SWKSSKYWORKS SOLUTIONS, INC.

Semiconductors & Related Devices

Revenue: $4.1B; 2.2% YoY
Operating margin: 12.2%; 20% YoY
EBITDA: $779M; 14% YoY
Market cap: $13.2B
Employees: 10,000; $409K revenue each
Net debt / EBITDA: 0.3×; $206M net debt
AI in 10-K: 3.8; mentions per 10K words

Takeover score 1 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
273% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
97% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentYes
50% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$409K · 51st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.8 per 10K words · 77th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$765K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.1B	$5.5B	$4.8B	$4.2B	$4.1B	2.2%
Operating income	$1.6B	$1.5B	$1.1B	$637M	$500M	22%
Net income	$1.5B	$1.3B	$983M	$596M	$477M	20%
Operating cash flow	$1.8B	$1.4B	$1.9B	$1.8B	$1.3B	29%
Capex	$638M	$489M	$210M	$157M	$195M	24%
Stock-based comp	$192M	$195M	$185M	$180M	$232M	29%
Buybacks	$196M	$887M	$175M	$77M	$830M	974%
Dividends	$341M	$373M	$405M	$439M	$433M	1.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $765K · 4
Net: −$765K

Pay vs performance

No pay-versus-performance disclosure yet.