SkyWater Technology (SKYT)
Market Price (3/26/2026): $28.74 | Market Cap: $1.4 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
SkyWater Technology (SKYT)
Market Price (3/26/2026): $28.74Market Cap: $1.4 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% | Stock price has recently run up significantly12M Rtn12 month market price return is 258% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Biotechnology & Genomics, and Advanced Aviation & Space. Themes include AI Chips, Show more. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| High stock price volatilityVol 12M is 102% | |
| Key risksSKYT key risks include [1] a high dependence on U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Biotechnology & Genomics, and Advanced Aviation & Space. Themes include AI Chips, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.6% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 258% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| High stock price volatilityVol 12M is 102% |
| Key risksSKYT key risks include [1] a high dependence on U.S. Show more. |
Qualitative Assessment
AI Analysis | Feedback
SkyWater Technology (SKYT) stock has gained about 85% since 11/30/2025 because of the following key factors:
1. Acquisition by IonQ.
SkyWater Technology's stock experienced a significant surge following the announcement on January 26, 2026, that IonQ intended to acquire the company for $35.00 per share in a cash-and-stock transaction. This offer represented a 38% premium over SkyWater's 30-day volume-weighted average price as of January 23, 2026, and is expected to close in the second or third quarter of 2026, providing a clear upside target for investors.
2. Robust Financial Performance.
The company reported strong fiscal year 2025 results, with record revenues of $442.1 million, marking a 29% year-over-year growth, primarily driven by the successful acquisition and integration of Fab 25. For the fourth quarter of 2025, revenue surged 126.58% year-over-year to $171.0 million, exceeding analyst estimates. Furthermore, SkyWater achieved full-year profitability in 2025, and its quantum-related Advanced Technology Services (ATS) revenues increased by over 30% in fiscal 2025, signaling strong momentum in key growth areas.
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1. Acquisition by IonQ.
SkyWater Technology's stock experienced a significant surge following the announcement on January 26, 2026, that IonQ intended to acquire the company for $35.00 per share in a cash-and-stock transaction. This offer represented a 38% premium over SkyWater's 30-day volume-weighted average price as of January 23, 2026, and is expected to close in the second or third quarter of 2026, providing a clear upside target for investors.
2. Robust Financial Performance.
The company reported strong fiscal year 2025 results, with record revenues of $442.1 million, marking a 29% year-over-year growth, primarily driven by the successful acquisition and integration of Fab 25. For the fourth quarter of 2025, revenue surged 126.58% year-over-year to $171.0 million, exceeding analyst estimates. Furthermore, SkyWater achieved full-year profitability in 2025, and its quantum-related Advanced Technology Services (ATS) revenues increased by over 30% in fiscal 2025, signaling strong momentum in key growth areas.
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Stock Movement Drivers
Fundamental Drivers
The 87.3% change in SKYT stock from 11/30/2025 to 3/25/2026 was primarily driven by a 99.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.39 | 28.83 | 87.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 347 | 442 | 27.6% |
| Net Income Margin (%) | 36.4% | 26.9% | -26.0% |
| P/E Multiple | 5.9 | 11.8 | 99.7% |
| Shares Outstanding (Mil) | 48 | 49 | -0.6% |
| Cumulative Contribution | 87.3% |
Market Drivers
11/30/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| SKYT | 87.3% | |
| Market (SPY) | -3.6% | 35.9% |
| Sector (XLK) | -4.3% | 42.6% |
Fundamental Drivers
The 140.5% change in SKYT stock from 8/31/2025 to 3/25/2026 was primarily driven by a 59.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.99 | 28.83 | 140.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 290 | 442 | 52.6% |
| P/S Multiple | 2.0 | 3.2 | 59.1% |
| Shares Outstanding (Mil) | 48 | 49 | -1.0% |
| Cumulative Contribution | 140.5% |
Market Drivers
8/31/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| SKYT | 140.5% | |
| Market (SPY) | 2.4% | 38.9% |
| Sector (XLK) | 4.5% | 40.5% |
Fundamental Drivers
The 209.0% change in SKYT stock from 2/28/2025 to 3/25/2026 was primarily driven by a 147.1% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.33 | 28.83 | 209.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 346 | 442 | 27.8% |
| P/S Multiple | 1.3 | 3.2 | 147.1% |
| Shares Outstanding (Mil) | 48 | 49 | -2.2% |
| Cumulative Contribution | 209.0% |
Market Drivers
2/28/2025 to 3/25/2026| Return | Correlation | |
|---|---|---|
| SKYT | 209.0% | |
| Market (SPY) | 11.8% | 42.5% |
| Sector (XLK) | 22.0% | 46.2% |
Fundamental Drivers
The 119.6% change in SKYT stock from 2/28/2023 to 3/25/2026 was primarily driven by a 137.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3252026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.13 | 28.83 | 119.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 186 | 442 | 137.2% |
| P/S Multiple | 2.9 | 3.2 | 10.5% |
| Shares Outstanding (Mil) | 41 | 49 | -16.3% |
| Cumulative Contribution | 119.6% |
Market Drivers
2/28/2023 to 3/25/2026| Return | Correlation | |
|---|---|---|
| SKYT | 119.6% | |
| Market (SPY) | 72.4% | 40.4% |
| Sector (XLK) | 104.7% | 44.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SKYT Return | -9% | -56% | 35% | 43% | 32% | 61% | 65% |
| Peers Return | 45% | -24% | 44% | -31% | 14% | 12% | 41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| SKYT Win Rate | 56% | 42% | 50% | 58% | 42% | 33% | |
| Peers Win Rate | 65% | 40% | 65% | 33% | 43% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| SKYT Max Drawdown | -20% | -72% | -31% | -41% | -58% | 0% | |
| Peers Max Drawdown | -1% | -39% | -5% | -35% | -30% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GFS, ON, INTC, MCHP, NXPI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/25/2026 (YTD)
How Low Can It Go
| Event | SKYT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -86.7% | -25.4% |
| % Gain to Breakeven | 653.3% | 34.1% |
| Time to Breakeven | 1,337 days | 464 days |
Compare to GFS, ON, INTC, MCHP, NXPI
In The Past
SkyWater Technology's stock fell -86.7% during the 2022 Inflation Shock from a high on 9/7/2021. A -86.7% loss requires a 653.3% gain to breakeven.
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About SkyWater Technology (SKYT)
SkyWater Technology, Inc., together with its subsidiaries, provides semiconductor development and manufacturing services. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, power discrete, microelectromechanical systems, and rad-hard integrated circuits. It serves customers operating in the computation, aerospace and defense, automotive and transportation, bio-health, consumer, and industrial/internet of things industries. The company was incorporated in 2017 and is headquartered in Bloomington, Minnesota.
AI Analysis | Feedback
Here are 1-2 brief analogies for SkyWater Technology (SKYT):
- SkyWater Technology is like a **TSMC (Taiwan Semiconductor Manufacturing Company) that also co-develops specialized, custom chips with its clients.**
- SkyWater Technology is like **Foxconn, but focused on designing and manufacturing custom semiconductor chips, rather than assembling finished electronics.**
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- Semiconductor Development Services: The company provides engineering and process development support to co-create custom semiconductor technologies with its customers.
- Semiconductor Manufacturing Services: The company manufactures various silicon-based integrated circuits, including analog/mixed-signal, power discrete, microelectromechanical systems (MEMS), and rad-hard ICs for diverse industries.
AI Analysis | Feedback
SkyWater Technology (SKYT) primarily provides semiconductor development and manufacturing services to other companies (B2B).
Based on its most recent public filings, SkyWater Technology has a diversified customer base. No single customer accounted for 10% or more of its total revenue for the year ended December 31, 2023. Therefore, no individual major customer can be identified by name at this time.
SkyWater Technology serves customers operating in a variety of industries, which include:
- Computation
- Aerospace and Defense
- Automotive and Transportation
- Bio-health
- Consumer
- Industrial/Internet of Things (IoT)
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Thomas Sonderman, CEO & Director
Thomas Sonderman was appointed CEO and elected to SkyWater Technology's board of directors in 2017. He has led the company's transformation from an IDM to a pure-play foundry and its successful initial public offering (IPO) in 2021. Prior to joining SkyWater, Sonderman held leadership roles at Rudolph Technologies, GLOBALFOUNDRIES, and AMD. Notably, he was part of an executive team at AMD that spun off manufacturing operations to form GLOBALFOUNDRIES. SkyWater itself was formed in 2017 when private equity firm Oxbow Industries acquired Cypress Foundry Solutions, and Sonderman joined as CEO to drive the new pure-play foundry business model.
Steve Manko, Chief Financial Officer
Steve Manko leverages his extensive finance background to drive profitability and enhance organizational value. Before becoming SkyWater's CFO, he served as a managing director at Riveron Consulting, where he led the Financial Advisory Services practice in Minneapolis. In this role, he assisted companies through various change events, including acquisitions and internal process optimizations. He also previously worked at Ernst & Young, specializing in the Banking & Capital Markets industries.
John Sakamoto, President & COO
John Sakamoto joined SkyWater in September 2023, where he oversees all day-to-day business and manufacturing operations. He is responsible for driving consistent profitability and implementing growth strategies. Sakamoto brings 25 years of executive leadership experience from companies such as Altera, Intel, and Marvell.
Chris Hilberg, Chief Risk and Compliance Officer, General Counsel & Corporate Secretary
Chris Hilberg is responsible for leading SkyWater's legal and compliance functions, providing strategic and high-value business, corporate, governance, transactional, and compliance advice to management and the board of directors. He has over 20 years of experience as an attorney, including extensive roles at large law firms and in-house.
Dr. Percy V. Gilbert, Senior Vice President of Engineering
Dr. Percy V. Gilbert was appointed Senior Vice President of Engineering in April 2025. He is responsible for leading and expanding SkyWater's engineering organization, which is crucial for the company's strategic growth in Advanced Technology Services (ATS), platform solutions, and wafer services. Gilbert possesses deep expertise in the semiconductor industry, having held leadership roles spanning technology development and product engineering.
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Here are the key risks to SkyWater Technology (SKYT):
- Uncertainty Regarding Proposed Merger with IonQ: SkyWater Technology is currently pursuing a merger with IonQ, a quantum computing company. The completion of this transaction is subject to several conditions, including stockholder and regulatory approvals. There are inherent uncertainties regarding the timing, regulatory outcomes, and whether the anticipated economic benefits will be fully realized. Should the deal not be consummated, SkyWater could face negative market reactions, increased costs, and business disruptions.
- Customer Concentration Risk: A significant portion of SkyWater Technology's revenue is derived from a limited number of customers. For instance, in the fiscal year ended December 28, 2025, Infineon accounted for 43% of the company's revenue, with two other customers contributing 21% and 10% respectively. This high level of customer concentration presents a material risk to revenue stability, as the loss of any major customer could have a substantial adverse effect on the company's financial results.
- Capital Intensity and Operational Execution Risks: Semiconductor manufacturing is a highly capital-intensive industry, requiring significant ongoing investment. SkyWater faces execution risks related to integrating its recently acquired Fab 25 facility, which involves complex process transfers, workforce integration, and supply-chain alignment. The company's ability to quickly and efficiently ramp up Fab 25 to its promised economic profile without operational missteps or a cash crunch is critical. Furthermore, the semiconductor industry is cyclical, and a downturn in the broader market could lead to reduced demand and underutilization of SkyWater's manufacturing capacity, impacting its financial performance and profitability.
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The clear emerging threat for SkyWater Technology is the rapid advancement and adoption of **Artificial Intelligence (AI) for semiconductor design and development**. SkyWater Technology offers "engineering and process development support services to co-create technologies with customers." As AI tools become more sophisticated, they have the potential to automate and significantly streamline various stages of chip design, layout, optimization, and verification processes. This could reduce the need for extensive human "co-creation" and engineering support services from companies like SkyWater, as customers might increasingly leverage AI-powered platforms to perform these tasks more efficiently and cost-effectively in-house or with fewer external resources. This technological shift could disrupt a core component of SkyWater's service offering by changing how its customers approach chip development.
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SkyWater Technology (SKYT) operates in several addressable markets related to its semiconductor development and manufacturing services. The company's main products and services contribute to the global semiconductor foundry, Microelectromechanical Systems (MEMS), analog and mixed-signal, power discrete, and rad-hard integrated circuits markets.
- Semiconductor Foundry Services: The global semiconductor foundry market was valued at approximately USD 148.49 billion in 2024. It is projected to reach USD 259.72 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.75% from 2025 to 2034. Another estimate places the global semiconductor foundry market size at USD 122.2 billion in 2024, projected to reach USD 261.3 billion by 2032, with an 11.7% CAGR.
- Microelectromechanical Systems (MEMS): The global MEMS market size was valued at over USD 14 billion in 2022 and is expected to grow at more than a 5% CAGR between 2023 and 2032. Other projections estimate the global MEMS market to reach USD 35.14 billion by 2030, with an 11.1% CAGR from 2024 to 2030. The market is also projected to reach USD 131.8 billion by 2028, rising at a market growth of 8.4% CAGR. In 2025, the MEMS market size is estimated at USD 17.52 billion and is forecast to reach USD 25.58 billion by 2031 with a 6.51% CAGR.
- Analog and Mixed-Signal Integrated Circuits: The global analog semiconductor market size is projected to reach USD 108.1 billion in 2025 and grow at a CAGR of 6.3% to reach USD 187.9 billion in 2034. Another source states the global analog semiconductor market size was valued at USD 93.71 billion in 2025 and is projected to grow to USD 154.05 billion by 2034, exhibiting a CAGR of 4.82%. The global analog and mixed-signal IP market size was valued at USD 117 million in 2021 and is estimated to reach USD 370 million by 2030, registering a CAGR of 15.5%.
- Power Discrete Semiconductors: The global power discrete semiconductor market size was valued at approximately USD 20 billion in 2023 and is projected to reach USD 35 billion by 2032, growing at a CAGR of 6.5%. The global power discrete semiconductor market is also projected to exceed USD 40 billion in value. The power discrete and module market is expected to reach nearly USD 43.7 billion by 2030, with a CAGR of 7.4%. The discrete semiconductor market size is estimated at USD 34.72 billion in 2026 and is projected to reach USD 41.47 billion by 2031, reflecting a 3.62% CAGR.
- Rad-Hard Integrated Circuits: The global radiation-hardened electronics market is projected to reach USD 1,938.6 million in 2025 and is expected to grow to USD 3,490.2 million by 2034, registering a CAGR of 6.8%. The radiation-hardened ICs market size is estimated to reach USD 685.2 million by 2030, growing at a CAGR of 5.50% during the forecast period 2024-2030. The radiation hardened electronics market size was valued at USD 1.81 billion in 2024, growing at a CAGR of 6.5% during 2025–2034.
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SkyWater Technology (SKYT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Advanced Technology Services (ATS): SkyWater anticipates continued strong growth in its Advanced Technology Services business, particularly within the aerospace and defense sectors. This growth is driven by ongoing upgrades and enhancements to critical defense infrastructure, including nuclear modernization, space capabilities, missile defense, and unmanned systems, which are increasing semiconductor content across mission systems. The company projected ATS development growth in the range of 10% to 20% for 2024, with similar growth levels expected beyond that.
- Expansion into Advanced Packaging Solutions: Advanced packaging has been introduced as a new growth vector for SkyWater. The company is investing in and developing 2.5D and 3D packaging platforms, with operations ramping up in Florida. This initiative is expected to enhance both Department of Defense and commercial revenue opportunities.
- Momentum in Quantum Computing: Quantum computing is identified as one of the fastest-growing segments of SkyWater's business. The company has reported strong momentum, including new customer engagements, with quantum-related Advanced Technology Services revenues increasing by over 30% in fiscal 2025, and similar growth levels anticipated for 2026.
- Contributions from Fab 25 Acquisition: The acquisition and integration of Infineon's Fab 25 in Austin, Texas, is a significant driver of future revenue. This strategic move is expected to nearly double SkyWater's annual revenue and adjusted EBITDA, primarily by substantially increasing its wafer services revenue. Fab 25 is projected to become the primary revenue driver for wafer services by 2026, with an expected annualized contribution of $300-320 million.
- Increased Investment in Domestic Semiconductor Supply Chain: The growing realization of the fragility of the semiconductor supply chain and the critical need to onshore semiconductor infrastructure benefits SkyWater. As a trusted U.S.-based foundry, the company is seeing increased investment in domestic semiconductor technology, especially from the U.S. government and defense programs, which includes significant customer-funded capital expenditures for platform development and production capacity.
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Share Issuance
- SkyWater Technology completed its Initial Public Offering (IPO) on April 21, 2021, raising $97.44 million through the issuance of 6,960,000 shares at $14 per share.
- An additional placement (SPO) occurred on November 15, 2022, which raised $15 million through the issuance of 43,120,661 shares at $9 per share.
- Diluted weighted average shares outstanding have increased from 29.04 million in 2021 to 48.14 million in 2025.
Inbound Investments
- SkyWater Technology secured $16 million in a funding round as of December 2024 to enhance its development services, volume production capabilities, and heterogeneous integration solutions.
- In December 2024, the company announced proposed federal funding of up to $16 million from the CHIPS for America program, complemented by $19 million in incentives from the State of Minnesota's Forward Fund.
- These federal and state incentives, along with existing and planned customer-funded capital expenditure co-investments, are expected to bring total outside investment levels to over $350 million through 2026.
Capital Expenditures
- Capital expenditures were $11 million in 2024, $10 million in 2023, $17 million in 2022, and $32 million in 2021.
- SkyWater Technology acquired Infineon Technologies' 200mm semiconductor fab in Austin, Texas ("Fab 25") on June 30, 2025, for $93 million ($73 million payment at close plus $20 million for working capital), significantly expanding its manufacturing capacity.
- Projected capital expenditures are $89 million for 2025 and $129 million for 2026, focused on accelerating modernization and equipment upgrades to enhance 200mm semiconductor technology development and production capacity, particularly for aerospace and defense, biomedical, industrial, thermal imaging, and quantum computing markets.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SkyWater Technology Earnings Notes | 12/16/2025 | |
| Can SkyWater Technology Stock Recover If Markets Fall? | 10/17/2025 | |
| Day 8 of Gains Streak for SkyWater Technology Stock with 57% Return (vs. 12% YTD) [9/22/2025] | 09/23/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to SKYT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 55.14 |
| Mkt Cap | 30.6 |
| Rev LTM | 6,393 |
| Op Inc LTM | 514 |
| FCF LTM | 914 |
| FCF 3Y Avg | 916 |
| CFO LTM | 1,745 |
| CFO 3Y Avg | 1,870 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.6% |
| Rev Chg 3Y Avg | -5.6% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 16.0% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 21.9% |
| CFO/Rev 3Y Avg | 25.2% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 13.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.6 |
| P/S | 4.1 |
| P/EBIT | 56.7 |
| P/E | 18.2 |
| P/CFO | 16.3 |
| Total Yield | 2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.0% |
| 3M Rtn | 22.5% |
| 6M Rtn | 32.4% |
| 12M Rtn | 33.7% |
| 3Y Rtn | 3.4% |
| 1M Excs Rtn | -1.0% |
| 3M Excs Rtn | 24.8% |
| 6M Excs Rtn | 34.8% |
| 12M Excs Rtn | 17.7% |
| 3Y Excs Rtn | -65.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Legacy SkyWater | 342 | ||||
| SkyWater Texas | 0 | ||||
| Fixed price contracts | 84 | 48 | 59 | 29 | |
| Other | 5 | 5 | 5 | 0 | |
| Time-and-materials and cost-plus-fixed-fee contracts | 122 | 85 | 48 | 64 | |
| Tools | 15 | 2 | |||
| Wafer Services | 61 | 73 | 51 | 46 | |
| Total | 342 | 287 | 213 | 163 | 140 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Legacy SkyWater | 7 | ||||
| SkyWater Texas | 0 | ||||
| Total | 7 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| SkyWater Texas | 0 | ||||
| Legacy SkyWater | -3 | ||||
| Total | -3 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Legacy SkyWater | 312 | ||||
| SkyWater Texas | 0 | ||||
| Total | 312 |
Price Behavior
Price Behavior
| Market Price | $28.83 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 04/21/2021 | |
| Distance from 52W High | -17.1% | |
| 50 Days | 200 Days | |
| DMA Price | $29.88 | $18.36 |
| DMA Trend | up | up |
| Distance from DMA | -3.5% | 57.0% |
| 3M | 1YR | |
| Volatility | 75.7% | 102.3% |
| Downside Capture | 101.97 | 184.21 |
| Upside Capture | 446.46 | 294.40 |
| Correlation (SPY) | 28.1% | 41.1% |
SKYT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.08 | 2.05 | 3.18 | 3.94 | 2.28 | 2.46 |
| Up Beta | 3.51 | 0.35 | 0.58 | 5.00 | 2.17 | 2.47 |
| Down Beta | 0.85 | -0.62 | 1.42 | 3.18 | 2.14 | 1.79 |
| Up Capture | 132% | 762% | 1078% | 1183% | 1054% | 9080% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 7 | 20 | 33 | 66 | 121 | 344 |
| Down Capture | 270% | 144% | 227% | 231% | 147% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 14 | 21 | 28 | 58 | 128 | 398 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SKYT | |
|---|---|---|---|---|
| SKYT | 273.1% | 102.2% | 1.72 | - |
| Sector ETF (XLK) | 26.4% | 26.6% | 0.85 | 44.1% |
| Equity (SPY) | 15.5% | 18.8% | 0.63 | 40.9% |
| Gold (GLD) | 51.3% | 27.2% | 1.51 | 12.5% |
| Commodities (DBC) | 17.8% | 17.5% | 0.84 | 19.5% |
| Real Estate (VNQ) | 0.7% | 16.4% | -0.13 | 20.6% |
| Bitcoin (BTCUSD) | -19.2% | 43.9% | -0.36 | 31.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SKYT | |
|---|---|---|---|---|
| SKYT | 11.2% | 99.0% | 0.56 | - |
| Sector ETF (XLK) | 17.0% | 24.6% | 0.62 | 43.4% |
| Equity (SPY) | 12.4% | 17.0% | 0.57 | 40.1% |
| Gold (GLD) | 20.9% | 17.5% | 0.97 | 8.2% |
| Commodities (DBC) | 12.0% | 18.9% | 0.52 | 9.3% |
| Real Estate (VNQ) | 3.1% | 18.8% | 0.07 | 22.7% |
| Bitcoin (BTCUSD) | 4.1% | 56.7% | 0.29 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SKYT | |
|---|---|---|---|---|
| SKYT | 5.5% | 99.0% | 0.56 | - |
| Sector ETF (XLK) | 21.5% | 24.2% | 0.81 | 43.4% |
| Equity (SPY) | 14.3% | 17.9% | 0.68 | 40.1% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 8.2% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 9.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 22.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.8% | 1.06 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2025 | 44.9% | 38.2% | 15.0% |
| 5/7/2025 | 5.0% | 13.8% | 24.6% |
| 2/26/2025 | 15.3% | -2.4% | -12.2% |
| 11/7/2024 | -13.8% | -21.2% | -11.5% |
| 8/7/2024 | 47.6% | 61.2% | 41.3% |
| 5/8/2024 | -32.6% | -16.4% | -22.8% |
| 2/26/2024 | -2.2% | 6.7% | -8.0% |
| 11/8/2023 | 2.4% | 25.9% | 50.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 11 |
| # Negative | 7 | 6 | 7 |
| Median Positive | 20.1% | 19.9% | 15.0% |
| Median Negative | -12.7% | -17.9% | -22.8% |
| Max Positive | 47.6% | 61.2% | 88.0% |
| Max Negative | -36.1% | -25.3% | -44.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/11/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/17/2022 | 10-Q |
| 03/31/2022 | 05/18/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Unterseher, Loren A | Direct | Sell | 12012025 | 14.54 | 100,000 | 1,454,310 | 65,260,620 | Form | |
| 2 | Unterseher, Loren A | Direct | Sell | 11252025 | 14.13 | 100,000 | 1,412,640 | 93,393,247 | Form | |
| 3 | Unterseher, Loren A | Direct | Sell | 11252025 | 14.53 | 100,000 | 1,452,670 | 97,492,403 | Form | |
| 4 | Sonderman, Thomas | CEO | Direct | Sell | 11252025 | 13.38 | 5,210 | 69,715 | 6,981,630 | Form |
| 5 | Unterseher, Loren A | Direct | Sell | 11202025 | 16.26 | 9,662 | 157,065 | 77,823,398 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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