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Lattice Semiconductor
(NASDAQ:LSCC)
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Rating:68Neutral
Price Target:
$140.00
▲(9.02% Upside)
Action:Downgraded
Date:07/28/26
LSCC scores best on earnings momentum and outlook (strong Q1 results, upbeat Q2 guidance, and an accretive strategic acquisition), supported by a resilient financial foundation (low leverage and healthy free cash flow). Offsetting these positives are a weak near-term technical setup (below 20/50-day averages) and a very demanding valuation (P/E 881.4), which reduces the margin of safety if growth or margins disappoint.
Positive Factors
Strong balance sheet
Lattice’s very low leverage and substantial equity provide durable financial flexibility to fund R&D, acquisitions, and buffer cycles. A conservative balance sheet reduces refinancing and solvency risk, enabling multi‑year investments and M&A without threatening core operations.
Negative Factors
Compressed profitability vs prior peaks
Margins and returns have meaningfully cooled from earlier highs, signaling weaker near‑term earnings power. Lower net and operating margins reduce resilience to cost pressure and demand swings, making long‑term EPS durability more dependent on margin recovery or structural mix improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Lattice’s very low leverage and substantial equity provide durable financial flexibility to fund R&D, acquisitions, and buffer cycles. A conservative balance sheet reduces refinancing and solvency risk, enabling multi‑year investments and M&A without threatening core operations.
Read all positive factors
Lattice Semiconductor Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
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The Fly
The FlyLattice Semiconductor (LSCC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.06B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)852.9
Beta (1Y)2.34
Revenue Growth17.45%
EPS Growth-61.07%
CountryUS
Employees1,174
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.15
Shares Outstanding137,007,860
10 Day Avg. Volume1,688,890
30 Day Avg. Volume1,801,889
Financial Highlights & Ratios
PEG Ratio-36.84
Price to Book (P/B)15.10
Price to Sales (P/S)20.61
P/FCF Ratio81.33
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$149.09Price Target Upside16.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.81
Revenue Forecast (FY)$761.15M
Lattice Semiconductor Business Overview & Revenue Model
Company Description
Lattice Semiconductor (LSCC) is a fabless semiconductor company focused on low-power field-programmable gate arrays (FPGAs) and related programmable devices. The company designs and sells FPGA product families and supporting software tools used to...
How the Company Makes Money
Lattice primarily makes money by selling its programmable semiconductor devices and associated development software and tools. The core revenue stream is product revenue from low-power FPGA chips and related programmable devices (sold as standard ...
Lattice Semiconductor Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operating and financial performance: robust top-line growth (Q1 revenue +42% YoY), outsized EPS and margin expansion, improving channel inventory, accelerating bookings and backlog, and a transformative acquisition (AMI) expected to be immediately accretive and to help reach a >$1B run rate. Lowlights are manageable near-term headwinds: backend supply-chain pressure and related cost inflation, sequential declines in cash flow and free cash flow due to timing and bonuses, higher operating expenses as the company invests, and the near-term cash funding required for the AMI deal. Overall, the positive operational momentum, strong guidance, and strategic acquisition materially outweigh the risks called out on the call.Positive Updates
Strong Revenue Growth
Q1 revenue of $170.9M, up 42% year-over-year and 17% sequentially, driven by broad end-market strength.
Negative Updates
Supply-Chain Pressure (Back-End)
Company reports backend assembly/test pressure despite easier legacy-node wafer supply. Management expects cost pressure in the second half of the year and is expanding supplier base to mitigate capacity constraints.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Q1 revenue of $170.9M, up 42% year-over-year and 17% sequentially, driven by broad end-market strength.
Read all positive updates
Company Guidance
Lattice guided Q2 2026 standalone revenue of $175M–$195M (midpoint $185M, roughly +50% YoY and +8% QoQ) with non‑GAAP EPS $0.42–$0.46 (midpoint $0.44, ~+80% YoY), non‑GAAP gross margin ~70% ±1%, non‑GAAP operating expense $64M–$67M, and a non‑GAAP tax rate of 4%–6%; the company expects to close the AMI deal in Q3 (guidance is standalone) and reiterated AMI will be immediately accretive to gross margin, free cash flow and EPS. This follows Q1 results of $170.9M revenue (+42% YoY, +17% QoQ) with 62% of revenue from compute & communications (compute +86% YoY, +15% QoQ), industrial & embedded +21% QoQ, non‑GAAP gross margin 70% (+100 bps YoY, +60 bps QoQ), non‑GAAP EPS $0.41 (+~80% YoY, +30% QoQ), OpEx $60.8M (+8% QoQ, +18% YoY), operating margin 34.4% (+370 bps), EBITDA margin 39.6% (+310 bps), operating cash flow $50.3M, free cash flow $39.7M, $15M of buybacks, $140M cash and no debt, channel inventory down from ~3 months to ~2 months (target <2 months in Q2), and deal terms of ~$1.65B consideration ($1B cash + $650M equity, ~5.4M shares, 12‑month lockup at 25%/quarter), with the combined company targeting >$1B annual run rate by year‑end (inclusive of AMI).Lattice Semiconductor Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
84
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 574.01M | 523.26M | 509.40M | 737.15M | 660.36M | 515.33M |
| Gross Profit | 383.93M | 356.94M | 340.40M | 514.67M | 452.05M | 321.68M |
| EBITDA | 76.73M | 55.96M | 106.94M | 255.37M | 226.26M | 133.94M |
| Net Income | 19.88M | 3.08M | 61.13M | 259.06M | 178.88M | 95.92M |
Balance Sheet | ||||||
| Total Assets | 898.98M | 883.12M | 843.90M | 840.89M | 798.71M | 726.49M |
| Cash, Cash Equivalents and Short-Term Investments | 139.96M | 133.89M | 136.29M | 128.32M | 145.72M | 131.57M |
| Total Debt | 39.90M | 78.23M | 15.25M | 27.05M | 148.82M | 182.88M |
| Total Liabilities | 158.82M | 169.07M | 132.97M | 148.87M | 311.55M | 314.86M |
| Stockholders Equity | 740.16M | 714.05M | 710.93M | 692.02M | 487.16M | 411.63M |
Cash Flow | ||||||
| Free Cash Flow | 161.24M | 132.58M | 119.89M | 249.49M | 215.47M | 157.89M |
| Operating Cash Flow | 193.47M | 175.11M | 140.88M | 269.59M | 238.81M | 167.72M |
| Investing Cash Flow | -65.65M | -62.31M | -37.69M | -33.25M | -34.93M | -89.80M |
| Financing Cash Flow | -115.69M | -115.70M | -94.46M | -253.72M | -188.07M | -128.61M |
Lattice Semiconductor Risk Analysis
Lattice Semiconductor disclosed 28 risk factors in its most recent earnings report. Lattice Semiconductor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lattice Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $9.72B | 41.00 | 17.39% | ― | 17.17% | 3.84% | |
68 Neutral | $17.06B | 852.92 | 2.79% | ― | 17.45% | -61.07% | |
67 Neutral | $12.52B | 46.31 | 21.21% | ― | 21.32% | 19.06% | |
65 Neutral | $18.98B | 106.09 | 13.19% | ― | 27.05% | ― | |
64 Neutral | $8.01B | 20.82 | 11.39% | ― | -0.18% | 403.74% | |
63 Neutral | $9.40B | 32.10 | 5.04% | 4.72% | 0.06% | -22.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
LSCC
Lattice Semiconductor
124.27
75.28
153.66%
MTSI
MACOM Technology Solutions Holdings
251.44
115.13
84.46%
NVMI
Nova
390.87
127.32
48.31%
RMBS
Rambus
91.03
18.62
25.71%
SWKS
Skyworks Solutions
62.28
-3.24
-4.95%
QRVO
Qorvo
90.57
6.46
7.68%
Lattice Semiconductor Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Lattice Semiconductor Completes AMI Acquisition to Boost AI
Positive
Jul 27, 2026
On July 27, 2026, Lattice Semiconductor completed its previously announced acquisition of AMI for roughly $1 billion in cash plus about 5.2 million shares and restricted stock units, funded through cash on hand and $925 million drawn under a new t...
Financial DisclosuresRegulatory Filings and Compliance
Lattice Semiconductor Updates Disclosure on Financial Obligations
Neutral
Jun 30, 2026
Lattice Semiconductor disclosed that information previously presented under Item 1.01 of its current Form 8-K filing is being incorporated by reference into Item 2.03. This procedural move indicates that details about certain material agreements o...
Executive/Board ChangesShareholder Meetings
Lattice Semiconductor Stockholders Back Directors and Governance Measures
Positive
May 5, 2026
On May 1, 2026, Lattice Semiconductor Corporation held its 2026 Annual Meeting of Stockholders, with 95.75% of outstanding common shares represented in person or by proxy, and stockholders elected all nine director nominees to one-year terms. Inve...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Lattice Semiconductor to Acquire AMI, Expanding Secure Platform
Positive
May 4, 2026
On May 4, 2026, Lattice Semiconductor agreed to acquire AMI TopCo, Inc. on a cash-free, debt-free basis for roughly $1 billion in cash and $650 million in stock, with 5.2–6.1 million new shares to be issued and part of the consideration escr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.