Credit and interest ratesmixed · 4 filings
“Interest expense for fiscal years 2026 and 2025 also includes financing costs related to certain inventory (subject to repurchase) in connection with a supply agreement.”10-K · May 8, 2026 ↗
Qorvo, Inc.
QRVO
Market read
Qorvo, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 19 directly disclosed connections are confirming.
What changed
- Operating margin improved 8.6 percentage points.
- Revenue decreased 1.1% versus the comparable filing period.
Company+11.0% todayVolume comparison unavailable
Market group0 of 31 activeMixed Multi-Sector · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Apple accounted for 50% of total revenue in fiscal 2026 (47% in 2025) through sales to multiple contract manufacturers.
- $9.0 million decrease in power management revenue was attributed to lower demand from customers whose products were impacted by tariffs.
Invalidation: The isolated read changes if QRVO's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 31 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 19 directly disclosed connections are confirming.
Evidence that supports
- Operating margin improved 8.6 percentage points.
- Net income increased 509.5% versus the comparable filing period.
Evidence that challenges
- Revenue decreased 1.1% versus the comparable filing period.
What would clarify the read
- Apple accounted for 50% of total revenue in fiscal 2026 (47% in 2025) through sales to multiple contract manufacturers.
- $9.0 million decrease in power management revenue was attributed to lower demand from customers whose products were impacted by tariffs.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements121
Verified relationships18
Evidence supporting the case
- Operating margin changed +8.6 percentage points in the latest annual period.
- Net margin changed +7.7 percentage points in the latest annual period.
- Material customer AAPL most recently reported revenue +16.4% year over year.
Evidence challenging the case
- Latest annual revenue changed -1.1% year over year.
- Product pipeline and R&D has repeated adverse evidence across 4 filings.
- Tariffs and trade policy has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 66% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 73% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
112.426m+43.0%12m+22.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-04-02$4.6B+15.7%$9.26-3.9%
2023-04-01$3.6B-23.2%$1.00-7.6%
2024-03-30$3.8B+5.6%$-0.72-5.3%
2025-03-29$3.7B-1.3%$0.58-2.2%
2026-03-28$3.7B-1.1%$3.62-2.0%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 4 filings
“Operating Expenses Research and Development The decrease in research and development expense was driven by a $19.9 million decrease in product development costs related to mass-market Android smartphones.”10-K · May 8, 2026 ↗
Restructuring and cost reductionsmixed · 4 filings
“Net cash provided by operating activities was $622.2 million in fiscal 2025, attributable to the effects of net income adjusted for non-cash items (which includes depreciation, intangible assets amortization, deferred income taxes, goodwill and intangible ass…”10-K · May 8, 2026 ↗
Demand and volumemixed · 3 filings
“Operating Segments High Performance Analog (In thousands, except percentages) Fiscal 2026 Fiscal 2025 Dollar Change Percentage Change Revenue $ 705,657 $ 637,261 $ 68,396 10.7 % Operating income 189,356 108,895 80,461 73.9 Operating income as a % of revenue 2…”10-K · May 8, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.9× · EV/sales 2.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
116.83+11.0% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:10 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for QRVO. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-K filed 2026-05-08 against the comparable filing from 2025-05-19.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationmixed
What improved
- Operating margin improved 8.6 percentage points.
- Net income increased 509.5% versus the comparable filing period.
What weakened
- Revenue decreased 1.1% versus the comparable filing period.
Filing receipts
“Cash Flows from Operating Activities Net cash provided by operating activities was $808.6 million in fiscal 2026, attributable to the effects of net income adjusted for non-cash items (which includes depreciation, intangible assets amortization, deferred income taxes, goodwill and intangible asset impairment, stock-based compensation expense and other non-cash items) and changes in working capital.”
“Net cash provided by operating activities was $622.2 million in fiscal 2025, attributable to the effects of net income adjusted for non-cash items (which includes depreciation, intangible assets amortization, deferred income taxes, goodwill and intangible asset impairment, stock-based compensation expense and other non-cash items).”
“Interest expense for fiscal years 2026 and 2025 also includes financing costs related to certain inventory (subject to repurchase) in connection with a supply agreement.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind QRVO
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AAPL50.0% of QRVOcustomerMay 8, 2026 ▾
“We provide products to our largest end customer, Apple Inc.”
ADIAnalog Devices, Inc.competitorMay 8, 2026 ▾
“HPA competes primarily with Analog Devices, Inc.; Axiro Semiconductor Private Limited; MACOM Technology Solutions Holdings, Inc.; Monolithic Power Systems, Inc.; Renesas Electronics Corporation; Scientific Components Corporation (d/b/a Mini-Circuits); Silergy…”
Depended on by
AXTIAXT, Inc.competitorMay 14, 2026 ▾
“We face competition for our wafer substrate products from other manufacturers of substrates, such as Sumitomo, JX, Freiberger, Umicore, Vital and CCTC, and from companies, such as Qorvo and Skyworks, that are actively considering alternative materials to GaAs…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 16 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
QRVO is currently a Early Follower in the organic co-movement group Mixed Multi-Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for QRVO; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.