# Lattice Semiconductor (LSCC.US)

Canonical: https://gigainvestors.com/s/LSCC

Analysis as of: 2026-10-16T07:29:57.391Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $107.09 per share; close as of 2026-10-15.

Estimated value: low $12.52 per share, central $14.09 per share, high $16.17 per share. Buy at or below the central value $14.09 per share. Valuation as of 2026-10-16T07:29:57.391Z; scenarios are not confidence intervals.

Expected annual return: 3.8% at the stated quote. About 3.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.40×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.06×

- FY2017: -0.12×

- FY2018: -0.01×

- FY2019: 0.15×

- FY2020: 0.13×

- FY2021: 0.20×

- FY2022: 0.28×

- FY2023: 0.29×

- FY2024: 0.07×

- FY2025: 0.03×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 26.2%

- ROIC, second-lowest year: -9.7%

- Typical minus recent gross margin: -7.0 pp

- Typical gross margin (annual median): 61.3%

- Recent gross margin (lower of latest and 3-year median): 68.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 15.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -9.7%

- FY2017: -27.0%

- FY2018: -2.0%

- FY2019: 49.7%

- FY2020: 39.9%

- FY2021: 67.1%

- FY2022: >100%

- FY2023: 77.1%

- FY2024: 12.6%

- FY2025: 2.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $678M

- Net income, five-year total: $598M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 25.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.22×

- FY2022: 1.07×

- FY2023: 1.08×

- FY2024: 1.41×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -9.7% vs 12.6%

- Per-share earnings: -0.58 to 0.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $9.2B

- Cumulative retained earnings: $619M

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.02

- Per-share value, starting three-year median: -$0.58

- Per-share value, ending three-year median: $0.44

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $68M

- Cumulative net income, 10 years: $538M

- ROIC, first three-year median: -9.7%

- ROIC, last three-year median: 12.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.45

- FY2017: -$0.58

- FY2018: -$0.21

- FY2019: $0.32

- FY2020: $0.34

- FY2021: $0.67

- FY2022: $1.27

- FY2023: $1.85

- FY2024: $0.44

- FY2025: $0.02

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -19.5%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 66.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 56.78×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.5%

- FY2017: -17.2%

- FY2018: -12.5%

- FY2019: -13.2%

- FY2020: -6.5%

- FY2021: -9.9%

- FY2022: -7.5%

- FY2023: -1.3%

- FY2024: -9.4%

- FY2025: -19.5%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since Jun 2026 · "Lattice Semiconductor LSCC is benefiting from accelerating AI infrastructure and data center demand." (finance.yahoo.com, Jun 2026) · sales +2.7%

Story as of 2026-10-16T09:59:06.144Z; price observation 2026-10-15.

Price needs cash profits to grow 28.2% a year for ten years

- 2025-08-05: Lattice Semiconductor projects $133M Q3 revenue with 7.2% sequential growth as server demand accelerates ([seekingalpha.com](https://seekingalpha.com/news/4478057-lattice-semiconductor-projects-133m-q3-revenue-with-7_2-percent-sequential-growth-as-server?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-12: Lattice Semiconductor Leans Into AI Demand As Revenue Outlook Strengthens ([finance.yahoo.com](https://finance.yahoo.com/news/lattice-semiconductor-leans-ai-demand-111221072.html))

- 2026-05-14: Lattice Semiconductor Rides AI Demand While AMI Deal Reshapes Growth Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lattice-semiconductor-rides-ai-demand-101019536.html))

- 2026-06-10: LSCC Rides on Strong AI-Related Demand: Will the Uptrend Persist? ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/lscc-rides-strong-ai-related-170300219.html))

### Sales · FY2024–2025

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm; observed 2026-02-13.

- FY2016: $427M 

- FY2017: $386M 

- FY2018: $399M 

- FY2019: $404M 

- FY2020: $408M 

- FY2021: $515M 

- FY2022: $660M 

- FY2023: $737M 

- FY2024: $509M 

- FY2025: $523M 

### Gross margin · FY2025

gross margin 68.2%; source https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm; observed 2026-02-13.

- FY2016: 57.7% 

- FY2017: 56.1% 

- FY2018: 55.0% 

- FY2019: 59.0% 

- FY2020: 60.1% 

- FY2021: 62.4% 

- FY2022: 68.5% 

- FY2023: 69.8% 

- FY2024: 66.8% 

- FY2025: 68.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 523.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm (filed 2026-02-13); FY2025: revenue 523262000; grossProfit 356943000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LSCC.US: Lattice Semiconductor Corporation, together with its subsidiaries, develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas. It offers field programmable gate arrays (FPGA), which are regular arrays of logic that can be custom-configured by the user through software. The company's products include small FPGA platforms, including Lattice Nexus and Lattice Nexus 2; Lattice Avant, a mid-range FPGA platform; general purpose FPGA, such as Lattice Avant-G, Certus-NX, CertusPro, and Certus-N2; and specialized FPGAs, which includes Lattice Avant-E, Avant-X, SCP, MachXO, iCE, CrossLink,and CrossLinkPlus. It also provides design software that includes Lattice Radiant to deliver tools that enable predictable design convergence; Lattice Propel for creating embedded processor-based designs; develops Lattice Automate for industrial automation and robotics; Lattice mVision forlow power embedded vision; Lattice ORAN for control data security, fronthaul synchronization, and low power hardware acceleration; Lattice sensAI for Edge AI applications; Lattice Sentry for hardware security implementation; and Lattice Drive for automotive system designs and applications. In addition, the company offers Glance, an edge AI application software that allows users to control the AI and computer vision experiences for various edge applications, including client computing, industrial, and automotive applications; and sells video connectivity application specific standard products. Further, it provides standard IP and IP core licensing, patent monetization, and IP services. The company serves communications and computing, industrial and automotive, and consumer markets. Lattice Semiconductor Corporation was incorporated in 1983 and is headquartered in Hillsboro, Oregon.

### Why customers stay

Margins ranged from 66.8% to 69.8% during 2023–25; it earns 26.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 69.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 66.8%.

- Source: https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 68.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,-0.09656102072021755],[2017,-0.26956584048095045],[2018,-0.02021736455727351],[2019,0.49660089011757497],[2020,0.3990909824958667],[2021,0.671195136062256],[2022,1.0522380210248983],[2023,0.7707865821332346],[2024,0.12551086568512462],[2025,0.028944974988631196]]; median 0.26230092409049566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 6.9% of cash earnings on expansion; paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 15590000; cash acquisitions 0; owner earnings 66756000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 12121000; cash acquisitions 0; owner earnings 66371000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 9835000; cash acquisitions 68099000; owner earnings 117103000. Growth capex plus acquisitions / owner earnings = 0.5815307891343519.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 23338000; cash acquisitions 0; owner earnings 191379000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 20098000; cash acquisitions 0; owner earnings 280159000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 20985000; owner earnings 86413000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm (filed 2026-02-13); FY2025: growth capex 212000; upkeep 42315000; owner earnings 3084000. Growth capex / owner earnings = 0.06874189364461739.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,10084000],[2020,50000000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm (filed 2026-02-13); FY2025: cash repurchases 100000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LSCC.US SharesStats.PercentInsiders = 0.6 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 28.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.3997902565259358. Price 107.09; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.3406680467172685 → FY2025 0.0223093505403724. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.07 per share

- 2016-11: $7.01 per share

- 2016-12: $7.36 per share

- 2017-01: $7.19 per share

- 2017-02: $7.07 per share

- 2017-03: $6.92 per share

- 2017-04: $6.86 per share

- 2017-05: $6.95 per share

- 2017-06: $6.66 per share

- 2017-07: $6.96 per share

- 2017-08: $5.65 per share

- 2017-09: $5.21 per share

- 2017-10: $5.85 per share

- 2017-11: $5.87 per share

- 2017-12: $5.78 per share

- 2018-01: $6.51 per share

- 2018-02: $6.01 per share

- 2018-03: $5.57 per share

- 2018-04: $5.42 per share

- 2018-05: $5.75 per share

- 2018-06: $6.56 per share

- 2018-07: $7.69 per share

- 2018-08: $8.19 per share

- 2018-09: $8.00 per share

- 2018-10: $6.01 per share

- 2018-11: $5.86 per share

- 2018-12: $6.92 per share

- 2019-01: $7.80 per share

- 2019-02: $11.80 per share

- 2019-03: $11.93 per share

- 2019-04: $12.95 per share

- 2019-05: $12.80 per share

- 2019-06: $14.59 per share

- 2019-07: $19.34 per share

- 2019-08: $19.69 per share

- 2019-09: $18.29 per share

- 2019-10: $19.59 per share

- 2019-11: $18.89 per share

- 2019-12: $19.14 per share

- 2020-01: $18.60 per share

- 2020-02: $17.95 per share

- 2020-03: $17.82 per share

- 2020-04: $22.51 per share

- 2020-05: $24.87 per share

- 2020-06: $28.39 per share

- 2020-07: $31.09 per share

- 2020-08: $28.60 per share

- 2020-09: $28.96 per share

- 2020-10: $34.90 per share

- 2020-11: $41.85 per share

- 2020-12: $45.82 per share

- 2021-01: $40.11 per share

- 2021-02: $48.12 per share

- 2021-03: $45.02 per share

- 2021-04: $50.31 per share

- 2021-05: $53.07 per share

- 2021-06: $56.18 per share

- 2021-07: $56.75 per share

- 2021-08: $62.12 per share

- 2021-09: $64.65 per share

- 2021-10: $69.44 per share

- 2021-11: $75.93 per share

- 2021-12: $77.06 per share

- 2022-01: $55.22 per share

- 2022-02: $62.62 per share

- 2022-03: $60.95 per share

- 2022-04: $48.04 per share

- 2022-05: $52.02 per share

- 2022-06: $48.50 per share

- 2022-07: $61.50 per share

- 2022-08: $53.90 per share

- 2022-09: $49.21 per share

- 2022-10: $48.51 per share

- 2022-11: $72.83 per share

- 2022-12: $64.88 per share

- 2023-01: $75.79 per share

- 2023-02: $84.96 per share

- 2023-03: $95.50 per share

- 2023-04: $79.70 per share

- 2023-05: $81.31 per share

- 2023-06: $96.07 per share

- 2023-07: $90.94 per share

- 2023-08: $97.26 per share

- 2023-09: $85.93 per share

- 2023-10: $55.61 per share

- 2023-11: $58.55 per share

- 2023-12: $68.99 per share

- 2024-01: $60.86 per share

- 2024-02: $76.61 per share

- 2024-03: $78.23 per share

- 2024-04: $68.60 per share

- 2024-05: $74.24 per share

- 2024-06: $57.99 per share

- 2024-07: $53.00 per share

- 2024-08: $47.36 per share

- 2024-09: $53.07 per share

- 2024-10: $50.66 per share

- 2024-11: $56.75 per share

- 2024-12: $56.65 per share

- 2025-01: $57.02 per share

- 2025-02: $62.34 per share

- 2025-03: $52.45 per share

- 2025-04: $48.93 per share

- 2025-05: $44.94 per share

- 2025-06: $48.99 per share

- 2025-07: $49.83 per share

- 2025-08: $66.38 per share

- 2025-09: $73.32 per share

- 2025-10: $72.96 per share

- 2025-11: $70.21 per share

- 2025-12: $73.58 per share

- 2026-01: $80.52 per share

- 2026-02: $95.62 per share

- 2026-03: $92.76 per share

- 2026-04: $122.28 per share

- 2026-05: $147.08 per share

- 2026-06: $152.96 per share

- 2026-07: $124.27 per share

- 2026-08: $115.34 per share

- 2026-09: $125.62 per share

- 2026-10: $107.09 per share

## Annual estimated value (USD per share)

- FY2021: low $7.30 per share, central $8.19 per share, high $9.37 per share

- FY2022: low $9.42 per share, central $10.59 per share, high $12.14 per share

- FY2023: low $13.91 per share, central $15.72 per share, high $18.12 per share

- FY2024: low $10.06 per share, central $11.32 per share, high $13.00 per share

- FY2025: low $10.29 per share, central $11.59 per share, high $13.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm); period 2026-01-03, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.