Skyworks Solutions, Inc. SWKS
Skyworks remains a hold as it navigates a multi-year fundamental decline—revenue has fallen from $5.49B in FY22 to $4.09B in FY25 with operating margin compressing from 27.84% to 12.23%—while simultaneously pursuing a transformative Qorvo acquisition whose exchange offers for Qorvo senior notes were extended as recently as September 1, 2026. Q3 FY2026 quarterly results (as of the quarter ended 2026-07-03) show continued pressure with revenue of $934.8M (down 3.13% YoY) and GAAP EPS of just $0.22, yet the stock trades at a meaningful discount to peers (EV/EBITDA of 12.63 vs. peer median 28.45) and has delivered consistent positive earnings surprises.
With smart money scores turning slightly negative (-0.0059 as of 2026-06-30) and a negative MACD histogram (-0.208) as of 2026-09-01, the risk-reward is balanced enough to await clarity on Qorvo integration before taking a directional stance.
What could go wrong
- Qorvo integration risk. The pending Qorvo acquisition, including exchange offers for Qorvo's senior notes due 2029 and 2031, adds debt and integration complexity to an already declining business.
- Accelerating margin deterioration. Q3 FY2026 quarterly operating income was just $48.5M on $934.8M revenue, down sharply from $115.2M on $1.035B revenue in Q1 FY2026, suggesting margin compression is worsening beyond the FY25 full-year operating margin of 12.23%.
- Smart money outflow. Smart money score declined from +0.0154 in Q1 2025 to -0.0059 as of 2026-06-30, indicating institutional positioning has turned slightly negative.
- Revenue decline persistence. Revenue has declined for three consecutive fiscal years from $5.49B to $4.09B, and Q3 FY2026 revenue was down 3.13% YoY, suggesting the trough may not yet be reached.
What would change my mind
Where this comes from: FMP annual fundamentals · derived_metrics · quarterly_results · quarterly_results. Orin's read on SWKS; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All SWKS filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Price T Rowe Associates /Md/ | $793.9M | 0.1% of fund |
| Vanguard Capital Management | $665.4M | 0.0% of fund |
| State Street | $599.7M | 0.0% of fund |
| Vanguard Portfolio Management | $588.8M | 0.0% of fund |
| Geode Capital Management | $407.1M | 0.0% of fund |
| Charles Schwab Investment Management | $367.6M | 0.0% of fund |
81 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 118 Form 4 filings, net −$4.0M. Of the 50 on hand, 0 were open-market purchases and 4 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about SWKS
Orin answers questions about SWKS 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 →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 47.1× | 18.1× | 53.3× |
| EV/EBITDA | 17.2× | 11.7× | — |
| P/S | 3.43× | 3.29× | — |
| P/B | 2.4× | 2.5× | — |
Its P/E sits above all 5 of the last 5 years (+4.80σ from its own mean).
1.2%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$72
$52 – $85 · −21% against today's price
- 35 buy or overweight
- 23 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| SWKSSkyworks Solutions, Inc. | $14B | 47.1× | 17.2× | 40.7% | 7.2% | 5% |
| AKAMAkamai Technologies, Inc. | $17B | 41.7× | 19.5× | 56.4% | 9.5% | 8% |
| AMKRAmkor Technology, Inc. | $13B | 23.8× | 10.2× | 15.5% | 7.4% | 12% |
| ENTGEntegris, Inc. | $23B | 75.5× | 30.5× | 45.5% | 9.2% | 8% |
| JKHYJack Henry & Associates, Inc. | $11B | 21.3× | 12.3× | 43.6% | 19.8% | 23% |
| LSCCLattice Semiconductor Corporation | $17B | 460.0× | 190.8× | 67.7% | 5.6% | 5% |
| MTSIMACOM Technology Solutions Holdings, Inc. | $21B | 86.2× | 61.2× | 56.6% | 20.7% | 17% |
| NVMINova Ltd. | $12B | 41.2× | 36.5× | 57.1% | 28.8% | 20% |
| RMBSRambus Inc. | $11B | 46.6× | 34.9× | 78.3% | 31.7% | 17% |
| TSEMTower Semiconductor Ltd. | $26B | 88.8× | 45.0× | 26.9% | 16.9% | 10% |
The median is of the 9 peers listed above and nothing else — check it against the column. This company trades 1.1% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $85 | $70.79 · +20% | 2026-06-10 |
| Levered DCF | $96 | $70.79 · +36% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.