SMTCSEMTECH CORP

Semiconductors & Related Devices

Revenue: $1.0B; 15% YoY
Operating margin: 3.1%; 44% YoY
EBITDA: $62M; 25% YoY
Market cap: $11.9B
Employees: 1,920; $547K revenue each
Net debt / EBITDA: 5.3×; $329M net debt
AI in 10-K: 3.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 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
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$547K · 64th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$19M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$741M	$757M	$869M	$909M	$1.0B	15%
Operating income	$145M	$93M	−$944M	$50M	$33M	35%
Net income	$126M	$61M	−$1.1B	−$162M	−$40M	75%
Operating cash flow	$203M	$127M	−$94M	$58M	$181M	212%
Capex	$26M	$28M	$29M	$8M	$10M	24%
Stock-based comp	$51M	$39M	$40M	$68M	$58M	15%
Buybacks	$130M	$50M	$0	$0	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $19M · 60
Net: −$19M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	113	276
FY2025	—	—	103	185
FY2024	—	—	29	150
FY2023	—	—	47	102
FY2022	—	—	96	114