Qorvo, Inc.delisted 2 Oct 2026
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
With the Skyworks-Qorvo merger officially completed on October 5, 2026, QRVO is no longer a standalone equity and the investment case now rests entirely on the combined entity's ability to realize $500 million or more in annual cost synergies.
Qorvo's standalone fundamentals showed real improvement—FY2026 operating margin expanded to 11.2% with EPS of $3.62 and consistent earnings beats—but revenue still contracted 1.1% YoY and Q1 FY2027 fell 4.2% YoY to $784.8M, signaling that the underlying business was not growing on its own. The stock at $114.17 has already run well above both its 50-day ($102.65) and 200-day ($90.54) moving averages, and the large insider dispositions on the merger close date—including Feld disposing 5.6M shares at $32.5—suggest limited remaining upside from the deal itself. Hold pending evidence that the combined company can execute on synergy targets and stabilize revenue.
What could go wrong
- Synergy execution shortfall. The $500M+ in expected annual cost synergies is a management projection; integration of two large RF semiconductor businesses carries execution risk that could delay or reduce realized savings.
- Continued revenue decline. Qorvo's standalone revenue contracted in FY2026 (-1.1% YoY) and Q1 FY2027 (-4.2% YoY to $784.8M); if the combined entity also struggles with top-line growth, the cost-cutting story alone may not support the valuation.
- Customer concentration. Both Qorvo and Skyworks have heavy exposure to Apple and Samsung; the merger does not diversify this risk and could amplify pricing pressure from a concentrated customer base.
- Valuation already reflects deal optimism. At $114.17, the stock trades well above its 200-day MA of $90.54, and the peer-relative P/E of 26.2x is above CRUS (14.1x) and AMKR (23.8x), leaving limited margin of safety if synergies disappoint.
What would change my mind
Where this comes from: GlobeNewsWire press release, 5 Oct · FY26 fundamentals · results, quarter to 27 Jun · technicals, 2 Oct. Orin's read on QRVO; not advice.
How has the share price moved?
Up 24.7% over twelve months, from $91.54 on 2 Oct 2025 to $114.17 at the Fri 2 Oct 2026 close. Its highest close in that time was $119.59 on 23 Sep 2026; the last close is 4.5% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 9.4M, on 28 Oct 2025).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All QRVO filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $942.6M | 0.0% |
| Starboard Value | $523.4M | 11.6% |
| Vanguard Portfolio Management | $496.8M | 0.0% |
| State Street | $356.6M | 0.0% |
| Vanguard Capital Management | $335.7M | 0.0% |
| Bank of America | $182.1M | 0.0% |
| Millennium Management | $181.9M | 0.1% |
| Geode Capital Management | $150.3M | 0.0% |
| Goldman Sachs Group | $137.2M | 0.0% |
| FMR | $120.7M | 0.0% |
74 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 175 Form 4 filings; open-market trades net −$213.4M. Of the 50 on hand, 0 were open-market purchases and 17 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about QRVO
Orin answers questions about QRVO from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 26.2× its last 12 months of profit (Fri 16 Oct close); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 26.2× | — | 46.1× |
| P/S | 2.76×near usual | 2.91× | — |
| EV/EBITDA | 13.2×below usual | 16.5× | — |
| P/B | 2.9×above usual | 2.7× | — |
- P/E: no usual level — it ran from 13.0× to 121× over its last 5 fiscal years, so a middle value says little.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $94 (from $66 to $120). That is their published opinion, not Orin's.
$94
$66 – $120
- 3 buy or overweight
- 8 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 26.2× its last 12 months of profit; the middle P/E of the 8 companies it is compared to that made a profit is 42.0×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| QRVOQorvo, Inc. | $10B | 26.2× | 13.2× | 48.2% | 11.0% | 11% |
| ADIAnalog Devices, Inc. | $206B | 50.2× | 30.3× | 65.8% | 29.8% | 12% |
| CRUSCirrus Logic, Inc. | $6B | 13.5× | 9.1× | 53.1% | 20.2% | 19% |
| MPWRMonolithic Power Systems, Inc. | $60B | 73.9× | 56.1× | 55.2% | 24.4% | 22% |
| NXPINXP Semiconductors N.V. | $64B | 19.8× | 14.2× | 56.3% | 23.4% | 29% |
| QCOMQUALCOMM Incorporated | $167B | 12.2× | 15.2× | 53.1% | 31.6% | 50% |
| STMSTMicroelectronics N.V. | $43B | 91.8× | 19.2× | 34.3% | 3.5% | 3% |
| SWKSSkyworks Solutions, Inc. | $13B | 44.1× | 16.1× | 40.7% | 7.2% | 5% |
| TXNTexas Instruments Incorporated | $282B | 40.0× | 26.6× | 60.2% | 34.3% | 41% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 26.2× its last 12 months of profit (Fri 16 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now26.2×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $53 a share — 54% below the $114.17 price it was computed against (9 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $53 | 54% below $114.17 |
| Levered | $85 | 26% below $114.17 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.