Qorvo
QRVO
$112.36
+6.77%
Qorvo, Inc. is a leading semiconductor company that designs and manufactures radio frequency (RF) solutions, including filters, power amplifiers, and front-end modules, primarily for smartphones and other mobile devices, as well as for infrastructure, defense, and aerospace applications. Formed from the 2015 merger of RF Micro Devices and TriQuint Semiconductor, Qorvo is a key player in the RF semiconductor market, competing directly with Skyworks and Broadcom. The current investor narrative centers on the company's pending merger with Skyworks, which was announced in early 2026 and is expected to close in the second half of the year, as well as its efforts to navigate a cyclical downturn in the smartphone market while diversifying into higher-growth areas like automotive and IoT. Recent news highlights Skyworks' exchange offers for Qorvo's senior notes, a step toward refinancing debt as part of the merger, which has drawn attention to the deal's execution risks and potential synergies.…
QRVO
Qorvo
$112.36
Related headlines
Investment Opinion: Should I buy QRVO Today?
Based on the analysis, QRVO is rated a 'Hold'. The stock is trading above the average analyst target of $90.17, suggesting limited upside, but the forward PE of 13.01x and PEG of 0.04 indicate potential value if earnings grow as expected. The consensus recommendation is 'hold', reflecting uncertainty about the merger's outcome. Investors should wait for a better entry point or clarity on the merger before initiating a position.
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QRVO 12-Month Price Forecast
QRVO's outlook is balanced, with potential for upside if the merger succeeds and the market recovers, but significant downside risks exist if the merger fails or demand weakens further. The stock is trading above the average analyst target, suggesting limited near-term upside. I would upgrade to bullish if the merger closes and revenue growth turns positive, or downgrade to bearish if the merger collapses or revenue declines accelerate.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Qorvo's 12-month outlook, with a consensus price target around $90.17 and implied upside of -19.8% versus the current price.
Average Target
$90.17
0 analysts
Implied Upside
-19.8%
vs. current price
Analyst Count
—
covering this stock
Price Range
$66 - $105
Analyst target range
The target price range spans from a low of $66.00 to a high of $105.00, with the high end just above the current price, suggesting that even the most bullish analyst sees limited upside, while the low end implies a potential downside of 35.8%. The wide spread of $39 between the low and high targets indicates high uncertainty about the merger's outcome and the company's future growth prospects. The high target likely assumes successful merger integration and a strong recovery in the RF market, while the low target may reflect concerns about competitive pressures and the cyclical downturn. Recent rating actions show a mix of upgrades and downgrades, with Barclays upgrading from 'Equal Weight' to 'Overweight' in April 2026, and Mizuho downgrading from 'Neutral' to 'Underperform', indicating a lack of clear consensus among analysts.
Bulls vs Bears: QRVO Investment Factors
QRVO presents a mixed picture: strong technical momentum and margin improvement are offset by revenue declines and limited upside to analyst targets. The bull case is supported by a low forward PE and healthy balance sheet, while the bear case is driven by cyclical headwinds and merger uncertainty. Currently, the bearish evidence is slightly stronger due to the stock trading above the average analyst target, but the outcome hinges on the successful closure and integration of the Skyworks merger, which could unlock significant synergies and transform the company's growth trajectory.
Bullish
- Strong momentum near 52-week high: QRVO is trading at $102.84, just 6.1% below its 52-week high of $109.49, with a 6-month price gain of +32.46%. This technical strength reflects improving investor sentiment and a successful recovery from the March 2026 lows.
- Improved gross margin trend: Gross margin expanded from 40.52% in Q1 FY2026 to 48.87% in Q4 FY2026, indicating better product mix and cost controls. This margin expansion supports profitability even amid revenue declines.
- Undervalued on forward earnings: The forward PE of 13.01x is well below the trailing PE of 21.13x, implying the market expects significant earnings growth. The PEG ratio of 0.04 suggests the stock is undervalued relative to its expected growth rate.
- Healthy balance sheet and liquidity: QRVO has a current ratio of 3.24 and a debt-to-equity ratio of 0.46, indicating strong liquidity and manageable leverage. This financial stability supports the company through cyclical downturns and merger integration.
Bearish
- Revenue decline in latest quarter: Q4 FY2026 revenue fell 7.04% year-over-year to $808.3 million, and sequentially from $993.0 million in Q3. This reflects persistent weakness in the smartphone market and raises concerns about demand sustainability.
- Limited upside to analyst targets: The average analyst target price is $90.17, which is 12.3% below the current price of $102.84. Even the high target of $105.00 offers only 2.1% upside, suggesting the stock is trading above consensus fair value.
- High uncertainty around merger: The pending Skyworks merger introduces execution risks, including regulatory approvals, integration challenges, and potential customer attrition. The wide analyst target range of $66 to $105 reflects this uncertainty.
- Underperformance relative to market: QRVO's 1-year return of +11.54% lags the S&P 500's +18.65% gain, indicating weaker relative performance. This underperformance may persist if the merger fails to deliver expected synergies.
QRVO Technical Analysis
Qorvo's stock has been in a strong uptrend over the past year, with a 1-year price change of +11.54%, though it has underperformed the S&P 500's +18.65% gain over the same period. The current price of $102.84 is near the upper end of its 52-week range, sitting at approximately 94% of the range (calculated as (102.84 - 74.92) / (109.49 - 74.92) = 0.94), indicating that the stock is trading close to its 52-week high of $109.49, which suggests strong momentum but also potential overextension. The stock's 6-month price change of +32.46% is particularly robust, reflecting a significant recovery from the lows seen in early 2026, and the price is now just 6.1% below its 52-week high, positioning it in a zone where resistance could be tested.
Beta
1.46
1.46x market volatility
Max Drawdown
-23.8%
Largest decline past year
52-Week Range
$75-$114
Price range past year
Annual Return
+26.0%
Cumulative gain past year
| Period | QRVO Return | S&P 500 |
|---|---|---|
| 1m | +16.2% | -1.6% |
| 3m | +14.0% | +2.2% |
| 6m | +43.8% | +14.4% |
| 1y | +26.0% | +16.2% |
| ytd | +30.2% | +11.1% |
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QRVO Fundamental Analysis
Qorvo's revenue has been volatile, with the most recent quarter (Q4 FY2026, ended March 28, 2026) showing revenue of $808.3 million, a decline of 7.04% year-over-year, and down from $993.0 million in the prior quarter (Q3 FY2026). This sequential decline reflects a seasonal slowdown and ongoing weakness in the smartphone market, but the company has shown resilience with a gross margin of 48.87% in Q4, up from 40.52% in Q1 FY2026, indicating improved product mix and cost controls. Over the past four quarters, revenue has ranged from $808.3 million to $1.058 billion, with the highest in Q2 FY2026, but the overall trend is choppy, with no clear growth trajectory, as the company faces cyclical headwinds in its core mobile market.
Quarterly Revenue
$808277000.0B
2026-03
Revenue YoY Growth
-7.0%
YoY Comparison
Gross Margin
48.9%
Latest Quarter
Free Cash Flow
$679561000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is QRVO Overvalued?
Given that Qorvo is profitable, the PE ratio is the primary valuation metric. The trailing PE is 21.13x, while the forward PE is 13.01x, indicating that the market expects significant earnings growth in the coming year, likely driven by the Skyworks merger synergies and a recovery in the semiconductor cycle. The gap between trailing and forward PE suggests that the market is pricing in a substantial improvement in earnings, which is also reflected in the PEG ratio of 0.04, implying that the stock is undervalued relative to its expected growth rate. However, this PEG ratio is based on analyst estimates that may be overly optimistic, given the company's recent revenue declines.
PE
21.1x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 11x~75x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
10.3x
Enterprise Value Multiple
Investment Risk Disclosure
Financially, QRVO faces risks from revenue volatility, as seen in the 7.04% year-over-year decline in Q4 FY2026 and sequential drop from Q3. The company's net margin of 9.2% is thin, and operating margin of 11.2% leaves little room for error. While debt-to-equity is moderate at 0.46, the pending merger with Skyworks involves significant debt refinancing, as evidenced by the exchange offers for senior notes, which could strain cash flows if integration costs escalate. The company's reliance on the cyclical smartphone market adds earnings instability, with quarterly EPS swinging from $0.28 to $1.77 over the past year.