LSCCLATTICE SEMICONDUCTOR CORP

Semiconductors & Related Devices

Revenue: $523M; 2.7% YoY
Operating margin: 2.1%; 68% YoY
EBITDA: $31M; 42% YoY
Market cap: $12.8B
Employees: 1,174; $446K revenue each
Net debt / EBITDA: -0.7×; −$23M net debt
AI in 10-K: 12.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
57× net income
Cash flow under 80% of net income
Dilutive SBCYes
22% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$446K · 54th pct
Bottom quartile of its SIC industry
Quiet on AINo
12.5 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

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

Financials

Metric	FY2022	FY2023	FY2024	FY2026	YoY	Trend
Revenue	$660M	$737M	$509M	$523M	2.7%
Operating income	$187M	$212M	$34M	$11M	67%
Net income	$179M	$259M	$61M	$3M	95%
Operating cash flow	$239M	$270M	$141M	$175M	24%
Capex	$23M	$20M	$21M	$43M	103%
Stock-based comp	$56M	$70M	$53M	$116M	118%
Buybacks	$110M	$80M	$67M	$100M	49%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 4
Open-market sells, 12 mo: $20M · 74
Net: −$18M

Pay vs performance

No pay-versus-performance disclosure yet.