Qorvo Inc (QRVO)
NASDAQ:QRVO
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Qorvo
(NASDAQ:QRVO)
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Rating:65Neutral
Price Target:
$112.00
▲(36.75% Upside)
Action:Reiterated
Date:05/07/26
The score is primarily supported by strong cash generation, a manageable balance sheet, and improving profitability, reinforced by constructive price trend signals. It is held back by muted/declining revenue trends and FY2027 guidance for a revenue decline (including a ~$300M Android reduction), along with customer concentration and merger-closing uncertainty.
Positive Factors
Strong free cash flow generation
Sustained high operating and free cash flow provides durable financial flexibility: funds R&D, capital allocation, debt reduction, and buffer versus cycle volatility. High FCF conversion (≈84% of net income) supports reinvestment and strategic moves without relying on external financing.
Negative Factors
Guided mid‑single‑digit revenue decline for FY2027
An intentional reduction in Android mass‑tier exposure (~$300M) materially lowers near‑term revenue base and scale economies. Even with margin improvement, lower revenue can pressure fixed cost absorption, slow R&D scale benefits, and make multi‑quarter top‑line recovery uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained high operating and free cash flow provides durable financial flexibility: funds R&D, capital allocation, debt reduction, and buffer versus cycle volatility. High FCF conversion (≈84% of net income) supports reinvestment and strategic moves without relying on external financing.
Read all positive factors
Qorvo Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across Qorvo’s segments (for example mobile, infrastructure, and defense), showing where growth is coming from and how dependent the company is on specific end markets like smartphones or 5G equipment. Useful for spotting concentration risk, timing of product cycles, and opportunities from new design wins or market expansion.
Breaks down sales across Qorvo’s segments (for example mobile, infrastructure, and defense), showing where growth is coming from and how dependent the company is on specific end markets like smartphones or 5G equipment. Useful for spotting concentration risk, timing of product cycles, and opportunities from new design wins or market expansion.
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The Fly
The FlyQorvo (QRVO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.15B
Dividend YieldN/A
Average Volume (3M)1.10M
Price to Earnings (P/E)28.8
Beta (1Y)1.58
Revenue Growth-1.09%
EPS Growth515.86%
CountryUS
Employees6,200
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.66
Shares Outstanding88,013,670
10 Day Avg. Volume1,145,930
30 Day Avg. Volume1,103,528
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)2.14
Price to Sales (P/S)1.95
P/FCF Ratio10.54
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue2.64
Enterprise Value/Gross Profit5.74
Enterprise Value/Ebitda14.71
Forecast
1Y Price Target
$93.56Price Target Upside14.23% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)6.89
Revenue Forecast (FY)$3.46B
Qorvo Business Overview & Revenue Model
Company Description
Qorvo, Inc. develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such...
How the Company Makes Money
Qorvo makes money by selling semiconductor devices and modules to original equipment manufacturers (OEMs) and other electronics makers, with revenue recognized primarily from product shipments. Its core revenue stream is the sale of RF front-end c...
Qorvo Earnings Call Summary
Earnings Call Date:Jan 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call balances clear operational and financial progress — strong Q3 revenue, notable margin expansion (≈+260 bps YoY), solid free cash flow, strategic product wins (iPad high-band pad, automotive UWB, Wi‑Fi 8 samples), and actions to improve capital intensity — against meaningful near-term top-line headwinds driven by an intentional exit from lower-margin Android mass-tier (~$300M FY2027 impact), loss of share in some ultra-high band sockets, and a mid-single-digit revenue decline forecast for FY2027. Management emphasizes a portfolio shift toward higher-margin HPA and defense markets and targets full-year gross margins above 50% and EPS approaching $7, indicating confidence in improved profitability despite lower revenue. Overall, the positives around margin improvement, cash generation, and strategic repositioning outweigh the near-term revenue declines.Positive Updates
Strong Q3 Financial Performance
Q3 revenue of $993M, non-GAAP gross margin of 49.1%, and non-GAAP diluted EPS of $2.17 — all above guidance.
Negative Updates
Android Revenue Decline and Strategic Exit
Android revenue declined sequentially in December by the low double digits and management expects Android revenue to decline approximately $300M in fiscal 2027 versus fiscal 2026 as they reduce exposure to lower-margin mass-tier Android.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Q3 Financial Performance
Q3 revenue of $993M, non-GAAP gross margin of 49.1%, and non-GAAP diluted EPS of $2.17 — all above guidance.
Read all positive updates
Company Guidance
Qorvo guided March (fiscal Q4) revenue of $800M ± $25M, non‑GAAP gross margin of 48–49%, non‑GAAP diluted EPS of $1.20 ± $0.15, non‑GAAP operating expenses of $240–250M, non‑operating expense of $8–10M, and a fiscal ’26 non‑GAAP tax rate of ~15%. For full fiscal 2027 the company expects a mid‑single‑digit decline in revenue, Android revenue to fall by roughly $300M versus fiscal 2026, CSG to be approximately flat, HPA to grow in the double digits, and DNA market sales of about $500M; management is targeting full‑year gross margins above 50% and EPS approaching $7.0. For context, fiscal Q3 results were revenue $993M, non‑GAAP gross margin 49.1% (up ~260 bps YoY), non‑GAAP diluted EPS $2.17, largest customer ≈53% of revenue, cash & equivalents ≈$1.3B, long‑term debt ≈$1.5B, net inventory $530M (down $75M sequential, $111M YoY), operating cash flow ≈$265M, capex $28M, and free cash flow $237M.Qorvo Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
76
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.68B | 3.72B | 3.77B | 3.57B | 4.65B |
| Gross Profit | 1.69B | 1.54B | 1.49B | 1.30B | 2.29B |
| EBITDA | 411.42M | 441.06M | 463.74M | 531.94M | 1.61B |
| Net Income | 338.99M | 55.62M | -70.32M | 103.15M | 1.03B |
Balance Sheet | |||||
| Total Assets | 5.83B | 5.93B | 6.55B | 6.69B | 7.51B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 1.02B | 1.03B | 808.76M | 972.59M |
| Total Debt | 1.55B | 1.55B | 1.99B | 2.05B | 2.05B |
| Total Liabilities | 2.48B | 2.54B | 3.00B | 2.79B | 2.96B |
| Stockholders Equity | 3.34B | 3.39B | 3.56B | 3.90B | 4.55B |
Cash Flow | |||||
| Free Cash Flow | 679.56M | 484.60M | 705.96M | 684.28M | 835.78M |
| Operating Cash Flow | 808.63M | 622.20M | 833.19M | 843.23M | 1.05B |
| Investing Cash Flow | -43.60M | 36.55M | -136.47M | -153.41M | -595.96M |
| Financing Cash Flow | -566.53M | -684.36M | -459.57M | -853.35M | -875.51M |
Qorvo Technical Analysis
Positive
81.90
Price Trends
86.68
Positive
84.00
Positive
86.56
Positive
Market Momentum
5.22
Negative
68.71
Neutral
84.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QRVO, the sentiment is Positive. The current price of 81.9 is below the 20-day moving average (MA) of 95.63, below the 50-day MA of 86.68, and below the 200-day MA of 86.56, indicating a bullish trend. The MACD of 5.22 indicates Negative momentum. The RSI at 68.71 is Neutral, neither overbought nor oversold. The STOCH value of 84.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QRVO.
Qorvo Risk Analysis
Qorvo disclosed 42 risk factors in its most recent earnings report. Qorvo 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
Qorvo Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $16.08B | 69.52 | 17.44% | ― | 19.12% | 10.38% | |
75 Outperform | $20.26B | 1,013.84 | 2.79% | ― | 17.45% | -61.07% | |
75 Outperform | $16.28B | 60.38 | 21.21% | ― | 21.32% | 19.06% | |
73 Outperform | $30.57B | 166.07 | 13.19% | ― | 27.05% | ― | |
65 Neutral | $9.15B | 28.77 | 9.69% | ― | -1.09% | 515.86% | |
64 Neutral | $11.83B | 33.88 | 6.30% | 4.37% | 2.33% | -6.12% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
QRVO
Qorvo
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30.40
39.99%
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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.