Synaptics Incorporated SYNA
Synaptics posted its second consecutive year of double-digit revenue growth (11.4% to $1,197.2M in FY2026 ended 2026-06-27) with Core IoT sales surging 43% and free cash flow of $101.4M, but GAAP results remain deeply negative at a $490.8M net loss driven by a $425.3M valuation allowance charge, and the pending onsemi acquisition keeps forward guidance suspended. At $100.98 as of 2026-08-19, SYNA trades at 3.29x sales versus a peer median of 4.79x, yet three consecutive years of negative operating income (improving but still -$67.1M in FY2026) and a cluster of insider sales at $102–105 in mid-August 2026 temper the valuation discount.
The improving IoT trajectory and positive FCF are encouraging, but until the onsemi deal closes and normalized guidance resumes, the risk/reward remains balanced rather than compelling.
What could go wrong
- onsemi deal uncertainty. The pending acquisition keeps guidance on hold; deal terms, regulatory approval, or timing could shift materially and the stock is functioning partly as a merger arbitrage vehicle.
- Persistent operating losses. Operating income has been negative for three consecutive fiscal years (FY2024 -$101.6M, FY2025 -$94.1M, FY2026 -$67.1M), and gross margin has compressed from 54.21% in FY2022 to 44.72% in FY2026.
- Insider selling cluster. Multiple insiders (Patel, Gupta, Bodensteiner, Song) sold shares on 2026-08-18 and 2026-08-19 at $102–105, and the 24-month net insider value is -$31.1M despite net positive share count.
- Balance sheet erosion. Stockholders' equity declined from $1,394.9M in FY2025 to $929.5M in FY2026 while total debt remains elevated at $837.3M, narrowing the financial cushion if the deal is delayed.
What would change my mind
Where this comes from: FMP fundamentals FY2026 + derived_metrics · GlobeNewsWire press release 2026-08-06 · FMP fundamentals FY2026 + GlobeNewsWire 2026-08-06 · FMP fundamentals FY2026. Orin's read on SYNA; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All SYNA filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Ameriprise Financial | $929.5M | 0.2% of fund |
| Vanguard Portfolio Management | $325.1M | 0.0% of fund |
| State Street | $262.7M | 0.0% of fund |
| Fmr | $227.3M | 0.0% of fund |
| Vanguard Capital Management | $208.7M | 0.0% of fund |
| Geode Capital Management | $133.7M | 0.0% of fund |
63 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 194 Form 4 filings, net −$28.4M. Of the 50 on hand, 0 were open-market purchases and 28 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about SYNA
Orin answers questions about SYNA 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/S | 3.20× | — | — |
| P/B | 4.1× | — | — |
16.4%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$134
$105 – $170 · +37% against today's price
- 22 buy or overweight
- 12 hold
- 0 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 |
|---|---|---|---|---|---|---|
| SYNASynaptics Incorporated | $4B | — | — | 44.7% | -41.0% | -39% |
| ACLSAxcelis Technologies, Inc. | $4B | 39.5× | 27.6× | 43.0% | 10.7% | 9% |
| ACMRACM Research, Inc. | $5B | 35.9× | 16.8× | 43.8% | 14.5% | 9% |
| AMBAAmbarella, Inc. | $3B | — | — | 58.3% | -13.5% | -9% |
| DIODDiodes Incorporated | $4B | 50.8× | 19.0× | 31.7% | 5.3% | 5% |
| NVTSNavitas Semiconductor Corp | $3B | — | — | -1.7% | -856.9% | -62% |
| POWIPower Integrations, Inc. | $3B | 112.2× | 68.8× | 53.6% | 5.6% | 4% |
| VSHVishay Intertechnology, Inc. | $5B | 125.7× | 12.1× | 21.0% | 0.9% | 2% |
The median is of the 5 peers listed above and nothing else — check it against the column. 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.
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.