# Qorvo, Inc. (QRVO) — Stock CV

Qorvo, Inc. is a $10.1B technology company. Revenue shrank 0.2% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~0.6 years of free cash flow. It trades at 25.2× earnings — around the middle of its own history.

> 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.

## Identity

- **Ticker**: QRVO
- **Sector**: Technology
- **Industry**: Semiconductors & Related Devices
- **Headquarters**: GREENSBORO, NC
- **Employees**: 5 200
- **Website**: https://www.qorvo.com
- **Market cap**: $10.1B
- **Last price**: $114.17
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $3.64B
- **Net income**: $399M
- **Free cash flow**: $650M
- **Net debt**: $387M
- **P/E**: 25.2
- **Revenue growth (YoY)**: -0.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 25 |
| Profitability | 56 |
| Health | 95 |
| Quality | 92 |
| Moat | 43 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [ ] Revenue growing — -0.2% YoY
- [x] Profitable — $399M TTM
- [x] Profit growing — +53.5% YoY
- [x] Generates cash — $650M TTM
- [x] Debt under control — ~0.6y of cash flow to repay
- [x] Established company — $10.1B market cap
- [x] Not printing shares — -19.4% shares over ~5y
- [x] Proven track record — 7/11 profitable years
- [x] Financially stable — Altman Z 3.0 — safe
- [x] Valuation not extreme — P/E 25.2

## Experience (career milestones)

- **2024** — Qorvo announced the acquisition of Anokiwave, a company that specializes in high-performance RFIC design
- **FY2022** — Best year on record: $1.03B net income
- **2021** — Qorvo announced the acquisition of Mountain View, California–based NextInput, a pioneer in the emerging…
- **2020** — Qorvo acquired the Irish fabless semiconductor company Decawave in a deal that was estimated to be worth…
- **2019** — Qorvo acquired Active-Semi International, a company with experience in power efficiency and power management
- **FY2019** — Turned profitable: $133M net income after a loss year
- **2016** — GreenPeak Technologies was acquired, adding ultra-low power, short-range wireless connected home and IoT to…
- **FY2016** — Revenue already above $1B: $2.61B in first reported year
- **FY2016** — Positive free cash flow every year since: 11-year streak
- **2015** — Qorvo was formed in 2015 through the merger of RF Micro Devices and TriQuint Semiconductor
- **2015** — The new company became a component of the S&P 500
- **1985** — TriQuint Semiconductor was founded in 1985 and developed semiconductor technologies used in communications, defense,…

## Strengths

- High gross margin (48.5%)
- Strong cash conversion — FCF is 17.8% of revenue
- Could repay net debt from ~0.3 years of free cash flow
- Interest covered 14.2× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Revenue shrinking 0.2% year over year
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $4.65B | $1.03B | $836M |
| FY2023 | $3.57B | $103M | $684M |
| FY2024 | $3.77B | -$70.3M | $706M |
| FY2025 | $3.72B | $55.6M | $485M |
| FY2026 | $3.68B | $339M | $680M |

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Source: https://stockcv.com/QRVO — derived from company filings; may be delayed or incomplete. Information, not investment advice.