# Skyworks Solutions (SWKS.US)

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

Analysis as of: 2026-10-16T07:32:12.561Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $79.10 per share; close as of 2026-10-15.

Estimated value: low $82.15 per share, central $92.82 per share, high $107.02 per share. Buy at or below the central value $92.82 per share. Valuation as of 2026-10-16T07:32:12.561Z; scenarios are not confidence intervals.

Expected annual return: 11.3% at the stated quote. About 11.3% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.34×

- FY2018: 0.34×

- FY2019: 0.28×

- FY2020: 0.27×

- FY2021: 0.32×

- FY2022: 0.28×

- FY2023: 0.24×

- FY2024: 0.15×

- FY2025: 0.12×

- LTM to Jun 2026: 0.08×

### moat: fail

- Recent gross margin fell 6.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 35.4%

- ROIC, second-lowest year: 15.7%

- Typical minus recent gross margin: 6.6 pp

- Typical gross margin (annual median): 47.8%

- Recent gross margin (lower of latest and 3-year median): 41.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.0%

- ROIC including acquisitions, ten-year median: 22.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 58.5%

- FY2017: 64.3%

- FY2018: 48.4%

- FY2019: 45.0%

- FY2020: 37.4%

- FY2021: 33.5%

- FY2022: 25.8%

- FY2023: 21.9%

- FY2024: 15.7%

- FY2025: 13.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.9B

- Net income, five-year total: $4.8B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 9.2 pp

- Working capital / revenue, final three-year average: 30.8%

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

- FY2021: 1.00×

- FY2022: 1.14×

- FY2023: 1.38×

- FY2024: 1.49×

- FY2025: 1.56×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 58.5% vs 15.7%

- Per-share earnings: 5.18 to 3.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: -$7.2B

- Cumulative retained earnings: $2.6B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.2%

- Per-share value change: -$1.49

- Per-share value, starting three-year median: $5.18

- Per-share value, ending three-year median: $3.69

- Buybacks concentrated in cheaper years (correlation): 0.63

- Average buyback yield: 2.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $3.1B

- Cumulative net income, 10 years: $9.4B

- ROIC, first three-year median: 58.5%

- ROIC, last three-year median: 15.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.18

- FY2017: $5.41

- FY2018: $5.01

- FY2019: $4.89

- FY2020: $4.80

- FY2021: $8.97

- FY2022: $7.81

- FY2023: $6.13

- FY2024: $3.69

- FY2025: $3.08

### accounting: fail

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

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -10.4%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 17.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.73×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -10.1%

- FY2018: -7.1%

- FY2019: -10.6%

- FY2020: -7.6%

- FY2021: -3.2%

- FY2022: -1.7%

- FY2023: -10.4%

- FY2024: -14.8%

- FY2025: -10.4%

## Holders

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

## Price story

Down 53% since Oct 2021 · "Skyworks Solutions (SWKS) Margins Hit by $142.6M Loss, Underscoring Narrative on Profitability Pressure" (finance.yahoo.com, Nov 2025) · sales -2.2%

Story as of 2026-10-16T09:59:39.134Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.2% a year for ten years

- 2025-08-05: Apple supplier Skyworks forecasts upbeat quarterly results on strong chip demand ([finance.yahoo.com](https://finance.yahoo.com/news/apple-supplier-skyworks-forecasts-upbeat-210749444.html))

- 2025-11-06: Skyworks Solutions (SWKS) Margins Hit by $142.6M Loss, Underscoring Narrative on Profitability Pressure ([finance.yahoo.com](https://finance.yahoo.com/news/skyworks-solutions-swks-margins-hit-121429917.html))

- 2026-01-30: B. Riley Cuts Skyworks (SWKS) Target as Android Weakness Weighs on Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/b-riley-cuts-skyworks-swks-221400367.html))

- 2026-02-03: Skyworks Solutions forecasts upbeat earnings as 5G adoption lifts chip demand ([finance.yahoo.com](https://finance.yahoo.com/news/skyworks-solutions-forecasts-upbeat-earnings-214509539.html))

- 2026-05-05: Skyworks Solutions forecasts higher revenue on strong chip demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/skyworks-solutions-forecasts-higher-revenue-203032211.html))

### Sales · FY2024–2025

sales -2.2%; source https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm; observed 2025-11-07.

- FY2016: $3.3B 

- FY2017: $3.7B 

- FY2018: $3.9B 

- FY2019: $3.4B 

- FY2020: $3.4B 

- FY2021: $5.1B 

- FY2022: $5.5B 

- FY2023: $4.8B 

- FY2024: $4.2B 

- FY2025: $4.1B 

### Gross margin · FY2025

gross margin 41.2%; source https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm; observed 2025-11-07.

- FY2016: 50.6% 

- FY2017: 50.4% 

- FY2018: 50.4% 

- FY2019: 47.5% 

- FY2020: 48.1% 

- FY2021: 49.2% 

- FY2022: 47.5% 

- FY2023: 44.2% 

- FY2024: 41.2% 

- FY2025: 41.2% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are USD 4.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm (filed 2025-11-07); FY2025: revenue 4086900000; grossProfit 1682100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWKS.US: Skyworks Solutions, Inc., together with its subsidiaries, develops, manufactures, and markets analog and mixed-signal semiconductor products and solutions in the United States, Taiwan, China, South Korea, Europe, the Middle East, Africa, and the Asia Pacific. The company offers amplifiers, antenna tuners, attenuators, automotive tuners and digital radios, wireless ASoC, DC/DC converters, demodulators, detectors, digital power isolators, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrids, light emitting diode drivers, low noise amplifiers, mixers, modulators, and optocouplers/optoisolators. It also provides phase locked loops, phase shifters, power dividers/combiners, power over ethernet, power isolators, ProSLIC family of subscriber line interface circuits, receivers, system in package, switches, synthesizers, timing devices, voltage-controlled oscillators/synthesizers, and voltage regulators. The company sells its products through direct sales force, electronic component distributors, and independent sales representatives. Its products are used in aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables applications. The company was founded in 1962 and is headquartered in Irvine, California.

### Why customers stay

Margins ranged from 41.2% to 44.2% during 2023–25; it earns 35.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2023: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2024: grossProfit / revenue = 41.2%.

- Source: https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm (filed 2025-11-07); FY2025: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); 10-year return on capital observations [[2016,0.5853130999355463],[2017,0.6434818887402524],[2018,0.4838680695059464],[2019,0.45029332087079577],[2020,0.37406076475709255],[2021,0.33487410502909803],[2022,0.2575384671910016],[2023,0.21895121991385672],[2024,0.1571836948451068],[2025,0.13284673466930721]]; median 0.3544674348930953. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 44.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2016: growth capex 0; upkeep 195300000; cash acquisitions 55600000; owner earnings 1047700000. Growth capex plus acquisitions / owner earnings = 0.05306862651522382.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2017: growth capex 60600000; upkeep 254800000; cash acquisitions 13700000; owner earnings 1010200000. Growth capex plus acquisitions / owner earnings = 0.0735497921203722.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2018: growth capex 55361057.4091208; upkeep 375538942.5908792; cash acquisitions 404000000; owner earnings 842061057.4091208. Growth capex plus acquisitions / owner earnings = 0.5455198923727657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2019: growth capex 0; upkeep 423400000; cash acquisitions 0; owner earnings 801800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2020: growth capex 0; upkeep 398500000; cash acquisitions 0; owner earnings 780600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2021: growth capex 215400000; upkeep 436700000; owner earnings 1498300000. Growth capex / owner earnings = 0.1437629313221651.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2022: growth capex 0; upkeep 509700000; cash acquisitions 0; owner earnings 1455600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2023: growth capex 0; upkeep 236100000; cash acquisitions 0; owner earnings 1360400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); FY2024: growth capex 0; upkeep 157000000; owner earnings 890300000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm (filed 2025-11-07); FY2025: growth capex 0; upkeep 195000000; owner earnings 745100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); Dividend observations: [[2016,201000000],[2017,214600000],[2018,243200000],[2019,273900000],[2020,307000000],[2021,340600000],[2022,373200000],[2023,405200000],[2024,439100000],[2025,432600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm (filed 2025-11-07); FY2025: cash repurchases 44400000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWKS.US SharesStats.PercentInsiders = 0.38899999999999996 percentage points; cache date 2026-10-16.

### What could break it

"Our manufacturing processes are extremely complex, specialized, and subject to disruption." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm (filed 2025-11-07); Our manufacturing processes are extremely complex, specialized, and subject to disruption.

### What the price says

The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 2.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-07); Ten-year compound average after fade. Initial solved rate -0.030068205180689367. Price 79.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.9205805402682987 → FY2025 4.803997421018698. Closing-price date 2026-10-15.

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

- 2016-10: $76.94 per share

- 2016-11: $76.85 per share

- 2016-12: $74.66 per share

- 2017-01: $91.74 per share

- 2017-02: $94.81 per share

- 2017-03: $97.98 per share

- 2017-04: $99.74 per share

- 2017-05: $106.43 per share

- 2017-06: $95.95 per share

- 2017-07: $104.87 per share

- 2017-08: $105.36 per share

- 2017-09: $101.90 per share

- 2017-10: $113.86 per share

- 2017-11: $104.74 per share

- 2017-12: $94.95 per share

- 2018-01: $97.21 per share

- 2018-02: $109.25 per share

- 2018-03: $100.26 per share

- 2018-04: $86.76 per share

- 2018-05: $98.61 per share

- 2018-06: $96.65 per share

- 2018-07: $94.58 per share

- 2018-08: $91.30 per share

- 2018-09: $90.71 per share

- 2018-10: $86.76 per share

- 2018-11: $72.77 per share

- 2018-12: $67.02 per share

- 2019-01: $73.04 per share

- 2019-02: $81.66 per share

- 2019-03: $82.48 per share

- 2019-04: $88.18 per share

- 2019-05: $66.63 per share

- 2019-06: $77.27 per share

- 2019-07: $85.28 per share

- 2019-08: $75.27 per share

- 2019-09: $79.25 per share

- 2019-10: $91.06 per share

- 2019-11: $98.30 per share

- 2019-12: $120.88 per share

- 2020-01: $113.15 per share

- 2020-02: $100.18 per share

- 2020-03: $89.38 per share

- 2020-04: $103.88 per share

- 2020-05: $118.54 per share

- 2020-06: $127.86 per share

- 2020-07: $145.58 per share

- 2020-08: $144.85 per share

- 2020-09: $145.50 per share

- 2020-10: $141.29 per share

- 2020-11: $141.17 per share

- 2020-12: $152.88 per share

- 2021-01: $169.25 per share

- 2021-02: $177.82 per share

- 2021-03: $183.48 per share

- 2021-04: $181.33 per share

- 2021-05: $170.00 per share

- 2021-06: $191.75 per share

- 2021-07: $184.51 per share

- 2021-08: $183.46 per share

- 2021-09: $164.78 per share

- 2021-10: $167.13 per share

- 2021-11: $151.66 per share

- 2021-12: $155.14 per share

- 2022-01: $146.52 per share

- 2022-02: $138.17 per share

- 2022-03: $133.28 per share

- 2022-04: $113.30 per share

- 2022-05: $108.87 per share

- 2022-06: $92.64 per share

- 2022-07: $108.88 per share

- 2022-08: $98.55 per share

- 2022-09: $85.27 per share

- 2022-10: $86.01 per share

- 2022-11: $95.62 per share

- 2022-12: $91.13 per share

- 2023-01: $109.67 per share

- 2023-02: $111.57 per share

- 2023-03: $117.98 per share

- 2023-04: $105.90 per share

- 2023-05: $103.51 per share

- 2023-06: $110.69 per share

- 2023-07: $114.37 per share

- 2023-08: $108.74 per share

- 2023-09: $98.59 per share

- 2023-10: $86.74 per share

- 2023-11: $96.93 per share

- 2023-12: $112.42 per share

- 2024-01: $104.46 per share

- 2024-02: $104.92 per share

- 2024-03: $108.32 per share

- 2024-04: $106.59 per share

- 2024-05: $92.66 per share

- 2024-06: $106.58 per share

- 2024-07: $113.62 per share

- 2024-08: $109.59 per share

- 2024-09: $98.77 per share

- 2024-10: $87.58 per share

- 2024-11: $87.59 per share

- 2024-12: $88.68 per share

- 2025-01: $88.76 per share

- 2025-02: $66.66 per share

- 2025-03: $64.63 per share

- 2025-04: $64.28 per share

- 2025-05: $69.03 per share

- 2025-06: $74.52 per share

- 2025-07: $68.54 per share

- 2025-08: $74.94 per share

- 2025-09: $76.98 per share

- 2025-10: $77.72 per share

- 2025-11: $65.95 per share

- 2025-12: $63.41 per share

- 2026-01: $55.76 per share

- 2026-02: $59.58 per share

- 2026-03: $53.55 per share

- 2026-04: $70.17 per share

- 2026-05: $77.85 per share

- 2026-06: $67.80 per share

- 2026-07: $62.28 per share

- 2026-08: $67.01 per share

- 2026-09: $85.48 per share

- 2026-10: $79.10 per share

## Annual estimated value (USD per share)

- FY2016: low $51.79 per share, central $71.71 per share, high $83.32 per share

- FY2017: low $70.62 per share, central $97.34 per share, high $112.90 per share

- FY2018: low $77.08 per share, central $110.07 per share, high $128.46 per share

- FY2019: low $72.38 per share, central $102.99 per share, high $120.06 per share

- FY2020: low $58.82 per share, central $66.29 per share, high $76.25 per share

- FY2021: low $110.98 per share, central $159.37 per share, high $186.36 per share

- FY2022: low $110.74 per share, central $156.04 per share, high $182.74 per share

- FY2023: low $106.09 per share, central $142.43 per share, high $166.21 per share

- FY2024: low $84.19 per share, central $94.54 per share, high $108.31 per share

- FY2025: low $84.76 per share, central $95.30 per share, high $109.32 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

Prior published observations retained from 2026-10-15T06:37:57.588Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/4127/000000412725000085/swks-20251003.htm); period 2025-10-03, filed 2025-11-07.

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.