Qorvo Inc (QRVO)
NASDAQ:QRVO
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Qorvo
(NASDAQ:QRVO)
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Rating:64Neutral
Price Target:
$89.00
▲(12.05% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Qorvo (QRVO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.36B
Dividend YieldN/A
Average Volume (3M)1.34M
Price to Earnings (P/E)12.2
Beta (1Y)1.67
Revenue Growth-7.22%
EPS GrowthN/A
CountryUS
Employees6,200
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.17
Shares Outstanding92,705,680
10 Day Avg. Volume1,472,998
30 Day Avg. Volume1,342,610
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)1.99
Price to Sales (P/S)1.82
P/FCF Ratio13.96
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue1.99
Enterprise Value/Gross Profit4.48
Enterprise Value/Ebitda10.14
Forecast
1Y Price Target
$85.55Price Target Upside7.70% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)6.68
Revenue Forecast (FY)$3.47B
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 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...
Qorvo Key Performance Indicators (KPIs)
Qorvo Earnings Call Summary
Earnings Call Date:Jan 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 06, 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
58
Neutral
Balance Sheet
70
Positive
Cash Flow
76
Positive
| 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
Neutral
79.43
Price Trends
80.36
Negative
82.68
Negative
85.88
Negative
Market Momentum
-0.64
Negative
51.24
Neutral
45.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QRVO, the sentiment is Neutral. The current price of 79.43 is above the 20-day moving average (MA) of 78.34, below the 50-day MA of 80.36, and below the 200-day MA of 85.88, indicating a neutral trend. The MACD of -0.64 indicates Negative momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 45.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for QRVO.
Qorvo Risk Analysis
Qorvo disclosed 40 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $14.16B | 39.37 | 22.70% | ― | 39.37% | 40.87% | |
73 Outperform | $13.31B | 3,496.18 | 0.44% | ― | -12.03% | -80.99% | |
66 Neutral | $17.48B | 67.11 | 12.60% | ― | 32.58% | -173.04% | |
65 Neutral | $9.94B | 42.96 | 18.29% | ― | 31.05% | 30.35% | |
64 Neutral | $7.36B | 12.18 | 9.71% | ― | -7.22% | ― | |
64 Neutral | $8.42B | 30.39 | 6.83% | 4.37% | -2.18% | -16.84% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
QRVO
Qorvo
79.43
28.62
56.33%
LSCC
Lattice Semiconductor
97.24
59.40
156.98%
MTSI
MACOM Technology Solutions Holdings
233.04
145.40
165.91%
NVMI
Nova
445.55
278.83
167.24%
RMBS
Rambus
92.22
49.32
114.99%
SWKS
Skyworks Solutions
55.97
8.83
18.72%
Qorvo Corporate Events
M&A TransactionsShareholder Meetings
Qorvo Shareholders Approve Merger Agreement With Skyworks
Positive
Feb 11, 2026
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 me...
Legal ProceedingsM&A TransactionsRegulatory Filings and Compliance
Qorvo-Skyworks merger faces extended FTC antitrust review
Negative
Feb 6, 2026
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 merg...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Qorvo Issues Supplemental Disclosures Amid Merger Litigation
Neutral
Jan 28, 2026
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 spe...
Executive/Board ChangesM&A Transactions
Qorvo Announces Retention Bonus Amid Skyworks Merger
Neutral
Nov 28, 2025
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...
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.