NVTSNavitas Semiconductor Corp
Semiconductors & Related Devices
- Revenue
- $46M
- 45% YoY
- Operating margin
- -234.7%
- 50% YoY
- EBITDA
- −$104M
- 18% YoY
- Market cap
- $1.6B
- Employees
- —
- Net debt / EBITDA
- —
- −$557M net debt
- AI in 10-K
- 7.6
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 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—Cash flow under 80% of net income
- Dilutive SBCYes32% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo20% of assetsOver 40% of assets
- Shareholder dissentYes62% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo7.6 per 10K words · 89th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.6B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$151M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $24M | $38M | $79M | $83M | $46M | 45% |
| Operating income | −$69M | −$124M | −$118M | −$131M | −$108M | 18% |
| Net income | −$153M | $74M | −$145M | −$85M | −$117M | 38% |
| Operating cash flow | −$42M | −$44M | −$41M | −$59M | −$43M | 27% |
| Capex | $2M | $5M | $5M | $7M | $1M | 78% |
| Stock-based comp | $41M | $63M | $54M | $43M | $14M | 66% |
| Buybacks | $0 | $550K | $0 | — | — |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Aug 25, 2026 | 8-K | Mentions General Catalyst | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 29, 2026 | Singh Ranbir | SCHEDULE 13D/A | 6.4% | Passive |
| Apr 23, 2026 | Singh Ranbir | SCHEDULE 13D/A | 8.1% | Active |
| Dec 16, 2025 | Capricorn-Libra Investment Group, LP | SCHEDULE 13D/A | 7.0% | Passive |
| Apr 25, 2025 | Singh Ranbir | SCHEDULE 13D/A | 26.3% | Active |
| Feb 27, 2025 | Singh Ranbir | SCHEDULE 13D | 26.7% | Passive |
| Feb 18, 2022 | Capricorn-Libra Investment Group, LP | SC 13D | 8.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $151M · 25
- Net
- −$151M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 203 | — |
| FY2024 | — | — | 102 | — |
| FY2023 | — | — | 230 | — |