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Alpha & Omega Semiconductor

AOSL on Nasdaq. Alpha and Omega Semiconductor sells power semiconductors to electronics manufacturers. Market value $878m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-7.5%low

For every $100 of what the whole company costs, it produced $-7.51 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
-0.4%five-year median

Each dollar kept in the business earns 0 cents a year. Above 10 is good.

Quality score: 26 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$29.94 a share, 76% above its 1-year low

Over the past year the price has ranged from $17.01 to $54.34.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
-0.1
-0.0
-0.0
-0.1
20222023202420252026
Revenue
$778m$691m$657m$696m$679m
Operating margin
13.1%3.3%-0.6%-4.1%-6.4%
Debt to equity
0.090.060.050.040.01
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.01× equity
  • Revenue growth, five yearsSlow, 0.7% a year
  • Buying back its own sharesNo, 10% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $170 million last quarter, down 3% on a year ago.
  • A loss of $13 million, compared with a loss of $77 million a year ago.
  • It loses 6 cents on each $1 of sales, compared with 4 cents a year earlier.
  • Over the past 12 months it spent $68 million more cash than it brought in, compared with $8 million a year earlier.
  • It has $176 million more cash than debt, up from $112 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$182m
December 2024$173m
March 2025$165m
June 2025$176m
September 2025$183m
December 2025$162m
March 2026$164m
June 2026$170m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024-$7m
March 2025-$11m
June 2025-$77m
September 2025-$2m
December 2025-$13m
March 2026-$14m
June 2026-$13m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 August 2026
Next quarterly (estimated, 10-Q)
5 August 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 216 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $640,813 of shares on the open market. 4 sold $3m, $3m of it under preset trading plans.

  • Xue Bing
    EVP-WW Sales & Bus Development
    Sold
    under a preset trading plan
    Date
    16 July 2026
    Shares
    875
    Price
    $33.99
    Value
    $29,741
  • Xue Bing
    EVP-WW Sales & Bus Development
    Sold
    under a preset trading plan
    Date
    16 June 2026
    Shares
    4,916
    Price
    $47.09
    Value
    $231,494
  • Chen Claudia
    Director
    Sold
    under a preset trading plan
    Date
    22 May 2026
    Shares
    4,061
    Price
    $39.53
    Value
    $160,520
  • Xue Bing
    EVP-WW Sales & Bus Development
    Sold
    under a preset trading plan
    Date
    18 May 2026
    Shares
    4,916
    Price
    $41.00
    Value
    $201,556
  • Liang Yifan
    CFO and Corp Secretary
    Sold
    under a preset trading plan
    Date
    17 April 2026
    Shares
    8,625
    Price
    $35.00
    Value
    $301,875
  • Chang Stephen Chunping
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 April 2026
    Shares
    14,884
    Price
    $34.47
    Value
    $512,987
  • Xue Bing
    EVP-WW Sales & Bus Development
    Sold
    under a preset trading plan
    Date
    16 April 2026
    Shares
    1,832
    Price
    $31.21
    Value
    $57,177
  • Liang Yifan
    CFO and Corp Secretary
    Sold
    under a preset trading plan
    Date
    14 April 2026
    Shares
    26,517
    Price
    $30.57
    Value
    $810,493
  • Chang Stephen Chunping
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    14 April 2026
    Shares
    5,594
    Price
    $31.90
    Value
    $178,449
  • Xue Bing
    EVP-WW Sales & Bus Development
    Sold
    under a preset trading plan
    Date
    16 March 2026
    Shares
    2,408
    Price
    $21.92
    Value
    $52,783

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, and no later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On November 19, 2024, the Audit Committee of the Board of Directors of Alpha and Omega Semiconductor Limited (the “Company”) approved the dismissal of Baker Tilly US, LLP (“ Baker Tilly ”) as the Company’s independent registered public accounting firm, effective immediately.”

    From an 8-K filed 25 November 2024: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 53% last year. Losing that customer would hurt.

    “Sales to WPG and Promate accounted for 53.0% and 19.3% of our revenue, respectively, for the fiscal year ended June 30, 2026, 51.3% and 22.1% of our revenue, respectively, for the fiscal year ended June 30, 2025, and 46.0% and 25.0% of our revenue, respectively, for the fiscal year ended June 30, 2024.”

    From the 10-K filed 27 August 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have barely grown: 0.7% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.