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WOLF, Wolfspeed Inc. Common Stock New

Semiconductors capital-intensive UnprofitableDistress / turnaroundCapital build-out

Wolfspeed, Inc. is a North Carolina corporation established in 1987, and our headquarters are in Durham, North Carolina.

Our product families include power devices and silicon carbide and gallium nitride (GaN) materials.

Latest annual: FY2025 10-K

WOLF · Wolfspeed Inc. Common Stock New

The business

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

Revenue · FY2025

$758M

−6.1% YoY · 10% 5-yr CAGR

Vital signs · TTM

Cash & investments $1.2B

Cash burn · annual $712M

Runway 1.6 yrs

Gross margin −16%

The business in brief

read the 10-K →

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

What it is: Revenue is Power Products (55%) and Materials Products (45%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 168% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Operating margin has run around −41% through the cycle on a 32% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Capital spending runs about 49% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as 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 −6%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; 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 →

Revenue spreads across 2 lines, the largest Power Products at 55%.

Revenue by product line, FY2025

Power Products55%$414M
Materials Products45%$344M

By geographyEurope20%United States18%Asia Pacific14%Singapore14%Hong Kong SAR China13%Japan12%Other10%

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, 2013–2025

realized figures from each filing · older years to the left

2013’13	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2025
											Income statement
$1.4B	$772M	$925M	$538M	$471M	$526M	$572M	$759M	$807M	$758M	$758M	RevenueRevenue
38%	32%	33%	45%	34%	31%	36%	32%	10%	−16%	−16%	Gross marginGross mgn
17%	19%	18%	31%	39%	35%	32%	28%	31%	25%	25%	SG&A / revenueSG&A/rev
11%	15%	14%	23%	32%	34%	25%	22%	25%	23%	23%	R&D / revenueR&D/rev
$96M	($20M)	($28M)	($94M)	($224M)	($314M)	($203M)	($312M)	($445M)	($1.3B)	($1.3B)	Operating incomeOp. inc.
7.0%	−2.6%	−3.0%	−17.4%	−47.6%	−59.7%	−35.5%	−41.1%	−55.2%	−175.4%	−175.4%	Operating marginOp. mgn
$87M	($98M)	($280M)	($375M)	($192M)	($524M)	($201M)	($330M)	($864M)	($1.6B)	($1.6B)	Net incomeNet inc.
											Cash flow & returns
$285M	$221M	$174M	$202M	($29M)	($126M)	($154M)	($143M)	($726M)	($712M)	($712M)	Operating cash flowOp. cash
$153M	$151M	$112M	$86M	$97M	$121M	$112M	$146M	$181M	$252M	$252M	DepreciationDeprec.
($9M)	$120M	$304M	$448M	$18M	$224M	($119M)	($31M)	($127M)	$572M	$572M	Working capital & otherWC & other
$77M	$87M	$172M	$125M	$230M	$571M	$637M	$950M	$2.3B	$1.3B	$1.3B	CapexCapex
5.6%	11.3%	18.6%	23.2%	48.8%	108.5%	111.3%	125.2%	281.7%	167.8%	167.8%	Capex / revenueCapex/rev
$208M	$134M	$1M	$78M	($259M)	($696M)	($791M)	($1.1B)	($3.0B)	($2.0B)	($2.0B)	Owner earningsOwner earn.
15.0%	17.3%	0.1%	14.4%	−55.0%	−132.4%	−138.3%	−144.0%	−371.6%	−261.8%	−261.8%	Owner earnings marginOE mgn
$208M	$134M	$1M	$78M	($259M)	($696M)	($791M)	($1.1B)	($3.0B)	($2.0B)	($2.0B)	Free cash flowFCF
15.0%	17.3%	0.1%	14.4%	−55.0%	−132.4%	−138.3%	−144.0%	−371.6%	−261.8%	−261.8%	Free cash flow marginFCF mgn
$0	$0	$429M	$0	$0	—	—	—	—	—	$0	AcquisitionsAcquis.
$2M	$104M	$0	$0	—	—	—	—	—	—	—	BuybacksBuybacks
3%	-1%	-1%	-4%	-7%	-10%	-5%	-9%	-6%	-9%	-51%	ROICROIC
3%	-4%	-14%	-18%	-9%	-25%	-8%	-20%	-98%	—	-158%	Return on equityROE
3%	−4%	−14%	−18%	−9%	−25%	−8%	−20%	−98%	—	−158%	Retained to equityRetained/eq
											Balance sheet
$1.0B	$133M	$387M	$1.1B	$1.2B	$1.2B	$1.2B	$3.0B	$2.2B	$955M	$1.2B	Cash & investmentsCash+inv
$193M	$148M	$86M	$129M	$72M	$96M	$150M	$155M	$147M	$179M	$97M	ReceivablesReceiv.
$197M	$284M	$152M	$187M	$122M	$167M	$227M	$285M	$441M	$435M	$281M	InventoryInvent.
$121M	$133M	$68M	$91M	$88M	$44M	$58M	$45M	$53M	$31M	$21M	Accounts payablePayables
$268M	$300M	$170M	$226M	$106M	$218M	$319M	$395M	$535M	$584M	$356M	Operating working capitalOper. WC
$1.5B	$1.1B	$890M	$1.4B	$1.6B	$1.5B	$1.8B	$3.6B	$3.0B	$2.5B	$1.7B	Current assetsCur. assets
$207M	$212M	$249M	$268M	$291M	$449M	$389M	$628M	$665M	$7.1B	$243M	Current liabilitiesCur. liab.
7.3×	5.2×	3.6×	5.3×	5.5×	3.3×	4.5×	5.7×	4.5×	0.4×	7.0×	Current ratioCurr. ratio
$616M	$619M	$530M	$530M	$350M	$359M	$359M	$359M	$359M	$0	$0	GoodwillGoodwill
$3.1B	$2.6B	$2.6B	$2.8B	$3.2B	$3.4B	$3.9B	$6.6B	$8.0B	$6.9B	$3.1B	Total assetsAssets
—	$145M	$292M	$469M	$784M	$824M	$1.0B	$3.0B	$6.2B	$13.1B	$1.7B	Total debtDebt
—	$12M	($95M)	($582M)	($456M)	($331M)	($177M)	$71M	$4.0B	$12.1B	$556M	Net debt / (cash)Net debt
—	—	-3.8×	-3.6×	-6.4×	-6.9×	-8.1×	-7.3×	-1.8×	-4.2×	-4.2×	Interest coverageInt. cov.
$2.8B	$2.2B	$2.1B	$2.0B	$2.1B	$2.1B	$2.4B	$1.6B	$882M	($447M)	$1.0B	Shareholders’ equityEquity
3.9%	6.2%	4.1%	8.0%	10.0%	10.1%	9.4%	9.6%	10.5%	9.7%	9.7%	Stock comp / revenueSBC/rev
—	—	$248M	$90M	—	—	—	—	—	$359M	$359M	Goodwill written downGW imp.
											Per share
29.5M	24.6M	24.9M	25.9M	27.0M	28.1M	30.0M	31.1M	31.4M	35.3M	32.7M	Shares out (diluted)Shares
$46.99	$31.33	$37.17	$20.78	$17.44	$18.71	$19.05	$24.39	$25.69	$21.44	$23.16	Revenue / shareRev/sh
$2.95	$-3.98	$-11.25	$-14.49	$-7.10	$-18.65	$-6.69	$-10.61	$-27.50	$-45.55	$-49.20	EPS (diluted)EPS
$7.04	$5.43	$0.05	$3.00	$-9.59	$-24.78	$-26.34	$-35.13	$-95.46	$-56.13	$-60.63	Owner earnings / shareOE/sh
$7.04	$5.43	$0.05	$3.00	$-9.59	$-24.78	$-26.34	$-35.13	$-95.46	$-56.13	$-60.63	Free cash flow / shareFCF/sh
$2.63	$3.53	$6.92	$4.82	$8.52	$20.31	$21.21	$30.54	$72.37	$35.99	$38.87	Cap. spending / shareCapex/sh
$95.05	$90.28	$83.07	$78.64	$77.20	$75.36	$81.23	$52.16	$28.07	$-12.65	$31.24	Book value / shareBVPS

Share counts before TTM are restated ×1/4 for a stock split, so per-share figures sit on one basis.

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

	12-yr	5-yr
Revenue / share	−6.3%/yr	+4.2%/yr
Capital spending / share	+24.4%/yr	+33.4%/yr

The record, charted

FY2013–2025

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

Share count

141Mpeak FY2025

ROIC

−9%low FY2021

Gross margin

−16%low FY2025

Net debt ÷ owner earnings

-7.5×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

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

($2.0B)owner earningsvs.($1.6B)net incomelow FY2024

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.

FY2013FY2019

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 reported a $1.6B loss but ($2.0B) of owner earnings: $374M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($1.6B)	($864M)	($330M)	($201M)	($524M)
Depreciation & amortizationnon-cash charge added back	+$252M	+$181M	+$146M	+$112M	+$121M
Stock-based compensationreal costnon-cash, but a real cost	+$73M	+$85M	+$73M	+$54M	+$53M
Working capital & othertiming of cash in and out, other non-cash items	+$572M	−$127M	−$31M	−$119M	+$224M
Cash from operations	($712M)	($726M)	($143M)	($154M)	($126M)
Capital expenditurecash put back in to keep running and to grow	−$1.3B	−$2.3B	−$950M	−$637M	−$571M
Owner earnings	($2.0B)	($3.0B)	($1.1B)	($791M)	($696M)
Owner-earnings marginowner earnings ÷ revenue	-262%	-372%	-144%	-138%	-132%

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 $73M), owner earnings is nearer ($2.1B).

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? -4.2×

Does not cover its interest

Operating income ($1.3B) ÷ interest expense $315M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $12.1B

Net debt against an operating loss

Cash $467M + ST investments $488M − debt $13.1B

What this means
Netting $955M of cash and short-term investments against $13.1B of debt leaves $12.1B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. 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? 254d

Long (60+ days)

DSO 86 + DIO 181 − DPO 13 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 -6%

Below average through the cycle

10-yr median, range -10%–3%; -9% latest = NOPAT ($1.1B) ÷ invested capital $12.2B

Industry peers: median 5%

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 10 years (it ran -9% 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 -132%

Consumes cash through the cycle

10-yr median margin, range -372%–17%; latest ($2.0B) = operating cash ($712M) − maintenance capex $1.3B

Industry peers: median 2%

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 -262% of revenue this year, a -132% median across 10 years. Treating stock comp as the real expense it is (less $73M of SBC) leaves ($2.1B).
Are earnings backed by cash? ($712M)

Loss, and burning cash

Net income ($1.6B) · cash from operations ($712M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 5.04×

Expanding

Capex $1.3B ÷ depreciation $252M

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 · 0 of 5 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 Miss

Revenue ≥ $2B · $758M

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 Miss

Current ratio ≥ 2× · 0.36×

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 Miss

Debt ≤ working capital · $13.1B vs ($4.5B) 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) · 9 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 —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
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 $-19.33/share (latest year $-33.29), the averaged base the calculator's gate runs on, and book value is $-9.25/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, 2013–2025

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

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 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 0% → −91% (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 slipped — about 0% early to −91% lately, median −41% — competition or costs are biting in.
Reinvestment, incremental ROIC −12%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2025 · −175.4% op. margin

What this means
Operations went underwater in 2025, understand why before trusting the good years.
Share count +1.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

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 FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we or our customers enable or offer solutions that draw controversy due to their perceived or actual impact on society, such as AI solutions that have unintended consequences or are controversial, we may experience reputational harm, competitive harm or legal liability.”

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.

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, Mar 29, 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$1.7B

Cash & short-term investments$1.2B
Receivables$97M
Inventory$281M
Other current assets$167M

Current liabilities$243M

Accounts payable$21M
Other current liabilities$222M

Current ratio7.03×all current assets ÷ what's due · Graham looked for 2×

Quick ratio5.88×stricter: inventory excluded

Cash ratio4.79×strictest: cash alone against what's due

Working capital$1.5Bthe cushion left after near-term bills

Cash runway0.6 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−19.0%the freshest read on whether the business is still growing

Current ratio, recent quarters3.1× → 7.0×

Deeper floors

Tangible book value$613Mequity stripped of goodwill & intangibles

Net current asset value($417M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.8B$108M of it operating leases

Deferred revenue$71Mcustomer cash collected before delivery; operating float

From the company's latest filing.

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$24M0% of all assets; the premium carried on the balance sheet for businesses acquired

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

Cash spent acquiring$429Mover 10 years buying other businesses, against $6.4B of capital spent building

$697M written down across 3 years (2018, 2019, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. 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

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$73M
The slice of the business handed to employees in shares this year, 10% of revenue. 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 Wolfspeed Inc. Common Stock New 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 2013–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?−138.2% vs 10.8%
The owner-earnings margin averaged 10.8% early in the record and −138.2% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereAre "one-time" charges a yearly habit?5 of 10 years
Management took an impairment or write-down in 5 of the last 10 years, $706M 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

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 →

How much of the revenue rides on one buyer?
≈$76M · 10% of revenue on the largest customers (TTM)
“We had two customers during each of fiscal 2025, 2024 and 2023 that each represented more than 10% of our consolidated revenue.”verify →
Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Inventory, Stock compensation 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
PLABPhotronics	$849M	25%	13.3%	11%	13%
FORMFormFactor	$785M	40%	8.4%	7%	12%
WOLFWolfspeed Inc. Common Stock New	$758M	32%	-38.3%	-6%	-94%
PLUGPlug Power Inc.	$710M	-34%	-92.0%	-50%	-70%
KNKnowles Corporation	$593M	40%	9.5%	5%	—
AAOIApplied Optoelectronics Inc.	$456M	26%	-19.9%	-13%	-13%
SITMSiTime	$327M	53%	-8.3%	-8%	8%
MXMagnachip Semiconductor Corporation	$179M	24%	2.5%	8%	-5%
Group median	—	29%	-2.9%	-0%	-5%

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 Wolfspeed Inc. Common Stock New has delivered.

Wolfspeed Inc. Common Stock New’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Wolfspeed Inc. Common Stock New earns about $109M on its 14.4% median owner-earnings margin. This year’s −261.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($109M) Net of stock comp (−$73M)

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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, delivered—

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.

Owner earnings ($2.0B) on 48M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $556M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. 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 WOLF against another business →

The owners of WOLF: the meeting and the votes →

Cite: Owner Scorecard, "Wolfspeed Inc. Common Stock New (WOLF), the owner's record," https://ownerscorecard.com/c/WOLF, data as of 2026-07-09.

Manual order: ← WNS its page in the Manual WOOF →

Industry order: ← VIAV the Semiconductors chapter