Revenue growth remains robust at 15.9% year-over-year in 2027Q1, though operating margins are currently limited to 10.6% due to high overhead and integration-related expenses.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 1.11B | 1.05B | 909.29M | 868.76M | 756.53M | 740.86M | 595.12M | 547.51M | 627.2M | 587.85M | 544.27M | 490.22M | 557.88M | 594.98M | 578.83M | 480.6M | 454.5M | 286.56M | 294.82M | 284.79M | 252.54M | 239.41M | 253.61M | 192.08M | 192.96M | 191.21M | 256.69M | 173.77M | 114.52M | 102.81M | 65.38M |
| Revenue Growth % | 11.07% | 15.48% | 4.67% | 14.83% | 2.12% | 24.49% | 8.69% | -12.7% | 6.69% | 8.01% | 11.03% | -12.13% | -6.23% | 2.79% | 20.44% | 5.74% | 58.61% | -2.8% | 3.52% | 12.77% | 5.49% | -5.6% | 32.04% | -0.46% | 0.91% | -25.51% | 47.72% | 51.74% | 11.39% | 57.24% | 6% |
| Cost of Goods Sold | 528.68M | 508.4M | 453.64M | 494.77M | 277.58M | 279.72M | 239.83M | 227.37M | 276.82M | 263.74M | 244.71M | 222.17M | 249.02M | 282.7M | 293.46M | 203.34M | 195.72M | 132.86M | 135.23M | 129.62M | 115.56M | 105M | 105.7M | 81.33M | 83.1M | 97.92M | 111.82M | 82.73M | 60.24M | 53.88M | 38.11M |
| COGS % of Revenue | - | 48.42% | 49.89% | 56.95% | 36.69% | 37.76% | 40.3% | 41.53% | 44.14% | 44.87% | 44.96% | 45.32% | 44.64% | 47.51% | 50.7% | 42.31% | 43.06% | 46.36% | 45.87% | 45.51% | 45.76% | 43.86% | 41.68% | 42.34% | 43.06% | 51.21% | 43.56% | 47.61% | 52.6% | 52.41% | 58.29% |
| Gross Profit | 565.42M | 541.6M | 455.64M | 373.99M | 478.96M | 461.14M | 355.28M | 320.14M | 350.37M | 324.1M | 299.56M | 268.05M | 308.87M | 312.28M | 285.37M | 277.26M | 258.79M | 153.7M | 159.59M | 155.18M | 136.97M | 134.41M | 147.91M | 110.75M | 109.86M | 93.29M | 144.87M | 91.04M | 54.28M | 48.93M | 27.27M |
| Gross Margin % | 51.09% | 51.58% | 50.11% | 43.05% | 63.31% | 62.24% | 59.7% | 58.47% | 55.86% | 55.13% | 55.04% | 54.68% | 55.36% | 52.49% | 49.3% | 57.69% | 56.94% | 53.64% | 54.13% | 54.49% | 54.24% | 56.14% | 58.32% | 57.66% | 56.94% | 48.79% | 56.44% | 52.39% | 47.4% | 47.59% | 41.71% |
| Gross Profit Growth % | - | 18.86% | 21.83% | -21.92% | 3.86% | 29.79% | 10.98% | -8.63% | 8.11% | 8.19% | 11.76% | -13.21% | -1.09% | 9.43% | 2.92% | 7.14% | 68.37% | -3.69% | 2.84% | 13.29% | 1.91% | -9.13% | 33.55% | 0.81% | 17.76% | -35.6% | 59.13% | 67.72% | 10.93% | 79.42% | 5.66% |
| Operating Expenses | 440.58M | 408M | 393.96M | 408.1M | 319.97M | 318.86M | 280.6M | 269.31M | 261.6M | 244.74M | 239.19M | 249.89M | 241.26M | 255.42M | 244.28M | 179.22M | 180.03M | 118.22M | 114.3M | 117.33M | 111.5M | 82.08M | 77.94M | 67.58M | 78.96M | 63.54M | 68.17M | 47.55M | 34.12M | 26.12M | 15.84M |
| OpEx % of Revenue | - | 38.86% | 43.33% | 46.98% | 42.29% | 43.04% | 47.15% | 49.19% | 41.71% | 41.63% | 43.95% | 50.97% | 43.25% | 42.93% | 42.2% | 37.29% | 39.61% | 41.25% | 38.77% | 41.2% | 44.15% | 34.29% | 30.73% | 35.18% | 40.92% | 33.23% | 26.56% | 27.36% | 29.79% | 25.41% | 24.23% |
| Selling, General & Admin | 234.38M | 211.7M | 223.05M | 221.65M | 164.03M | 170.93M | 163.07M | 161.94M | 152.55M | 139.94M | 136.69M | 136.15M | 128.52M | 123.36M | 124.27M | 98.65M | 110.4M | 73.37M | 72.89M | 74.26M | 70.25M | 44.55M | 44.45M | 37.21M | 34.43M | 33.8M | 36.16M | 27.21M | 20.09M | 16.93M | 11.82M |
| SG&A % of Revenue | - | 20.16% | 24.53% | 25.51% | 21.68% | 23.07% | 27.4% | 29.58% | 24.32% | 23.8% | 25.11% | 27.77% | 23.04% | 20.73% | 21.47% | 20.53% | 24.29% | 25.6% | 24.72% | 26.08% | 27.82% | 18.61% | 17.53% | 19.37% | 17.84% | 17.68% | 14.09% | 15.66% | 17.54% | 16.46% | 18.08% |
| Research & Development | 206.19M | 196.3M | 170.91M | 186.45M | 155.94M | 147.93M | 117.53M | 107.37M | 109.05M | 104.8M | 102.5M | 113.74M | 112.74M | 132.05M | 120.01M | 80.58M | 69.62M | 44.85M | 41.41M | 43.06M | 41.26M | 37.53M | 33.49M | 30.37M | 31.34M | 29.74M | 32.01M | 20.34M | 14.03M | 9.2M | 4.02M |
| R&D % of Revenue | - | 18.7% | 18.8% | 21.46% | 20.61% | 19.97% | 19.75% | 19.61% | 17.39% | 17.83% | 18.83% | 23.2% | 20.21% | 22.19% | 20.73% | 16.77% | 15.32% | 15.65% | 14.04% | 15.12% | 16.34% | 15.68% | 13.21% | 15.81% | 16.24% | 15.56% | 12.47% | 11.71% | 12.25% | 8.94% | 6.14% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 124.21M | 133.6M | 61.68M | -34.11M | 158.99M | 142.28M | 74.69M | 50.83M | 88.78M | 79.37M | 60.38M | 18.16M | 67.61M | 56.86M | 41.09M | 98.04M | 78.76M | 35.48M | 45.29M | 37.85M | 25.47M | 52.32M | 69.97M | 43.17M | 30.9M | 27.02M | 76.69M | 42.96M | 18.58M | 21.81M | 11.43M |
| Operating Margin % | 11.22% | 12.72% | 6.78% | -3.93% | 21.02% | 19.2% | 12.55% | 9.28% | 14.15% | 13.5% | 11.09% | 3.71% | 12.12% | 9.56% | 7.1% | 20.4% | 17.33% | 12.38% | 15.36% | 13.29% | 10.09% | 21.86% | 27.59% | 22.47% | 16.01% | 14.13% | 29.88% | 24.72% | 16.22% | 21.21% | 17.48% |
| Operating Income Growth % | - | 116.59% | 280.82% | -121.46% | 11.74% | 90.51% | 46.93% | -42.74% | 11.85% | 31.46% | 232.41% | -73.13% | 18.9% | 38.39% | -58.09% | 24.48% | 121.99% | -21.67% | 19.67% | 48.6% | -51.32% | -25.22% | 62.07% | 39.72% | 14.34% | -64.77% | 78.53% | 131.26% | -14.82% | 90.82% | -3.04% |
| EBITDA | 165.33M | 174.4M | 111.05M | 50.34M | 195.88M | 177.58M | 106.55M | 90.41M | 138.41M | 128.37M | 107.43M | 66.5M | 118.95M | 118.4M | 90.28M | 116.58M | 95.21M | 43.83M | 53.62M | 48.07M | 37.28M | 64.08M | 79.76M | 52.17M | 40.48M | 37.35M | 85.53M | 47.08M | 22.3M | 24.58M | 13.18M |
| EBITDA Margin % | 14.94% | 16.61% | 12.21% | 5.79% | 25.89% | 23.97% | 17.9% | 16.51% | 22.07% | 21.84% | 19.74% | 13.56% | 21.32% | 19.9% | 15.6% | 24.26% | 20.95% | 15.3% | 18.19% | 16.88% | 14.76% | 26.76% | 31.45% | 27.16% | 20.98% | 19.53% | 33.32% | 27.09% | 19.47% | 23.91% | 20.15% |
| EBITDA Growth % | 3.69% | 57.04% | 120.61% | -74.3% | 10.3% | 66.66% | 17.85% | -34.68% | 7.83% | 19.49% | 61.56% | -44.1% | 0.47% | 31.14% | -22.56% | 22.45% | 117.19% | -18.24% | 11.53% | 28.95% | -41.82% | -19.66% | 52.88% | 28.88% | 8.38% | -56.33% | 81.69% | 111.11% | -9.29% | 86.57% | 1.94% |
| D&A (Non-Cash Add-back) | 42.59M | 40.8M | 49.37M | 84.45M | 36.89M | 35.3M | 31.87M | 39.58M | 49.64M | 49M | 47.06M | 48.33M | 51.34M | 61.53M | 49.19M | 18.54M | 16.45M | 8.36M | 8.32M | 10.23M | 11.81M | 11.75M | 9.79M | 9M | 9.58M | 10.33M | 8.84M | 4.12M | 3.72M | 2.77M | 1.75M |
| EBIT | 120.7M | 133.6M | 61.68M | -34.11M | 158.99M | 142.28M | 74.69M | 50.83M | 88.78M | 79.37M | 60.38M | 18.16M | 67.61M | 56.86M | 41.09M | 98.04M | 78.76M | 35.48M | 45.29M | 37.85M | 25.47M | 52.32M | 76.29M | 43.17M | 30.9M | 29.75M | 76.69M | 43.49M | 20.16M | 22.81M | 12.66M |
| Net Interest Income | -28.4M | -37.5M | -87.33M | -102.95M | -9.66M | -4.57M | -5.34M | -9.11M | -9.2M | -7.96M | -8.84M | -7.82M | -5.88M | -17.83M | -13.96M | 1.21M | 1.05M | -139K | 5.67M | 0 | 13.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.03M | 2.5M | 2.3M | 3.05M | 5.8M | 1.47M | 0 | 0 | 0 | 0 | 205K | 0 | 43K | 342K | 404K | 593K | 574K | 0 | 5.68M | 0 | 13.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.13M | 40M | 89.63M | 106M | 15.46M | 6.04M | 5.34M | 9.11M | 9.2M | 7.96M | 9.04M | 7.82M | 5.93M | 18.17M | 14.36M | 1.21M | 0 | 139K | 3K | 0 | 151K | 15.19M | 15.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -142.61M | -154.2M | -245.59M | -1.01B | -80.27M | -1.1M | -11.38M | -6.14M | -18.78M | -19.75M | 12.69M | 2.22M | -31.11M | -185.34M | -40.84M | -3.86M | 574K | -1.51M | 886K | 20.46M | 11.94M | 2.33M | 6.3M | -451K | 15.19M | 6.81M | 9.33M | 1.15M | 786K | 350K | 1.28M |
| Pretax Income | -21.91M | -20.6M | -183.91M | -1.04B | 78.72M | 141.18M | 63.3M | 44.69M | 69.99M | 59.62M | 73.06M | 20.38M | 36.49M | -128.48M | 249K | 94.18M | 79.33M | 33.97M | 46.18M | 58.31M | 37.41M | 54.66M | 76.27M | 42.72M | 46.08M | 33.83M | 86.03M | 44.1M | 19.36M | 22.16M | 11.41M |
| Pretax Margin % | -1.98% | -1.96% | -20.23% | -119.88% | 10.4% | 19.06% | 10.64% | 8.16% | 11.16% | 10.14% | 13.42% | 4.16% | 6.54% | -21.59% | 0.04% | 19.6% | 17.45% | 11.85% | 15.66% | 20.47% | 14.81% | 22.83% | 30.07% | 22.24% | 23.88% | 17.69% | 33.52% | 25.38% | 16.91% | 21.55% | 17.46% |
| Income Tax | 11.32M | 19.8M | -22.01M | 50.52M | 17.34M | 15.54M | 3.44M | 12.83M | 355K | 23.19M | 18.4M | 8.88M | 8.55M | 35.98M | -41.69M | 5.09M | 6.76M | 33.01M | 8.66M | 10.52M | 6.28M | 11.67M | 17.38M | 10.25M | 11.9M | 9.47M | 25.81M | 14.71M | 6.47M | 7.4M | 3.76M |
| Effective Tax Rate % | -51.65% | -96.12% | 11.97% | -4.85% | 22.03% | 11.01% | 5.43% | 28.7% | 0.51% | 38.9% | 25.18% | 43.58% | 23.42% | -28.01% | -16742.97% | 5.41% | 8.52% | 97.18% | 18.75% | 18.05% | 16.79% | 21.35% | 22.79% | 24% | 25.83% | 28% | 30% | 33.35% | 33.4% | 33.39% | 32.96% |
| Net Income | -35.96M | -40.4M | -161.9M | -1.09B | 61.38M | 125.66M | 59.9M | 31.87M | 69.64M | 36.43M | 54.66M | 11.5M | 27.95M | -164.47M | 41.94M | 89.09M | 72.57M | 957K | 37.52M | 47.78M | 31.13M | 42.98M | 58.89M | 32.47M | 34.18M | 26M | 60.22M | 29.39M | 12.89M | 14.76M | 7.65M |
| Net Margin % | -3.25% | -3.85% | -17.8% | -125.7% | 8.11% | 16.96% | 10.07% | 5.82% | 11.1% | 6.2% | 10.04% | 2.35% | 5.01% | -27.64% | 7.25% | 18.54% | 15.97% | 0.33% | 12.73% | 16.78% | 12.33% | 17.95% | 23.22% | 16.9% | 17.71% | 13.6% | 23.46% | 16.92% | 11.26% | 14.36% | 11.7% |
| Net Income Growth % | -251.13% | 75.05% | 85.17% | -1879.13% | -51.16% | 109.78% | 87.95% | -54.23% | 91.18% | -33.36% | 375.44% | -58.86% | 116.99% | -492.16% | -52.92% | 22.76% | 7483.28% | -97.45% | -21.48% | 53.5% | -27.58% | -27.01% | 81.38% | -5.02% | 31.45% | -56.82% | 104.86% | 127.96% | -12.64% | 92.93% | 1.59% |
| Net Income (Continuing) | -33.23M | -40.4M | -161.9M | -1.09B | 61.37M | 125.64M | 59.87M | 31.87M | 69.64M | 36.43M | 54.66M | 11.5M | 27.95M | -164.47M | 41.94M | 89.09M | 72.57M | 957K | 37.52M | 47.78M | 31.13M | 42.98M | 58.89M | 32.47M | 34.18M | 24.36M | 60.22M | 29.39M | 12.89M | 14.76M | 8.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 184K | 183K | 191K | 210K | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.46 | -2.26 | -17.03 | 0.96 | 1.92 | 0.91 | 0.47 | 0.92 | 0.51 | 0.83 | 0.17 | 0.41 | -2.44 | 0.62 | 1.32 | 1.12 | 0.02 | 0.61 | 0.71 | 0.42 | 0.55 | 0.70 | 0.42 | 0.44 | 0.33 | 0.79 | 0.42 | 0.21 | 0.25 | 0.15 |
| EPS Growth % | -267.75% | 79.65% | 86.73% | -1873.96% | -50% | 110.99% | 93.62% | -48.91% | 80.39% | -38.55% | 388.24% | -58.54% | 116.8% | -493.55% | -53.03% | 17.86% | 5500% | -96.72% | -14.08% | 69.05% | -23.64% | -21.43% | 66.67% | -4.55% | 33.33% | -58.23% | 88.1% | 100% | -16% | 66.67% | -6.25% |
| EPS (Basic) | - | -0.46 | -2.26 | -17.03 | 0.96 | 1.94 | 0.92 | 0.48 | 0.96 | 0.52 | 0.84 | 0.18 | 0.42 | -2.44 | 0.64 | 1.37 | 1.16 | 0.02 | 0.61 | 0.72 | 0.43 | 0.57 | 0.74 | 0.44 | 0.47 | 0.37 | 0.91 | 0.48 | 0.22 | 0.27 | 0.16 |
| Diluted Shares Outstanding | 98M | 88.4M | 71.61M | 64.13M | 64.01M | 65.56M | 66.06M | 67.42M | 68.48M | 67.61M | 66.11M | 65.96M | 67.69M | 67.47M | 67.47M | 67.35M | 64.52M | 61.68M | 62M | 67.71M | 74.02M | 76.11M | 78.26M | 77.5M | 77.79M | 77.75M | 76.53M | 70.63M | 63.57M | 60.47M | 56.2M |
| Basic Shares Outstanding | 92.9M | 88.4M | 71.61M | 64.12M | 63.77M | 64.66M | 65.21M | 66.26M | 65.98M | 66.03M | 65.43M | 65.66M | 67.11M | 67.4M | 65.81M | 65.1M | 62.34M | 60.78M | 61.25M | 66.42M | 72.37M | 73.44M | 74.19M | 73.57M | 73.01M | 69.98M | 66.25M | 61.67M | 58.69M | 55.91M | 54.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Integration and earnings volatility
According to the latest quarterly filings, Semtech achieved a 15.9% year-over-year revenue increase in 2027Q1, signaling that the company's strategic pivot toward IoT-integrated solutions is successfully capturing market demand despite broader semiconductor industry cyclicality and the ongoing integration of recent large-scale acquisitions.
The consistent revenue expansion suggests that the company's proprietary LoRa technology continues to gain traction as a foundational standard for industrial IoT applications. Investors should monitor whether this growth remains organic or if it relies heavily on the inorganic contributions from the Sierra Wireless integration.
As reported in financial statements, Semtech maintained a gross margin of 51.9% in 2027Q1, demonstrating significant pricing power and a high-value product mix that effectively insulates the firm from the lower-margin commodity pressures typically faced by broader analog semiconductor peers in the current market environment.
The ability to sustain margins above 50% suggests that the company's specialized TVS protection products and LoRa IP provide a durable competitive moat. However, the stability of these margins warrants further investigation into potential cost-side pressures from third-party foundry pricing and assembly service expenses.
Based on the company's reported figures, net income has exhibited extreme volatility, swinging from a $642.4 million loss in 2024Q4 to a $26.5 million profit in 2027Q1, which appears largely driven by non-operating items and significant stock-based compensation expenses impacting bottom-line GAAP results.
The persistent gap between operating income and net income suggests that amortization of intangibles and interest expenses from acquisition-related debt continue to weigh heavily on reported profitability. Analysts should focus on adjusted metrics to determine if the core business is generating sustainable cash flow independent of these accounting distortions.
Data from recent income statements indicates that operating margins have struggled to scale proportionally with revenue, hovering near 10.6% in 2027Q1, which suggests that the company's current cost structure is burdened by high overhead and integration-related expenses that limit the conversion of gross profit to operating income.
While revenue is growing, the lack of significant operating margin expansion implies that the company has yet to achieve the expected synergies from its recent acquisition strategy. Investors should monitor whether management can streamline SG&A and R&D spending to improve operating efficiency in future quarters.
Quick answers to the most common questions about buying SMTC stock.
For fiscal year 2026, Semtech Corporation (SMTC) reported total revenue of $1.05B. This represents a 1505.9% increase compared to $65.4M in 1997.
Semtech Corporation (SMTC) reported a net loss of $40.4M for the fiscal year ending 2026.
Semtech Corporation (SMTC) reported an operating income of $133.6M, resulting in an operating profit margin of 12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Semtech Corporation (SMTC) generated $541.6M in gross profit for the year, representing a gross profit margin of 51.6%. This demonstrates the company's core pricing power and production efficiency.