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Qorvo Inc QRVO

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Stock XNAS Rating as of
$98.39 +1.30 (1.34%)
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As of Delayed Price Closed
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Company Report

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Qorvo Earnings: Maintaining $128 Fair Value Estimate Despite Near-Term Inventory Headwinds

Brian Colello

No-moat Qorvo reported fiscal 2024 fourth-quarter earnings ahead of our expectations but gave a rather bleak outlook for the June quarter. We are encouraged to see Qorvo’s enduring status as a key supplier for the Chinese Android manufacturers and increased defense and aerospace sales. However, Qorvo will face inventory adjustments at its largest customer, Apple, which will weigh on results for the June quarter, in turn leading Qorvo to likely achieve only “modest” growth in fiscal 2025 (ending March 2025). Our long-term outlook remains unchanged, and we keep our fair value estimate at $128 per share. Shares appear undervalued after a roughly 12% selloff after hours.

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Price vs Fair Value

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QRVO is trading at a 495% premium.
Price
$98.39
Fair Value
$719.00
Uncertainty
High
1-Star Price
$647.20
5-Star Price
$85.50
Economic Moat
Drz
Capital Allocation
Rmvzwpnky

Bulls Say, Bears Say

Bulls

As wireless technologies shift to more advanced 5G networks, smartphones will require greater RF content per device, which should provide a nice runway for further growth at Qorvo.

Bears

Qorvo has significant customer concentration with Apple, and it would be a damaging blow if Apple were ever to switch to another vendor or suffer a severe slowdown in iPhone sales.

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Trading Information

Previous Close Price
$97.09
Day Range
$95.17–98.44
52-Week Range
$80.62–121.65
Bid/Ask
$95.00 / $100.00
Market Cap
$9.41 Bil
Volume/Avg
1.3 Mil / 1.3 Mil

Key Statistics

Price/Earnings (Normalized)
15.61
Price/Sales
2.51
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
3.87%

Company Profile

Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world’s most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications.
Sector
Technology
Industry
Semiconductors
Stock Style Box
Mid Core
Total Number of Employees
8,700
Website
https://www.qorvo.com

Competitors

Valuation

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Metric
QRVO
AVGO
QCOM
Price/Earnings (Normalized)
 15.6131.7922.38
Price/Book Value
 2.629.099.36
Price/Sales
 2.5115.326.34
Price/Cash Flow
 13.7129.4622.54
Price/Earnings
QRVO
AVGO
QCOM

Financial Strength

Metric
QRVO
AVGO
QCOM
Quick Ratio
 1.180.831.85
Current Ratio
 1.991.332.65
Interest Coverage
 2.066.6312.69
Quick Ratio
QRVO
AVGO
QCOM

Profitability

Metric
QRVO
AVGO
QCOM
Return on Assets (Normalized)
 4.55%20.50%20.97%
Return on Equity (Normalized)
 8.10%59.22%48.60%
Return on Invested Capital (Normalized)
 6.20%26.13%28.90%
Return on Assets
QRVO
AVGO
QCOM
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