SkyWater Technology, Inc
SKYT · Semiconductors & Related Devices · 49.2M shares · +13%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$4M (gross $4M, SBC $8M)
Reference price $35.08 · est. market cap ~$1.7B — last insider sale, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Semiconductor foundry whose reported profit is one-time/gain-driven, with negative free cash flow and weak liquidity.
Strengths
- Revenue growth — +29% (66th)
Risks
- Reported profit is gain-driven, not operational — net margin 27% artifact, ROE 63% artifact
- Negative free cash flow — FCF -$53M (8th)
- Weak liquidity — current ratio 0.60 (3rd)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-53.3M)
- Weak liquidityCurrent ratio 0.60 (<1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +13%/yr over 4y (dilution)
- Insider sellingInsider selling — 5 open-market sale(s) by 1 insider(s) (~$10M, last 6mo) Form 4 ↗
- Pending mergerPending Acquisition of the Company On January 25, 2026, the Company entered into a definitive agreement to be acquired by IonQ
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
19.7%
Operating margin
-0.6%
Net margin
26.9%
Return on equity
63.3%
Return on assets
16.2%
ROIC
-0.9%
Revenue growth (QoQ)
-6.1%
Debt / equity
0.2×
Net debt / EBITDA
0.3×
Current ratio
0.6×
Free cash flow
-$53M
EBITDA
$33M
Tangible book value
$179M
Cash & investments
$23M
Cash runway
2q
Stock comp / revenue
2.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Goetz Dennis J | Grant | 4.3K | — |
| 2026-06-10 | Miller Tammy J | Grant | 4.3K | — |
| 2026-06-10 | Daly Edward | Grant | 4.3K | — |
| 2026-06-10 | Baxter Timothy E | Grant | 5.7K | — |
| 2026-06-10 | FARES NANCY | Grant | 4.3K | — |
| 2026-06-10 | Humke Joseph J | Grant | 4.3K | — |
| 2026-06-10 | LaFrence Andrew D.C. | Grant | 4.3K | — |
| 2026-06-10 | Unterseher Loren A | Grant | 4.3K | — |
| 2026-05-11 | Manko Steve | Sell | 75K | $35.08 |
| 2026-04-14 | Manko Steve | Option exercise | 11K | $11.77 |
| 2026-04-14 | Manko Steve | Option exercise | 9.2K | $10.03 |
| 2026-04-14 | Manko Steve | Option exercise | 11K | $11.24 |
| 2026-04-14 | Manko Steve | Sell | 84K | $30.41 |
| 2026-03-16 | Manko Steve | Tax withheld | 2.8K | $27.86 |
| 2026-03-16 | Manko Steve | Sell | 72K | $27.84 |
| 2026-03-16 | Hilberg Christopher | Tax withheld | 1.3K | $27.86 |
| 2026-03-16 | Manko Steve | Option exercise | 9.7K | $10.14 |
| 2026-03-16 | Manko Steve | Sell | 9.7K | $27.84 |
| 2026-03-16 | Manko Steve | Sell | 81K | $27.84 |
| 2026-03-16 | SONDERMAN THOMAS | Tax withheld | 13K | $27.86 |
| 2026-03-15 | Manko Steve | Grant | 29K | — |
| 2026-03-15 | Sakamoto John | Grant | 21K | — |
| 2026-03-15 | Hilberg Christopher | Grant | 18K | — |
| 2026-03-15 | SONDERMAN THOMAS | Grant | 50K | — |
| 2026-02-17 | SONDERMAN THOMAS | Tax withheld | 5.8K | $28.77 |
| 2026-02-17 | Sakamoto John | Tax withheld | 8.5K | $28.77 |
| 2026-02-17 | Hilberg Christopher | Tax withheld | 3.6K | $28.77 |
| 2026-02-17 | Manko Steve | Tax withheld | 7.1K | $28.77 |
| 2025-12-08 | Hilberg Christopher | Tax withheld | 867 | $18.97 |
| 2025-11-26 | Unterseher Loren A | Sell | 100K | $14.54 |
| 2025-11-24 | Unterseher Loren A | Sell | 100K | $14.53 |
| 2025-11-24 | Unterseher Loren A | Sell | 100K | $14.53 |
| 2025-11-21 | Unterseher Loren A | Sell | 100K | $14.13 |
| 2025-11-21 | Unterseher Loren A | Sell | 100K | $14.13 |
| 2025-11-21 | SONDERMAN THOMAS | Sell | 5.2K | $13.38 |
| 2025-11-18 | Unterseher Loren A | Sell | 9.7K | $16.26 |
| 2025-11-17 | Unterseher Loren A | Sell | 12K | $17.45 |
| 2025-11-14 | SONDERMAN THOMAS | Sell | 5.2K | $17.00 |
| 2025-11-14 | Manko Steve | Sell | 50K | $17.40 |
| 2025-11-13 | Unterseher Loren A | Sell | 2.2K | $20.55 |
| 2025-10-16 | Sakamoto John | Tax withheld | 11K | $16.59 |
| 2025-10-03 | Unterseher Loren A | Gift | 2.5M | — |
| 2025-10-03 | Unterseher Loren A | Gift | 652K | — |
| 2025-10-03 | Unterseher Loren A | Gift | 457K | — |
| 2025-10-03 | Unterseher Loren A | Gift | 457K | — |
| 2025-10-03 | Unterseher Loren A | Gift | 457K | — |
| 2025-10-03 | Unterseher Loren A | Gift | 457K | — |
| 2025-09-26 | Manko Steve | Sell | 61K | $17.40 |
| 2025-09-26 | Manko Steve | Option exercise | 20K | $14.00 |
| 2025-09-26 | Unterseher Loren A | Sell | 120K | $18.02 |
| 2025-09-22 | Manko Steve | Option exercise | 4.9K | $11.24 |
| 2025-09-22 | Manko Steve | Option exercise | 21K | $11.77 |
| 2025-09-22 | Manko Steve | Option exercise | 17K | $14.00 |
| 2025-09-22 | Manko Steve | Sell | 43K | $15.13 |
| 2025-09-19 | Unterseher Loren A | Sell | 120K | $14.05 |
| 2025-09-19 | Unterseher Loren A | Sell | 120K | $14.05 |
| 2025-09-18 | Unterseher Loren A | Sell | 75K | $12.81 |
| 2025-09-18 | Unterseher Loren A | Sell | 75K | $12.81 |
| 2025-09-18 | Unterseher Loren A | Sell | 45K | $13.59 |
| 2025-09-18 | Unterseher Loren A | Sell | 45K | $13.59 |
| 2025-09-12 | Unterseher Loren A | Sell | 189K | $10.47 |
| 2025-09-11 | Unterseher Loren A | Sell | 229K | $10.44 |
| 2025-09-10 | Unterseher Loren A | Sell | 4.4K | $10.64 |
| 2025-09-10 | SONDERMAN THOMAS | Sell | 8.4K | $10.58 |
| 2025-09-09 | Unterseher Loren A | Sell | 6.2K | $10.87 |
| 2025-08-29 | Unterseher Loren A | Sell | 61K | $12.08 |
| 2025-08-28 | Unterseher Loren A | Sell | 312K | $12.28 |
| 2025-08-27 | Unterseher Loren A | Sell | 188K | $12.11 |
| 2025-08-26 | Unterseher Loren A | Sell | 757K | $12.06 |
| 2025-08-25 | Unterseher Loren A | Sell | 243K | $11.82 |
| 2025-08-22 | Unterseher Loren A | Sell | 293K | $11.50 |
| 2025-08-21 | Unterseher Loren A | Sell | 38K | $11.16 |
| 2025-08-18 | Unterseher Loren A | Sell | 98K | $11.62 |
| 2025-08-15 | Unterseher Loren A | Sell | 5.7K | $11.51 |
| 2025-08-14 | Unterseher Loren A | Sell | 217K | $11.80 |
| 2025-08-13 | SONDERMAN THOMAS | Sell | 25K | $12.24 |
| 2025-08-13 | Unterseher Loren A | Sell | 287K | $12.38 |
| 2025-08-12 | Unterseher Loren A | Sell | 346K | $12.84 |
| 2025-08-08 | Manko Steve | Sell | 38K | $13.62 |
| 2025-08-08 | Manko Steve | Option exercise | 9.7K | $10.14 |
| 2025-08-08 | Manko Steve | Option exercise | 28K | $11.24 |
| 2025-06-26 | SONDERMAN THOMAS | Sell | 15K | $10.04 |
| 2025-06-12 | Unterseher Loren A | Sell | 900 | $9.13 |
| 2025-06-11 | Unterseher Loren A | Sell | 67K | $9.44 |
| 2025-06-10 | Unterseher Loren A | Sell | 34K | $9.36 |
| 2025-06-09 | Unterseher Loren A | Sell | 17K | $9.36 |
| 2025-06-06 | Unterseher Loren A | Sell | 3.1K | $9.35 |
| 2025-06-04 | Unterseher Loren A | Sell | 5.9K | $9.50 |
| 2025-05-29 | Unterseher Loren A | Sell | 200 | $9.50 |
| 2025-05-28 | Unterseher Loren A | Sell | 86K | $9.50 |
| 2025-05-27 | Unterseher Loren A | Sell | 366K | $9.54 |
| 2025-05-22 | Unterseher Loren A | Sell | 134K | $9.41 |
| 2025-05-21 | FARES NANCY | Grant | 11K | $8.75 |
| 2025-05-21 | Humke Joseph J | Grant | 11K | $8.75 |
| 2025-05-21 | LaFrence Andrew D.C. | Grant | 11K | $8.75 |
| 2025-05-21 | Unterseher Loren A | Grant | 11K | — |
| 2025-05-21 | Baxter Timothy E | Grant | 11K | $8.75 |
| 2025-05-21 | Goetz Dennis J | Grant | 11K | $8.75 |
| 2025-05-21 | Miller Tammy J | Grant | 11K | $8.75 |
| 2025-05-21 | Daly Edward | Grant | 11K | $8.75 |
| 2025-04-04 | Unterseher Loren A | Other | 162K | $6.10 |
| 2025-03-17 | Hilberg Christopher | Tax withheld | 1.3K | $8.42 |
| 2025-03-17 | Manko Steve | Tax withheld | 2.3K | $8.42 |
| 2025-03-17 | SONDERMAN THOMAS | Tax withheld | 10K | $8.42 |
| 2025-03-14 | Unterseher Loren A | Sell | 1.4M | $8.20 |
| 2025-03-14 | Unterseher Loren A | Sell | 22K | $8.22 |
| 2025-03-14 | GRAVES GREGORY B | Sell | 13K | $8.11 |
| 2025-03-06 | Unterseher Loren A | Sell | 3.8K | $8.51 |
| 2025-03-05 | Unterseher Loren A | Sell | 87K | $8.51 |
| 2025-02-25 | SONDERMAN THOMAS | Tax withheld | 5.1K | $8.84 |
| 2025-02-25 | Hilberg Christopher | Tax withheld | 564 | $8.84 |
| 2025-02-25 | Manko Steve | Tax withheld | 2.9K | $8.84 |
| 2025-02-15 | Manko Steve | Tax withheld | 3.9K | $10.03 |
| 2025-02-15 | Manko Steve | Grant | 27K | — |
| 2025-02-15 | SONDERMAN THOMAS | Grant | 528 | — |
| 2025-02-15 | SONDERMAN THOMAS | Grant | 54K | — |
| 2025-02-15 | Sakamoto John | Tax withheld | 6.4K | $10.03 |
| 2025-02-15 | Sakamoto John | Grant | 41K | — |
| 2025-02-15 | Hilberg Christopher | Tax withheld | 1.9K | $10.03 |
| 2025-02-15 | Hilberg Christopher | Grant | 16K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-10 | 0001819974-26-000024 ↗ |
| 10-Q | 2026-05-08 | 2026-03-29 | 0001819974-26-000014 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001193125-26-214679 ↗ |
| 8-K | 2026-04-24 | 2026-04-24 | 0001193125-26-177666 ↗ |
| 8-K | 2026-03-26 | 2026-03-20 | 0001193125-26-124612 ↗ |
| 10-K | 2026-03-11 | 2025-12-28 | 0001819974-26-000009 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001819974-26-000005 ↗ |
| 8-K | 2026-01-26 | 2026-01-25 | 0001193125-26-022750 ↗ |
| 8-K | 2026-01-26 | 2026-01-25 | 0001193125-26-021606 ↗ |
| 10-Q | 2025-11-12 | 2025-09-28 | 0001819974-25-000052 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001819974-25-000044 ↗ |
| 10-Q/A | 2025-09-22 | 2025-03-30 | 0001819974-25-000041 ↗ |