SMTC
Semtech Corporation
SMTC's fundamentals are strong: revenue grew 18% and it turned 16% of its revenue into free cash flow. At 80x earnings, it's trading above its usual 65x. Analysts expect that strong growth to continue, though they disagree widely on how much.
SMTC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
SMTC's revenue, profitability, cash flow and balance sheet are all currently healthy.
SMTC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $119 | — |
| Cheap | 23x | $34.23 | -71% |
| Fair | 65x | $96.99 | -19% |
| Current | 80x | $119 | — |
| Expensive | 104x | $155 | +30% |
Historical ranges are pointers, not guarantees.
SMTC's PE is in its fair range at 80x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
SMTC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for SMTC, with profitability improving. However, they disagree widely on these estimates.
SMTC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.04 | +306% |
| Q3 2026 | $1.49 | +140% |
| Q2 2026 | -$0.41 | +$1.27 |
| Q1 2026 | -$0.46 | +$1.80 |
| Q4 2025 | $0.69 | +$13.76 |
| Q3 2025 | $0.62 | +$14.19 |
| Q2 2025 | -$1.68 | +$15.25 |
| Q1 2025 | -$2.26 | +$14.77 |
| Q4 2024 | -$13.07 | -$5.24 |
SMTC's earnings per share have fallen from their peak: $1.49 over the past year, against $2.46 in mid-2022.
SMTC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $341.9M | +33% |
| Q2 2026 | $291M | +16% |
| Q1 2026 | $274.4M | +9.3% |
| Q4 2025 | $267M | +13% |
| Q3 2025 | $257.6M | +20% |
| Q2 2025 | $251.1M | +22% |
| Q1 2025 | $251M | +30% |
| Q4 2024 | $236.8M | +18% |
SMTC's revenue has grown year over year for eight quarters in a row: $342M last quarter, up 33% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | +23 points |
| Q2 2026 | 8.9% | -5.5 points |
| Q1 2026 | -6.7% | -15 points |
| Q4 2025 | 12% | +4.1 points |
| Q3 2025 | -6.3% | -9.9 points |
| Q2 2025 | 14% | +13 points |
| Q1 2025 | 8.5% | +330 points |
| Q4 2024 | 7.5% | +14 points |
SMTC's operating margin was 16% last quarter, up 23 points from the same quarter a year ago.
SMTC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.4M | +48% |
| Q2 2026 | $28M | +7% |
| Q1 2026 | $59.1M | +91% |
| Q4 2025 | $44.6M | +53% |
| Q3 2025 | $41.5M | +$49.9M |
| Q2 2025 | $26.2M | +$27.6M |
| Q1 2025 | $30.9M | +153% |
| Q4 2024 | $29.1M | +$41.5M |
SMTC generated $193M in free cash flow over the past year, up 51% from the year before.
SMTC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.9% | +2.8M shares |
| 1 year | +16% | +14.1M shares |
| 3 years | +58% | +36.8M shares |
| 5 years | +54% | +35.3M shares |
| Available history | +50% | +33.5M shares |
SMTC has 101M diluted shares, up 16% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $50M |
SMTC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2020 | -0.8x | Net Cash |
| Q3 2020 | -0.9x | Net Cash |
| Q2 2020 | -0.8x | Net Cash |
| Q1 2020 | -1.0x | Net Cash |
| Q4 2019 | -0.7x | Net Cash |
SMTC has more cash than debt.
SMTC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.9 | Neutral |
| Stochastic | 20.9 | Neutral |
SMTC's weekly RSI is 45 (neutral) and its Stochastic is 21 (neutral).
SMTC PE vs Technology Sector
| Metric | SMTC | Sector median | Relative |
|---|---|---|---|
| PE | 80x | 28x | 188% above |
| PE % | 65 | 35 | 30 pts above |
SMTC is trading at 80x earnings, a 188% premium to the Technology sector's median of 28x.
SMTC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $147.9 | 19% below |
| 20 week MA | $142.9 | 16% below |
| 50 week MA | $118.0 | 1.2% above |
| 100 week MA | $84.7 | 41% above |
| 200 week MA | $57.2 | 109% above |
SMTC has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 109% above its 200-week average.
SMTC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $52.1 | $71.7 | +38% |
| 2021 | $71.7 | $86.9 | +21% |
| 2022 | $86.9 | $27.5 | -68% |
| 2023 | $27.5 | $21.9 | -20% |
| 2024 | $21.9 | $63.3 | +189% |
| 2025 | $63.3 | $76.1 | +20% |
| 2026 YTD | $76.1 | $119.4 | +57% |
SMTC's yearly returns have swung widely, from +189% in 2024 to −68% in 2022. It's up 57% so far in 2026.