M | 35.6% |
| IoT Systems And Connectivity | $353.9M | 33.7% |
| Signal Integrity | $322.6M | 30.7% |
By geography
| Asia-Pacific | $697.6M | 66.4% |
| North America | $231.9M | 22.1% |
| Europe | $120.5M | 11.5% |
Latest results
- In Q2 FY2027 (ended Jul 26, 2026), revenue was $341.9M, up 32.7% from a year earlier, and net income was $160.1M.
- For fiscal 2026, revenue was $1.05B (+15.5% year over year; +12.0% a year from FY2021 to FY2026) with a -3.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +12.0% good |
|---|---|
| Operating margin | 3.1% weak |
| Free cash flow margin | 16.3% good |
| Return on equity (FY2026) | -7.3% weak |
| Return on assets (FY2026) | -2.9% weak |
| Net cash (cash minus debt) | $-288.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $595.1M | $59.9M | $86.2M |
| FY2022 | $740.9M | $125.7M | $176.9M |
| FY2023 | $756.5M | $61.4M | $98.4M |
| FY2024 | $868.8M | $-1.09B | $-123.1M |
| FY2025 | $909.3M | $-161.9M | $50.1M |
| FY2026 | $1.05B | $-40.4M | $171.4M |
Valuation snapshot
| Market value | $13.72B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Semtech’s market value went from $2.07B at the end of 2016 to $13.72B on Oct 28, 2026, about 6.6 times as much; since the end of 2025 it is up 101%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.72B | +101.1% |
| 2025 | $6.82B | +45.7% |
| 2024 | $4.68B | +232.3% |
| 2023 | $1.41B | -23.1% |
| 2022 | $1.83B | -68.0% |
| 2021 | $5.73B | +22.3% |
| 2020 | $4.69B | +33.7% |
| 2019 | $3.50B | +16.1% |
| 2018 | $3.02B | +33.0% |
| 2017 | $2.27B | +9.6% |
| 2016 | $2.07B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SMTC price data to Oct 28, 2026 | +99.4% | +108.6% | +116.4% | +11.8% | +19.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +99.4% |
| 2025 | +19.1% |
| 2024 | +182.3% |
| 2023 | -23.6% |
| 2022 | -67.7% |
| 2021 | +23.4% |
| 2020 | +36.3% |
| 2019 | +15.3% |
| 2018 | +34.1% |
| 2017 | +8.4% |
| 2016 | +66.8% |
| 2015 | -31.4% |
| 2014 | +9.1% |
| 2013 | -12.7% |
| 2012 | +16.6% |
| 2011 | +9.6% |
| 2010 | +33.1% |
| 2009 | +50.9% |
| 2008 | -27.4% |
| 2007 | +18.8% |
| 2006 | -28.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.3% over that stretch · deepest drop along the way 55.8%, back to its old high 22.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 27.2% over that stretch · deepest drop along the way 44.9%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 70.7% over that stretch · deepest drop along the way 70.9%, back to its old high 40.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 25 sales ($6.3M), 24 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 16, 2026 | Rodolpho C Cardenuto Director | sell | $878K |
| Aug 17, 2026 | Asaf Silberstein EVP and COO | sell (plan) | $750K |
| Oct 7, 2026 | Jason Elliot Green EVP and CCO | sell (plan) | $527K |
| Jul 8, 2026 | Asaf Silberstein EVP and COO | sell (plan) | $436K |
| Jul 14, 2026 | Asaf Silberstein EVP and COO | sell (plan) | $435K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | Aug 31, 2026 |
| Vanguard Portfolio Management | 5.74% | Jun 30, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| Capital Research Global Investors | 4.9% | Dec 31, 2025 |
| AllianceBernstein L.P. | 3.9% | Dec 31, 2024 |
| Ameriprise Financial, Inc. | 3.7% | Jun 30, 2026 |
ETFs with the most weight in SMTC
| PSI Invesco Semiconductors ETF | 2.71% |
| PTF Invesco Dorsey Wright Technology Momentum ETF | 2.66% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 1.82% |
| SMHX VanEck Fabless Semiconductor ETF | 1.8% |
| NIXT Research Affiliates Deletions ETF | 0.58% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.47% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.46% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.45% |
What could go wrong
- Sierra Wireless integration problems and write-downs. Semtech says it has had, and expects to keep having, difficulties getting the expected benefits from acquiring Sierra Wireless. It has recorded substantial impairment charges, meaning write-downs of asset values, and may record more.
- Possible sale of its cellular module business. The company warns that a potential divestiture (sale) of its cellular module business creates significant risks and uncertainty. It could hurt the wider IoT solutions business, the company's financial condition and its results.
- AI data center demand could swing sharply. AI spending is concentrated among a few giant cloud providers, which are indirect customers. Their needs change fast and rivals may adapt quicker. The company warns that overbuilding could trigger sharp demand corrections.
- Heavy reliance on China and Asia-Pacific. Asia-Pacific made up 66.4% of revenue in the fiscal year ended January 25, 2026, and the company says a substantial portion comes from China. Tariffs, export controls or a Chinese slowdown could hurt sales.
- Debt load and possible dilution from convertibles. As of July 26, 2026, debt was about $493 million against $204 million in cash and investments. Convertible notes, bonds that can become shares, could dilute owners. Loan covenants may also limit flexibility.
- A few customers and distributors matter a lot. A small number of customers account for a significant share of revenue, and most distributors can end their contracts with little or no notice. Losing one could hurt sales and collections.
Recent events
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Semtech pays no dividend and paid none from fiscal 2022 through fiscal 2026, so holding the stock produces no regular income. Any return depends on the share price. The company spent about $180 million on buybacks in fiscal 2022 and 2023 combined and none in fiscal 2024 or 2025. Shares outstanding still rose 44.9% between August 2021 and August 2026, which diluted existing owners.
The stock has fallen hard in downturns. It dropped about 56% in the 2008 financial crisis and did not regain its October 2007 level until September 2010. In the 2020 COVID crash it fell about 45% but recovered by late May 2020. In the 2022 bear market it lost about 71% and did not regain its January 2022 level until February 2026. As of October 28, 2026, its price tended to swing about three times as much as the broad market (a beta of 3.19). Single stocks carry more risk than diversified funds.
Questions investors ask
Does Semtech pay a dividend?
No. Semtech paid no dividends from fiscal 2022 through fiscal 2026, so holding the stock produces no regular income. It spent about $180 million on buybacks in fiscal 2022 and 2023 combined, then made none in fiscal 2024 or 2025. Despite those buybacks, shares outstanding rose 44.9% between August 2021 and August 2026, which diluted existing owners. The stock may suit investors seeking growth rather than income, and any return depends on the share price.
How does Semtech make money?
Semtech makes money mainly by designing chips and connectivity hardware and supplying them to equipment makers. In the fiscal year ended January 25, 2026, products brought in 89.7% of its roughly $1.05 billion in revenue and services 10.3%. Its three segments were similar in size: Analog Mixed Signal and Wireless (35.6%), IoT Systems and Connectivity (33.7%) and Signal Integrity (30.7%). Asia-Pacific accounted for 66.4% of revenue. Semtech outsources most manufacturing, which it says improves capital efficiency.
Is Semtech profitable?
Not for a full year since fiscal 2023. In the year ended January 25, 2026, Semtech lost $40.4 million, or $0.46 per diluted share, its third straight annual loss. It earned $32.6 million in operating income and generated $171.4 million in free cash flow, the cash left after capital spending. In the quarter ended July 26, 2026, it reported net income of $160.1 million on revenue of $341.9 million, up 32.7% from a year earlier. That profit was large relative to sales, so the filing's details are worth reading.
Is Semtech an AI stock?
Partly. Semtech's Signal Integrity segment, 30.7% of revenue in the fiscal year ended January 25, 2026, makes optical and copper data-link chips for data centers, with speeds up to 1.6 terabits per second. The company says its infrastructure market has expanded to support AI-driven applications. But most revenue came from its other two segments: protection, sensing and LoRa radio chips, plus IoT modules, routers and services. Semtech also warns that concentrated AI spending and possible overbuilding could cause sharp demand corrections.
How volatile is Semtech stock?
Very volatile. As of October 28, 2026, the stock's one-year volatility, a measure of how widely its price swings, was 78.8%. Its beta was 3.19, meaning it has tended to move about three times as much as the broad market. It fell as much as 40.7% during that one-year span and 68.5% over three years. Its deepest drop in about 21 years of price history was 85.4%. The upside has been large too: the price rose 108.6% over the year to October 28, 2026.