Semtech Corporation

The grade, in three tenses

Headline 4.9 out of ten, 9 of 9 metrics filed: past 4.9 out of ten, present 4.5 out of ten, future 5.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 1 warning event since 2017; the latest 2023-09-06. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.6 out of ten. +7.6% a year over 10 filed years; profitable in 7 of 10. 66th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 1.9 out of ten. Share count grew 11.4% a year. 0% of cash flow returned. Insiders: 60 sales, 0 purchases. 19th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 3.9 out of ten. ROE -7%: lost 7¢ per shareholder dollar. Leverage 61%: owes 61¢ per asset dollar. 39th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.7 out of ten. top 43% of 97 in its family; net margin -3.8%. 57th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.9 out of ten. bottom 39% of 66 in its family for leadership; chief executive since 2024. 39th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 5.0 out of ten. top 50% of 94 in its family for room to expand. 50th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.0 out of ten. bottom 50% of 93 in its family for growth drivers. 50th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 6.8 out of ten. top 32% of 88 in its family for expectations against reality. 68th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-23 for the period ended 2026-01-25 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-26 for the period ended 2026-07-26 (on EDGAR). Newest results release: Form 8-K filed 2026-08-25 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 1995. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-23.

The people

Hong Q. Hou has been president and chief executive since June 2024 and a director since July 2023. He came from Brooks Automation, where he ran the Semiconductor Group from February 2023, a business that supplies automated wafer handling and contamination control to chip factories; from August 2018 to February 2023 he ran the cloud networking group at Intel; and before that he was chief technical officer of Fabrinet, chief operating officer at AXT and chief executive of EMCORE. The job changed hands twice in under a year before him: Mohan Maheswaran was chief executive through June 29, 2023, and Paul Pickle from June 30, 2023 to June 6, 2024. On the insider record this site holds, Maheswaran filed as president and chief executive from 2006, the first year the SEC's data sets reach, to 2023. [1, 2, 3, 4, 5, 6]

Four other executive officers serve with him. Mark Lin has been chief financial officer since he joined in October 2023; he was vice president and corporate controller of MKS, a supplier of technology to chip manufacturing, from November 2019, and spent June 2005 to July 2019 at Microsemi in accounting and finance roles. Asaf Silberstein has been chief operating officer since March 2023, having joined in December 2010 to run operations after three years at Microsemi. J. Michael Wilson has been chief quality officer and chief technology officer since February 2024 and came in with the 1995 purchase of ECI Semiconductor, where he was chief operating officer. Jason Green joined on February 3, 2025 as chief commercial officer, after reshaping how National Instruments sold its products from 2015 to 2023 and two decades at Maxim Integrated. [7, 8, 9, 10, 11, 12, 13, 14, 15]

The board has nine directors, eight of them independent. Ye Jane Li has chaired it since 2024 and has filed as a Semtech director since 2016; she was chief operating officer of Huawei Enterprise USA from 2012 to 2015. Three of the nine, Gregory Fischer, Julie Ruehl and Paul Walsh, were first appointed under a cooperation agreement with a stockholder, and all three first filed as directors in 2023. Walsh, who was chief financial officer of Allegro MicroSystems until he retired in February 2022, chairs the audit committee. [16, 17, 18, 19, 20, 21, 22, 23, 24, 6]

At the end of the fiscal year, January 25, 2026, Semtech counted 1,920 full-time employees, up from 1,838 a year earlier, the rise coming mainly from acquisition activity and hiring for growth; about three in four of them, 1,437 people, are based outside the United States. Roughly half, 977, work in research and development, 338 in operations and 605 in selling, general and administrative roles, and there were also 45 interns and temporary employees and 46 independent contractors. No one is represented by a labor union except the staff in France, who have works councils. Average tenure is nine years. [25, 26, 27, 28]

How it operates

Semtech was incorporated in Delaware in 1960 and is based in Camarillo, California. It designs analog and mixed-signal chips: analog parts handle real world quantities such as temperature, speed, sound and electrical current, and mixed-signal parts put analog and digital functions on one chip so digital electronics can meet the outside world. The work is split into three segments. Signal Integrity sells optical and copper data communication chips and video transport products for data centers, enterprise networks, passive optical networks, which are the fibre lines that run to homes and businesses, and the optical transceivers in wireless base stations, with interfaces from 100Mbps to 1.6Tbps. [29, 30, 31, 32, 33]

Analog Mixed Signal and Wireless makes protection parts called transient voltage suppressors, which absorb voltage spikes from static discharge, electrical over-stress or lightning surges before they can destroy a circuit, plus proximity and force sensors and LoRa, a long range, low power radio for machines. IoT Systems and Connectivity sells the hardware and the service for connected machines: cellular modules in LTE-M, NB-IoT and 5G forms that device makers build in, gateways and routers, and connected services such as SIM and subscription management, device and data management and location. Products are booked as revenue when they ship; the cloud and connectivity services are sold by subscription or by use. [34, 35, 36, 37, 38, 39, 40]

The chips go mostly to original equipment manufacturers, the companies that build finished equipment, and the IoT hardware and services to device makers, enterprises and solution providers. The biggest cloud providers, whose AI spending the filing says is concentrated among a limited number of them, are generally indirect customers. Independent distributors handled 74% of net sales in fiscal 2026, against 66% two years earlier, and the largest of them are based in Asia. Two customers passed a tenth of sales, Customer B at 14% and Customer A at 11%, and at the year's end they held 12% and 13% of what customers owed. By end market, industrial uses took 55% of sales, infrastructure 30% and high-end consumer devices 15%; infrastructure has climbed from 19% two years earlier. [41, 42, 43, 44, 45, 46, 47]

Sales are placed by where the goods ship. On that basis Asia Pacific took 697.6 million dollars, 66.4% of fiscal 2026 revenue, up 21.4%; North America 22.1%; and Europe 11.5%, the one region that shrank, down 7.4%. China including Hong Kong alone took 47% of net sales, up from 32% two years earlier, the United States 18% and Taiwan 6%. The filing adds that many of the products its Asian customers build with these chips are then sold outside the region. [48, 49, 50, 51, 52]

Semtech has others do most of its making. Outside foundries, mostly in the United States, China, Israel, Japan and Taiwan, turn out its silicon wafers; subcontractors in China, Malaysia, Taiwan and Vietnam do almost all the assembly and testing; and electronics manufacturing partners build the IoT hardware. Its own plant in Colorado Springs, Colorado assembles some of the smallest protection devices. It owned no wafer factory in fiscal 2026, but after buying HieFo Corporation on March 3, 2026 for about 34.0 million dollars in cash it now runs foundries making parts for the links between and inside data centers, a mix of its own plants and other people's that it calls fab-lite. [53, 54, 55, 56, 57, 58, 59]

The specifics

Recent history turns on one deal. On January 12, 2023 Semtech completed the purchase of Sierra Wireless, funding part of it with 895.0 million dollars of term loans; the modules, routers and connected services units of the IoT segment carry that purchase. The business then fell short of what was expected: in the year to January 28, 2024 the company wrote off 755.6 million dollars of goodwill, the premium paid above the identifiable assets of an acquired business, and 131.4 million of other intangible assets, after lower earnings forecasts, high interest rates and weak conditions, which is most of the 944.3 million dollar operating loss the record shows for that year. Another 84.8 million of goodwill went in fiscal 2026, in the connected services unit, on lower forecasts and a shift in strategic direction, and the filing says the integration is still proving difficult. The term loans were fully repaid by January 25, 2026, leaving mainly 402.5 million dollars of notes due 2030 that pay no interest and can be exchanged for shares. [60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70]

The company rests its edge on people more than on patents. It holds 303 United States patents and 541 foreign ones, expiring between 2026 and 2044, and says plainly that they do not create definitive barriers to entry. Its argument is that analog design is learned over years of hands-on work rather than taught in universities, so analog engineers are scarcer than digital ones and new suppliers have historically found it hard to build products and win share quickly. In one location the SEMTECH trademark is prohibited and the company uses the Semtech International trade name instead. [71, 72, 73]

It describes its competitors by kind rather than by name: numerous manufacturers of varying size, some of them much larger and better resourced; large equipment makers designing their own chips, a trend it expects to continue and expand; and customers and suppliers whose own divisions make competing products. In IoT it calls itself a global market leader in cellular embedded modules and names specialized module makers as its rivals there, while its connectivity services meet mobile network operators and companies running virtual networks or cloud platforms. Rules bind the business too. United States export controls have significantly restricted its operations in the recent past, the filing says; with 47% of sales going to customers in China including Hong Kong, it warns that Chinese buyers may be encouraged to prefer domestic suppliers; and some products need authorization from the Federal Communications Commission before they can be sold. [74, 75, 76, 77, 78, 79, 50, 80, 81]

Two matters are before the courts. In February and March 2025 stockholders sued the company and two of its officers, chief executive Hong Q. Hou and chief financial officer Mark Lin, in the United States District Court for the Central District of California, saying its disclosure about its CopperEdge products broke securities law; the court threw out part of the case on October 8, 2025 and Lin is no longer a defendant, and the company says it cannot yet judge the outcome. Separately, Harman Becker Automotive Systems claims about 16 million dollars in a Munich court from Sierra entities over modules delivered before Sierra Wireless sold its automotive business. Stockholders have also brought derivative claims on similar facts. [82, 83, 84, 85, 86, 87, 88]

What drives growth, line by line

Revenue rose 15.5% in fiscal 2026 to 1,050.0 million dollars from 909.3 million, which the company credits to higher sales across all its end markets, above all infrastructure and industrial, on stronger demand and bigger volumes. Gross profit rose to 542.1 million. Operating income fell to 32.6 million, after an 84.8 million dollar goodwill write-down, and with 40.6 million of interest expense the year ended in a net loss of 40.4 million, against a loss of 161.9 million the year before. [70, 89, 65, 90]

Product. Products, from chips to IoT modules, gateways and routers, brought in 942.1 million dollars, 89.7% of fiscal 2026 revenue, up 18.6%. By the filing's account of its segments, the gains came from data center chips, up about 81.4 million dollars, LoRa-enabled sales, up about 39.8 million, IoT hardware, up about 34.3 million, and protection chips, up about 17.3 million, while telecommunications sales fell about 20.0 million. [48, 91, 92, 93, 94]

Service. Services brought in 107.9 million dollars, 10.3% of revenue, down 6.1%, the one line that shrank. They are the recurring sales: cloud services, cellular and managed connectivity, software licenses, technical support and extended warranties, with the cloud and connectivity part reported in the IoT Systems and Connectivity segment. In the same year the company wrote 84.8 million dollars of goodwill off its IoT Connected Services unit on lower earnings forecasts and a shift in strategic direction, and in the second quarter of fiscal 2027 managed connectivity sales were about 2.1 million dollars lower than a year earlier. [48, 91, 95, 39, 65, 96]

Signal Integrity. The fastest-growing segment: 31% of net sales, up from 29%, after a 23% rise that added 60.9 million dollars. Data center sales rose about 81.4 million while telecommunications sales fell about 20.0 million. It earns the most on what it sells, too: gross margin, the share of sales left after the cost of making the goods, rose to 65.2% from 62.1% on better use of fixed costs and a richer mix, against 58.9% in the other chip segment and 35.5% in IoT. The pull continued into the second quarter of fiscal 2027, when the segment's sales rose 64% with data center sales up about 47.4 million dollars. [97, 92, 98, 99, 100]

Analog Mixed Signal and Wireless. The largest segment: 36% of net sales, up 16%, adding 50.5 million dollars. LoRa-enabled sales rose about 39.8 million and protection chips about 17.3 million, both on stronger demand, and gross margin rose to 58.9% from 55.6% on a better mix. The company ties LoRa's pull to on-device AI, which sends processed readings rather than raw sensor data and so suits a long range, low power radio, and ties protection to finer chip geometries, which leave systems more vulnerable to electrical and electromagnetic threats. In the second quarter of fiscal 2027 LoRa-enabled sales were about 21.8 million dollars higher and proximity sensing about 4.0 million lower. [101, 93, 98, 102, 103, 104]

IoT Systems and Connectivity. 33% of net sales, down from 36% a year earlier, after a 9% rise that added 29.3 million dollars on IoT hardware sales up about 34.3 million. It is the thinnest earner: gross margin fell to 35.5% from 39.3% on a less favourable mix. It is also the part being cut back. The annual report says the company has publicly announced its intention to divest the cellular module business, a substantial portion of this segment, and on August 13, 2026 it signed a definitive agreement to sell that business to Compal Electronics for about 62.0 million dollars in cash. [105, 94, 98, 106, 107]

The newest quarterly report shows the pace quickening. Net sales in the second quarter of fiscal 2027 were 341.9 million dollars, 32.7% above the 257.6 million of the same quarter a year earlier, again led by the infrastructure and industrial end markets on stronger demand and higher volumes. [108]

What comes next, in the company's own words: it expects the sale of the cellular module business to close in the fourth quarter of fiscal 2027, though completion may be delayed, and says that once it is done the remaining operations will be more concentrated in certain semiconductor end markets and applications, which may make results swing more. The portfolio review that produced the sale continues, aimed at the growth and margin profile it prefers. Fiscal 2027 also runs 53 weeks, a week longer than the year before it. [109, 110, 111, 112]

What the desk infers (inferred, not filed)

• Customer A and Customer B, each more than a tenth of sales, are most likely distributors based in Asia rather than equipment makers buying for their own products. Because: Independent distributors handled 74% of net sales in fiscal 2026, up from 66% two years earlier, and the largest of them are based in Asia. [43, 44] Customer B's share of sales rose from 10% to 14% over the same two years, and Customer A's from under a tenth to 11%. [45] Both also carried more than a tenth of what customers owed at the year's end, 13% and 12%, the pattern of resellers buying on account. [46] Asia Pacific took 66.4% of revenue by ship-to address and China including Hong Kong 47% of net sales. [48, 50] The end customers for the chips are mostly equipment makers, and the large cloud providers are generally indirect customers. [41, 42] Confidence 70 of 100. Wrong if: A filing or a customer disclosure naming Customer A or Customer B as an equipment maker or cloud provider buying Semtech parts for its own products rather than for resale.
• Data center links for artificial intelligence have become the main engine of growth, which ties the company's results to the building plans of a few hyperscale cloud providers that do not buy from it directly. Because: Data center sales rose about 81.4 million dollars in fiscal 2026, while net sales as a whole rose from 909.3 million to 1,050.0 million. [92, 89] The infrastructure end market's share of sales climbed from 19% to 30% in two years. [47] In the second quarter of fiscal 2027 Signal Integrity sales rose 64%, with data center sales up about 47.4 million dollars. [99, 100] The filing says hyperscale cloud providers are generally indirect customers and that AI infrastructure spending is increasingly concentrated among a limited number of them. [42] Confidence 70 of 100. Wrong if: A year in which data center sales fall while total net sales still rise, or a filing showing most data center sales made directly to cloud providers.
• Semtech is selling back part of what it bought with Sierra Wireless and turning toward chips again, with data center connectivity at the centre. Because: The IoT units that carry the Sierra Wireless purchase have been written down twice, by 755.6 million dollars in the year to January 28, 2024 and by 84.8 million in fiscal 2026, the second time on a shift in strategic direction. [62, 64, 65] The IoT segment earns the least on what it sells, a gross margin of 35.5% against 65.2% and 58.9% in the two chip segments, and its margin is falling. [98] The company agreed on August 13, 2026 to sell the cellular module business, a substantial portion of that segment, to Compal Electronics. [106, 107] It bought HieFo in March 2026 and now runs foundries making parts for the links between and inside data centers, its first wafer plants. [59, 57] Its portfolio review is aimed at the growth and margin profile it prefers. [111] Confidence 75 of 100. Wrong if: A purchase of another cellular module, router or IoT connectivity business of similar size, or the Compal sale being abandoned with the module business kept and expanded.

Sources

1. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Dr. Hou has served as President and Chief Executive Officer of the Company since June 2024 and as a member of the Board since July 2023.”
2. Semtech Corporation, Form DEF 14A filed 2026-04-21: “From February 2023 to June 2024, Dr. Hou served as President of the Semiconductor Group at Brooks Automation, Inc., a leading provider of automated wafer handling and contamination control solutions for the semiconductor manufacturing industry.”
3. Semtech Corporation, Form DEF 14A filed 2026-04-21: “From August 2018 to February 2023, Dr. Hou was Corporate Vice President and General Manager of the cloud networking group of Intel Corporation”
4. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Prior to that, Dr. Hou was Executive Vice President and Chief Technical Officer of Fabrinet, Chief Operating Officer at AXT, Inc., and President and Chief Executive Officer, and board member of EMCORE Corporation”
5. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Maheswaran ("CEO #1") was our CEO for all of fiscal years 2022 and 2023 and during fiscal year 2024 from January 30, 2023 through June 29, 2023. Mr. Pickle ("CEO #2") was our CEO for fiscal year 2024 and 2025 from June 30, 2023 through June 6, 2024.”
6. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
7. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Lin joined the Company in October 2023 as Executive Vice President and CFO. Before joining Semtech, Mr. Lin served as Vice President and Corporate Controller of MKS, Inc., a global provider of foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications from November 2019 to October 2023.”
8. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Previously, Mr. Lin was with Microsemi Corporation (“Microsemi”) from June 2005 until July 2019, holding various accounting and finance roles, including Vice President of Finance and Corporate Controller, a position he assumed in 2014.”
9. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Silberstein became Executive Vice President and Chief Operating Officer in March 2023.”
10. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Prior to that, Mr. Silberstein was Vice President, Operations, a position he held since he joined the Company in December 2010. Prior to joining the Company, he was employed from 2007 to 2010 at Microsemi as Vice President Global Operations in its Analog Mixed Signal Division.”
11. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Wilson became Chief Quality Officer and Chief Technology Officer in February 2024.”
12. Semtech Corporation, Form DEF 14A filed 2026-04-21: “He joined the Company as the result of the 1995 acquisition of ECI Semiconductor where he was Vice President and Chief Operating Officer.”
13. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Green joined the Company on February 3, 2025 as Executive Vice President and Chief Commercial Officer.”
14. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Previously, from 2015 to 2023, Mr. Green led the go-to-market transformation at National Instruments Corp.”
15. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Earlier in his career, Mr. Green spent two decades at Maxim Integrated Products, Inc. (now part of Analog Devices, Inc.)”
16. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Our business operates under the direction of our Board, which currently consists of nine directors.”
17. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Chair of the Board since 2024”
18. Semtech Corporation, Form DEF 14A filed 2026-04-21: “She previously served as Chief Operating Officer of Huawei Enterprise USA Inc., a company that markets information technology (“IT”) products and solutions to datacenters and enterprises from 2012 to 2015.”
19. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Our Board has determined that each of Messrs. Burvill, Cardenuto, Fischer, Gillai and Walsh and each of Mses. Li, LuPriore and Ruehl, are independent under applicable Nasdaq rules”
20. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Fischer was initially appointed to the Board pursuant to a cooperation agreement with a stockholder.”
21. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Ms. Ruehl was initially appointed to the Board pursuant to a cooperation agreement with a stockholder.”
22. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Mr. Walsh was initially appointed to the Board pursuant to a cooperation agreement with a stockholder.”
23. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Prior to retiring in February 2022, Mr. Walsh served as Chief Financial Officer, Senior Vice President and Treasurer, at Allegro MicroSystems, Inc.”
24. Semtech Corporation, Form DEF 14A filed 2026-04-21: “Respectfully submitted by the Audit Committee Paul Walsh, Chair Rodolpho C. Cardenuto Paula LuPriore Julie G. Ruehl”
25. Semtech Corporation, Form 10-K filed 2026-03-23: “As of January 25, 2026, our year-over-year headcount increased from 1,838 to 1,920 full-time employees worldwide, of whom 1,437 employees were based outside of the U.S. The increase was primarily driven by acquisition activity, strategic hiring to support business growth and operational needs.”
26. Semtech Corporation, Form 10-K filed 2026-03-23: “As of January 25, 2026, we had 977 employees in research and development, 338 employees in operations, and 605 employees in selling, general and administrative, including functions that support operational activities.”
27. Semtech Corporation, Form 10-K filed 2026-03-23: “As of January 25, 2026, we also had 45 interns and temporary employees and 46 independent contractors. None of our employees or contract workers are represented by a labor union except for our employees in France who are represented by works councils.”
28. Semtech Corporation, Form 10-K filed 2026-03-23: “As of the end of fiscal year 2026, our average employee tenure is nine years, reflecting the strong engagement of our employees.”
29. Semtech Corporation, Form 10-K filed 2026-03-23: “We are a leading provider of high-performance semiconductors powering data center networking, Internet of Things ("IoT") connectivity and cellular infrastructure solutions and were incorporated in Delaware in 1960.”
30. Semtech Corporation, Form 10-K filed 2026-03-23: “Analog semiconductors condition and regulate "real world" functions such as temperature, speed, sound and electrical current. Digital semiconductors process binary information, such as that used by computers. Mixed-signal devices incorporate both analog and digital functions into a single chip and provide the ability for digital electronics to interface with the outside world.”
31. Semtech Corporation, Form 10-K filed 2026-03-23: “We design, develop, manufacture and market a portfolio of optical and copper data communications and video transport products used in a wide variety of infrastructure and industrial applications. Our comprehensive portfolio includes integrated circuits ("ICs") for data centers, enterprise networks, PON, and wireless base station optical transceivers.”
32. Semtech Corporation, Form 10-K filed 2026-03-23: “speed interfaces range from 100Mbps to 1.6Tbps and support key industry standards such as Fibre Channel, InfiniBand, Ethernet, PON and synchronous optical networks.”
33. The record on this page: the filing record (the EDGAR submissions feed)
34. Semtech Corporation, Form 10-K filed 2026-03-23: “TVS devices provide protection for electronic systems where voltage spikes (called transients), such as electrostatic discharge, electrical over-stress or secondary lightning surge energy, can permanently damage sensitive ICs.”
35. Semtech Corporation, Form 10-K filed 2026-03-23: “Our unique sensing technology enables proximity sensing, force sensing, and advanced user interface solutions for mobile, consumer, computing and automotive products.”
36. Semtech Corporation, Form 10-K filed 2026-03-23: “Our wireless products, which include our LoRa® devices and wireless radio frequency technology, feature industry-leading and longest-range industrial, scientific and medical radio, enabling a lower total cost of ownership and increased reliability.”
37. Semtech Corporation, Form 10-K filed 2026-03-23: “Our modules are available in a variety of form factors and connectivity options, including LTE-M, NB-IoT and 5G, and can be integrated into an array of devices and systems.”
38. Semtech Corporation, Form 10-K filed 2026-03-23: “Our services have been purpose-built for IoT applications and include features such as SIM and subscription management, device and data management, geolocation support, as well as reporting and alerting that can be configured or tailored to a variety of IoT use cases.”
39. Semtech Corporation, Form 10-K filed 2026-03-23: “Cloud and connectivity services, reported in our IoT Systems and Connectivity segment, are provided on either a subscription or consumption basis.”
40. Semtech Corporation, Form 10-K filed 2026-03-23: “Control is generally transferred when products are shipped and, to a lesser extent, when the products are delivered.”
41. Semtech Corporation, Form 10-K filed 2026-03-23: “Our end customers for our silicon solutions are primarily original equipment manufacturers ("OEMs") that produce and sell technology solutions. Our IoT module, router, gateways and managed connectivity solutions ship to IoT device makers, enterprises and solution providers to provide IoT connectivity to end devices.”
42. Semtech Corporation, Form 10-K filed 2026-03-23: “Hyperscale cloud providers are generally our indirect customers, but AI infrastructure spending is increasingly concentrated among a limited number of such providers, whose requirements may evolve rapidly with respect to data rates, architectures, and underlying technologies.”
43. Semtech Corporation, Form 10-K filed 2026-03-23: “Net sales made through independent distributors during fiscal years 2026, 2025 and 2024 were 74%, 72% and 66%, respectively.”
44. Semtech Corporation, Form 10-K filed 2026-03-23: “For fiscal year 2026, our largest distributors were based in Asia.”
45. Semtech Corporation, Form 10-K filed 2026-03-23: “(percentage of net sales) (1) 2026 2025 2024 Customer A 11% 10% * Customer B 14% 13% 10%”
46. Semtech Corporation, Form 10-K filed 2026-03-23: “(percentage of net receivables) (1) January 25, 2026 January 26, 2025 Customer A 13% * Customer B 12% 12%”
47. Semtech Corporation, Form 10-K filed 2026-03-23: “(percentage of net sales) 2026 2025 2024 Infrastructure 30 % 27 % 19 % High-End Consumer 15 % 16 % 14 % Industrial 55 % 57 % 67”
48. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
49. Semtech Corporation, Form 10-K filed 2026-03-23: “The Company attributes sales to a geography based on the ship-to address.”
50. Semtech Corporation, Form 10-K filed 2026-03-23: “In fiscal years 2026, 2025 and 2024, net sales in the U.S. represented 18%, 21% and 24% of our net sales. Net sales to customers located in China (including Hong Kong) comprised 47% of our net sales in fiscal year 2026. Net sales to customers located in Taiwan comprised 6% of our net sales in fiscal year 2026.”
51. Semtech Corporation, Form 10-K filed 2026-03-23: “(percentage of total net sales) January 25, 2026 January 26, 2025 January 28, 2024 China (including Hong Kong) 47 % 43 % 32”
52. Semtech Corporation, Form 10-K filed 2026-03-23: “Although a large percentage of the Company's products is shipped into the Asia-Pacific region, a significant number of the products produced by these customers and incorporating the Company's semiconductor products are then sold outside this region.”
53. Semtech Corporation, Form 10-K filed 2026-03-23: “Our end products were supported with finished silicon wafers purchased from third-party wafer foundries primarily located in the U.S., China, Israel, Japan and Taiwan.”
54. Semtech Corporation, Form 10-K filed 2026-03-23: “We use third-party subcontractors to perform almost all of our other assembly and test operations and a majority of our assembly and test activity is conducted by third-party subcontractors located in China, Malaysia, Taiwan and Vietnam.”
55. Semtech Corporation, Form 10-K filed 2026-03-23: “EMS partners manufacture our IoT Systems products from surface-mount technology ("SMT") assembly to product assembly, which includes product testing and configuration.”
56. Semtech Corporation, Form 10-K filed 2026-03-23: “Our development and production facilities in Colorado Springs, Colorado provide assembly and services for a portion of our very small form factor protection devices.”
57. Semtech Corporation, Form 10-K filed 2026-03-23: “During fiscal year 2026, we had no wafer fabrication facilities. However, following the HieFo Acquisition, we now operate foundries that produce certain semiconductor devices used across data center interconnects and intra-data center interconnects.”
58. Semtech Corporation, Form 10-K filed 2026-03-23: “Accordingly, while we continue to outsource a substantial portion of our wafer manufacturing requirements, we now utilize a combination of internal manufacturing capabilities and third-party foundries as part of our "fab-lite" business model.”
59. Semtech Corporation, Form 10-K filed 2026-03-23: “On March 3, 2026, we completed the acquisition of HieFo Corporation in an all-cash transaction representing a total purchase consideration of approximately $34.0 million (the "HieFo Acquisition").”
60. Semtech Corporation, Form 10-K filed 2026-03-23: “the completion of the acquisition of Sierra Wireless, Inc. on January 12, 2023”
61. Semtech Corporation, Form 10-K filed 2026-03-23: “In the fourth quarter of fiscal year 2023, we borrowed term loans in an aggregate principal amount of $895.0 million under the Term Loan Facility in order to fund a portion of the consideration for the Sierra Wireless Acquisition and related fees and expenses. We have since repaid a significant portion of this debt.”
62. Semtech Corporation, Form 10-K filed 2026-03-23: “During the fiscal year ended January 28, 2024, the Company recorded a total of $755.6 million of pre-tax non-cash goodwill impairment charges and $131.4 million of pre-tax non-cash intangible assets impairment charges for the reporting units related to the Sierra Wireless Acquisition (as defined below).”
63. Semtech Corporation, Form 10-K filed 2026-03-23: “The impairment tests were triggered due to a reduction in earnings forecasts associated with the business acquired from Sierra Wireless, adverse macroeconomic conditions including an elevated interest rate environment, and finalization of the measurement period adjustments.”
64. Semtech Corporation, Form 10-K filed 2026-03-23: “The Company recorded $209.0 million of goodwill impairment for the IoT Connected Services reporting unit, $245.2 million of goodwill impairment for the IoT Systems–Modules reporting unit and $301.4 million of goodwill impairment for the IoT Systems–Routers reporting unit”
65. Semtech Corporation, Form 10-K filed 2026-03-23: “There was $84.8 million of goodwill impairment for fiscal year 2026 primarily due to reduced earnings forecasts and a shift in strategic direction associated with the IoT Connected Services reporting unit.”
66. Semtech Corporation, Form 10-K filed 2026-03-23: “We have encountered and expect to continue to encounter difficulties integrating ours and Sierra Wireless’s businesses and operations, which has adversely impacted and delayed the operational synergies we expected to realize as a result of the acquisition.”
67. Semtech Corporation, Form 10-K filed 2026-03-23: “As of January 25, 2026, the Company had no amounts outstanding under the Term Loans and no revolving loans outstanding under the Revolving Credit Facility, which had available undrawn borrowing capacity of $451.6 million”
68. Semtech Corporation, Form 10-K filed 2026-03-23: “On October 10, 2025, the Company issued and sold $402.5 million in aggregate principal amount of 2030 Notes in a private placement.”
69. Semtech Corporation, Form 10-K filed 2026-03-23: “The 2030 Notes do not bear any interest and will mature on October 15, 2030, unless earlier converted, redeemed or repurchased.”
70. The record on this page: the filed annual figures (EDGAR's company facts)
71. Semtech Corporation, Form 10-K filed 2026-03-23: “We have been granted 303 U.S. patents and 541 foreign patents and have numerous patent applications pending with respect to our products and to technologies associated with our business. The expiration dates of issued patents range from 2026 to 2044. Although we consider patents to be helpful in maintaining a competitive advantage, we do not believe they create definitive competitive barriers to entry.”
72. Semtech Corporation, Form 10-K filed 2026-03-23: “Digital expertise is extensively taught in universities due to its overall market size, while analog and mixed-signal expertise tends to be learned over time based on experience and hands-on training. Consequently, personnel with analog training are scarcer than digital trained engineers. This difference has historically made it more difficult for new suppliers in the analog market to quickly develop products and gain significant market share.”
73. Semtech Corporation, Form 10-K filed 2026-03-23: “In one location the SEMTECH trademark is prohibited, but we are permitted to use our Semtech International trade name.”
74. Semtech Corporation, Form 10-K filed 2026-03-23: “We are in direct and active competition, with respect to one or more of our product lines, with numerous manufacturers of varying size, technical capability and financial strength. A number of these competitors are dependent on semiconductor products as their principal source of income, and some are much larger and better resourced than we are.”
75. Semtech Corporation, Form 10-K filed 2026-03-23: “We also expect that the trend among large OEMs to seek to develop their own semiconductor solutions will continue and expand.”
76. Semtech Corporation, Form 10-K filed 2026-03-23: “Certain of our customers and suppliers also have divisions that produce products competitive with ours, and other customers may seek to vertically integrate competitive solutions in the future.”
77. Semtech Corporation, Form 10-K filed 2026-03-23: “Depending on the customers served, our competitors include mobile network operators and other companies who operate mobile virtual networks or cloud platforms for the IoT market.”
78. Semtech Corporation, Form 10-K filed 2026-03-23: “We are a global market leader in wireless cellular embedded modules for IoT with a broad product portfolio, a global footprint, strong relationships with global OEMs and unique software platforms. Our competitors in this line of business are specialized manufacturers of wireless communication modules and solutions.”
79. Semtech Corporation, Form 10-K filed 2026-03-23: “These restrictions and laws have significantly restricted our operations in the recent past and may continue to do so in the future.”
80. Semtech Corporation, Form 10-K filed 2026-03-23: “Chinese customers may also increasingly prefer or be encouraged to purchase products from domestic suppliers due to regulatory requirements, government incentives, perceived political risk or long-term industrial policy objectives, even in the absence of formal restrictions on our products.”
81. Semtech Corporation, Form 10-K filed 2026-03-23: “In addition, certain products and services are subject to the rules and policies of the Federal Communications Commission ("FCC") and the Communications Act of 1934, as amended, which may require that we obtain FCC authorization before we can market and sell certain regulated products and services and otherwise comply with applicable requirements.”
82. Semtech Corporation, Form 10-K filed 2026-03-23: “On February 20, 2025, February 25, 2025 and March 7, 2025, three Company stockholders filed separate, but substantively identical, putative class action complaints against the Company and certain of its current officers, Hong Q. Hou and Mark Lin, in the U.S. District Court for the Central District of California”
83. Semtech Corporation, Form 10-K filed 2026-03-23: “The Consolidated Complaint asserts Exchange Act violations related to the Company’s disclosure surrounding its CopperEdgeTM products.”
84. Semtech Corporation, Form 10-K filed 2026-03-23: “The Company, Hou and Lin filed a motion to dismiss the Consolidated Complaint on August 11, 2025, which the Court granted in part, and denied in part on October 8, 2025. By virtue of the ruling, Lin is no longer a defendant.”
85. Semtech Corporation, Form 10-K filed 2026-03-23: “At this stage, the Company is unable to form a conclusion as to the likelihood of an unfavorable outcome or an estimate of the amount or range of any possible loss resulting from the alleged claims.”
86. Semtech Corporation, Form 10-K filed 2026-03-23: “Harman Becker Automotive Systems GmbH and several of its affiliates (collectively "Harman") filed a complaint against certain Sierra Entities in the District Court of Munich, Germany.”
87. Semtech Corporation, Form 10-K filed 2026-03-23: “Harman alleged that it incurred approximately $16 million in damages and costs, the bulk of which amount related to settling with a customer that had to implement a firmware update provided by Sierra Entities' supplier in late 2018, before Sierra Wireless disposed of the automotive business, to address the alleged product defect.”
88. Semtech Corporation, Form 10-K filed 2026-03-23: “The Derivative Actions assert breach of fiduciary duty and other claims based on factual allegations similar to those raised in the Securities Action.”
89. Semtech Corporation, Form 10-K filed 2026-03-23: “Net sales for fiscal year 2026 were $1,050.0 million, an increase of 15% compared to $909.3 million for fiscal year 2025 primarily driven by higher net sales across all major end markets, particularly from our infrastructure and industrial end markets due to stronger demand and increased sales volume.”
90. Semtech Corporation, Form 10-K filed 2026-03-23: “Interest expense, including amortization and a write-off of deferred financing costs, was $40.6 million and $90.1 million for fiscal years 2026 and 2025, respectively.”
91. Semtech Corporation, Form 10-K filed 2026-03-23: “Products $ 942,087 $ 794,379 $ 754,018 Services 107,888 114,908 114,740”
92. Semtech Corporation, Form 10-K filed 2026-03-23: “Net sales from Signal Integrity increased $60.9 million in fiscal year 2026 versus fiscal year 2025 primarily driven by an approximately $81.4 million increase in data center sales, partially offset by an approximately $20.0 million decrease in telecommunications sales.”
93. Semtech Corporation, Form 10-K filed 2026-03-23: “Net sales from Analog Mixed Signal and Wireless increased $50.5 million in fiscal year 2026 versus fiscal year 2025 primarily due to an approximately $39.8 million increase in LoRa-enabled sales and approximately $17.3 million increase in total TVS product sales, both driven by stronger demand.”
94. Semtech Corporation, Form 10-K filed 2026-03-23: “Net sales from IoT Systems and Connectivity increased $29.3 million in fiscal year 2026 versus fiscal year 2025 primarily due to an approximately $34.3 million increase in IoT Hardware sales, driven by stronger demand.”
95. Semtech Corporation, Form 10-K filed 2026-03-23: “Recurring and other services revenue includes sales from cloud services, cellular connectivity services, managed connectivity and application services, software licenses, technical support services, extended warranty services, solution design and consulting services.”
96. Semtech Corporation, Form 10-Q filed 2026-08-26: “Net sales from IoT Systems and Connectivity increased $9.6 million in the second quarter of fiscal year 2027 compared to the second quarter of fiscal year 2026, primarily driven by an approximately $11.7 million increase in IoT Hardware sales, partially offset by an approximately $2.1 million decrease in managed connectivity sales.”
97. Semtech Corporation, Form 10-K filed 2026-03-23: “Signal Integrity $ 322,608 31 % $ 261,747 29 % 23”
98. Semtech Corporation, Form 10-K filed 2026-03-23: “Gross margin in Signal Integrity was 65.2% in fiscal year 2026, compared to 62.1% in fiscal year 2025 primarily due to improved overhead absorption and favorable product mix. Gross margin in Analog Mixed Signal and Wireless was 58.9% in fiscal year 2026, compared to 55.6% in fiscal year 2025 primarily due to favorable product mix. Gross margin in IoT Systems and Connectivity was 35.5% in fiscal year 2026, compared to 39.3% in fiscal year 2025 primarily due to unfavorable product mix.”
99. Semtech Corporation, Form 10-Q filed 2026-08-26: “Signal Integrity $ 126,173 $ 76,758 64 % $ 228,176 $ 150,279 52”
100. Semtech Corporation, Form 10-Q filed 2026-08-26: “Net sales from Signal Integrity increased $49.4 million in the second quarter of fiscal year 2027 compared to the second quarter of fiscal year 2026, primarily driven by an approximately $47.4 million increase in data center sales.”
101. Semtech Corporation, Form 10-K filed 2026-03-23: “Analog Mixed Signal and Wireless 373,444 36 % 322,899 35 % 16”
102. Semtech Corporation, Form 10-K filed 2026-03-23: “The growing deployment of on-device AI in IoT applications further strengthens this opportunity: edge AI architectures transmit processed insights rather than raw sensor data, dramatically reducing bandwidth requirements and making the long-range, low-power characteristics of LoRa an ideal complement to AI-enabled IoT devices across industrial, security, smart city applications and more.”
103. Semtech Corporation, Form 10-K filed 2026-03-23: “The trend toward adoption of finer silicon geometries has accelerated across all categories of end systems, making them increasingly vulnerable to electrical and electromagnetic threats.”
104. Semtech Corporation, Form 10-Q filed 2026-08-26: “Net sales from Analog Mixed Signal and Wireless increased $25.3 million in the second quarter of fiscal year 2027 compared to the second quarter of fiscal year 2026, primarily driven by an approximately $21.8 million increase in LoRa-enabled product sales and approximately $6.3 million increase in total TVS product sales, partially offset by an approximately $4.0 million decrease in proximity sensing product sales.”
105. Semtech Corporation, Form 10-K filed 2026-03-23: “IoT Systems and Connectivity 353,923 33 % 324,641 36 % 9”
106. Semtech Corporation, Form 10-K filed 2026-03-23: “We have publicly announced our intention to divest our cellular module business, which represents a substantial portion of our IoT Systems and Connectivity segment.”
107. Semtech Corporation, Form 10-Q filed 2026-08-26: “On August 13, 2026, the Company entered into a definitive agreement to sell its cellular module business to Compal Electronics, Inc. for approximately $62.0 million in an all-cash transaction, subject to customary adjustments.”
108. Semtech Corporation, Form 10-Q filed 2026-08-26: “Net sales in the second quarter of fiscal year 2027 were $341.9 million, an increase of 32.7% compared to $257.6 million in the second quarter of fiscal year 2026, which was primarily driven by higher net sales from our infrastructure and industrial end markets due to stronger demand and increased sales volume.”
109. Semtech Corporation, Form 10-Q filed 2026-08-26: “The transaction is expected to close during the fourth quarter of our fiscal year 2027, but completion may be delayed beyond that period.”
110. Semtech Corporation, Form 10-K filed 2026-03-23: “Finally, if the divestiture of our cellular module business is completed, our remaining operations will be more concentrated in certain semiconductor end markets and applications, potentially increasing the volatility of our operating results.”
111. Semtech Corporation, Form 10-Q filed 2026-08-26: “We are continuing to conduct a portfolio optimization review, a process that includes identifying potential acquisitions and divestitures, in an effort to align our portfolio with our strategic vision and preferred growth and margin profile.”
112. Semtech Corporation, Form 10-K filed 2026-03-23: “Fiscal years 2026, 2025 and 2024 each consisted of 52 weeks. Our fiscal year 2027 will consist of 53 weeks.”

Where the revenue comes from

Product and service lines in fiscal 2026: Product 90%, Service 10%. By geography: Asia-Pacific 66%, North America 22%, Europe 12%. As tagged in its annual report (Form 10-K, filed 2026-03-23).

Who runs it

Hou, Hong Q (President and CEO); Lin, Mark (EVP and CFO); Silberstein, Asaf (EVP and COO); Wilson, John Michael (Chief Quality Officer and CTO); Green, Jason Elliot (EVP and CCO); Walsh, Paul V Jr (director); Cardenuto, Rodolpho C (Board of Directors); Ruehl, Julie Garcia (Board of Directors); Fischer, Gregory Michael (director); Burvill, Martin (Board of Directors); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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