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Lattice Semiconductor

LSCC on Nasdaq. Lattice Semiconductor sells programmable chips to makers of electronics and network equipment. Market value $18.9bn.

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 December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
1.1%low

For every $100 of what the whole company costs, it produced $1.05 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 December 2025
29.7%five-year median

Each dollar kept in the business earns 30 cents a year. Above 10 is good.

Quality score: 90 of 100. Price score: 23 of 100. Our list needs 70 on quality and 60 on price.

$132.85 a share, 120% above its 1-year low

Over the past year the price has ranged from $60.50 to $157.01.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.2
0.2
0.2
0.1
0.1
0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $199 million in the past 12 months, $133 million in the year to December 2025.

Revenue
$515m$660m$737m$509m$523m
Operating margin
19.6%28.4%28.8%6.8%2.1%
Debt to equity
0.390.260.00n/an/a
Shares outstanding
0.14bn0.14bn0.14bn0.14bn0.14bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsSlow, 5.1% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

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

  • Sales: $201 million last quarter, up 62% on a year ago.
  • Profit: $19 million, up 565% on a year ago.
  • It keeps 7 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
  • Spare cash over the past 12 months: $199 million, up from $134 million.
  • 2% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$127m
December 2024$117m
March 2025$120m
June 2025$124m
September 2025$133m
December 2025$146m
March 2026$171m
June 2026$201m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$7m
December 2024$17m
March 2025$5m
June 2025$3m
September 2025$3m
December 2025-$8m
March 2026$22m
June 2026$19m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 606 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

6 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 $2m of shares on the open market. 10 sold $19m, $13m of it under preset trading plans.

  • Desale Pravin
    SVP, R&D
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    4,279
    Price
    $105.63
    Value
    $451,970
  • Desale Pravin
    SVP, R&D
    Sold
    under a preset trading plan
    Date
    14 September 2026
    Shares
    2,039
    Price
    $111.83
    Value
    $228,021
  • Feanny Tracy Ann
    SVP, General Counsel
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    1,880
    Price
    $126.43
    Value
    $237,688
  • Elashmawi Esam
    SVP, Strategy and Marketing
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    15,742
    Price
    $134.77
    Value
    $2m
  • Desale Pravin
    SVP, R&D
    Sold
    under a preset trading plan
    Date
    12 June 2026
    Shares
    2,039
    Price
    $142.89
    Value
    $291,353
  • Feanny Tracy Ann
    SVP, General Counsel
    Sold
    under a preset trading plan
    Date
    4 June 2026
    Shares
    2,740
    Price
    $151.84
    Value
    $416,047
  • LEDERER JAMES P
    Director
    Sold
    Date
    3 June 2026
    Shares
    6,101
    Price
    $153.94
    Value
    $939,188
  • Desale Pravin
    SVP, R&D
    Sold
    under a preset trading plan
    Date
    20 May 2026
    Shares
    14,155
    Price
    $134.23
    Value
    $2m
  • Schwarting Elizabeth M
    Director
    Sold
    Date
    6 May 2026
    Shares
    3,200
    Price
    $124.53
    Value
    $398,496
  • Stevens Tonya
    CVP, Chief Accounting Officer
    Sold
    Date
    11 March 2026
    Shares
    1,113
    Price
    $94.00
    Value
    $104,622

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 warning signs we check for were found.

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 13 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 6 later 8-Ks.

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

Cheap for a reason is the question the numbers cannot answer.

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.