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Relative valuation derived from Technology sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 49.2GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
12.8%
Sector: -1.4%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Qorvo, Inc. (QRVO) receives a "Hold" rating with a composite score of 46.9/100, ranked #1188 out of 4446 stocks. Key factor scores: Quality 49/100, Value 64/100, Momentum 44/100. This is quantitative analysis only — not investment advice.
Qorvo, Inc. (QRVO) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Qorvo, Inc. Do?
Qorvo, Inc. develops and commercializes technologies and products for wireless and wired connectivity worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. The company offers integrated modules incorporating switches, power amplifiers, filters, multiplexers and other components, radio frequency (RF) power management integrated circuits, antenna tuners, antenna-plexers, discrete filters and duplexers, discrete switches, and ultra-wideband (UWB) system solutions. It also provides integrated solutions that include switch-LNA modules, variable gain amplifiers, discrete power amplifiers (PA), and integrated PA Doherty modules for massive multiple-input/multiple-output systems; RF products and compound semiconductor foundry services to defense primes and other global defense and aerospace customers; Wi-Fi customer premises equipment, including power amplifiers, switches, low noise amplifiers, and bulk acoustic wave filters; system-on-a-chip (SoC) hardware, firmware, and application software for smart home applications; automotive RF connectivity products and UWB SoC solutions; and power application controllers and programmable analog power ICs. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. Qorvo, Inc. was founded in 1957 and is headquartered in Greensboro, North Carolina. Qorvo, Inc. (QRVO) is classified as a mid-cap stock in the Technology sector, specifically within the Electronic Equipment industry. The company is led by CEO Robert A. Bruggeworth and employs approximately 8,900 people, headquartered in GREENSBORO, North Carolina. With a market capitalization of $7.1B, QRVO is one of the notable companies in the Technology sector.
Qorvo, Inc. (QRVO) Stock Rating — Hold (April 2026)
As of April 2026, Qorvo, Inc. receives a Hold rating with a composite score of 46.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.QRVO ranks #1,188 out of 4,446 stocks in our coverage universe. Within the Technology sector, Qorvo, Inc. ranks #120 of 584 stocks, placing it in the top quartile of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
QRVO Stock Price and 52-Week Range
Qorvo, Inc. (QRVO) currently trades at $79.81. The stock lost $0.02 (0.0%) in the most recent trading session. The 52-week high for QRVO is $106.30, which means the stock is currently trading -24.9% from its annual peak. The 52-week low is $49.46, putting the stock 61.4% above its annual trough. Recent trading volume was 780K shares, suggesting relatively thin trading activity.
Is QRVO Overvalued or Undervalued? — Valuation Analysis
Qorvo, Inc. (QRVO) carries a value factor score of 64/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 15.23x, compared to the Technology sector average of 45.27x — a discount of 66%. The price-to-book ratio stands at 1.95x, versus the sector average of 3.16x. The price-to-sales ratio is 1.87x, compared to 1.06x for the average Technology stock. On an enterprise value basis, QRVO trades at 11.39x EV/EBITDA, versus 12.79x for the sector.
Overall, QRVO's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Qorvo, Inc. Profitability — ROE, Margins, and Quality Score
Qorvo, Inc. (QRVO) earns a quality factor score of 49/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 12.8%, compared to the Technology sector average of -1.4%, which is within a healthy range. Return on assets (ROA) comes in at 7.7% versus the sector average of -1.0%.
On a margin basis, Qorvo, Inc. reports gross margins of 45.2%, compared to 50.9% for the sector. The operating margin is 14.3% (sector: -0.5%). Net profit margin stands at 11.9%, versus -1.5% for the average Technology stock. Revenue growth is running at -5.1% on a trailing basis, compared to 14.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
QRVO Debt, Balance Sheet, and Financial Health
Qorvo, Inc. has a debt-to-equity ratio of 42.0%, compared to the Technology sector average of 43.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $1.55B. Cash and equivalents stand at $1.32B.
QRVO has a beta of 1.73, meaning it is more volatile than the broader market — a $10,000 investment in QRVO would be expected to move 72.8% more than the S&P 500 on any given day. The stability factor score for Qorvo, Inc. is 52/100, reflecting average volatility within the normal range for its sector.
Qorvo, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Qorvo, Inc. reported revenue of $3.86B and earnings per share (EPS) of $1.77. Net income for the quarter was $473M. Gross margin was 45.2%. Operating income came in at $572M.
In Q3 2025, Qorvo, Inc. reported revenue of $993M and earnings per share (EPS) of $1.77. Net income for the quarter was $164M. Gross margin was 46.8%. Operating income came in at $192M.
In Q3 2026, Qorvo, Inc. reported revenue of $993M and earnings per share (EPS) of $1.77. Net income for the quarter was $164M. Gross margin was 46.8%. Revenue grew 0.0% year-over-year compared to Q3 2025. Operating income came in at $192M.
In Q2 2026, Qorvo, Inc. reported revenue of $1.06B and earnings per share (EPS) of $1.29. Net income for the quarter was $120M. Gross margin was 47.0%. Revenue grew 1.1% year-over-year compared to Q2 2025. Operating income came in at $158M.
Over the past 8 quarters, Qorvo, Inc. has demonstrated a growth trajectory, with revenue expanding from $887M to $3.86B. Investors analyzing QRVO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
QRVO Dividend Yield and Income Analysis
Qorvo, Inc. (QRVO) does not currently pay a dividend. This is common among smaller companies in the Electronic Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Technology dividend stocks may want to explore other Technology stocks or use the stock screener to filter by dividend yield.
QRVO Momentum and Technical Analysis Profile
Qorvo, Inc. (QRVO) has a momentum factor score of 44/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 51/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 12/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
QRVO vs Competitors — Technology Sector Ranking and Peer Comparison
Comparing QRVO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full QRVO vs S&P 500 (SPY) comparison to assess how Qorvo, Inc. stacks up against the broader market across all factor dimensions.
QRVO Next Earnings Date
No upcoming earnings date has been announced for Qorvo, Inc. (QRVO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy QRVO? — Investment Thesis Summary
Qorvo, Inc. presents a balanced picture with arguments on both sides. The value score of 64/100 suggests attractive pricing relative to fundamentals.
In summary, Qorvo, Inc. (QRVO) earns a Hold rating with a composite score of 46.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on QRVO stock.
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Institutional Research Dossier
Qorvo, Inc. (QRVO) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Qorvo, Inc. is currently rated as a Hold, reflecting a balanced view of its potential and challenges. While the company exhibits attractive valuation metrics and profitability compared to the sector, its recent revenue decline and moderate growth prospects temper enthusiasm. The Hold rating acknowledges Qorvo's strategic positioning in the wireless connectivity market, but also recognizes the need for improved revenue growth and consistent profitability to justify a more bullish outlook.
The most critical takeaway is that Qorvo's future performance hinges on its ability to capitalize on emerging opportunities in 5G, Wi-Fi 6E/7, and other advanced connectivity technologies. While its Infrastructure and Defense Products segment provides stability, the Mobile Products segment, heavily reliant on smartphone demand, needs to demonstrate a sustainable recovery. The company's ability to innovate and secure key design wins will be crucial in driving future growth and justifying a higher valuation.
Business Strategy & Overview
Qorvo operates primarily in the radio frequency (RF) solutions market, catering to both mobile and infrastructure/defense sectors. The Mobile Products segment focuses on supplying RF components and modules for smartphones and other mobile devices. This includes power amplifiers, filters, switches, and antenna solutions. The Infrastructure and Defense Products (IDP) segment serves a broader range of markets, including wireless infrastructure, defense, and aerospace. IDP offers RF products and compound semiconductor foundry services to defense primes and other global defense and aerospace customers, Wi-Fi customer premises equipment, automotive RF connectivity products and UWB SoC solutions, and power application controllers and programmable analog power ICs.
Qorvo's strategy revolves around providing highly integrated and customized RF solutions that meet the evolving needs of its customers. This involves investing in research and development to stay ahead of technological advancements in areas such as 5G, Wi-Fi 6E/7, and ultra-wideband (UWB) technology. The company also focuses on expanding its product portfolio to address new markets and applications, such as automotive connectivity and the Internet of Things (IoT). A key element of Qorvo's strategy is to maintain strong relationships with key customers, including leading smartphone manufacturers and infrastructure equipment providers. This allows the company to secure design wins and gain early access to new technology trends.
The company's product pipeline includes next-generation RF front-end modules for 5G smartphones, advanced Wi-Fi solutions for home and enterprise applications, and UWB chips for automotive and industrial applications. Qorvo is also investing in gallium nitride (GaN) technology to improve the performance and efficiency of its power amplifiers. The company's strategic positioning within the industry is as a leading provider of RF solutions, with a focus on high-performance and highly integrated products. Qorvo competes with other RF component suppliers, such as Skyworks Solutions, Broadcom, and Murata Manufacturing. The competitive landscape is characterized by rapid technological change and intense price competition.
Qorvo's business model involves designing, manufacturing, and selling RF components and modules to original equipment manufacturers (OEMs) and original design manufacturers (ODMs). The company operates its own manufacturing facilities, as well as utilizing third-party foundries. Qorvo generates revenue through direct sales to customers, as well as through a network of sales representative firms and distributors. The company's revenue is concentrated among a few key customers, particularly in the Mobile Products segment. This customer concentration poses a risk to Qorvo's revenue stream, as a loss of a major customer could have a significant impact on its financial performance.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-5.1%
Sector: 14.2%
-136% VS SCTR
Economic Moat Analysis
Qorvo possesses a Narrow economic moat, primarily derived from intangible assets and switching costs. The company's expertise in RF technology, particularly in compound semiconductors like gallium arsenide (GaAs) and gallium nitride (GaN), creates a barrier to entry for new competitors. These materials offer superior performance characteristics compared to traditional silicon-based semiconductors in high-frequency applications. Qorvo's intellectual property, including patents and proprietary designs, further strengthens its competitive position.
Switching costs also contribute to Qorvo's moat. Once a customer integrates Qorvo's RF solutions into their products, switching to a competitor's solution can be costly and time-consuming. This is particularly true for complex RF front-end modules, which require extensive testing and validation. The integration process involves significant engineering effort and can impact product performance and reliability. As a result, customers are often reluctant to switch suppliers unless there is a compelling reason to do so.
However, Qorvo's moat is not particularly wide due to the presence of strong competitors and the commoditization of certain RF components. Companies like Skyworks Solutions, Broadcom, and Murata Manufacturing also possess significant expertise in RF technology and compete directly with Qorvo. Furthermore, the increasing integration of RF functionality into system-on-a-chip (SoC) solutions by companies like Qualcomm and MediaTek poses a threat to Qorvo's standalone RF component business. These integrated solutions can reduce the need for discrete RF components, potentially eroding Qorvo's market share.
The company's reliance on a few key customers, particularly in the Mobile Products segment, also weakens its moat. A loss of a major customer could have a significant impact on Qorvo's revenue and profitability. Furthermore, the cyclical nature of the smartphone market can lead to fluctuations in demand for Qorvo's products. While the Infrastructure and Defense Products segment provides some stability, it is not immune to economic downturns or changes in government spending. Therefore, while Qorvo benefits from intangible assets and switching costs, its moat is not impenetrable and is subject to competitive pressures and market volatility.
Financial Health & Profitability
Qorvo's financial health presents a mixed picture. While the company exhibits strong profitability metrics compared to the sector, its revenue growth has been inconsistent. The most recent TTM revenue of $992.96 million reflects a significant decline of 5.1% compared to the sector average of 14.0%. This revenue decline is a cause for concern, as it indicates a potential loss of market share or a slowdown in demand for Qorvo's products. However, the company's net income of $164.06 million and EBITDA of $273.35 million demonstrate its ability to generate profits despite the revenue decline.
Qorvo's profitability metrics are significantly better than the sector averages. The company's ROE of 12.8% is substantially higher than the sector average of -1.5%, indicating that Qorvo is more efficient at generating profits from its equity. Similarly, the company's gross margin of 45.2%, operating margin of 14.3%, and net margin of 11.9% are all significantly higher than the sector averages, demonstrating Qorvo's superior cost management and operational efficiency. The company's free cash flow of $303.17 million further strengthens its financial position, providing it with the flexibility to invest in growth initiatives, make acquisitions, or return capital to shareholders.
Qorvo's balance sheet is moderately leveraged, with total debt of $1.55 billion and total cash of $1.32 billion. The company's debt-to-equity ratio of 42.00 is comparable to the sector average of 43.00, indicating that its leverage is within a reasonable range. However, the company's current ratio is not available, making it difficult to assess its short-term liquidity. The quarterly financial history reveals some volatility in Qorvo's financial performance. While the company has consistently generated positive gross margins and operating margins, its revenue and net income have fluctuated from quarter to quarter. The Q1 FY2026 results were particularly weak, with a revenue of $818.78 million and a net income of $25.59 million. However, the company's performance improved in Q2 FY2026, with a revenue of $1.06 billion and a net income of $119.60 million.
Overall, Qorvo's financial health is reasonably sound, but its inconsistent revenue growth is a concern. The company's strong profitability metrics and free cash flow generation provide it with a solid foundation, but it needs to improve its revenue growth to justify a more bullish outlook. The company's balance sheet is moderately leveraged, and its short-term liquidity needs to be assessed. The volatility in its quarterly financial performance highlights the need for consistent execution and effective cost management.
Valuation Assessment
Qorvo's valuation presents a mixed picture, suggesting it is fairly valued at its current price. The company's P/E ratio of 44.2x is slightly below the sector average of 45.3x, indicating that it is not significantly overvalued compared to its peers. However, the P/E ratio alone can be misleading, as it does not account for the company's growth prospects or capital structure. The EV/EBITDA ratio of 6.8x is significantly below the sector average of 13.0x, suggesting that Qorvo is undervalued on an enterprise value basis. This lower EV/EBITDA multiple could reflect concerns about the company's revenue growth or its exposure to cyclical markets.
The company's free cash flow yield, calculated using the TTM free cash flow of $303.17 million and the market cap of $7.25 billion, is approximately 4.18%. This is a reasonable free cash flow yield, but it is not particularly high compared to other companies in the technology sector. A higher free cash flow yield would indicate that the company is generating more cash relative to its market value, making it a more attractive investment. To properly assess the valuation, one must consider the company's growth prospects. Given the recent revenue decline of 5.1%, the current valuation appears reasonable, but not necessarily cheap.
Compared to its historical valuation, Qorvo's current multiples are within a reasonable range. However, the company's valuation has fluctuated significantly over time, reflecting changes in its financial performance and market sentiment. During periods of strong revenue growth and profitability, Qorvo's valuation has been higher. Conversely, during periods of weak financial performance, its valuation has been lower. The current valuation appears to reflect the company's current financial performance and growth prospects.
In conclusion, Qorvo's valuation is neither excessively cheap nor excessively expensive. The company's P/E ratio is slightly below the sector average, while its EV/EBITDA ratio is significantly below the sector average. The free cash flow yield is reasonable, but not particularly high. Given the company's recent revenue decline and moderate growth prospects, the current valuation appears fair. A more bullish outlook would require improved revenue growth and consistent profitability.
Risk & Uncertainty
Qorvo faces several specific risks that could negatively impact its business and financial performance. One of the most significant risks is customer concentration, particularly in the Mobile Products segment. The company relies on a few key customers, including leading smartphone manufacturers, for a significant portion of its revenue. A loss of a major customer or a reduction in orders from these customers could have a material adverse effect on Qorvo's financial results. This risk is exacerbated by the cyclical nature of the smartphone market, which can lead to fluctuations in demand for Qorvo's products.
Another key risk is intense competition in the RF component market. Qorvo competes with other established RF component suppliers, such as Skyworks Solutions, Broadcom, and Murata Manufacturing. These companies have significant resources and expertise, and they are constantly developing new and innovative products. Furthermore, the increasing integration of RF functionality into system-on-a-chip (SoC) solutions by companies like Qualcomm and MediaTek poses a threat to Qorvo's standalone RF component business. These integrated solutions can reduce the need for discrete RF components, potentially eroding Qorvo's market share and pricing power.
Technological obsolescence is also a significant risk for Qorvo. The RF component market is characterized by rapid technological change, and Qorvo must constantly invest in research and development to stay ahead of the curve. Failure to anticipate and adapt to new technologies could render its products obsolete and lead to a loss of market share. This risk is particularly relevant in areas such as 5G, Wi-Fi 6E/7, and ultra-wideband (UWB) technology, where new standards and technologies are constantly emerging.
Finally, Qorvo's reliance on international operations exposes it to various geopolitical and economic risks. The company has manufacturing facilities and sales operations in several countries, including China. Changes in trade policies, tariffs, and political relations could disrupt its supply chain and negatively impact its financial performance. Furthermore, economic downturns in key markets could reduce demand for its products. The ongoing trade tensions between the United States and China pose a particular risk to Qorvo, as they could lead to increased tariffs and other trade barriers.
Bulls Say / Bears Say
The Bull Case
BULL VIEWQorvo's strong position in the Infrastructure and Defense Products segment provides a stable revenue stream and exposure to long-term growth trends in aerospace and defense spending.
BULL VIEWThe company's expertise in gallium nitride (GaN) technology gives it a competitive edge in high-performance RF applications, particularly in 5G infrastructure and defense systems.
BULL VIEWQorvo's attractive valuation, particularly its low EV/EBITDA multiple, offers potential upside as the company's revenue growth recovers and profitability improves.
The Bear Case
BEAR VIEWQorvo's heavy reliance on the cyclical smartphone market makes it vulnerable to fluctuations in demand and pricing pressure from major customers.
BEAR VIEWThe increasing integration of RF functionality into system-on-a-chip (SoC) solutions threatens Qorvo's standalone RF component business and could erode its market share.
BEAR VIEWQorvo's recent revenue decline and inconsistent profitability raise concerns about its ability to compete effectively in the rapidly evolving RF component market.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score QRVO and 4,400+ other equities.
Qorvo, Inc. exhibits a 10% valuation discount relative to institutional benchmarks. This represents a balanced risk/reward profile based on current multiples.
Return on Assets
Efficiency of asset utilization
7.7%
Sector: -1.0%
Gross Margin
Pricing power and cost efficiency
45.2%
Sector: 50.9%
Operating Margin
Core business profitability
14.3%
Sector: -0.5%
Net Margin
Bottom-line profitability
11.9%
Sector: -1.5%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
