# Qorvo (QRVO.US)

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

Analysis as of: 2026-10-16T07:31:26.182Z. Financial observations: FY2000–FY2026.

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: $2,070.39 per share; close as of 2026-10-06.

Estimated value: low $50.04 per share, central $54.98 per share, high $61.55 per share. Buy at or below the central value $54.98 per share. Valuation as of 2026-10-16T07:31:26.182Z; scenarios are not confidence intervals.

Expected annual return: 3.1% at the stated quote. About 3.1% 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

- 4 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: 4

- Years with a net loss: 3

- Operating margin variation: 1.73×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: -0.21×

- FY2019: 0.07×

- FY2020: 0.13×

- FY2021: 0.23×

- FY2022: 0.26×

- FY2023: 0.05×

- FY2024: 0.02×

- FY2025: 0.03×

- FY2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 1.8%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 40.1%

- Recent gross margin (lower of latest and 3-year median): 41.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.8%

- FY2018: -15.3%

- FY2019: 9.0%

- FY2020: 14.1%

- FY2021: 35.3%

- FY2022: 37.4%

- FY2023: 6.3%

- FY2024: 3.0%

- FY2025: 5.3%

- FY2026: 26.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.3B

- Net income, five-year total: $1.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 21.2%

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

- FY2022: 1.14×

- FY2023: 2.74×

- FY2024: -1.75×

- FY2025: 3.86×

- FY2026: 1.38×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.8% vs 5.3%

- Per-share earnings: -0.20 to 0.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.1%

- Ordinary dilution, 5-year annual growth: -4.2%

- Market cap gain: -$1.9B

- Cumulative retained earnings: $495M

- Diluted shares, 10-year annual growth: -4.1%

- Diluted shares, 5-year annual growth: -4.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: $0.79

- Per-share value, starting three-year median: -$0.20

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

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 5.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.6B

- Cumulative net income, 10 years: $2.6B

- ROIC, first three-year median: 1.8%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.13

- FY2018: -$0.32

- FY2019: $1.05

- FY2020: $2.80

- FY2021: $6.32

- FY2022: $9.26

- FY2023: $1.00

- FY2024: -$0.72

- FY2025: $0.58

- FY2026: $3.62

### accounting: fail

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

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 16.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.39×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -12.2%

- FY2018: -14.0%

- FY2019: -11.7%

- FY2020: -9.3%

- FY2021: -7.9%

- FY2022: -0.2%

- FY2023: -11.1%

- FY2024: -13.8%

- FY2025: -9.5%

- FY2026: -8.1%

## Holders

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

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 55.2% a year for ten years · sales -1.1%

Story as of 2026-10-08T12:26:06.561Z; price observation 2026-10-06.

Price needs cash profits to grow 55.2% a year for ten years

- 2025-10-28: Qorvo Surges 8.8% On Strong Q2 Preview And $22 Bln Deal With Skyworks ([nasdaq.com](https://www.nasdaq.com/articles/qorvo-surges-88-strong-q2-preview-and-22-bln-deal-skyworks))

### Sales · FY2025–2026

sales -1.1%; source https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm; observed 2026-05-08.

- FY2017: $3.0B 

- FY2018: $3.0B 

- FY2019: $3.1B 

- FY2020: $3.2B 

- FY2021: $4.0B 

- FY2022: $4.6B 

- FY2023: $3.6B 

- FY2024: $3.8B 

- FY2025: $3.7B 

- FY2026: $3.7B 

### Gross margin · FY2026

gross margin 45.9%; source https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm; observed 2026-05-08.

- FY2017: 37.4% 

- FY2018: 38.6% 

- FY2019: 38.7% 

- FY2020: 40.8% 

- FY2021: 46.9% 

- FY2022: 49.2% 

- FY2023: 36.3% 

- FY2024: 39.5% 

- FY2025: 41.3% 

- FY2026: 45.9% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm (filed 2026-05-08); FY2026: revenue 3678517000; grossProfit 1688102000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QRVO.US: Qorvo, Inc. engages in development and commercialization of technologies and products for wireless, wired, and power markets in the United States, China, rest of Asia, Taiwan, and Europe. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency, analog mixed signal, and power management solutions for defense and aerospace markets, as well as offers compound semiconductor foundry services, wafer processing, advanced packaging and heterogeneous integration solutions. The CSG segment supplies connectivity and sensor solutions featuring various technologies, such as UWB, Matter, Bluetooth Low Energy, Zigbee, Thread, Wi-Fi, and cellular solutions. It serves smart home, industrial automation, automotive, smartphones, wearables, gaming, and industrial and enterprise access points markets. The ACG segment supplies cellular solutions for smartphones, wearables, laptops, tablets, and various other devices. It also offers foundry services for defense primes and other defense and aerospace customers. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. Qorvo, Inc. was founded in 1957 and is headquartered in Greensboro, North Carolina. As of October 5, 2026, Qorvo, Inc. operates as a subsidiary of Skyworks Solutions, Inc.

### Why customers stay

Margins ranged from 39.5% to 45.9% during 2024–26; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2024: grossProfit / revenue = 39.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2025: grossProfit / revenue = 41.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm (filed 2026-05-08); FY2026: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); 10-year return on capital observations [[2017,0.01807622550962435],[2018,-0.15293691484618815],[2019,0.09035341455982836],[2020,0.14112921795998531],[2021,0.3525775163034644],[2022,0.3738343240250249],[2023,0.06315075906613368],[2024,0.03009588366720945],[2025,0.05267138154935097],[2026,0.26504636539654713]]; median 0.07675208681298101. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back USD 532.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2017: growth capex 0; upkeep 552702000; cash acquisitions 117994000; owner earnings 135317000. Growth capex plus acquisitions / owner earnings = 0.8719820865079776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2018: growth capex 0; upkeep 269835000; cash acquisitions 0; owner earnings 404092000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2019: growth capex 0; upkeep 220937000; cash acquisitions 0; owner earnings 575285000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2020: growth capex 0; upkeep 164104000; cash acquisitions 946043000; owner earnings 639152000. Growth capex plus acquisitions / owner earnings = 1.4801533907427342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2021: growth capex 0; upkeep 186960000; cash acquisitions 47069000; owner earnings 1002755000. Growth capex plus acquisitions / owner earnings = 0.046939681178353634.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2022: growth capex 0; upkeep 213466000; cash acquisitions 389136000; owner earnings 1181302000. Growth capex plus acquisitions / owner earnings = 0.3294128004523822.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2023: growth capex 0; upkeep 158953000; cash acquisitions 95000; owner earnings 283047000. Growth capex plus acquisitions / owner earnings = 0.00033563330471617786.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2024: growth capex 0; upkeep 127230000; cash acquisitions 82974000; owner earnings 123381000. Growth capex plus acquisitions / owner earnings = 0.6725022491307414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); FY2025: growth capex 0; upkeep 137600000; cash acquisitions 791000; owner earnings 214851000. Growth capex plus acquisitions / owner earnings = 0.0036816212165640375.

- Source: https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm (filed 2026-05-08); FY2026: growth capex 0; upkeep 129070000; cash acquisitions 0; owner earnings 468567000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,659000000],[2021,1206750000],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm (filed 2026-05-08); FY2026: cash repurchases 532552000 USD.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QRVO.US SharesStats.PercentInsiders = 0.496 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 55.2% yearly over ten years; actual growth was 8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-08); Ten-year compound average after fade. Initial solved rate 0.8164884041122236. Price 2070.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.328371037854823 → FY2026 5.008893924978888. Closing-price date 2026-10-06.

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

- 2016-10: $55.65 per share

- 2016-11: $53.41 per share

- 2016-12: $52.73 per share

- 2017-01: $64.21 per share

- 2017-02: $66.10 per share

- 2017-03: $68.56 per share

- 2017-04: $68.03 per share

- 2017-05: $77.95 per share

- 2017-06: $63.32 per share

- 2017-07: $68.56 per share

- 2017-08: $73.22 per share

- 2017-09: $70.68 per share

- 2017-10: $75.81 per share

- 2017-11: $76.58 per share

- 2017-12: $66.60 per share

- 2018-01: $71.77 per share

- 2018-02: $80.71 per share

- 2018-03: $70.45 per share

- 2018-04: $67.40 per share

- 2018-05: $80.25 per share

- 2018-06: $80.17 per share

- 2018-07: $81.76 per share

- 2018-08: $80.09 per share

- 2018-09: $76.89 per share

- 2018-10: $73.51 per share

- 2018-11: $65.81 per share

- 2018-12: $60.73 per share

- 2019-01: $65.36 per share

- 2019-02: $70.14 per share

- 2019-03: $71.73 per share

- 2019-04: $75.61 per share

- 2019-05: $61.18 per share

- 2019-06: $66.61 per share

- 2019-07: $73.29 per share

- 2019-08: $71.43 per share

- 2019-09: $74.14 per share

- 2019-10: $80.86 per share

- 2019-11: $104.21 per share

- 2019-12: $116.23 per share

- 2020-01: $105.86 per share

- 2020-02: $100.58 per share

- 2020-03: $80.63 per share

- 2020-04: $98.03 per share

- 2020-05: $104.74 per share

- 2020-06: $110.53 per share

- 2020-07: $128.15 per share

- 2020-08: $128.27 per share

- 2020-09: $129.01 per share

- 2020-10: $127.36 per share

- 2020-11: $156.68 per share

- 2020-12: $166.27 per share

- 2021-01: $170.88 per share

- 2021-02: $174.73 per share

- 2021-03: $182.70 per share

- 2021-04: $188.17 per share

- 2021-05: $182.72 per share

- 2021-06: $195.65 per share

- 2021-07: $189.59 per share

- 2021-08: $188.03 per share

- 2021-09: $167.19 per share

- 2021-10: $168.23 per share

- 2021-11: $146.23 per share

- 2021-12: $156.39 per share

- 2022-01: $137.28 per share

- 2022-02: $136.78 per share

- 2022-03: $124.10 per share

- 2022-04: $113.78 per share

- 2022-05: $111.75 per share

- 2022-06: $94.32 per share

- 2022-07: $104.07 per share

- 2022-08: $89.78 per share

- 2022-09: $79.41 per share

- 2022-10: $86.08 per share

- 2022-11: $99.25 per share

- 2022-12: $90.64 per share

- 2023-01: $108.66 per share

- 2023-02: $100.89 per share

- 2023-03: $101.57 per share

- 2023-04: $92.08 per share

- 2023-05: $97.26 per share

- 2023-06: $102.03 per share

- 2023-07: $110.02 per share

- 2023-08: $107.39 per share

- 2023-09: $95.47 per share

- 2023-10: $87.42 per share

- 2023-11: $96.50 per share

- 2023-12: $112.61 per share

- 2024-01: $99.74 per share

- 2024-02: $114.55 per share

- 2024-03: $114.83 per share

- 2024-04: $116.84 per share

- 2024-05: $98.39 per share

- 2024-06: $116.04 per share

- 2024-07: $119.80 per share

- 2024-08: $115.89 per share

- 2024-09: $103.30 per share

- 2024-10: $71.26 per share

- 2024-11: $69.05 per share

- 2024-12: $69.93 per share

- 2025-01: $82.98 per share

- 2025-02: $72.69 per share

- 2025-03: $72.41 per share

- 2025-04: $71.67 per share

- 2025-05: $76.02 per share

- 2025-06: $84.91 per share

- 2025-07: $83.60 per share

- 2025-08: $90.70 per share

- 2025-09: $91.08 per share

- 2025-10: $94.92 per share

- 2025-11: $85.89 per share

- 2025-12: $84.51 per share

- 2026-01: $78.11 per share

- 2026-02: $82.90 per share

- 2026-03: $77.40 per share

- 2026-04: $94.22 per share

- 2026-05: $103.56 per share

- 2026-06: $93.27 per share

- 2026-07: $90.57 per share

- 2026-08: $96.08 per share

- 2026-09: $114.48 per share

- 2026-10: $114.17 per share

## Annual estimated value (USD per share)

- FY2017: low $15.45 per share, central $17.05 per share, high $19.19 per share

- FY2018: low $41.01 per share, central $47.97 per share, high $54.75 per share

- FY2019: low $48.12 per share, central $64.01 per share, high $74.16 per share

- FY2020: low $52.48 per share, central $68.31 per share, high $79.06 per share

- FY2021: low $98.95 per share, central $136.48 per share, high $158.34 per share

- FY2022: low $119.61 per share, central $167.49 per share, high $195.37 per share

- FY2023: low $81.89 per share, central $92.19 per share, high $105.90 per share

- FY2024: low $93.11 per share, central $104.60 per share, high $119.90 per share

- FY2025: low $43.69 per share, central $48.35 per share, high $54.54 per share

- FY2026: low $46.33 per share, central $51.03 per share, high $57.28 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/1604778/000162828026032873/rfmd-20260328.htm); period 2026-03-28, filed 2026-05-08.

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.