Qorvo
QRVO on Nasdaq. Qorvo sells wireless chips to makers of phones, laptops and other devices. Market value $10.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.45 of spare cash in the past 12 months. A savings account pays about $4.
You pay 21.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 50 of 100. Price score: 71 of 100. Our list needs 70 on quality and 60 on price.
$114.17 a share, 52% above its 1-year low
Over the past year the price has ranged from $74.92 to $121.09.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4.6bn | $3.6bn | $3.8bn | $3.7bn | $3.7bn |
| Operating margin | |||||
| Operating margin | 26.4% | 5.1% | 2.4% | 2.6% | 11.2% |
| Debt to equity | |||||
| Debt to equity | 0.45 | 0.52 | 0.56 | 0.46 | 0.46 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)9 of 9
- Profit backed by cash (accruals)Yes
- Debt0.46× equity
- Revenue growth, five yearsShrinking, 1.7% a year
- Buying back its own sharesYes, 12% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $785 million last quarter, down 4% on a year ago.
- Profit: $86 million, up 235% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $650 million, up from $587 million.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $220 million more than cash, down from $384 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.0bn |
| December 2024 | $916m |
| March 2025 | $869m |
| June 2025 | $819m |
| September 2025 | $1.1bn |
| December 2025 | $993m |
| March 2026 | $808m |
| June 2026 | $785m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$17m |
| December 2024 | $41m |
| March 2025 | $31m |
| June 2025 | $26m |
| September 2025 | $120m |
| December 2025 | $164m |
| March 2026 | $30m |
| June 2026 | $86m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 8 May 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
8 long-term investors we follow own it, up from 6 last quarter. 540 funds in all.
- Brandes Investment PartnersCharles Brandes
- Value
- $44m
- Share of fund
- 0.3%
- Royce & AssociatesChuck Royce
- Value
- $247,352
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Starboard ValueJeff Smith | $523m | 11.6% | Cut |
| LSV Asset ManagementJosef Lakonishok | $180m | 0.3% | Added |
| Brandes Investment PartnersCharles Brandes | $44m | 0.3% | |
| GMOJeremy Grantham | $29m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Cut |
| Vulcan Value PartnersC.T. Fitzpatrick | $17m | 0.5% | Cut |
| Pzena Investment ManagementRichard Pzena | $284,007 | <0.1% | New |
| Royce & AssociatesChuck Royce | $247,352 | <0.1% |
Largest holders overall
- BlackRock$943mCut
- Starboard Value$523mCut
- Vanguard Portfolio Management$497mCut
- State Street$357mAdded
- Vanguard Capital Management$336mCut
- FIL$328m
- Dimensional Fund Advisors LP$228mAdded
- Assenagon Asset Management$221mAdded
- Bank of America$182mAdded
- Millennium Management$182mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.6%−3.1 ptsSince 30 September 2025
- at least 6.4%−1.7 pts(filed with 15 related holders)Since 2 June 2026
- Vanguard Portfolio ManagementPassive investor6.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Starboard Value & Opportunity C LPSold down below 5%Since 27 October 2025
What they said
Item 4 is hereby amended to add the following: On October 27, 2025, Starboard Value LP and certain of its affiliates (collectively, "Starboard") entered into a Voting and Support Agreement (the "Voting and Support Agreement") with Skyworks Solutions, Inc., a Delaware corporation…
Read the filing - Pacer Advisors, Inc.Passive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.6%−3.1 pts | 30 September 2025 | |
at least 6.4%−1.7 pts (filed with 15 related holders) | 2 June 2026 | ||
Vanguard Portfolio Management Passive investor | 6.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Starboard Value & Opportunity C LP | Sold down below 5% | 27 October 2025 | What they saidItem 4 is hereby amended to add the following: On October 27, 2025, Starboard Value LP and certain of its affiliates (collectively, "Starboard") entered into a Voting and Support Agreement (the "Voting and Support Agreement") with Skyworks Solutions, Inc., a Delaware corporation… Read the filing |
Pacer Advisors, Inc. Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $210m, $18m of it under preset trading plans.
- CREVISTON STEVEN ESVP, Connectivity & SensorsSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 4,810
- Price
- $116.56
- Value
- $560,666
- FEGO PAUL JSVP, Global OperationsSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 2,500
- Price
- $114.11
- Value
- $285,275
- FEGO PAUL JSVP, Global OperationsSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 2,500
- Price
- $100.00
- Value
- $250,001
- CREVISTON STEVEN ESVP, Connectivity & SensorsSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 4,810
- Price
- $100.87
- Value
- $485,175
- BRUGGEWORTH ROBERT APresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 28,744
- Price
- $100.87
- Value
- $3m
- Stewart Frank P.SVP, Advanced CellularSoldunder a preset trading plan
- Date
- 31 August 2026
- Shares
- 8,279
- Price
- $94.72
- Value
- $784,187
- Chesley PhilipSVP, High Performance AnalogSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 5,487
- Price
- $97.50
- Value
- $534,983
- Brown GrantSVP & Chief Financial OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 5,179
- Price
- $97.50
- Value
- $504,953
- Feld Peter ADirectorSold
- Date
- 2 June 2026
- Shares
- 1,900,000
- Price
- $101.20
- Value
- $192m
- BRUGGEWORTH ROBERT APresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 57,957
- Price
- $100.40
- Value
- $6m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | CREVISTON STEVEN E SVP, Connectivity & Sensors | Sold under a preset trading plan | 4,810 | $116.56 | $560,666 |
| 14 September 2026 | FEGO PAUL J SVP, Global Operations | Sold under a preset trading plan | 2,500 | $114.11 | $285,275 |
| 2 September 2026 | FEGO PAUL J SVP, Global Operations | Sold under a preset trading plan | 2,500 | $100.00 | $250,001 |
| 2 September 2026 | CREVISTON STEVEN E SVP, Connectivity & Sensors | Sold under a preset trading plan | 4,810 | $100.87 | $485,175 |
| 2 September 2026 | BRUGGEWORTH ROBERT A President and CEO, Director | Sold under a preset trading plan | 28,744 | $100.87 | $3m |
| 31 August 2026 | Stewart Frank P. SVP, Advanced Cellular | Sold under a preset trading plan | 8,279 | $94.72 | $784,187 |
| 17 August 2026 | Chesley Philip SVP, High Performance Analog | Sold under a preset trading plan | 5,487 | $97.50 | $534,983 |
| 17 August 2026 | Brown Grant SVP & Chief Financial Officer | Sold under a preset trading plan | 5,179 | $97.50 | $504,953 |
| 2 June 2026 | Feld Peter A Director | Sold | 1,900,000 | $101.20 | $192m |
| 1 June 2026 | BRUGGEWORTH ROBERT A President and CEO, Director | Sold under a preset trading plan | 57,957 | $100.40 | $6m |
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. 1 thing 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 8 May 2026, plus the 10-Q filed 28 Jul 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 50% last year. Losing that customer would hurt.
“We provide products to our largest end customer, Apple Inc. ("Apple"), through sales to multiple contract manufacturers, which in the aggregate accounted for 50% and 47% of total revenue in fiscal years 2026 and 2025, respectively.”
From the 10-K filed 8 May 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 shrunk: 1.7% 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
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
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.