WOLFSPEED, INC.
WOLF · Semiconductors & Related Devices · 48.3M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $31M (gross $104M, SBC $73M)
Reference price $26.67 · est. market cap ~$1.3B — last insider purchase, 2025-10-31 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F20Silicon-carbide chipmaker in active Chapter 11 bankruptcy with massive losses, severe cash burn, and negative equity.
Strengths
- Long-term SiC technology position (if it emerges from restructuring) — qualitative (per 10-K)
Risks
- Active Chapter 11 — risk factors are dominated by the Chapter 11 cases and Restructuring Support Agreement
- Catastrophic economics — gross margin -16.1%, net margin -212.4%, FCF -$1.98B (3rd)
- Insolvent balance sheet — current ratio 0.36 (1st), negative equity (D/E -14.62)
Notable findings
- Going concern• The Chapter 11 Cases raise substantial doubt regarding our ability to continue as a going concern
- Bankruptcy11 Table of Contents Risk categories and certain principal risks under each category include (each described more fully below): – Risks related to our Chapter 11 Cases • We are subject to ri 8-K ↗
- Net lossNet loss (net margin -212.4%)
- Cash burnNegative free cash flow (-1983.1M)
- Weak liquidityCurrent ratio 0.36 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -14.62)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 4 notable fund(s): FMR LLC, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- Revenue declineRevenue -14.4% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-16.1%
Operating margin
-175.4%
Net margin
-212.4%
Return on equity
359.9%
Return on assets
-23.5%
ROIC
-17.2%
Revenue growth (QoQ)
-14.4%
Debt / equity
-14.6×
Current ratio
0.4×
Free cash flow
-$2.0B
EBITDA
-$1.1B
Tangible book value
-$471M
Cash & investments
$955M
Cash runway
2q
Stock comp / revenue
9.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Feurle Robert A. | Tax withheld | 29K | $36.76 |
| 2025-12-17 | Musser Eric S | Grant | 32K | — |
| 2025-12-17 | Walsh Paul V Jr | Grant | 32K | — |
| 2025-12-17 | ABATE ANTHONY | Grant | 32K | — |
| 2025-12-17 | Bokan Michael W | Grant | 32K | — |
| 2025-12-17 | HOU HONG Q | Grant | 32K | — |
| 2025-12-17 | Jensen Mark Edwin | Grant | 32K | — |
| 2025-12-08 | van Issum Gregor | Grant | 172K | — |
| 2025-12-08 | Feurle Robert A. | Grant | 317K | — |
| 2025-12-08 | Emerson David Todd | Grant | 127K | — |
| 2025-10-31 | CITIGROUP INC | Sell | 194K | $26.18 |
| 2025-10-31 | CITIGROUP INC | Buy | 25K | $26.67 |
| 2025-10-31 | CITIGROUP INC | Buy | 54K | $27.46 |
| 2025-10-30 | CITIGROUP INC | Buy | 116K | $26.12 |
| 2025-09-29 | Emerson David Todd | Other | 178 | — |
| 2025-09-29 | Emerson David Todd | Other | 21K | — |
| 2025-08-01 | Speirits Kevin | Tax withheld | 3.5K | $1.52 |
| 2025-05-12 | Hodge John C | Grant | 3.0K | $3.28 |
| 2025-04-30 | WERNER THOMAS H | Grant | 22K | — |
| 2025-04-28 | Reynolds Neill | Sell | 14K | $3.99 |
| 2025-03-31 | WERNER THOMAS H | Grant | 22K | — |
| 2025-02-28 | WERNER THOMAS H | Grant | 37K | — |
| 2025-02-03 | SEIFERT THOMAS J | Grant | 1.6K | $6.09 |
| 2025-02-03 | Hodge John C | Grant | 1.6K | $6.09 |
| 2025-01-31 | WERNER THOMAS H | Grant | 34K | — |
| 2024-12-31 | WERNER THOMAS H | Grant | 39K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- Renesas Electronics America Inc
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | OtherExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-03-26 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-03-19 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-03-09 | OtherExhibits | filing ↗ |
| 2026-02-04 | ResultsExhibits | filing ↗ |
| 2026-01-30 | 3.02Exec/director changeOtherExhibits | filing ↗ |
| 2026-01-15 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001193125-26-263792 ↗ |
| 10-Q | 2026-05-07 | 2026-03-29 | 0000895419-26-000030 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0000895419-26-000024 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-126483 ↗ |
| 8-K | 2026-03-19 | 2026-03-19 | 0001193125-26-116036 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-098608 ↗ |
| 10-Q | 2026-02-06 | 2025-12-28 | 0000895419-26-000016 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0000895419-26-000012 ↗ |
| 8-K | 2026-01-30 | 2026-01-29 | 0001193125-26-030582 ↗ |
| 8-K | 2026-01-15 | 2026-01-14 | 0000895419-26-000006 ↗ |
| 8-K | 2025-12-17 | 2025-12-16 | 0000895419-25-000147 ↗ |
| 8-K | 2025-12-15 | 2025-12-12 | 0000895419-25-000143 ↗ |