Lattice Semiconductor (LSCC) AI Stock Analysis

• Market Cap: $11.73B
• Dividend Yield: N/A
• Average Volume (3M): 2.11M
• Price to Earnings (P/E): 3496.2
• Beta (1Y): 2.35
• Revenue Growth: -12.03%
• EPS Growth: -80.99%
• Country: US
• Employees: 1,110
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.32
• Shares Outstanding: 136,786,210
• 10 Day Avg. Volume: 1,905,667
• 30 Day Avg. Volume: 2,105,622
• PEG Ratio: -36.85
• Price to Book (P/B): 15.10
• Price to Sales (P/S): 20.61
• P/FCF Ratio: 81.33
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 23.40
• Enterprise Value/Gross Profit: 35.18
• Enterprise Value/Ebitda: 214.19
• 1Y Price Target: $110.08
• Price Target Upside: 28.34% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 1.47
• Revenue Forecast (FY): $632.51M

• Rating: 73 Outperform
• Price Target: $96.00 ▲(11.93% Upside)
• Action: Reiterated Date: 02/12/26
• Date: Action: Reiterated 02/12/26

The score is driven by strong earnings-call outlook (accelerating growth and margin leverage) and a solid financial foundation (low leverage and healthy cash generation), supported by positive technical trend. These positives are tempered by very weak TTM profitability and a highly stretched valuation (extreme P/E) that increases downside risk if execution or supply conditions disappoint.

Positive Factors

Balance sheet strength and low leverage

Lattice's extremely low leverage and sizable equity base give durable financial flexibility to fund R&D, absorb supply timing shocks, and execute capital returns without needing external financing. This supports multi‑year execution and reduces refinancing risk amid semiconductor cyclicality.

Strong cash generation and free cash flow

Consistent operating cash flow and meaningful free cash flow provide a stable internal funding source for product ramps, buybacks, and incremental R&D. Cash conversion at scale cushions profit volatility and underpins durable capital allocation over the next several quarters.

Product momentum, design wins and growing attach rates

Rapid adoption of Nexus/AVANT, record design wins and higher FPGA attach rates in servers create multi‑year revenue visibility and improving mix. As new products scale and attach rates rise, durable top‑line expansion and ASP improvement should support sustained margin leverage.

Negative Factors

Compressed profitability and earnings volatility

Despite healthy product‑level gross margins, sharply compressed net and EBIT margins indicate cost structure sensitivity and volatile bottom‑line performance. Low net profitability limits reinvestment capacity and makes results highly dependent on successful scaling and expense containment.

Supply‑chain tightness and lead‑time risk to execution

Persistent substrate and assembly constraints can delay customer deliveries and product ramps, creating revenue timing risk and potential higher procurement costs. For a fabless supplier reliant on third parties, supply disruptions can erode design‑win traction and margin profiles over quarters.

Rising operating expense for R&D and scaling

Intentional OpEx and R&D increases are strategic but will pressure operating margins near term. The long‑term benefit depends on successful commercialization and attach‑rate gains; until those returns materialize, higher fixed costs raise execution and margin risk across the next several quarters.

Lattice Semiconductor Business Overview & Revenue Model

Company Description

Lattice Semiconductor Corporation, together with its subsidiaries, develops and sells semiconductor products in Asia, Europe, and the Americas. The company offers field programmable gate arrays that consist of four product families, including the Certus-NX and ECP, Mach, iCE40, and CrossLink. It also provides video connectivity application specific standard products. In addition, the company licenses its technology portfolio through standard IP and IP core licensing, patent monetization, and IP services. It sells its products directly to end customers, and indirectly through a network of independent manufacturers' representatives and independent distributors. The company primarily serves original equipment manufacturers in the communications and computing, consumer, and industrial and automotive end markets. Lattice Semiconductor Corporation was incorporated in 1983 and is headquartered in Hillsboro, Oregon.

How the Company Makes Money

Lattice primarily makes money by selling programmable semiconductor devices and the supporting ecosystem needed to deploy them. Key revenue streams: - FPGA / programmable logic device sales: The largest component of revenue comes from selling low-power FPGAs and other programmable logic products to original equipment manufacturers (OEMs) and original design manufacturers (ODMs) that integrate these chips into their systems (e.g., networking equipment, servers/edge systems, industrial automation equipment, automotive electronics, and consumer devices). Revenue is recognized when devices are shipped (through direct sales and distribution channels). - Software tools, IP, and solution stacks (attach): Lattice provides development software, reference designs, and solution stacks that help customers design-in and deploy its devices. Where separately monetized, these tools/IP can contribute revenue directly; more broadly, they support device sales by reducing customer development time and increasing design wins. Commercial model and drivers of earnings: - Design-win driven, multi-year product lifecycles: Customers typically select an FPGA family during system design, then purchase production volumes over the lifecycle of that end product. This creates revenue that depends on securing design wins and then ramping with customer production. - Product mix and pricing: Earnings are influenced by the mix of higher-value devices/solutions versus entry products, average selling prices, and the degree of value provided by integrated solution stacks. - Distribution and end-market breadth: Sales are made both directly to customers and via distributors/resellers; distributors can expand reach across geographies and smaller accounts, affecting volumes and channel dynamics. - Outsourced manufacturing model: Lattice is a fabless semiconductor company; it outsources wafer fabrication, assembly, and test to third parties. Gross margin and profitability therefore depend in part on manufacturing/packaging/test costs, supply availability, and the pricing power of its products. Significant partnerships or contributors to revenue: - Foundry/OSAT and ecosystem partners: Third-party foundries and outsourced semiconductor assembly and test (OSAT) partners enable production and supply continuity. Ecosystem partnerships (e.g., tool/solution and platform integrations) can help drive design wins; however, specific partner names or terms are not provided here.

Lattice Semiconductor Financial Statement Overview

Summary

Balance sheet strength (very low leverage) and solid operating/free cash flow support a durable financial profile, but TTM profitability is the key drag with sharply compressed net and EBIT margins despite modest revenue growth.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up modestly (+5.7%) and gross margin remains strong (~68%), but profitability has compressed sharply: net margin is ~0.6% in TTM versus ~12% in 2024 and ~35% in 2023, with EBIT margin down to ~2.4%. The trend suggests the company is maintaining product-level economics while facing significant pressure below the gross profit line (costs/expenses), creating elevated earnings volatility despite stable top-line performance.

Balance Sheet

The balance sheet is a clear strength with very low leverage (TTM debt-to-equity ~0.05) and a large equity base (~$693M) supporting ~$863M of assets. While return on equity is weak in TTM (~0.4%) due to the earnings downturn, the company has meaningfully reduced leverage versus 2020–2022 and retains substantial financial flexibility.

Cash Flow

Cash generation remains solid: TTM operating cash flow is ~$175M and free cash flow is ~$140M, with free cash flow growth up ~13% versus the prior period shown. Cash flow is holding up better than earnings (operating cash flow running ~1.49x net income), but free cash flow relative to net income is below 1.0 in TTM (~0.80), indicating earnings-to-cash conversion is not as strong as in prior years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	523.26M	509.40M	737.15M	660.36M	515.33M
Gross Profit	356.94M	340.40M	514.67M	452.05M	321.68M
EBITDA	57.59M	106.94M	255.37M	226.26M	133.94M
Net Income	3.08M	61.13M	259.06M	178.88M	95.92M
Balance Sheet
Total Assets	883.12M	843.90M	840.89M	798.71M	726.49M
Cash, Cash Equivalents and Short-Term Investments	133.89M	136.29M	128.32M	145.72M	131.57M
Total Debt	78.23M	15.25M	27.05M	148.82M	182.88M
Total Liabilities	169.07M	132.97M	148.87M	311.55M	314.86M
Stockholders Equity	714.05M	710.93M	692.02M	487.16M	411.63M
Cash Flow
Free Cash Flow	132.58M	119.89M	236.34M	215.47M	157.89M
Operating Cash Flow	175.11M	140.88M	269.59M	238.81M	167.72M
Investing Cash Flow	-62.31M	-37.69M	-33.25M	-34.93M	-89.80M
Financing Cash Flow	-115.70M	-94.46M	-253.72M	-188.07M	-128.61M

Lattice Semiconductor Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 85.77
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LSCC, the sentiment is Negative. The current price of 85.77 is below the 20-day moving average (MA) of 94.14, below the 50-day MA of 88.55, and above the 200-day MA of 69.63, indicating a neutral trend. The MACD of -0.37 indicates Positive momentum. The RSI at 42.52 is Neutral, neither overbought nor oversold. The STOCH value of 26.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LSCC.

Lattice Semiconductor Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVMI	74 Outperform	$13.62B	38.14	22.70%	―	39.37%	40.87%
LSCC	73 Outperform	$11.73B	3,496.18	0.44%	―	-12.03%	-80.99%
MTSI	66 Neutral	$16.34B	67.11	12.60%	―	32.58%	-173.04%
RMBS	65 Neutral	$10.13B	42.96	18.29%	―	31.05%	30.35%
SWKS	64 Neutral	$8.23B	30.39	6.83%	4.37%	-2.18%	-16.84%
QRVO	64 Neutral	$7.24B	12.18	9.71%	―	-7.22%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Lattice Semiconductor Corporate Events

Lattice Semiconductor Announces Resignation of Chief Accounting Officer

On March 11, 2026, Lattice Semiconductor Corporation announced that its Chief Accounting Officer, Tonya Stevens, submitted her resignation, effective March 29, 2026. The company stated that her departure is not due to any disagreement regarding its operations, policies, or practices, suggesting a routine leadership transition in its finance organization with limited immediate implications for stakeholders.

The resignation of a senior accounting executive can be closely watched by investors and regulators, but Lattice emphasized the absence of disputes over financial or operational matters. This framing aims to reassure the market that the change in its accounting leadership does not signal underlying issues in the company’s financial reporting or corporate governance.

The most recent analyst rating on (LSCC) stock is a Buy with a $94.00 price target. To see the full list of analyst forecasts on Lattice Semiconductor stock, see the LSCC Stock Forecast page.