Qorvo (QRVO) AI Stock Analysis

• Market Cap: $7.24B
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): 12.2
• Beta (1Y): 1.72
• Revenue Growth: -7.22%
• EPS Growth: N/A
• Country: US
• Employees: 6,200
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 2.17
• Shares Outstanding: 92,705,680
• 10 Day Avg. Volume: 1,304,065
• 30 Day Avg. Volume: 1,286,346
• PEG Ratio: -0.67
• Price to Book (P/B): 1.99
• Price to Sales (P/S): 1.82
• P/FCF Ratio: 13.96
• Enterprise Value/Market Cap: 1.03
• Enterprise Value/Revenue: 2.00
• Enterprise Value/Gross Profit: 4.50
• Enterprise Value/Ebitda: 10.18
• 1Y Price Target: $85.55
• Price Target Upside: 9.51% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 14
• EPS Forecast (FY): 6.51
• Revenue Forecast (FY): $3.67B

• Rating: 64 Neutral
• Price Target: $89.00 ▲(13.93% Upside)
• Action: Reiterated Date: 02/12/26
• Date: Action: Reiterated 02/12/26

The score is driven primarily by improving financial performance (profitability rebound, solid free cash flow, and manageable leverage). Offsetting factors include mixed technicals (negative MACD and below key moving averages), a moderate valuation without a stated dividend yield, and earnings-call/corporate-event risks tied to near-term revenue decline from the Android exit plus merger regulatory uncertainty.

Positive Factors

Strong cash generation and FCF

Sustained operating cash flow and high trailing free cash flow indicate durable internal funding for R&D, capex, dividends or debt reduction. FCF roughly 79% of net income and recent FCF growth (+11.4%) support financial flexibility and resilience across cycles, despite some year-to-year choppiness.

Material margin improvement and target >50% GM

A multi-point gross-margin recovery driven by higher-margin product mix, cost actions and manufacturing optimization points to structurally higher profitability. Management's >50% gross-margin target, plus divestitures and OpEx discipline, imply margins can sustainably outpace prior cyclical troughs even if revenue dips.

Product wins and HPA/defense diversification

Recent commercial wins across premium mobile, automotive and Wi‑Fi, plus expected double‑digit HPA growth and ~$500M DNA/defense sales, broaden end‑market exposure toward higher‑value, less cyclical segments. This diversification supports steadier revenues and higher margins over the medium term.

Negative Factors

Intentional Android revenue reduction (~$300M)

Deliberate slimming of low‑margin Android mass‑tier reduces scale in a key end market, causing a structural top‑line headwind. While mix improves margins, lower absolute revenue can impair fixed‑cost absorption, R&D leverage and near‑term growth metrics until higher‑margin segments scale to replace volumes.

High customer concentration (~53% of revenue)

A single customer accounting for roughly half of sales creates persistent execution and bargaining risks: content shifts, order cadence changes, or relationship issues can materially affect revenue and utilization. This concentration limits revenue predictability and increases downside in demand cycles.

Merger regulatory uncertainty (FTC Second Request)

Regulatory scrutiny of the Skyworks merger introduces material execution risk and timing uncertainty. Prolonged review or remedies could disrupt strategic planning and integration synergies, divert management attention, and leave future ownership and strategic direction unresolved for an extended period.

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 as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers. The company's also provides SiC products, such as Schottky diodes and transistors for automotive, industrial, IT infrastructure and renewable energy markets; SoC hardware, firmware, and application software for smart home applications; power management solutions include programmable power management integrated circuits (ICs) and power application controllers; RF products and compound semiconductor foundry services to defense primes and other global defense and aerospace customers; RF connectivity and UWB SoC solutions for automotive connectivity; and Wi-Fi products, such as PAs, switches, LNAs and bulk acoustic wave filters, as well as integrated solutions including front end modules (FEMs) and integrated FEMs. It sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. The company was founded in 1957 and is headquartered in Greensboro, North Carolina.

How the Company Makes Money

Qorvo generates revenue primarily through the sale of its semiconductor products and solutions, which are used in a variety of applications such as mobile communications, automotive, and industrial markets. The company's revenue model is driven by the demand for advanced RF technologies, particularly in the context of the growing 5G infrastructure and the increasing proliferation of IoT devices. Key revenue streams include sales from mobile products, infrastructure and defense products, and advanced technology solutions. Qorvo also benefits from strategic partnerships with major technology firms and network operators, which enhance its market reach and product integration capabilities. Additionally, the company's investment in research and development enables it to innovate and maintain a competitive edge in the rapidly evolving semiconductor landscape.

Qorvo Financial Statement Overview

Summary

Profitability is rebounding in TTM (positive net income; ~43% gross margin, ~9% EBIT margin) and cash generation is solid (TTM FCF ~$595M). Balance sheet leverage is manageable (debt-to-equity ~0.44) with improving debt levels, but results remain below FY2021–FY2022 peak and earnings/cash-flow consistency is still a key risk.

Income Statement

TTM (Trailing-Twelve-Months) shows a clear profitability rebound versus FY2024, with net income turning positive and margins improving (gross margin ~43%, EBIT margin ~9%, net margin ~6%). Revenue is up sharply in TTM (growth rate shown as +209%), but the longer trend is volatile: strong profitability in FY2021–FY2022 gave way to a major downcycle in FY2023 and a loss in FY2024, with FY2025 annual still showing very thin net margin (~1.5%). Strength is the recent margin recovery; weakness is the cyclicality and the gap versus prior peak profitability.

Balance Sheet

Leverage looks manageable with debt-to-equity around ~0.44 in TTM and equity still substantial (~$3.7B) against ~$6.2B of assets. The company has also reduced debt from FY2023–FY2024 levels (~$2.0B) to ~1.55B more recently, which improves balance-sheet flexibility. The main weakness is that returns on equity remain modest in TTM (~6%), reflecting that profitability has not fully normalized versus FY2021–FY2022.

Cash Flow

Cash generation is a relative bright spot: TTM operating cash flow (~$732M) and free cash flow (~$595M) are solid, with strong stated free-cash-flow growth (+11.4%). Cash conversion is reasonable—free cash flow is roughly ~79% of net income in TTM—supporting quality of earnings. The key watch-out is that operating cash flow has not consistently covered accounting profits across periods (coverage ratio below 1.0 in TTM and FY2025 annual), and free cash flow has been somewhat choppy year to year.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.74B	3.72B	3.77B	3.57B	4.65B	4.02B
Gross Profit	1.66B	1.54B	1.49B	1.30B	2.29B	1.88B
EBITDA	733.81M	441.06M	463.74M	531.94M	1.61B	1.34B
Net Income	340.62M	55.62M	-70.32M	103.15M	1.03B	733.61M
Balance Sheet
Total Assets	6.16B	5.93B	6.55B	6.69B	7.51B	7.22B
Cash, Cash Equivalents and Short-Term Investments	1.32B	1.02B	1.03B	808.76M	972.59M	1.40B
Total Debt	1.55B	1.55B	1.99B	2.05B	2.05B	1.75B
Total Liabilities	2.47B	2.54B	3.00B	2.79B	2.96B	2.59B
Stockholders Equity	3.70B	3.39B	3.56B	3.90B	4.55B	4.63B
Cash Flow
Free Cash Flow	595.20M	484.60M	705.96M	684.28M	835.78M	1.11B
Operating Cash Flow	731.55M	622.20M	833.19M	843.23M	1.05B	1.30B
Investing Cash Flow	33.91M	36.55M	-136.47M	-153.41M	-595.96M	-218.66M
Financing Cash Flow	-217.87M	-684.36M	-459.57M	-853.35M	-875.51M	-401.92M

Qorvo Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 78.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QRVO, the sentiment is Negative. The current price of 78.12 is below the 20-day moving average (MA) of 81.06, below the 50-day MA of 81.62, and below the 200-day MA of 85.95, indicating a bearish trend. The MACD of -1.17 indicates Positive momentum. The RSI at 38.12 is Neutral, neither overbought nor oversold. The STOCH value of 48.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for QRVO.

Qorvo 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%
QRVO	64 Neutral	$7.24B	12.18	9.71%	―	-7.22%	―
SWKS	64 Neutral	$8.23B	30.39	6.83%	4.37%	-2.18%	-16.84%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Qorvo Corporate Events

Qorvo Shareholders Approve Merger Agreement With Skyworks

On February 11, 2026, Qorvo stockholders met in a special meeting and approved the Agreement and Plan of Merger dated October 27, 2025 with Skyworks Solutions, Inc., along with the related corporate steps needed to complete the transaction. The merger agreement proposal received overwhelming support, with more than 71 million votes cast in favor, representing a strong majority of the 77.35% of outstanding shares present or represented by proxy at the meeting.

Stockholders also approved, on a non-binding advisory basis, the compensation that may be paid to Qorvo’s named executive officers in connection with the merger, signaling investor acceptance of the deal’s executive pay framework. Completion of the transaction remains subject to a range of closing conditions, including U.S. and foreign antitrust and investment approvals, the absence of legal barriers, and each party’s continued compliance with the merger agreement, leaving regulatory and operational milestones as the key remaining hurdles for stakeholders.

The most recent analyst rating on (QRVO) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on Qorvo stock, see the QRVO Stock Forecast page.

Qorvo-Skyworks merger faces extended FTC antitrust review

On October 27, 2025, Qorvo entered into a merger agreement under which it would be acquired through a two-step merger structure by Skyworks Solutions, with Qorvo initially becoming a wholly owned subsidiary before being folded into a Skyworks merger vehicle. On February 5, 2026, both Qorvo and Skyworks received formal Second Requests for additional information from the U.S. Federal Trade Commission as part of its antitrust review, extending the Hart-Scott-Rodino waiting period until 30 days after both companies substantially comply. The deal, which has already cleared key procedural steps including the effectiveness of a joint registration and proxy statement mailed to shareholders in late December 2025, remains contingent on U.S. and foreign regulatory clearances and other closing conditions, underscoring that the transaction’s timing and completion—and thus its potential impact on industry consolidation and on shareholders—depend heavily on the outcome of ongoing regulatory scrutiny.

The most recent analyst rating on (QRVO) stock is a Hold with a $87.00 price target. To see the full list of analyst forecasts on Qorvo stock, see the QRVO Stock Forecast page.

Qorvo Issues Supplemental Disclosures Amid Merger Litigation

On October 27, 2025, Qorvo agreed to be acquired by Skyworks Solutions through a two-step merger that will ultimately make Qorvo a wholly owned subsidiary of Skyworks, with stockholders of both companies scheduled to vote on the transaction at special meetings on February 11, 2026. Following the announcement of the merger agreement, two lawsuits were filed in January 2026 in New York state court and several demand letters were sent by purported stockholders of Qorvo and Skyworks alleging disclosure deficiencies in the joint proxy statement/prospectus for the deal and seeking additional information, injunctive relief, rescission, and damages. While both companies deny any wrongdoing and maintain that their disclosures already comply with securities laws and exchange rules, they have issued supplemental disclosures detailing financial assumptions, valuation analyses, precedent transaction benchmarks, and revised golden parachute compensation figures for Qorvo executives in an effort to reduce litigation risk, avoid delays to closing, and provide additional transparency to investors.

The most recent analyst rating on (QRVO) stock is a Hold with a $87.00 price target. To see the full list of analyst forecasts on Qorvo stock, see the QRVO Stock Forecast page.

Qorvo Announces Retention Bonus Amid Skyworks Merger

On November 22, 2025, Qorvo, Inc. announced a retention bonus agreement for its Senior Vice President and Chief Financial Officer, Grant A. Brown, in light of the planned merger with Skyworks Solutions, Inc. The agreement includes a cash retention payment of $986,226, with 60% payable upon the merger’s completion and 40% six months thereafter, contingent on Mr. Brown’s continued employment. This move is aimed at ensuring leadership stability during the merger process.

The most recent analyst rating on (QRVO) stock is a Hold with a $86.00 price target. To see the full list of analyst forecasts on Qorvo stock, see the QRVO Stock Forecast page.