Qorvo, Inc.

Profitable RF-semiconductor maker with strong FCF; flat revenue reflects smartphone-cycle exposure.

Strengths

• Strong free cash flow — FCF $679.6M (81st), FCF margin 18.5%
• Profitable, sharp earnings rebound — net income +509.5% (97th), operating margin 11.2%
• Healthy liquidity — current ratio 3.24 (58th)

Risks

• Flat revenue — -1.1% (18th), mobile concentration
• Moderate leverage — D/E 0.46 (74th)
• Semiconductor cyclicality — per 10-K

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Customer concentration~50% of revenue from one customer/distributor — We provide products to our largest end customer (Apple) through sales to multiple contract manufacturers, which in the aggregate accounted for approximately 50% and 47% of total revenue in fiscal year
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Buying back stockNet buyback — share count -5%/yr over 4y
• Strong balance sheetStrong balance sheet — $1.2B cash & investments
• Pending merger• Because our stockholders have adopted the Merger Agreement, the Merger Agreement will not permit us to pursue alternative transactions to the Mergers
• Insider sellingInsider selling — 16 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$204M, last 6mo) Form 4 ↗
• Notable holderHeld by 6 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
• Revenue declineRevenue -18.6% YoY