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Qorvo, Inc.

QRVO

Semiconductors & Related Devices

Mkt Cap

$10.77B

PE

-50.91

Debt

$2.03B

Cash

$1.092B

EV

$11.7B

FCF

$567.7M

Market Cap

$10.77B

P/E Ratio

-50.91

Debt

$2.03B

Cash

$1.092B

EV

$11.7B

FCF

$567.7M
Charts data: {"Earnings":[{"time":"2015-03-27","value":196303000},{"time":"2016-04-01","value":-28845000},{"time":"2017-03-31","value":-16558000},{"time":"2018-03-30","value":-40288000},{"time":"2019-03-29","value":133125000},{"time":"2020-03-27","value":334325000},{"time":"2021-04-02","value":733611000},{"time":"2022-04-01","value":1033353000},{"time":"2023-03-31","value":103152000}],"Sales":[{"time":"2015-03-27","value":1710966000},{"time":"2016-04-01","value":2610726000},{"time":"2017-03-31","value":3032574000},{"time":"2018-03-30","value":2973536000},{"time":"2019-03-29","value":3090325000},{"time":"2020-03-27","value":3239141000},{"time":"2021-04-02","value":4015307000},{"time":"2022-04-01","value":4645714000},{"time":"2023-03-31","value":3569399000}],"Net Margins":[{"time":"2015-03-27","value":0.1147322623593923},{"time":"2016-04-01","value":-0.011048650835055077},{"time":"2017-03-31","value":-0.005460048130729868},{"time":"2018-03-30","value":-0.013548852275539962},{"time":"2019-03-29","value":0.043077993414932084},{"time":"2020-03-27","value":0.10321409287215345},{"time":"2021-04-02","value":0.18270358904063874},{"time":"2022-04-01","value":0.22243147124424792},{"time":"2023-03-31","value":0.028898982713896654}],"Assets":[{"time":"2015-03-27","value":6892379000},{"time":"2016-04-01","value":6596819000},{"time":"2017-03-31","value":6522323000},{"time":"2018-03-30","value":6381519000},{"time":"2019-03-29","value":5808024000},{"time":"2020-03-27","value":6560682000},{"time":"2021-04-02","value":7221470000},{"time":"2022-04-01","value":7509072000},{"time":"2023-03-31","value":6691903000}],"Stockholders Equity":[{"time":"2015-03-27","value":6173160000},{"time":"2016-04-01","value":4999672000},{"time":"2017-03-31","value":4896722000},{"time":"2018-03-30","value":4775564000},{"time":"2019-03-29","value":4359679000},{"time":"2020-03-27","value":4292665000},{"time":"2021-04-02","value":4629425000},{"time":"2022-04-01","value":4553218000},{"time":"2023-03-31","value":3902794000}],"ROE":[{"time":"2015-03-27","value":0.031799434973336184},{"time":"2016-04-01","value":-0.005769378471227713},{"time":"2017-03-31","value":-0.003381445791694934},{"time":"2018-03-30","value":-0.008436281034030746},{"time":"2019-03-29","value":0.030535505022273427},{"time":"2020-03-27","value":0.07788285365850818},{"time":"2021-04-02","value":0.15846698024052663},{"time":"2022-04-01","value":0.22695003841239317},{"time":"2023-03-31","value":0.02643029583421518}],"ROA":[{"time":"2015-03-27","value":0.017796757839346908},{"time":"2016-04-01","value":0.003100585297247052},{"time":"2017-03-31","value":0.013501171285138745},{"time":"2018-03-30","value":0.01415728763010813},{"time":"2019-03-29","value":0.03727016279547054},{"time":"2020-03-27","value":0.07028065070064363},{"time":"2021-04-02","value":0.1255460453342602},{"time":"2022-04-01","value":0.1657208773600786},{"time":"2023-03-31","value":0.028854572458686265}]}

Qorvo, Inc. supplies semiconductor solutions for consumer electronics, smart home/IoT, automotive, EVs, battery-powered appliances, network infrastructure, healthcare, and aerospace/defense markets in the United States, China, other Asian countries, Taiwan, and Europe. The company combines product and technology leadership, systems-level expertise, and global manufacturing scale to solve its customers' technical challenges. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies RF and power management solutions for infrastructure, defense and aerospace, automotive power, and other markets. The CSG segment supplies connectivity and sensor components and systems featuring various technologies, such as UWB, Matter, Bluetooth Low Energy, Zigbee, Thread, Wi-Fi, cellular IoT, and MEMS-/BAW-based sensors. It serves smart home, automotive connectivity, industrial automation, smartphones, wearables, gaming, and other high-growth IoT connectivity and healthcare markets. The ACG segment supplies cellular RF solutions for smartphones, wearables, laptops, tablets, and various other devices. The company also offers foundry services for Department of Defense and strategic defense customers. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. The company was founded in 1957 and is headquartered in Greensboro, North Carolina.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$567.7M$656.1M$750.5M$849.7M$952.1M$1.056B$1.158B$1.257B$1.349B$1.432B$1.504B$15.04B
DCF$570.5M$567.5M$558.7M$544.3M$524.8M$500.6M$472.4M$441M$407.1M$371.7M$3.717B
Value$8.676B

In the chart Earnings are multiplied by this value.

Earnings Growth 52%
Earnings Stability -6.1%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years03-201504-201603-201703-201803-201903-202004-202104-202203-2023TTM
Net Margin11%-1.1%-0.55%-1.4%4.3%10%18%22%2.9%-6.1%
ROA1.8%0.31%1.4%1.4%3.7%7%13%17%2.9%-1.3%
ROE3.2%-0.58%-0.34%-0.84%3.1%7.8%16%23%2.6%-5.8%

What is the average Net Margin?

The average Net Margin over the past 5 years is +9.45%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +2.37%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +7.36%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +1.47%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +8.53%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.41%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years03-201504-201603-201703-201803-201903-202004-202104-202203-2023TTM
Debt FCF-2.654.411.691.562.011.572.452.993.58
Debt Equity0.000.200.200.210.210.370.380.450.520.56
MIN
Graham Stability----80%-100%100%100%15%-80%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 3.58.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.25.

What is the Graham’s Stability?

Graham’s Stability measure stands at -0.80.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years04-201603-201803-202004-2022Trend
Revenue4.6%3.7%3.3%-23%-5.4%
Net Income---32%-90%-80%
Stockholders Equity-3.5%-4%-3.1%-14%0.87%
FCF9.1%3.3%-4.3%-18%-19%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +3.72%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -5.4%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -80.2%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -3.96%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +0.87%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +3.27%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -18.97%.