Detailed financial statements for Qorvo, Inc. (QRVO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Qorvo, Inc. is a global technology company focused on developing and bringing to market a diverse range of products and innovations for the wireless, wired, and power sectors. Its operations are organized into two primary divisions: Mobile Products, and Infrastructure and Defense Products. Within its Mobile Products segment, Qorvo supplies critical components for a wide array of consumer electronics, including smartphones, wearables, laptops, and tablets.
Analysis Summary
Qorvo, Inc. reported revenue of $3.68B in the most recent fiscal year, growing at a 5-year CAGR of -1.7%. Net income reached $339.0M, with a -14.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.2%, operating margin 13.1%, net margin 11.0%. Free cash flow grew at -9.4% CAGR over 5 years.
At the current price of $113.97, QRVO trades at a P/E of 26.69 and an ROE of 11.39%. Market capitalisation stands at $10.1B, placing it among large-cap names.
Balance sheet quality for QRVO: current ratio of 3.2, net debt of $330.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $679.6M represents 200% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.03B | $2.97B | $3.09B | $3.24B | $4.02B | $4.65B | $3.57B | $3.77B | $3.72B | $3.68B |
| Cost of Revenue | $1.90B | $1.83B | $1.90B | $1.92B | $2.13B | $2.36B | $2.27B | $2.28B | $2.18B | $1.99B |
| Gross Profit | $1.14B | $1.15B | $1.20B | $1.32B | $1.88B | $2.29B | $1.30B | $1.49B | $1.54B | $1.69B |
| Research & Development | $470.8M | $445.1M | $450.5M | $484.4M | $570.4M | $623.6M | $649.8M | $682.2M | $747.7M | $726.1M |
| Selling, General & Admin | $545.6M | $527.8M | $476.1M | $343.6M | $367.2M | $349.7M | $358.8M | $389.1M | $403.6M | $380.7M |
| Operating Expenses | $1.05B | $1.08B | $978.7M | $898.5M | $976.9M | $1.06B | $1.11B | $1.40B | $1.44B | $1.28B |
| Operating Income | $88.1M | -$637.5M | $216.5M | $423.2M | $906.6M | $1.23B | $183.2M | $91.7M | $95.5M | $411.4M |
| EBITDA | $790.8M | $790.9M | $798.9M | $924.4M | $1.34B | $1.61B | $531.9M | $463.7M | $441.1M | $730.1M |
| Interest Expense | $58.9M | $59.5M | $44.0M | $60.4M | $75.2M | $63.3M | $68.5M | $69.2M | $78.3M | $73.1M |
| Pre-tax Income | $27.3M | $17.1M | $91.8M | $395.1M | $807.4M | $1.18B | $124.6M | $73.6M | $65.9M | $398.3M |
| Income Tax | $43.9M | $57.4M | -$41.3M | $60.8M | $73.8M | $147.7M | $21.5M | $143.9M | $10.3M | $59.3M |
| Net Income | -$16.6M | -$40.3M | $133.1M | $334.3M | $733.6M | $1.03B | $103.2M | -$70.3M | $55.6M | $339.0M |
| EPS | $-0.13 | $-0.32 | $1.07 | $2.86 | $6.43 | $9.38 | $1.01 | $-0.72 | $0.59 | $3.66 |
| EPS (Diluted) | $-0.13 | $-0.32 | $1.05 | $2.80 | $6.32 | $9.26 | $1.00 | $-0.72 | $0.58 | $3.62 |
| Shares Outstanding (Diluted) | $127.1M | $126.9M | $127.4M | $119.3M | $116.0M | $111.5M | $103.0M | $97.6M | $95.5M | $93.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.06B | $993.0M | $808.3M | $784.8M |
| Gross Profit | $497.1M | $464.2M | $395.0M | $401.0M |
| Operating Income | $157.7M | $192.1M | $31.5M | $96.8M |
| EBITDA | $240.3M | $269.6M | $102.2M | $166.5M |
| Net Income | $119.6M | $164.1M | $29.7M | $85.8M |
| EPS | $1.29 | $1.77 | $0.32 | $0.97 |
| EPS (Diluted) | $1.28 | $1.75 | $0.32 | $0.96 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $545.5M | $926.0M | $711.0M | $714.9M | $1.40B | $972.6M | $808.8M | $1.03B | $1.02B | $1.22B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $423.2M | $390.8M | $400.1M | $382.2M | $484.8M | $601.0M | $331.1M | $427.4M | $397.7M | $398.7M |
| Inventory | $430.5M | $472.3M | $511.8M | $517.2M | $507.8M | $755.7M | $796.6M | $710.6M | $641.0M | $553.7M |
| Total Current Assets | $1.46B | $1.84B | $1.68B | $1.69B | $2.48B | $2.45B | $2.03B | $2.45B | $2.17B | $2.31B |
| Property, Plant & Equipment | $1.39B | $1.37B | $1.37B | $1.26B | $1.27B | $1.25B | $1.15B | $871.0M | $801.9M | $710.4M |
| Goodwill | $2.17B | $2.17B | $2.17B | $2.61B | $2.64B | $2.78B | $2.76B | $2.53B | $2.39B | $2.35B |
| Intangible Assets | $1.40B | $860.3M | $408.2M | $808.9M | $611.2M | $674.8M | $537.7M | $509.4M | $273.5M | $121.5M |
| Total Assets | $6.52B | $6.38B | $5.81B | $6.56B | $7.22B | $7.51B | $6.69B | $6.55B | $5.93B | $5.83B |
| Accounts Payable | $216.2M | $213.2M | $233.3M | $247.0M | $313.9M | $327.9M | $210.7M | $253.0M | $260.7M | $242.9M |
| Short-term Debt | 0 | 0 | $80000 | $6.9M | $5.1M | $791000 | $310000 | $438.7M | 0 | 0 |
| Total Current Liabilities | $418.8M | $441.3M | $435.6M | $539.0M | $681.6M | $675.1M | $555.8M | $1.23B | $783.2M | $712.8M |
| Long-term Debt | $989.2M | $983.3M | $920.9M | $1.57B | $1.74B | $2.05B | $2.05B | $1.55B | $1.55B | $1.55B |
| Total Liabilities | $1.63B | $1.61B | $1.45B | $2.27B | $2.59B | $2.96B | $2.79B | $3.00B | $2.54B | $2.48B |
| Retained Earnings | -$456.4M | -$458.8M | -$321.2M | 0 | $355.0M | $512.1M | $84.5M | -$89.6M | -$34.0M | $38.8M |
| Total Equity | $4.90B | $4.78B | $4.36B | $4.29B | $4.63B | $4.55B | $3.90B | $3.56B | $3.39B | $3.34B |
| Total Debt | $989.2M | $983.3M | $921.0M | $1.57B | $1.75B | $2.05B | $2.05B | $1.99B | $1.55B | $1.55B |
| Net Debt | $443.7M | $57.3M | $210.0M | $859.2M | $349.8M | $1.07B | $1.24B | $958.8M | $528.0M | $330.1M |
| Working Capital | $1.04B | $1.40B | $1.25B | $1.15B | $1.80B | $1.77B | $1.47B | $1.22B | $1.38B | $1.59B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.10B | $1.32B | $1.22B | $1.33B |
| Total Assets | $6.10B | $6.16B | $5.83B | $5.94B |
| Total Liabilities | $2.59B | $2.47B | $2.48B | $2.47B |
| Total Equity | $3.51B | $3.70B | $3.34B | $3.47B |
| Total Debt | $1.55B | $1.55B | $1.55B | $1.55B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$16.6M | -$40.3M | $133.1M | $334.3M | $733.6M | $1.03B | $103.2M | -$70.3M | $55.6M | $339.0M |
| Depreciation & Amortization | $704.6M | $714.2M | $663.1M | $468.9M | $456.1M | $361.4M | $338.8M | $320.9M | $296.8M | $258.6M |
| Stock-based Compensation | $88.8M | $68.2M | $71.6M | $76.0M | $89.3M | $83.5M | $105.6M | $120.8M | $136.3M | $136.1M |
| Change in Working Capital | $20.9M | $90.7M | -$96.1M | $92.2M | -$21.7M | -$523.8M | $97.0M | $142.4M | -$6.4M | $41.6M |
| Operating Cash Flow | $776.8M | $852.5M | $810.4M | $945.6M | $1.30B | $1.05B | $843.2M | $833.2M | $622.2M | $808.6M |
| Capital Expenditure | -$552.7M | -$269.8M | -$220.9M | -$164.1M | -$187.0M | -$213.5M | -$159.0M | -$127.2M | -$137.6M | -$129.1M |
| Acquisitions | -$118.1M | 0 | 0 | -$946.0M | -$47.1M | -$389.1M | -$95000 | -$63.0M | 0 | 0 |
| Stock Repurchased | -$209.4M | -$219.9M | -$638.1M | -$515.1M | -$515.1M | -$1.15B | -$861.8M | -$400.1M | -$356.3M | -$532.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $224.1M | $582.7M | $589.4M | $781.5M | $1.11B | $835.8M | $684.3M | $706.0M | $484.6M | $679.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $84.0M | $265.4M | $276.3M | $139.5M |
| Capital Expenditure | -$41.8M | -$28.5M | -$21.2M | -$24.1M |
| Free Cash Flow | $42.2M | $236.9M | $255.0M | $115.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $40.4M | $26.8M | $26.3M | $34.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.9% | +3.9% | +4.8% | +24.0% | +15.7% | -23.2% | +5.6% | -1.3% | -1.1% | |
| Net Income Growth (YoY) | -143.3% | +430.4% | +151.1% | +119.4% | +40.9% | -90.0% | -168.2% | +179.1% | +509.5% | |
| EPS Growth (YoY) | -146.2% | +434.4% | +167.3% | +124.8% | +45.9% | -89.2% | -171.3% | +181.9% | +520.3% | |
| Shares Change (YoY) | -0.1% | +0.3% | -6.3% | -2.7% | -3.9% | -7.6% | -5.3% | -2.2% | -2.0% | |
| FCF Growth (YoY) | +160.0% | +1.2% | +32.6% | +42.7% | -25.0% | -18.1% | +3.2% | -31.4% | +40.2% | |
| Gross Margin | 37.4% | 38.6% | 38.7% | 40.8% | 46.9% | 49.2% | 36.3% | 39.5% | 41.3% | 45.9% |
| Operating Margin | 2.9% | -21.4% | 7.0% | 13.1% | 22.6% | 26.4% | 5.1% | 2.4% | 2.6% | 11.2% |
| EBITDA Margin | 26.1% | 26.6% | 25.9% | 28.5% | 33.3% | 34.6% | 14.9% | 12.3% | 11.9% | 19.8% |
| Net Margin | -0.5% | -1.4% | 4.3% | 10.3% | 18.3% | 22.2% | 2.9% | -1.9% | 1.5% | 9.2% |
| FCF Margin | 7.4% | 19.6% | 19.1% | 24.1% | 27.8% | 18.0% | 19.2% | 18.7% | 13.0% | 18.5% |
| Effective Tax Rate | 160.6% | 335.0% | -45.0% | 15.4% | 9.1% | 12.5% | 17.2% | 195.6% | 15.6% | 14.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.76 | $4.59 | $4.63 | $6.55 | $9.61 | $7.49 | $6.64 | $7.24 | $5.08 | $7.26 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $126.5M | $126.3M | $124.5M | $117.0M | $114.0M | $111.5M | $102.2M | $97.6M | $94.6M | $92.6M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 11.39% |
| Return on Invested Capital | 7.78% |
| Return on Assets | 6.72% |
| Gross Margin | 48.22% |
| Operating Margin | 13.12% |
| Net Margin | 10.95% |
Financial Health
| Debt / Equity | 0.45 |
| Current Ratio | 3.54 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.93 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -527.38 | -220.16 | 68.42 | 28.21 | 30.00 | 12.95 | 100.56 | -159.49 | 121.19 | 21.13 |
| P/B | 1.77 | 1.86 | 2.09 | 2.20 | 4.75 | 2.98 | 2.66 | 3.15 | 1.99 | 2.14 |
| P/S | 2.86 | 2.99 | 2.95 | 2.91 | 5.48 | 2.92 | 2.91 | 2.97 | 1.82 | 1.95 |
| Gross Margin | 37.4% | 38.6% | 38.7% | 40.8% | 46.9% | 49.2% | 36.3% | 39.5% | 41.3% | 45.9% |
| Operating Margin | 2.9% | -21.4% | 7.0% | 13.1% | 22.6% | 26.4% | 5.1% | 2.4% | 2.6% | 11.2% |
| Net Margin | -0.5% | -1.4% | 4.3% | 10.3% | 18.3% | 22.2% | 2.9% | -1.9% | 1.5% | 9.2% |
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