Qorvo (QRVO)
Market Price (5/7/2026): $88.7 | Market Cap: $8.2 BilSector: Information Technology | Industry: Semiconductors
Qorvo (QRVO)
Market Price (5/7/2026): $88.7Market Cap: $8.2 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/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% Attractive yieldFCF Yield is 7.2% Stock buyback supportStock Buyback 3Y Total is 1.0 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -81% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5% Key risksQRVO key risks include [1] a high concentration of revenue from a few large customers, Show more. |
| Attractive cash flow generationCFO/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% |
| Attractive yieldFCF Yield is 7.2% |
| Stock buyback supportStock Buyback 3Y Total is 1.0 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -81% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5% |
| Key risksQRVO key risks include [1] a high concentration of revenue from a few large customers, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Robust Earnings Performance and Margin Expansion. Qorvo's stock experienced an upward trend, rising approximately 23.35% from a January 2026 monthly close of $78.11 to $96.35 by May 5, 2026, largely driven by strong financial results and improved profitability. The company reported a significant non-GAAP EPS of $2.17 for Q3 Fiscal 2026, beating analyst estimates of $1.72 by 26.16%. This positive momentum continued into Q4 Fiscal 2026, with a non-GAAP diluted EPS of $1.69, surpassing consensus estimates of $1.21 by 39.5%. Additionally, Qorvo demonstrated substantial margin improvement, with the non-GAAP gross margin expanding to 52.6% in Q4 Fiscal 2026, a 6.7 percentage point increase year-over-year. Management projects continued enhancement, expecting a non-GAAP gross margin above 50% and non-GAAP diluted EPS approaching $7.00 for Fiscal Year 2027.
2. Strategic Share Repurchases. Qorvo actively engaged in capital allocation strategies that bolstered shareholder value. In the fiscal fourth quarter of 2026, the company repurchased $400 million of its common stock, leading to an approximate 5% reduction in outstanding shares compared to the previous quarter. This move, supported by Skyworks in accordance with their merger agreement, signaled confidence in the company's financial health and future prospects.
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Stock Movement Drivers
Fundamental Drivers
The 13.9% change in QRVO stock from 1/31/2026 to 5/6/2026 was primarily driven by a 13.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.11 | 88.94 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,740 | 3,740 | 0.0% |
| Net Income Margin (%) | 9.1% | 9.1% | 0.0% |
| P/E Multiple | 21.2 | 24.2 | 13.9% |
| Shares Outstanding (Mil) | 93 | 93 | 0.0% |
| Cumulative Contribution | 13.9% |
Market Drivers
1/31/2026 to 5/6/2026| Return | Correlation | |
|---|---|---|
| QRVO | 13.9% | |
| Market (SPY) | 3.6% | 40.4% |
| Sector (XLK) | 18.3% | 19.6% |
Fundamental Drivers
The -6.3% change in QRVO stock from 10/31/2025 to 5/6/2026 was primarily driven by a -77.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.92 | 88.94 | -6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,651 | 3,740 | 2.4% |
| Net Income Margin (%) | 2.2% | 9.1% | 311.6% |
| P/E Multiple | 109.2 | 24.2 | -77.9% |
| Shares Outstanding (Mil) | 93 | 93 | 0.4% |
| Cumulative Contribution | -6.3% |
Market Drivers
10/31/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| QRVO | -6.3% | |
| Market (SPY) | 5.5% | 43.4% |
| Sector (XLK) | 13.4% | 27.5% |
Fundamental Drivers
The 24.1% change in QRVO stock from 4/30/2025 to 5/6/2026 was primarily driven by a 1179.4% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.67 | 88.94 | 24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,790 | 3,740 | -1.3% |
| Net Income Margin (%) | 0.7% | 9.1% | 1179.4% |
| P/E Multiple | 250.6 | 24.2 | -90.4% |
| Shares Outstanding (Mil) | 94 | 93 | 1.9% |
| Cumulative Contribution | 24.1% |
Market Drivers
4/30/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| QRVO | 24.1% | |
| Market (SPY) | 30.4% | 51.4% |
| Sector (XLK) | 62.9% | 40.2% |
Fundamental Drivers
The -3.4% change in QRVO stock from 4/30/2023 to 5/6/2026 was primarily driven by a -17.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.08 | 88.94 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,103 | 3,740 | -8.9% |
| Net Income Margin (%) | 11.1% | 9.1% | -17.7% |
| P/E Multiple | 20.5 | 24.2 | 18.0% |
| Shares Outstanding (Mil) | 101 | 93 | 9.0% |
| Cumulative Contribution | -3.4% |
Market Drivers
4/30/2023 to 5/6/2026| Return | Correlation | |
|---|---|---|
| QRVO | -3.4% | |
| Market (SPY) | 78.7% | 58.3% |
| Sector (XLK) | 130.2% | 56.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| QRVO Return | -6% | -42% | 24% | -38% | 21% | 14% | -42% |
| Peers Return | 29% | -25% | 48% | 20% | 15% | 27% | 151% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 93% |
Monthly Win Rates [3] | |||||||
| QRVO Win Rate | 58% | 25% | 58% | 50% | 50% | 60% | |
| Peers Win Rate | 62% | 37% | 62% | 45% | 53% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| QRVO Max Drawdown | -12% | -50% | -6% | -42% | -27% | -10% | |
| Peers Max Drawdown | -6% | -37% | -3% | -11% | -29% | -14% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SWKS, AVGO, QCOM, ADI, NXPI. 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] 2026 data is for the year up to 5/6/2026 (YTD)
How Low Can It Go
| Event | QRVO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.6% | -18.8% |
| % Gain to Breakeven | 55.3% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.3% | 10.5% |
| Time to Breakeven | 41 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.9% | -6.7% |
| % Gain to Breakeven | 17.5% | 7.1% |
| Time to Breakeven | 79 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.3% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.0% | 23.7% |
| Time to Breakeven | 99 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.8% | -12.2% |
| % Gain to Breakeven | 68.8% | 13.9% |
| Time to Breakeven | 133 days | 62 days |
In The Past
Qorvo's stock fell -35.6% during the 2025 US Tariff Shock. Such a loss loss requires a 55.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | QRVO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.6% | -18.8% |
| % Gain to Breakeven | 55.3% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.3% | 10.5% |
| Time to Breakeven | 41 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.3% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.0% | -19.2% |
| % Gain to Breakeven | 37.0% | 23.7% |
| Time to Breakeven | 99 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.8% | -12.2% |
| % Gain to Breakeven | 68.8% | 13.9% |
| Time to Breakeven | 133 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -51.0% | -6.8% |
| % Gain to Breakeven | 103.9% | 7.3% |
| Time to Breakeven | 421 days | 15 days |
In The Past
Qorvo's stock fell -35.6% during the 2025 US Tariff Shock. Such a loss loss requires a 55.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Qorvo (QRVO)
AI Analysis | Feedback
Qorvo is like the "Intel Inside" for wireless communication, making the essential chips that enable smartphones, Wi-Fi, and smart home devices to connect.
Imagine them as a specialized Texas Instruments (TI), focused on providing critical radio frequency and power management semiconductors that enable wireless connectivity across many industries.
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```html- Integrated Modules: Solutions incorporating switches, power amplifiers, filters, and other components for mobile devices.
- RF Power Management Integrated Circuits (PMICs): Chips designed for efficient power management in radio frequency applications.
- Antenna Tuners and Antenna-plexers: Components that optimize antenna performance and manage signals for multiple antennas.
- Discrete Filters, Duplexers, and Switches: Individual components used for signal filtering, combining, and switching functions.
- Ultra-Wideband (UWB) System Solutions: Integrated hardware and software solutions utilizing UWB technology for precise ranging and secure communications.
- RF Front-End Solutions for Infrastructure: Integrated switch-LNA modules, variable gain amplifiers, and power amplifiers for massive MIMO and other infrastructure systems.
- Defense & Aerospace RF Products and Foundry Services: Specialized radio frequency components and semiconductor manufacturing services for defense and aerospace customers.
- Wi-Fi Connectivity Components: Power amplifiers, switches, low noise amplifiers, and bulk acoustic wave filters designed for Wi-Fi customer premises equipment.
- Smart Home System-on-a-Chip (SoC) Solutions: Integrated hardware, firmware, and application software for smart home applications.
- Automotive RF Connectivity and UWB SoCs: Radio frequency connectivity products and integrated UWB solutions specifically for the automotive industry.
- Power Application Controllers and Programmable Analog Power ICs: Integrated circuits used for controlling and managing power in various applications.
AI Analysis | Feedback
Qorvo (QRVO) sells its products primarily to other companies, specifically original equipment manufacturers (OEMs) and original design manufacturers (ODMs) worldwide.
Based on recent financial disclosures, its major customers include:
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Robert Bruggeworth, President and Chief Executive Officer
Robert Bruggeworth has served as President and Chief Executive Officer of Qorvo since its incorporation in December 2013. Prior to the merger of RFMD and TriQuint to form Qorvo, he was President and Chief Executive Officer of RFMD from January 2003 to December 2014. He also held various leadership positions at AMP Inc., a supplier of electrical and electronic connection devices, from July 1983 to April 1999, most recently as vice president of global computer and consumer electronics based in Hong Kong.
Grant Brown, Senior Vice President and Chief Financial Officer
Grant Brown is senior vice president and Qorvo's chief financial officer (CFO), a role he assumed in August 2022. He is responsible for finance, investor relations, and regulatory reporting. Previously, Mr. Brown was Qorvo's vice president of Treasury, a position he held since October 2018. Prior to that, he served as Qorvo's director of Corporate Financial Planning & Analysis (FP&A). Before the formation of Qorvo, he served as director, Investor Relations, and manager, Financial Planning & Analysis, at TriQuint Semiconductor.
Philip Chesley, Senior Vice President and President of High Performance Analog Product Group
Philip Chesley joined Qorvo in November 2021 as president of Qorvo's Infrastructure and Defense Products (IDP). He previously served as vice president and general manager of the Industrial and Communications Business Unit at Renesas. Mr. Chesley was also senior VP and general manager of the Automotive, Mil/Aero and Analog Product Group at Intersil, which was acquired by Renesas in 2017. Prior to that, he was a founder and a director at Primarion, a pioneer in software-programmable digital multiphase power architectures, which was purchased by Infineon.
Steven "Eric" Creviston, Senior Vice President and President of Connectivity & Sensors Products Group (CSG)
Steven "Eric" Creviston is senior vice president and president of Qorvo's Connectivity & Sensors Products Group (CSG). He was previously president of Qorvo Mobile Products. Prior to the merger of RFMD and TriQuint to form Qorvo, Mr. Creviston was corporate vice president and president of RFMD's Cellular Products Group from June 2002 to December 2014. Before joining RFMD in 1994, he was employed by Teledyne Electronic Technologies.
Paul Fego, Senior Vice President of Global Operations
Paul Fego is Qorvo's senior vice president of global operations. He is responsible for internal and external wafer fabrication, assembly & test technology, and manufacturing. Mr. Fego joined Qorvo in July 2018 and was previously vice president and manager of the Worldwide Manufacturing group at Texas Instruments.
AI Analysis | Feedback
The key risks to Qorvo (QRVO) are primarily centered around its customer concentration, the rapid pace of technological change in its industry, and geopolitical and supply chain vulnerabilities.
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Customer Concentration and Dependence on the Mobile Market
A substantial portion of Qorvo's revenue is heavily concentrated with a few key customers, predominantly within its Mobile Products segment. Apple Inc., for instance, accounted for an estimated 45% to 50% of Qorvo's total revenue in fiscal year 2025, with Samsung Electronics Co., Ltd. contributing another significant percentage. This high level of dependence means that shifts in these major customers' product cycles, design wins, market share, or even pricing pressures can have a material adverse effect on Qorvo's financial performance and revenue stream. The company's Advanced Cellular Group (ACG), which focuses on RF solutions for mobile devices like smartphones, is a dominant revenue driver, further highlighting this reliance. Furthermore, Qorvo has been strategically reducing its exposure to the lower-margin mass-tier Android market, which could exacerbate its reliance on premium mobile customers like Apple.
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Rapid Technological Change and the Need for Continuous Innovation
Qorvo operates in the fast-evolving wireless and wired connectivity and semiconductor industries, where technological advancements are constant. The company's success is substantially dependent on its ability to continuously develop new products and achieve design wins, as customer requirements change rapidly and product life cycles are often short. Failure to anticipate or adapt to new technologies, or to introduce competitive and innovative products, poses a significant threat of technological obsolescence and could lead to a loss of market share across its Mobile Products and Infrastructure and Defense Products segments.
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Geopolitical Risks and Supply Chain Disruptions
As a global company, Qorvo is exposed to various geopolitical and macroeconomic risks that can disrupt its supply chain and operations. The stability of key manufacturing hubs, particularly Taiwan, is a critical concern for the global semiconductor supply chain, and any military or political conflict in the region could instantly disrupt the entire electronics and semiconductor industry. Additionally, US-China trade tensions, including potential tariffs and export restrictions, directly impact Qorvo's sales and supply chain activities. China's export controls on critical rare-earth minerals also introduce incremental cost pressure and supply chain complexity. While Qorvo has taken steps to mitigate some of these risks, such as reducing its manufacturing footprint in China, these external factors remain a significant threat to its production capabilities, costs, and ability to meet customer demand.
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Qorvo, Inc. (symbol: QRVO) addresses several significant markets globally through its product offerings. The company itself projects its total addressable market (TAM) to grow to $72.7 billion in fiscal year 2029 from $47.2 billion in fiscal year 2024, at a compound annual growth rate (CAGR) of 9%. Qorvo's serviceable available market (SAM) is expected to increase at a 13.2% CAGR, from $20.6 billion in fiscal year 2024 to $38.3 billion in fiscal year 2029.
Qorvo's main products and services contribute to the following addressable markets:
- Advanced Cellular Group (ACG) Products: This segment, which includes cellular RF solutions for smartphones, wearables, and other mobile devices, has a projected serviceable available market (SAM) of approximately $12.9 billion in fiscal year 2029, growing at a 5% CAGR from $10.1 billion in fiscal year 2024. The global RF front-end module market, a key component for cellular devices, was valued at USD 25.6 billion in 2024 and is estimated to reach USD 65.0 billion by 2033. Another estimate places the global RF front-end module market at USD 28.7 billion in 2025, projected to reach USD 87.7 billion by 2035.
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High Performance Analog (HPA) Products: This segment provides RF, analog, mixed-signal, and power management solutions for infrastructure, defense and aerospace, and automotive power markets. Its SAM is expected to reach approximately $14.7 billion in fiscal year 2029, growing at a 19.3% CAGR from $6.1 billion in fiscal year 2024.
- Power Management ICs (PMICs): The global power management IC market was valued at USD 40.86 billion in 2024 and is expected to exceed USD 79.11 billion by 2034. Another estimate for the global PMIC market size in 2024 is USD 41.16 billion, poised to grow to USD 75.04 billion by 2033.
- Defense and Aerospace RF Products: Qorvo offers RF products and compound semiconductor foundry services to defense and aerospace customers. The global space-based RF microwave technology market was valued at USD 8.25 billion in 2024 and is projected to reach USD 15.43 billion by 2033. The U.S. aerospace and defense market is valued at approximately USD 875 billion.
- Automotive RF Connectivity Products: The global automotive RF components market size was valued at US$ 5,604.0 million in 2024 and is estimated to grow to US$ 11,354.5 million by 2030. The RF Front-End for Automotive market size reached USD 3.6 billion globally in 2024 and is expected to reach approximately USD 10.1 billion by 2033. The global Automotive Radio Frequency (RF) Chip market is projected to reach an estimated $18.5 billion by 2025.
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Connectivity and Sensors Group (CSG) Products: This segment focuses on connectivity and sensor solutions, including ultra-wideband (UWB), Matter, Bluetooth Low Energy, Zigbee, Thread, Wi-Fi, cellular IoT, and MEMS-/BAW-based sensors. Its SAM is predicted to grow at about a 20% CAGR to approximately $9.7 billion in fiscal year 2029 from about $4.4 billion in fiscal year 2024.
- Ultra-Wideband (UWB) Solutions: The global ultra-wideband chipset market size was around USD 1,478.96 million in 2022 and is predicted to grow to around USD 6,325.89 million by 2030. The overall global Ultra-Wideband Market size was valued at USD 2.77 billion in 2024 and is poised to grow to USD 7.43 billion by 2033. Another source indicates the global ultra wideband market size was estimated at USD 1.40 billion in 2023 and is projected to reach USD 4.37 billion by 2030.
- Wi-Fi Connectivity Solutions: The global Wi-Fi market was valued at USD 18.48 billion in 2025 and is estimated to grow to USD 40.44 billion by 2031. The Wi-Fi segment is poised to hold more than 44.2% of the wireless connectivity market share by 2035, within a global wireless connectivity market estimated to exceed USD 419.31 billion by 2035.
- Smart Home Applications (SoC hardware, firmware, and application software): The global smart home market size was valued at USD 124.42 billion in 2024 and is poised to grow to USD 947.24 billion by 2033. Other projections show the global smart home market at USD 127.80 billion in 2024, projected to reach USD 537.27 billion by 2030.
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Qorvo (QRVO) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and market trends:
- High Performance Analog (HPA) Segment Expansion, especially in Defense and Aerospace (D&A) and Power Management: Qorvo anticipates robust growth in its HPA segment. The Defense and Aerospace market is a significant contributor, with sales projected to reach approximately $500 million by fiscal year 2027, driven by increased RF dollar content and heightened defense spending. Additionally, strong demand in power management within the HPA segment is a key tailwind.
- Growth in Connectivity & Sensors Group (CSG) from Automotive, Wi-Fi 7, and Ultra-Wideband (UWB) Applications: The CSG segment is poised for growth, fueled by increasing adoption in automotive solutions, the rollout of Wi-Fi 7 (next-generation Wi-Fi), and Ultra-Wideband (UWB) system-on-a-chip (SoC) solutions. The company has secured initial production orders for automotive UWB programs and has seen UWB wins in the Android ecosystem.
- Strategic Focus on Premium/Flagship Smartphones: Qorvo is strategically shifting its focus within the Advanced Cellular Group (ACG) towards higher-margin premium and flagship smartphone models. While this involves reducing exposure to lower-margin mass-market Android segments, the company is investing in and anticipating content gains with key customers in the premium smartphone tier to enhance profitability and overall revenue mix.
- Expanding into Infrastructure, Satellite, and Radar Markets: Beyond its core mobile business, Qorvo is exploring and benefiting from expanding opportunities in adjacent infrastructure, satellite, and radar domains, which align with its high-performance RF technologies and compound semiconductor expertise.
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Share Repurchases
- Qorvo's Board of Directors authorized a $2 billion share repurchase program on November 2, 2022.
- As of January 28, 2026, the company had completed the repurchase of 12,616,000 shares for $1,184.6 million under the program announced in November 2022.
- Shares outstanding decreased by 18% from the end of 2021 to 93 million as of December 17, 2025.
Share Issuance
- As of August 15, 2025, shareholders approved an amendment to the 2022 Stock Incentive Plan, increasing shares reserved for issuance by 3,240,000 shares of common stock.
- Shareholders also approved an amendment to the 2007 Employee Stock Purchase Plan, adding 4,000,000 shares for issuance as of August 15, 2025.
Outbound Investments
- A significant near-term strategic initiative is the pending merger with Skyworks Solutions, Inc., announced in October 2025, valued at approximately $22 billion.
Capital Expenditures
- Qorvo's capital expenditures for fiscal years ending April 2021 to 2025 averaged $164.8 million.
- Capital expenditures for fiscal year 2025 were $137.6 million, and in Q3 2026, they were $28.5 million.
- Management has a long-term target of a 5% capital expenditure margin.
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Trade Ideas
Select ideas related to QRVO.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | 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 | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | 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 | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 01312023 | QRVO | Qorvo | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 1.4% | -8.2% | -21.3% |
| 07312022 | QRVO | Qorvo | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.2% | 5.7% | -24.7% |
| 01312022 | QRVO | Qorvo | 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 | -25.1% | -20.8% | -42.9% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 248.06 |
| Mkt Cap | 140.0 |
| Rev LTM | 12,186 |
| Op Inc LTM | 3,353 |
| FCF LTM | 3,557 |
| FCF 3Y Avg | 3,002 |
| CFO LTM | 4,051 |
| CFO 3Y Avg | 3,787 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | -0.9% |
| Rev Chg Q | 10.3% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 24.5% |
| Op Inc Chg 3Y Avg | 1.7% |
| Op Mgn LTM | 25.5% |
| Op Mgn 3Y Avg | 26.4% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 28.1% |
| CFO/Rev 3Y Avg | 33.3% |
| FCF/Rev LTM | 24.2% |
| FCF/Rev 3Y Avg | 29.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 140.0 |
| P/S | 5.3 |
| P/Op Inc | 24.4 |
| P/EBIT | 21.5 |
| P/E | 28.0 |
| P/CFO | 19.8 |
| Total Yield | 4.5% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 31.1% |
| 3M Rtn | 30.1% |
| 6M Rtn | 13.7% |
| 12M Rtn | 55.2% |
| 3Y Rtn | 91.0% |
| 1M Excs Rtn | 15.9% |
| 3M Excs Rtn | 23.1% |
| 6M Excs Rtn | 5.3% |
| 12M Excs Rtn | 23.9% |
| 3Y Excs Rtn | 8.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Cellular Group (ACG) | 2,762 | 2,368 | 3,234 | ||
| High Performance Analog (HPA) | 573 | 727 | 707 | ||
| Connectivity and Sensors Group (CSG) | 435 | 474 | 704 | ||
| Infrastructure and Defense Products | 1,158 | 841 | |||
| Mobile Products | 2,857 | 2,398 | |||
| Total | 3,770 | 3,569 | 4,646 | 4,015 | 3,239 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Advanced Cellular Group (ACG) | 728 | 628 | 1,233 | ||
| High Performance Analog (HPA) | 83 | 199 | 210 | ||
| Acquisition and integration-related costs | -11 | ||||
| All other | -24 | -571 | -326 | -385 | -438 |
| Net adjustments related to a terminated capacity reservation agreement | -38 | ||||
| Connectivity and Sensors Group (CSG) | -89 | -72 | 108 | ||
| Restructuring-related adjustments (charges) | -93 | ||||
| Stock-based compensation expense | -121 | ||||
| Amortization of acquired intangible assets | -122 | ||||
| Goodwill and intangible asset impairment | -221 | ||||
| Infrastructure and Defense Products | 284 | 145 | |||
| Mobile Products | 1,008 | 716 | |||
| Total | 92 | 183 | 1,226 | 907 | 423 |
Price Behavior
| Market Price | $88.94 | |
| Market Cap ($ Bil) | 8.2 | |
| First Trading Date | 01/02/2015 | |
| Distance from 52W High | -8.7% | |
| 50 Days | 200 Days | |
| DMA Price | $81.64 | $85.76 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 8.9% | 3.7% |
| 3M | 1YR | |
| Volatility | 34.1% | 32.8% |
| Downside Capture | 0.11 | 0.61 |
| Upside Capture | 55.27 | 110.13 |
| Correlation (SPY) | 29.4% | 49.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.69 | 0.63 | 0.91 | 1.24 | 1.62 |
| Up Beta | 0.85 | 0.96 | 0.79 | 0.85 | 1.18 | 1.69 |
| Down Beta | -0.32 | 1.04 | 1.18 | 0.80 | 1.36 | 1.59 |
| Up Capture | 80% | 53% | 60% | 76% | 137% | 309% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 25 | 38 | 64 | 133 | 395 |
| Down Capture | -79% | 50% | 24% | 114% | 116% | 111% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 18 | 25 | 60 | 117 | 355 |
[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 QRVO | |
|---|---|---|---|---|
| QRVO | 27.7% | 32.8% | 0.78 | - |
| Sector ETF (XLK) | 59.0% | 20.6% | 2.14 | 40.6% |
| Equity (SPY) | 28.5% | 12.5% | 1.78 | 51.8% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | -2.8% |
| Commodities (DBC) | 50.9% | 18.0% | 2.20 | -5.0% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 24.5% |
| Bitcoin (BTCUSD) | -14.2% | 42.1% | -0.25 | 17.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QRVO | |
|---|---|---|---|---|
| QRVO | -14.7% | 41.9% | -0.25 | - |
| Sector ETF (XLK) | 20.1% | 24.8% | 0.72 | 64.2% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 63.9% |
| Gold (GLD) | 21.0% | 17.9% | 0.96 | 7.5% |
| Commodities (DBC) | 13.9% | 19.1% | 0.60 | 13.1% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 40.6% |
| Bitcoin (BTCUSD) | 8.7% | 56.1% | 0.37 | 24.9% |
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 QRVO | |
|---|---|---|---|---|
| QRVO | 6.8% | 41.8% | 0.30 | - |
| Sector ETF (XLK) | 24.3% | 24.4% | 0.90 | 66.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 63.9% |
| Gold (GLD) | 13.7% | 16.0% | 0.71 | 5.8% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 19.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 40.3% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -7.7% | ||
| 1/27/2026 | -6.8% | -4.8% | -0.4% |
| 10/28/2025 | 5.7% | 1.6% | -8.3% |
| 7/29/2025 | 2.2% | 0.3% | 8.6% |
| 4/29/2025 | 14.4% | 12.2% | 22.0% |
| 1/28/2025 | 0.3% | -4.5% | -17.3% |
| 10/29/2024 | -27.3% | -28.5% | -31.9% |
| 7/30/2024 | 0.3% | -13.8% | -6.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 9 | 11 |
| # Negative | 12 | 15 | 13 |
| Median Positive | 2.2% | 2.0% | 10.9% |
| Median Negative | -7.2% | -4.8% | -9.5% |
| Max Positive | 14.4% | 15.9% | 23.6% |
| Max Negative | -27.3% | -28.5% | -31.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 01/28/2026 | 10-Q |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/19/2025 | 10-K |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/20/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/19/2023 | 10-K |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/20/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stewart, Frank P | SVP, Advanced Cellular | Direct | Sell | 2182026 | 83.06 | 8,226 | 683,252 | 2,898,213 | Form |
| 2 | Brown, Grant | SVP & Chief Financial Officer | Direct | Sell | 2182026 | 83.06 | 20,608 | 1,711,700 | 3,690,190 | Form |
| 3 | Harding, John R | Direct | Sell | 11182025 | 82.82 | 903 | 74,786 | 761,116 | Form | |
| 4 | Fego, Paul J | SVP, Global Operations | Direct | Sell | 9232025 | 95.00 | 13,612 | 1,293,140 | 5,183,010 | Form |
| 5 | Chesley, Philip | SVP, High Performance Analog | Direct | Sell | 8192025 | 90.09 | 2,664 | 240,000 | 3,026,303 | 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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