Semtech
SMTC · NasdaqSemiconductors & Related Devices · Fiscal year ends Jan 31
Semtech reported revenue of $1B in the fiscal year ended Jan 2026, up 15.5% from the year before. Operating income was $33M, an operating margin of 3.1%, and net income was −$40M. Operating cash flow of $181M less capital expenditure of $10M left free cash flow of $171M. Net debt was $296M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $741M | $757M | $869M | $909M | $1B |
| Cost of revenue | $280M | $278M | $573M | $453M | $508M |
| Gross profit | $461M | $479M | $296M | $457M | $542M |
| Research & development | $148M | $167M | $186M | $171M | $196M |
| Selling, general & admin | $168M | $225M | $220M | $222M | $222M |
| Operating income | $145M | $93M | −$944M | $50M | $33M |
| Net interest incomeBanks | −$5M | – | – | – | – |
| Interest expense | $5M | $18M | $96M | $90M | $41M |
| Pre-tax income | $139M | $78M | −$1B | −$183M | −$21M |
| Income tax | $16M | $17M | $51M | −$22M | $20M |
| Net income | $126M | $61M | −$1.1B | −$162M | −$40M |
| Diluted EPS | 1.92 | 0.96 | −17.03 | −2.26 | −0.46 |
| Diluted shares | 66M | 64M | 64M | 72M | 88M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $280M | $236M | $129M | $152M | $195M |
| Receivables | $72M | $162M | $134M | $163M | $161M |
| Inventory | $114M | $208M | $145M | $164M | $196M |
| Current assets | $502M | $723M | $534M | $585M | $655M |
| Net PP&E | $135M | $169M | $154M | $126M | $109M |
| Goodwill | $351M | $1.3B | $541M | $533M | $458M |
| Total assets | $1.1B | $2.6B | $1.4B | $1.4B | $1.4B |
| Deferred revenue | $13M | $27M | $19M | $16M | $14M |
| Current liabilities | $128M | $397M | $217M | $283M | $276M |
| Short-term debt | $0 | $43M | $0 | $46M | $0 |
| Long-term debt | $172M | $1.3B | $1.4B | $506M | $491M |
| Shareholders' equity | $738M | $756M | −$307M | $542M | $550M |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $203M | $127M | −$94M | $58M | $181M |
| Capital expenditure | $26M | $28M | $29M | $8M | $10M |
| Free cash flow | $177M | $98M | −$123M | $50M | $171M |
| Depreciation & amortisation | $26M | $26M | $29M | $33M | $30M |
| Stock-based compensation | $51M | $39M | $40M | $68M | $58M |
| Acquisitions | $0 | $1.2B | $0 | $0 | $21M |
| Share buybacks | $130M | $50M | $0 | $0 | – |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.1% | 14.8% | 4.7% | 15.5% |
| Operating income growth (YoY) | – | −36.0% | −1117.6% | – | −34.8% |
| EPS growth (YoY) | – | −50.0% | −1874.0% | – | – |
| Gross margin | 62.2% | 63.3% | 34.1% | 50.2% | 51.6% |
| Operating margin | 19.6% | 12.3% | −108.7% | 5.5% | 3.1% |
| Net margin | 17.0% | 8.1% | −125.7% | −17.8% | −3.8% |
| Return on equityBlank when equity is negative | 17.0% | 8.1% | – | −29.8% | −7.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.5% | 4.3% | −81.6% | 4.4% | 2.9% |
| Free cash flow margin | 23.9% | 13.0% | −14.2% | 5.5% | 16.3% |
| Cash conversion (CFO ÷ net income) | 1.62x | 2.06x | 0.09x | −0.36x | −4.49x |
| Receivable days | 35 | 78 | 56 | 65 | 56 |
| Inventory days | 149 | 273 | 92 | 132 | 141 |
| Interest cover | 28.5x | 5.26x | −9.86x | 0.55x | 0.80x |
| Debt ÷ equity | 0.23x | 1.77x | – | 1.02x | 0.89x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$108M | $1.1B | $1.2B | $400M | $296M |
| Current ratio | 3.91x | 1.82x | 2.46x | 2.07x | 2.37x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.