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SWKS, Skyworks Solutions Inc.

We operate worldwide with engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America.

Over the past two decades, Skyworks has made important investments to address key network technologies, from cellular to advanced Wi-Fi , enhanced GPS, and Bluetooth , among others.

Capitalizing on both organic growth and strategic acquisitions, we are targeting high-growth verticals, while at the same time, seeking to diversify our revenue and customer set.

Latest annual: FY2025 10-K

SWKS · Skyworks Solutions Inc.

The business

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

Revenue · FY2025

$4.1B

−2.2% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.0B 5-yr avg $4.7B

Gross margin 41% 5-yr avg 45%

Operating margin 9.1% 5-yr avg 22.1%

ROIC 6% 5-yr avg 15%

Owner-earnings margin 17% 5-yr avg 29%

Free cash flow margin 17% 5-yr avg 28%

The business in brief

read the 10-K →

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

What moves the needle: Gross margin has run about 47% and operating margin about 28% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 18% 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 run high across the record (median 23%, above 15% in 7 of 9 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 28% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

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 →

23% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States77%$3.2B
Taiwan6%$259M
China6%$254M
South Korea5%$190M
EMEA5%$186M
Asia, Other1%$41M

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, 2017–2025

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	TTMTTMApr 2026
										Income statement
$3.7B	$3.9B	$3.4B	$3.4B	$5.1B	$5.5B	$4.8B	$4.2B	$4.1B	$4.0B	RevenueRevenue
50%	50%	47%	48%	49%	47%	44%	41%	41%	41%	Gross marginGross mgn
6%	5%	6%	7%	6%	6%	7%	7%	9%	11%	SG&A / revenueSG&A/rev
10%	10%	13%	14%	10%	11%	13%	15%	19%	21%	R&D / revenueR&D/rev
$1.3B	$1.3B	$952M	$892M	$1.6B	$1.5B	$1.1B	$637M	$500M	$368M	Operating incomeOp. inc.
34.3%	34.1%	28.2%	26.6%	31.6%	27.8%	23.6%	15.3%	12.2%	9.1%	Operating marginOp. mgn
$1.0B	$918M	$854M	$815M	$1.5B	$1.3B	$983M	$596M	$477M	$361M	Net incomeNet inc.
20%	31%	11%	9%	6%	14%	9%	6%	9%	7%	Effective tax rateTax rate
										Cash flow & returns
$1.5B	$1.3B	$1.4B	$1.2B	$1.8B	$1.4B	$1.9B	$1.8B	$1.3B	$960M	Operating cash flowOp. cash
$227M	$273M	$315M	$318M	$332M	$394M	$388M	$265M	$279M	$285M	DepreciationDeprec.
$130M	($38M)	$119M	($85M)	($250M)	($440M)	$301M	$784M	$313M	$80M	Working capital & otherWC & other
$303M	$422M	$398M	$389M	$638M	$489M	$210M	$157M	$195M	$256M	CapexCapex
8.3%	10.9%	11.8%	11.6%	12.5%	8.9%	4.4%	3.8%	4.8%	6.3%	Capex / revenueCapex/rev
$1.2B	$988M	$1.1B	$815M	$1.4B	$935M	$1.6B	$1.7B	$1.1B	$704M	Owner earningsOwner earn.
33.7%	25.5%	31.2%	24.3%	28.2%	17.0%	34.5%	39.9%	27.1%	17.4%	Owner earnings marginOE mgn
$1.2B	$838M	$969M	$815M	$1.1B	$935M	$1.6B	$1.7B	$1.1B	$704M	Free cash flowFCF
31.6%	21.7%	28.7%	24.3%	22.2%	17.0%	34.5%	39.9%	27.1%	17.4%	Free cash flow marginFCF mgn
$14M	$404M	$0	$0	$2.8B	$0	$0	—	—	$0	AcquisitionsAcquis.
$214M	$243M	$274M	$307M	$341M	$373M	$405M	$439M	$433M	$423M	Dividends paidDiv. paid
$432M	$760M	$658M	$648M	$196M	$887M	$175M	$77M	$830M	—	BuybacksBuybacks
41%	27%	26%	23%	23%	19%	15%	10%	8%	6%	ROICROIC
25%	22%	21%	20%	28%	23%	16%	9%	8%	6%	Return on equityROE
20%	16%	14%	12%	22%	16%	9%	2%	1%	−1%	Retained to equityRetained/eq
										Balance sheet
$1.6B	$1.1B	$1.1B	$980M	$1.0B	$587M	$739M	$1.6B	$1.4B	$1.4B	Cash & investmentsCash+inv
$455M	$656M	$465M	$359M	$756M	$1.1B	$864M	$509M	$598M	$336M	ReceivablesReceiv.
$494M	$490M	$610M	$806M	$885M	$1.2B	$1.1B	$785M	$755M	$886M	InventoryInvent.
$258M	$230M	$191M	$227M	$236M	$274M	$159M	$172M	$236M	$266M	Accounts payablePayables
$690M	$916M	$885M	$938M	$1.4B	$2.0B	$1.8B	$1.1B	$1.1B	$955M	Operating working capitalOper. WC
$2.6B	$2.3B	$2.2B	$2.3B	$2.9B	$3.2B	$3.2B	$3.3B	$3.1B	$3.1B	Current assetsCur. assets
$388M	$390M	$374M	$448M	$659M	$1.2B	$956M	$603M	$1.3B	$1.3B	Current liabilitiesCur. liab.
6.8×	5.8×	6.0×	5.2×	4.4×	2.6×	3.3×	5.5×	2.3×	2.4×	Current ratioCurr. ratio
$883M	$1.2B	$1.2B	$1.2B	$2.2B	$2.2B	$2.2B	$2.2B	$2.2B	$2.2B	GoodwillGoodwill
$4.6B	$4.8B	$4.8B	$5.1B	$8.6B	$8.9B	$8.4B	$8.3B	$7.9B	$7.9B	Total assetsAssets
—	—	—	$0	$2.2B	$2.2B	$1.3B	$994M	$996M	$997M	Total debtDebt
—	—	—	($980M)	$1.2B	$1.6B	$554M	($580M)	($393M)	($440M)	Net debt / (cash)Net debt
—	—	—	—	—	31.9×	17.5×	20.8×	18.5×	13.4×	Interest coverageInt. cov.
$4.1B	$4.1B	$4.1B	$4.2B	$5.3B	$5.5B	$6.1B	$6.3B	$5.8B	$5.8B	Shareholders’ equityEquity
2.4%	2.8%	2.4%	4.7%	3.8%	3.6%	3.9%	4.3%	5.7%	5.8%	Stock comp / revenueSBC/rev
										Per share
187M	183M	175M	170M	167M	163M	160M	162M	155M	151M	Shares out (diluted)Shares
$19.56	$21.11	$19.35	$19.75	$30.59	$33.59	$29.77	$25.87	$26.35	$26.87	Revenue / shareRev/sh
$5.41	$5.01	$4.89	$4.80	$8.97	$7.81	$6.13	$3.69	$3.08	$2.40	EPS (diluted)EPS
$6.58	$5.39	$6.03	$4.80	$8.62	$5.73	$10.27	$10.33	$7.13	$4.68	Owner earnings / shareOE/sh
$6.18	$4.58	$5.55	$4.80	$6.79	$5.73	$10.27	$10.33	$7.13	$4.68	Free cash flow / shareFCF/sh
$1.15	$1.33	$1.57	$1.81	$2.04	$2.28	$2.53	$2.72	$2.79	$2.81	Dividends / shareDiv/sh
$1.62	$2.31	$2.28	$2.29	$3.82	$3.00	$1.31	$0.97	$1.26	$1.70	Cap. spending / shareCapex/sh
$21.78	$22.36	$23.62	$24.51	$31.72	$33.49	$37.95	$39.24	$37.12	$38.31	Book value / shareBVPS

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

	8-yr	5-yr
Revenue / share	+3.8%/yr	+5.9%/yr
Owner earnings / share	+1.0%/yr	+8.2%/yr
EPS	−6.8%/yr	−8.5%/yr
Dividends / share	+11.7%/yr	+9.1%/yr
Capital spending / share	−3.2%/yr	−11.3%/yr
Book value / share	+6.9%/yr	+8.7%/yr

The record, charted

FY2017–2025

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

Share count

155Mpeak FY2017

ROIC

8%low FY2025

Gross margin

41%low FY2025

Owner earnings vs. net income

Owner earningsNet income

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

$1.1Bowner earningsvs.$477Mnet incomelow FY2020

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.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-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 2025 the business turned $477M of profit into $1.1B 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$477M

Owner earnings$1.1B · 27% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$477M	$596M	$983M	$1.3B	$1.5B
Depreciation & amortizationnon-cash charge added back	+$279M	+$265M	+$388M	+$394M	+$332M
Stock-based compensationreal costnon-cash, but a real cost	+$232M	+$180M	+$185M	+$195M	+$192M
Working capital & othertiming of cash in and out, other non-cash items	+$313M	+$784M	+$301M	−$440M	−$250M
Cash from operations	$1.3B	$1.8B	$1.9B	$1.4B	$1.8B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$195M	−$157M	−$210M	−$489M	−$332M
Owner earnings	$1.1B	$1.7B	$1.6B	$935M	$1.4B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	—	−$306M
Free cash flow	$1.1B	$1.7B	$1.6B	$935M	$1.1B
Owner-earnings marginowner earnings ÷ revenue	27%	40%	34%	17%	28%

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 $232M), owner earnings is nearer $873M.

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

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 18.5×

Comfortable

Operating income $500M ÷ interest expense $27M

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? +$378M

Net cash

Cash $1.2B + ST investments $213M − debt $996M

What this means
Cash and short-term investments exceed every dollar of debt by $378M, on net the company owes nothing, and can act from strength when others can't. It also holds $14M in longer-dated marketable securities; counting those, it sits at net cash of $393M. 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? 132d

Long (60+ days)

DSO 53 + DIO 115 − DPO 36 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 23%

High through the cycle

9-yr median, range 8%–41%; 8% latest = NOPAT $453M ÷ invested capital $5.6B

Industry peers: median 7%

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 8% 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 28%

High through the cycle

9-yr median margin, range 17%–40%; latest $1.1B = operating cash $1.3B − maintenance capex $195M

Industry peers: median 19%

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 27% of revenue this year, a 28% median across 9 years. Treating stock comp as the real expense it is (less $232M of SBC) leaves $873M.
Are earnings backed by cash? 2.73×

Cash-backed

Cash from ops $1.3B ÷ net income $477M

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? 114%

Returned more than it generated

Dividends + buybacks $1.3B ÷ Owner Earnings $1.1B

What this means
The company returned more than it generated: against $1.1B of Owner Earnings, $1.3B (114%) went back to shareholders, $433M dividends, $830M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $232M stock comp, the real buyback was about $598M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.70×

Harvesting

Capex $195M ÷ depreciation $279M

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 · 5 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 · $4.1B

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× · 2.33×

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 · $996M vs $1.8B 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 Pass

A profit every year (9-yr record) · no losses

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

Uninterrupted dividends · paid every year (9)

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 Miss

Earnings +33% over the record · −26%

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 $4.56/share (latest year $3.17), the averaged base the calculator's gate runs on, and book value is $38.28/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, 2017–2025

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

Profitable years 9 of 9

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 4 of 6 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 32% → 17% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 32% early to 17% lately, median 28% — competition or costs are biting in.
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 +3%/yr

What this means
Owner earnings grew about 3% a year over the record.
Worst year 2025 · 12.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −2.3%/yr

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

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

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 Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Although we are evaluating, and where we believe appropriate, incorporating AI tools into our operations, our use of AI tools may subject us to significant competitive, legal, regulatory and other risks, and there can be no assurance that our use of AI tools will enhance our business operations or result in a benefit t…”

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 the latest quarter, Apr 3, 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$3.1B

Cash & short-term investments$1.4B
Receivables$336M
Inventory$886M
Other current assets$482M

Current liabilities$1.3B

Debt due within a year$500M
Accounts payable$266M
Other current liabilities$550M

Current ratio2.38×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.70×stricter: inventory excluded

Cash ratio1.08×strictest: cash alone against what's due

Working capital$1.8Bthe cushion left after near-term bills

Debt due this year vs. cash$500M due · $1.4B cash covered by cash on hand, no refinancing forced · both figures from the Apr 3, 2026 balance sheet

Revenue, latest quarter vs. a year ago−1.0%the freshest read on whether the business is still growing

Current ratio, recent quarters5.8× → 2.4×

Deeper floors

Tangible book value$2.9Bequity stripped of goodwill & intangibles

Net current asset value$995MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.2B$193M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $13.5B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$3.2B · 24%
Dividends$3.0B · 22%
Buybacks$4.7B · 35%
Retained (debt / cash)$2.6B · 19%

Returned to owners$7.7B
71% of the owner earnings the business produced over the span, $3.0B as dividends and $4.7B as buybacks.
Average price paid for buybacks$100.39
Across the years where the filing reports a share count, 37M shares were bought for $3.8B, about $100.39 each. Year to year the price paid ranged from $73.89 (2019) to $139.71 (2021); its heaviest year, 2022, paid $136.43 ($887M).
Net change in share count−19.4%
The diluted count fell from 187M to 151M, so the buybacks outran the stock issued to staff.
Dividend record$2.79/sh
Paid in 9 of the years on record, the per-share dividend growing about 12% a year. It was never cut over the span.
Return on what it retained—
Not read here: owner earnings are negative over the span, or the company returned nearly all its earnings rather than retaining them, so there is too little retained to measure a return on.

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 9-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$3.0B38% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity38%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$3.2Bover 9 years buying other businesses, against $3.2B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-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	Pay, as filed	“Actually paid”	Owner earnings
2021	$16.2M	$17.7M	$1.4B
2022	$16.7M	−$3.8M	$935M
2023	$17.3M	$24.9M	$1.6B
2024	$18.1M	$11.2M	$1.7B
2025	$24.7M	$3.9M	$1.1B
2025	$24.5M	$33.1M	$1.1B

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.
CEO pay ratio748:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$232M
The slice of the business handed to employees in shares this year, 6% of revenue, equal to 46% 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 Skyworks Solutions 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 2017–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereAre "one-time" charges a yearly habit?5 of 9 years
Management took an impairment or write-down in 5 of the last 9 years, $252M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. 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, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Inventory 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
MRVLMarvell Technology Inc.	$8.2B	50%	-8.7%	-2%	19%
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%
Group median	—	47%	16.1%	11%	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 Skyworks Solutions Inc. has delivered.

Today’s price $

Through the cycle, Skyworks Solutions Inc. earns about $1.2B on its 28.2% median owner-earnings margin. This year’s 27.1% 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 ($1.2B) Net of stock comp (−$234M) Steady-state · maintenance capex ($765M)

—

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 · ’21→’25+4%/yr

Owner-earnings growth · ’17→’25+4%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

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.

Free cash flow $704M on 150M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $440M. 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. Capex ($256M) runs well above depreciation ($285M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $765M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh SWKS against another business →

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

Manual order: ← SWK its page in the Manual SWX →

Industry order: ← STM the Semiconductors chapter SYNA →