AOSLALPHA & OMEGA SEMICONDUCTOR Ltd

Semiconductors & Related Devices

Revenue: $679M; 2.5% YoY
Operating margin: -6.4%; 56% YoY
EBITDA: $8M; 69% YoY
Market cap: $695M
Employees: 2,519; $270K revenue each
Net debt / EBITDA: -22.4×; −$177M net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-111% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$270K · 28th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 22.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$695M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$778M	$691M	$657M	$696M	$679M	2.5%
Operating income	$102M	$23M	−$4M	−$28M	−$43M	52%
Net income	$453M	$12M	−$11M	−$97M	−$42M	56%
Operating cash flow	$219M	$20M	$26M	$30M	−$16M	155%
Capex	$138M	$110M	$37M	$37M	$52M	39%
Stock-based comp	$31M	$37M	$22M	$30M	$27M	9.8%
Buybacks	$0	$13M	$0	$0	$18M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $641K · 1
Open-market sells, 12 mo: $3M · 19
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	156	426
FY2025	—	—	236	278
FY2024	—	—	343	274