Tearsheet

Qorvo (QRVO)


Market Price (10/15/2025): $87.56 | Market Cap: $8.1 Bil
Sector: Information Technology | Industry: Semiconductors

Qorvo (QRVO)


Market Price (10/15/2025): $87.56
Market Cap: $8.1 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -75%
Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 101x
1 Attractive yield
FCF Yield is 7.2%
  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%, Rev Chg QQuarterly Revenue Change % is -7.7%
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
1 Attractive yield
FCF Yield is 7.2%
2 Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -75%
3 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 101x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5%, Rev Chg QQuarterly Revenue Change % is -7.7%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%

Market Valuation & Key Metrics

QRVO Stock


Price Returns Compared

 202020212022202320242025Total [1]
Returns
QRVO Return43%-6%-42%24%-38%26%-28%
Peers Return17%26%-17%4%26%10%76%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
QRVO Win Rate67%58%25%58%50%56% 
Peers Win Rate53%53%32%38%50%47% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
QRVO Max Drawdown-40%-12%-50%-6%-42%-27% 
Peers Max Drawdown-23%-4%-26%-14%-7%-11% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: TXN, MSI, ERIC, NOK, AMBQ. See QRVO Returns vs. Peers.
[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] 2025 data is for the year up to 10/14/2025 (YTD)

Downturns Compared

Unique KeyEventQRVOS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-60.7%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven154.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-41.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven71.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven129 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-35.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven55.3%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven302 days120 days


How Low Can It Go?

Qorvo's stock fell -60.7% during the 2022 Inflation Shock from a high on 4/29/2021. A -60.7% loss requires a 154.7% gain to breakeven.

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About Qorvo (QRVO)

Qorvo, Inc. develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions. It also provides integrated solutions that include switch-LNA modules, variable gain amplifiers, discrete power amplifiers (PA), and integrated PA Doherty modules for massive multiple-input/multiple-output systems; RF products and compound semiconductor foundry services to defense primes and other global defense and aerospace customers; Wi-Fi customer premises equipment, including power amplifiers, switches, low noise amplifiers, and bulk acoustic wave filters; system-on-a-chip (SoC) hardware, firmware, and application software for smart home applications; automotive RF connectivity products and UWB SoC solutions; and power application controllers and programmable analog power ICs. 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.

Better Bets than Qorvo (QRVO)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to QRVO and Semiconductors.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-4.8%-4.8%-4.8%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.2%1.2%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.2%5.2%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
17.5%17.5%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
3.1%3.1%-0.3%
QRVO_1312023_Monopoly_xInd_xCD_Getting_Cheaper01312023QRVOQorvoMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.4%-8.2%-21.3%
QRVO_7312022_Monopoly_xInd_xCD_Getting_Cheaper07312022QRVOQorvoMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
7.2%5.7%-24.7%
QRVO_1312022_Dip_Buyer_FCFYield01312022QRVOQorvoDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-25.1%-20.8%-42.9%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADBE_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025ADBEAdobeMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-4.8%-4.8%-4.8%
CRM_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025CRMSalesforceMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.2%1.2%-0.6%
MPWR_9302025_Monopoly_xInd_xCD_Getting_Cheaper09302025MPWRMonolithic Power SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
5.2%5.2%-1.8%
POWI_9262025_Dip_Buyer_High_CFO_Margins_ExInd_DE09262025POWIPower IntegrationsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
17.5%17.5%-13.4%
ROP_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025ROPRoper TechnologiesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
3.1%3.1%-0.3%
QRVO_1312023_Monopoly_xInd_xCD_Getting_Cheaper01312023QRVOQorvoMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.4%-8.2%-21.3%
QRVO_7312022_Monopoly_xInd_xCD_Getting_Cheaper07312022QRVOQorvoMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
7.2%5.7%-24.7%
QRVO_1312022_Dip_Buyer_FCFYield01312022QRVOQorvoDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-25.1%-20.8%-42.9%

See Trefis Trade Ideas for more.

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Qorvo

Financials

QRVOTXNMSIERICNOKAMBQMedian
NameQorvo Texas In.Motorola.Telefona.Nokia Ambiq Mi. 
Mkt Price87.87173.94460.629.855.4732.0459.95
Mkt Cap8.2157.976.832.829.4-32.8
Rev LTM3,65116,67511,094240,30919,2466913,884
Op Inc LTM2175,8182,78537,012768-381,776
FCF LTM5871,5032,38430,403--211,503
FCF 3Y Avg5972,0602,04725,295--2,053
CFO LTM7246,4392,61233,960--162,612
CFO 3Y Avg7366,7522,29329,927--4,522

Growth & Margins

QRVOTXNMSIERICNOKAMBQMedian
NameQorvo Texas In.Motorola.Telefona.Nokia Ambiq Mi. 
Rev Chg LTM-8.8%3.6%6.4%-2.6%1.1%-1.1%
Rev Chg 3Y Avg-4.5%-4.9%9.5%-1.9%-5.2%--4.5%
Rev Chg Q-7.7%16.4%5.2%-9.0%1.8%-1.8%
QoQ Delta Rev Chg LTM-1.8%3.9%1.3%-2.3%0.4%-0.4%
Op Mgn LTM5.9%34.9%25.1%15.4%4.0%-54.6%10.7%
Op Mgn 3Y Avg5.1%39.5%23.8%8.0%7.2%-8.0%
QoQ Delta Op Mgn LTM0.8%0.6%0.1%4.2%-1.9%-0.6%
CFO/Rev LTM19.8%38.6%23.5%14.1%--22.6%19.8%
CFO/Rev 3Y Avg20.3%39.3%21.9%12.1%--21.1%
FCF/Rev LTM16.1%9.0%21.5%12.7%--29.7%12.7%
FCF/Rev 3Y Avg16.4%11.7%19.6%10.3%--14.0%

Valuation

QRVOTXNMSIERICNOKAMBQMedian
NameQorvo Texas In.Motorola.Telefona.Nokia Ambiq Mi. 
Mkt Cap8.2157.976.832.829.4-32.8
P/S2.29.56.90.11.5-2.2
P/EBIT45.825.525.60.918.2-25.5
P/E101.131.336.31.329.1-31.3
P/CFO11.324.529.41.0--17.9
Total Yield1.0%6.3%3.7%75.1%3.4%-3.7%
Dividend Yield0.0%3.1%0.9%0.0%0.0%-0.0%
FCF Yield 3Y Avg6.2%1.2%3.3%101.3%--4.8%
D/E0.20.10.11.30.1-0.1
Net D/E0.00.10.1-0.3-0.1-0.0

Returns

QRVOTXNMSIERICNOKAMBQMedian
NameQorvo Texas In.Motorola.Telefona.Nokia Ambiq Mi. 
1M Rtn1.2%-4.7%-4.4%26.7%21.3%-7.0%-1.6%
3M Rtn1.0%-19.8%13.0%38.9%16.4%-13.0%
6M Rtn52.0%16.9%7.5%24.3%8.6%-16.9%
12M Rtn-16.0%-14.1%-1.6%35.4%28.6%--1.6%
3Y Rtn10.3%28.3%123.3%80.2%35.6%-35.6%
1M Excs Rtn1.3%-2.8%-5.0%25.9%19.8%-8.1%-0.8%
3M Excs Rtn-6.2%-25.2%4.8%30.0%10.4%-4.8%
6M Excs Rtn26.2%-5.9%-14.4%11.7%-10.9%--5.9%
12M Excs Rtn-28.4%-26.5%-14.8%22.1%13.3%--14.8%
3Y Excs Rtn-74.8%-63.1%24.7%0.6%-46.0%--46.0%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Advanced Cellular Group (ACG)2,7622,3683,2342,559 
High Performance Analog (HPA)573727707803 
Connectivity and Sensors Group (CSG)435474704653 
Infrastructure and Defense Products    841
Mobile Products    2,398
Total3,7703,5694,6464,0153,239


Operating Income by Segment
$ Mil20252024202320222021
Advanced Cellular Group (ACG)7286281,233969 
High Performance Analog (HPA)83199210257 
Acquisition and integration-related costs-11-23   
All other-24-3-326-385-438
Net adjustments related to a terminated capacity reservation agreement-38-181   
Connectivity and Sensors Group (CSG)-89-7210867 
Restructuring-related charges-93-114   
Stock-based compensation expense-121-106   
Amortization of intangible assets-122-132   
Goodwill and intangible asset impairment (2)-221-12   
Infrastructure and Defense Products    145
Mobile Products    716
Total921831,226907423


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity3,009,941
Short Interest: % Change Since 9152025-18.4%
Average Daily Volume2,685,839
Days-to-Cover Short Interest1.12
Basic Shares Quantity92,915,000
Short % of Basic Shares3.2%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20252.2%0.3%8.6%
4/29/202514.4%12.2%22.0%
1/28/20250.3%-4.5%-17.3%
10/29/2024-27.3%-28.5%-31.9%
7/30/20240.3%-13.8%-6.0%
5/1/2024-14.5%-14.2%-12.1%
1/31/20246.0%11.1%19.9%
11/1/2023-2.7%0.1%10.9%
...
SUMMARY STATS   
# Positive13912
# Negative111512
Median Positive2.2%10.8%13.0%
Median Negative-5.8%-4.8%-10.2%
Max Positive20.2%25.3%27.3%
Max Negative-27.3%-28.5%-31.9%

SEC Filings

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Report DateFiling DateFiling
6302025730202510-Q 6/28/2025
3312025519202510-K 3/29/2025
12312024129202510-Q 12/28/2024
93020241030202410-Q 9/28/2024
6302024731202410-Q 6/29/2024
3312024520202410-K 3/30/2024
12312023201202410-Q 12/30/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 7/1/2023
3312023519202310-K 4/1/2023
12312022202202310-Q 12/31/2022
93020221103202210-Q 10/1/2022
6302022804202210-Q 7/2/2022
3312022520202210-K 4/2/2022
12312021203202210-Q 1/1/2022
93020211104202110-Q 10/2/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Chesley PhilipSVP, High Performance Analog8192025Sell90.092,664240,0003,026,303Form
1Chesley PhilipSVP, High Performance Analog5192025Sell78.505,371421,6241,670,244Form
2HARDING JOHN R 5082025Sell70.091,450101,630532,474Form
3Chesley PhilipSVP, High Performance Analog12062024Sell70.154,045283,7572,122,809Form
4Chesley PhilipSVP, High Performance Analog11182024Sell65.631,565102,7112,251,503Form