QRVO F4Q26: Slightly Above Expectations

研报英文原文证据摘录

QRVO F4Q26: Slightly Above Expectations

Semiconductors

Semiconductor Devices - Market Overweight

QORVO, INC. (QRVO) May 11, 2026

QRVO F4Q26: Slightly Above Expectations Rating:

Peer Perform

The Wolfe Byte Price: $90.53

We update estimates following QRVO's F4Q earnings report last week. MarQ Price Target:

revenue was modestly above street, while GM was better than expected. QRVO NA

reaffirmed prior FY27 guidance for GM >50% & EPS approaching $7. Maintain Peer View QRVO Model

Perform. View Comp Table

Company Information

F4Q results slightly above expectations. QRVO reported F4Q revenue of $808mn 52-Week Range $73 - $97

Market Cap. (MM) $8,393

(-19% q/q, -7% y/y), which was 1% above Street. Advanced Cellular revenue declined Enterprise Value (M) $9,047

26% q/q, but was 3% above Street. High-performance Analog revenue grew 6% q/ Shares Out. (MM) 92.7

q, while Connectivity & Sensors revenue declined 16% q/q. GM was a bright spot at Avg. Value Traded (MM) $128.05 SI% of Float 7.5%

52.6% (+350bps q/q, +670bps y/y), its highest level in 4 years, and well above Street FCF Yield 11.5%

48.4%. Opex was below expectations, driving OpM of 23.5% vs Street 17.7%. EPS of Days to Cover 6.0

Dividend Yield 0.0%

$1.69 was $0.48 above Street, primarily driven by better than expect GM and opex.

Price Performance

Management commentary. Management did not provide JunQ guidance due to its

YTD LTM

pending acquisition. In the press release, QRVO noted that they expect continued QRVO 7% 25%

momentum in reducing capital intensity and enhancing profitability. For FY27, the SOX 66% 166%

S&P 500 8% 31%

company reiterated prior commentary for non-GAAP GM above 50%, and EPS

approaching $7.00. The company also noted that F2Q27 is a 14-week quarter. 105

Share buyback.