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QRVO, Qorvo Inc.

Semiconductors asset-light CyclicalSerial acquirer

Qorvo is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets.

HPA is a leading global supplier of radio frequency ("RF"), analog mixed signal and power management solutions.

CSG is a leading global supplier of connectivity solutions, with broad expertise spanning ultra-wideband ("UWB"), Matter , Bluetooth Low Energy ("BLE"), Zigbee , Thread , Wi-Fi and cellular solutions for the Internet of Things ("IoT").

Latest annual: FY2026 10-K

QRVO · Qorvo Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$3.7B

−1.1% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.7B 5-yr avg $3.9B

Gross margin 46% 5-yr avg 42%

Operating margin 11.2% 5-yr avg 9.5%

ROIC 10% 5-yr avg 7%

Owner-earnings margin 18% 5-yr avg 17%

Free cash flow margin 18% 5-yr avg 17%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Serial acquirer. Goodwill and acquired intangibles are 42% of assets, with meaningful acquisition spending in 4 of the record's 10 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 39% and operating margin about 5.1% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 2.4% to 26% — on a steadier 39% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 16% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 2 of 9 years). The steadier read is owner earnings: roughly 19% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

37% of revenue comes from outside the United States.

Revenue by geography, FY2026

United States63%$2.3B
China13%$475M
Other Asia12%$432M
Taiwan10%$358M
Europe3%$98M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMar 2026
											Income statement
$3.0B	$3.0B	$3.1B	$3.2B	$4.0B	$4.6B	$3.6B	$3.8B	$3.7B	$3.7B	$3.7B	RevenueRevenue
37%	39%	39%	41%	47%	49%	36%	39%	41%	46%	46%	Gross marginGross mgn
18%	18%	15%	11%	9%	8%	10%	10%	5%	4%	4%	SG&A / revenueSG&A/rev
16%	15%	15%	15%	14%	13%	18%	18%	20%	20%	20%	R&D / revenueR&D/rev
$88M	$70M	$216M	$423M	$907M	$1.2B	$183M	$92M	$96M	$411M	$411M	Operating incomeOp. inc.
2.9%	2.4%	7.0%	13.1%	22.6%	26.4%	5.1%	2.4%	2.6%	11.2%	11.2%	Operating marginOp. mgn
($17M)	($40M)	$133M	$334M	$734M	$1.0B	$103M	($70M)	$56M	$339M	$339M	Net incomeNet inc.
—	—	—	15%	9%	13%	17%	—	16%	15%	15%	Effective tax rateTax rate
											Cash flow & returns
$777M	$853M	$810M	$946M	$1.3B	$1.0B	$843M	$833M	$622M	$809M	$809M	Operating cash flowOp. cash
$210M	$174M	$209M	$222M	$203M	$211M	$206M	$193M	$163M	$151M	$151M	DepreciationDeprec.
$495M	$650M	$397M	$314M	$276M	($279M)	$428M	$590M	$267M	$182M	$182M	Working capital & otherWC & other
$553M	$270M	$221M	$164M	$187M	$213M	$159M	$127M	$138M	$129M	$129M	CapexCapex
18.2%	9.1%	7.1%	5.1%	4.7%	4.6%	4.5%	3.4%	3.7%	3.5%	3.5%	Capex / revenueCapex/rev
$567M	$678M	$589M	$782M	$1.1B	$836M	$684M	$706M	$485M	$680M	$680M	Owner earningsOwner earn.
18.7%	22.8%	19.1%	24.1%	27.8%	18.0%	19.2%	18.7%	13.0%	18.5%	18.5%	Owner earnings marginOE mgn
$224M	$583M	$589M	$782M	$1.1B	$836M	$684M	$706M	$485M	$680M	$680M	Free cash flowFCF
7.4%	19.6%	19.1%	24.1%	27.8%	18.0%	19.2%	18.7%	13.0%	18.5%	18.5%	Free cash flow marginFCF mgn
$118M	$0	$0	$946M	$47M	$389M	$95K	$83M	$791K	$0	$0	AcquisitionsAcquis.
$209M	$220M	$638M	$515M	$515M	$1.2B	$862M	$400M	$356M	$533M	—	BuybacksBuybacks
1%	1%	—	7%	17%	19%	3%	1%	2%	10%	10%	ROICROIC
-0%	-1%	3%	8%	16%	23%	3%	-2%	2%	10%	10%	Return on equityROE
−0%	−1%	3%	8%	16%	23%	3%	−2%	2%	10%	10%	Retained to equityRetained/eq
											Balance sheet
$545M	$926M	$711M	$715M	$1.4B	$973M	$809M	$1.0B	$1.0B	$1.2B	$1.2B	Cash & investmentsCash+inv
$358M	$346M	$378M	$367M	$457M	$569M	$305M	$413M	$387M	$383M	$383M	ReceivablesReceiv.
$430M	$472M	$512M	$517M	$508M	$756M	$797M	$711M	$641M	$554M	$554M	InventoryInvent.
$216M	$213M	$233M	$247M	$314M	$328M	$211M	$253M	$261M	$243M	$243M	Accounts payablePayables
$572M	$605M	$657M	$637M	$651M	$997M	$890M	$871M	$767M	$693M	$693M	Operating working capitalOper. WC
$1.5B	$1.8B	$1.7B	$1.7B	$2.5B	$2.4B	$2.0B	$2.4B	$2.2B	$2.3B	$2.3B	Current assetsCur. assets
$419M	$441M	$436M	$539M	$682M	$675M	$556M	$1.2B	$783M	$713M	$713M	Current liabilitiesCur. liab.
3.5×	4.2×	3.9×	3.1×	3.6×	3.6×	3.7×	2.0×	2.8×	3.2×	3.2×	Current ratioCurr. ratio
$2.2B	$2.2B	$2.2B	$2.6B	$2.6B	$2.8B	$2.8B	$2.5B	$2.4B	$2.4B	$2.4B	GoodwillGoodwill
$6.5B	$6.4B	$5.8B	$6.6B	$7.2B	$7.5B	$6.7B	$6.6B	$5.9B	$5.8B	$5.8B	Total assetsAssets
$989M	$983M	$921M	$1.6B	$1.7B	$2.0B	$2.0B	$2.0B	$1.5B	$1.5B	$1.5B	Total debtDebt
$444M	$57M	$210M	$859M	$350M	$1.1B	$1.2B	$959M	$528M	$330M	$330M	Net debt / (cash)Net debt
1.5×	1.2×	4.9×	7.0×	12.1×	19.4×	2.7×	1.3×	1.2×	5.6×	5.6×	Interest coverageInt. cov.
$4.9B	$4.8B	$4.4B	$4.3B	$4.6B	$4.6B	$3.9B	$3.6B	$3.4B	$3.3B	$3.3B	Shareholders’ equityEquity
2.9%	2.3%	2.3%	2.3%	2.2%	1.8%	3.0%	3.2%	3.7%	3.7%	3.7%	Stock comp / revenueSBC/rev
—	—	—	—	—	$48M	$12M	$221M	$144M	$37M	$37M	Goodwill written downGW imp.
											Per share
127M	127M	127M	119M	116M	112M	103M	97.6M	95.5M	93.5M	93.5M	Shares out (diluted)Shares
$23.86	$23.42	$24.27	$27.15	$34.61	$41.65	$34.65	$38.64	$38.96	$39.32	$39.32	Revenue / shareRev/sh
$-0.13	$-0.32	$1.05	$2.80	$6.32	$9.26	$1.00	$-0.72	$0.58	$3.62	$3.62	EPS (diluted)EPS
$4.46	$5.34	$4.63	$6.55	$9.61	$7.49	$6.64	$7.24	$5.08	$7.26	$7.26	Owner earnings / shareOE/sh
$1.76	$4.59	$4.63	$6.55	$9.61	$7.49	$6.64	$7.24	$5.08	$7.26	$7.26	Free cash flow / shareFCF/sh
$4.35	$2.13	$1.73	$1.38	$1.61	$1.91	$1.54	$1.30	$1.44	$1.38	$1.38	Cap. spending / shareCapex/sh
$38.52	$37.62	$34.23	$35.98	$39.90	$40.82	$37.88	$36.45	$35.54	$35.75	$35.75	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+5.7%/yr	+2.6%/yr
Owner earnings / share	+5.6%/yr	−5.4%/yr
EPS	—	−10.5%/yr
Capital spending / share	−12.0%/yr	−3.1%/yr
Book value / share	−0.8%/yr	−2.2%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

94Mpeak FY2019

ROIC

10%low FY2018

Gross margin

46%low FY2023

Net debt ÷ owner earnings

0.5×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$680Mowner earningsvs.$339Mnet incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned $339M of profit into $680M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$339M

Owner earnings$680M · 18% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$339M	$56M	($70M)	$103M	$1.0B
Depreciation & amortizationnon-cash charge added back	+$151M	+$163M	+$193M	+$206M	+$211M
Stock-based compensationreal costnon-cash, but a real cost	+$136M	+$136M	+$121M	+$106M	+$84M
Working capital & othertiming of cash in and out, other non-cash items	+$182M	+$267M	+$590M	+$428M	−$279M
Cash from operations	$809M	$622M	$833M	$843M	$1.0B
Capital expenditurecash put back in to keep running and to grow	−$129M	−$138M	−$127M	−$159M	−$213M
Owner earnings	$680M	$485M	$706M	$684M	$836M
Owner-earnings marginowner earnings ÷ revenue	18%	13%	19%	19%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $136M), owner earnings is nearer $543M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 5.6×

Comfortable

Operating income $411M ÷ interest expense $73M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $330M · 0.8× operating profit

Modest net debt

Cash $1.2B − debt $1.5B

What this means
Netting $1.2B of cash and short-term investments against $1.5B of debt leaves $330M owed, about 0.8× a year's operating profit (3.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 95d

Long (60+ days)

DSO 38 + DIO 102 − DPO 45 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 3%

Below average through the cycle

9-yr median, range 1%–19%; 10% latest = NOPAT $350M ÷ invested capital $3.7B

Industry peers: median 14%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 19%

High through the cycle

10-yr median margin, range 13%–28%; latest $680M = operating cash $809M − maintenance capex $129M

Industry peers: median 20%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 18% of revenue this year, a 19% median across 10 years. Treating stock comp as the real expense it is (less $136M of SBC) leaves $543M.
Are earnings backed by cash? 2.39×

Cash-backed

Cash from ops $809M ÷ net income $339M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 78%

Returns about half

Dividends + buybacks $533M ÷ Owner Earnings $680M

What this means
Of $680M Owner Earnings, $533M (78%) went back to shareholders, $0 dividends, $533M buybacks. Net of $136M stock comp, the real buyback was about $396M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.85×

Maintaining

Capex $129M ÷ depreciation $151M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.24×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.5B vs $1.6B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +325%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.23/share (latest year $3.85), the averaged base the calculator's gate runs on, and book value is $38.00/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 5% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin widened — about 4% early to 5% lately, median 5% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −1%/yr

What this means
Owner earnings shrank about 1% a year over the record.
Worst year 2018 · 2.4% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −3.4%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 28, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.3B

Cash & short-term investments$1.2B
Receivables$383M
Inventory$554M
Other current assets$151M

Current liabilities$713M

Accounts payable$243M
Other current liabilities$470M

Current ratio3.24×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.46×stricter: inventory excluded

Cash ratio1.71×strictest: cash alone against what's due

Working capital$1.6Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+8.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 3.2×

Deeper floors

Tangible book value$870Mequity stripped of goodwill & intangibles

Net current asset value($175M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.6B$57M of it operating leases

Deferred revenue$119Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $8.8B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$2.2B · 24%
Buybacks$5.4B · 61%
Retained (debt / cash)$1.3B · 14%

Returned to owners$5.4B
76% of the owner earnings the business produced over the span, $0 as dividends and $5.4B as buybacks.
Average price paid for buybacks$95.20
Across the years where the filing reports a share count, 57M shares were bought for $5.4B, about $95.20 each. Year to year the price paid ranged from $51.26 (2017) to $157.72 (2022), and 2022, near the top of that range, was also its heaviest buyback year ($1.2B).
Net change in share count−26.4%
The diluted count fell from 127M to 94M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.5B42% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity70%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$1.6Bover 10 years buying other businesses, against $2.2B of capital spent building

$463M written down across 5 years (2022, 2023, 2024, 2025, 2026): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 29% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Bruggeworth	$10.1M	$4.2M	$836M
2023	Mr. Bruggeworth	$11.7M	$9.0M	$684M
2024	Mr. Bruggeworth	$12.8M	$16.8M	$706M
2025	Mr. Bruggeworth	$13.1M	$5.6M	$485M
2026	Mr. Bruggeworth	$13.6M	$18.5M	$680M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$136M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 33% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Qorvo Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereDid debt outgrow the business?$989M → $1.5B
Debt rose from $989M to $1.5B while owner earnings went from about $612M to $623M — about 1.6 years of owner earnings in debt then, about 2.5 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereAre "one-time" charges a yearly habit?9 of 10 years
Management took an impairment or write-down in 9 of the last 10 years, $801M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

How much of the revenue rides on one buyer?
≈$1.8B · 50% of revenue on the largest customer (TTM)
“We provide products to our largest end customer (Apple) through sales to multiple contract manufacturers, which in the aggregate accounted for approximately 50% and 47% of total revenue in fiscal years 2026 and 2025, respectively.”verify →
Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Inventory, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ONON Semiconductor Corporation	$6.0B	37%	13.4%	14%	15%
QQnity Electronics Inc.	$4.8B	46%	20.1%	7%	20%
MCHPMicrochip Technology Incorporated	$4.7B	61%	15.9%	7%	31%
SWKSSkyworks Solutions Inc.	$4.1B	47%	27.8%	23%	28%
QRVOQorvo Inc.	$3.7B	40%	6.1%	3%	19%
NXTNextpower Inc.	$3.6B	26%	16.4%	59%	11%
MPWRMonolithic Power Systems Inc.	$2.8B	55%	20.6%	23%	27%
UCTTUltra Clean Holdings	$2.1B	18%	4.7%	11%	4%
Group median	—	43%	16.1%	13%	19%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Qorvo Inc. has delivered.

Today’s price $

Through the cycle, Qorvo Inc. earns about $695M on its 18.9% median owner-earnings margin. This year’s 18.5% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($695M) Net of stock comp (−$136M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26−6%/yr

Owner-earnings growth · ’17→’26+4%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $680M on 88M shares outstanding, per the 10-K cover, as of 2026-05-01; net debt $330M. The if-converted diluted count is 94M, 6% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh QRVO against another business →

Cite: Owner Scorecard, "Qorvo Inc. (QRVO), the owner's record," https://ownerscorecard.com/c/QRVO, data as of 2026-07-09.

Manual order: ← QMCO its page in the Manual QSR →

Industry order: ← Q the Semiconductors chapter QUIK →