Qorvo, Inc.
Latest report: Q1 FY2027, the quarter ended 27 June 2026, released 28 July 2026. Snapshot FY2027Q1_802919f0.
Overview
Revenue, quarter
−4.2% year on yearOperating income, quarter
+222% year on yearNet income, quarter
+235% year on yearDiluted EPS, quarter
+256% year on yearOperating margin, last 4 quarters
+9.8pp year on yearReturn on equity, last 4 quarters
+9.2pp year on yearSelect a figure to see the document it came from.
Key Findings
Findings for the latest quarter, with their history over earlier quarters.
Revenue for the quarter ended 27 June 2026 was US$785 million, 4.2% lower than in the same quarter a year earlier.
Weakenedin Q1 FY2027 · stated since Q4 FY2026−4.2% from −7.0% in Q4 FY2026Rule: Revenue against a year earlier · Sources 10-Q 2026-06History of this finding, 12 records
- Q1 FY2027 WeakenedRevenue for the quarter ended 27 June 2026 was US$785 million, 4.2% lower than in the same quarter a year earlier.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 NewRevenue for the quarter ended 28 March 2026 was US$808 million, 7.0% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2026 StrengthenedRevenue for the quarter ended 27 December 2025 was US$993 million, 8.4% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2026 NewRevenue for the quarter ended 27 September 2025 was US$1.1 billion, 1.1% higher than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q1 FY2026 ConfirmedRevenue for the quarter ended 28 June 2025 was US$819 million, 7.7% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedRevenue for the quarter ended 29 March 2025 was US$869 million, 7.6% lower than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 StrengthenedRevenue for the quarter ended 28 December 2024 was US$916 million, 14.7% lower than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 NewRevenue for the quarter ended 28 September 2024 was US$1.0 billion, 5.2% lower than in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q1 FY2025 NewRevenue for the quarter ended 29 June 2024 was US$887 million, 36.2% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$86 million, 235.2% higher than in the same quarter a year earlier.
Newin Q1 FY2027 · first statedRule: Net income against a year earlier · Sources 10-Q 2026-06History of this finding, 16 records
- Q1 FY2027 NewNet income attributable to the company was US$86 million, 235.2% higher than in the same quarter a year earlier.Recorded from FY2027Q1_802919f0 · data update
- Q1 FY2027 RetiredThe finding changed to higher than a year earlier.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 NewNet income attributable to the company was US$30 million, 5.2% lower than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q3 FY2026 NewNet income attributable to the company was US$164 million, 297.5% higher than in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q2 FY2026 NewNet income attributable to the company was US$120 million, against a net loss of US$17 million in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
- Q1 FY2026 StrengthenedNet income attributable to the company was US$26 million, 6,082.1% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 NewNet income attributable to the company was US$31 million, 1,046.8% higher than in the same quarter a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q3 FY2025 NewNet income attributable to the company was US$41 million, against a net loss of US$127 million in the same quarter a year earlier.Reconstructed · data update
- Q3 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
- Q2 FY2025 NewThe company reported a net loss of US$17 million, against net income of US$97 million in the same quarter a year earlier.Reconstructed · data update
- Q2 FY2025 RetiredThe finding changed to a loss.Reconstructed · data update
- Q1 FY2025 NewNet income attributable to the company was US$414,000, against a net loss of US$44 million in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 13.1%, 9.8 percentage points higher than a year earlier.
Strengthenedin Q1 FY2027 · stated since Q2 FY2026Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-Q 2025-12, 10-K 2026-03 and 1 moreHistory of this finding, 11 records
- Q1 FY2027 StrengthenedThe operating margin over the last 4 quarters was 13.1%, 9.8 percentage points higher than a year earlier.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 StrengthenedThe operating margin over the last 4 quarters was 11.2%, 8.6 percentage points higher than a year earlier.Reconstructed · data update
- Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 10.9%, 8.3 percentage points higher than a year earlier.Reconstructed · data update
- Q2 FY2026 NewThe operating margin over the last 4 quarters was 7.3%, 7.3 percentage points higher than a year earlier.Reconstructed · data update
- Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q1 FY2026 NewThe operating margin over the last 4 quarters was 3.3%, 0.3 percentage points lower than a year earlier.Reconstructed · data update
- Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 2.6%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
- Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 2.6%, 6.2 percentage points higher than a year earlier.Reconstructed · data update
- Q2 FY2025 ConfirmedThe operating margin over the last 4 quarters was 0.1%, 2.5 percentage points higher than a year earlier.Reconstructed · data update
- Q1 FY2025 NewThe operating margin over the last 4 quarters was 3.6%, 2.6 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 11.6%, against 2.3% a year earlier.
Strengthenedin Q1 FY2027 · stated since Q3 FY2025Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 moreHistory of this finding, 10 records
- Q1 FY2027 StrengthenedReturn on equity over the last 4 quarters was 11.6%, against 2.3% a year earlier.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 ConfirmedReturn on equity over the last 4 quarters was 10.1%, against 1.6% a year earlier.Reconstructed · data update
- Q3 FY2026 WeakenedReturn on equity over the last 4 quarters was 9.6%, against 0.8% a year earlier.Reconstructed · data update
- Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 6.3%, against -3.9% a year earlier.Reconstructed · data update
- Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 2.3%, against -0.7% a year earlier.Reconstructed · data update
- Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 1.6%, against -1.9% a year earlier.Reconstructed · data update
- Q3 FY2025 NewReturn on equity over the last 4 quarters was 0.8%, against -5.4% a year earlier.Reconstructed · data update
- Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
- Q2 FY2025 StrengthenedReturn on equity over the last 4 quarters was -3.9%, against -2.5% a year earlier.Reconstructed · data update
- Q1 FY2025 NewReturn on equity over the last 4 quarters was -0.7%, against -0.2% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$650 million, and operating cash flow was 1.9 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Confirmedin Q1 FY2027 · stated since Q1 FY2025Rule: Free cash flow · Sources 10-Q 2025-06, 10-Q 2025-09, 10-Q 2025-12 and 2 moreHistory of this finding, 9 records
- Q1 FY2027 ConfirmedFree cash flow over the last 4 quarters was US$650 million, and operating cash flow was 1.9 times net income attributable to the company.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$680 million, and operating cash flow was 2.4 times net income attributable to the company.Reconstructed · data update
- Q3 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$595 million, and operating cash flow was 2.1 times net income attributable to the company.Reconstructed · data update
- Q2 FY2026 WeakenedFree cash flow over the last 4 quarters was US$535 million, and operating cash flow was 3.1 times net income attributable to the company.Reconstructed · data update
- Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$587 million, and operating cash flow was 9.0 times net income attributable to the company.Reconstructed · data update
- Q4 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$485 million, and operating cash flow was 11.2 times net income attributable to the company.Reconstructed · data update
- Q3 FY2025 WeakenedFree cash flow over the last 4 quarters was US$484 million, and operating cash flow was 23.2 times net income attributable to the company.Reconstructed · data update
- Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$774 million, and operating cash flow was -6.4 times net income attributable to the company.Reconstructed · data update
- Q1 FY2025 NewFree cash flow over the last 4 quarters was US$743 million, and operating cash flow was -33.0 times net income attributable to the company.Reconstructed · initial
Net debt was US$220 million at 27 June 2026, 0.3 times EBITDA over the last 4 quarters.
Weakenedin Q1 FY2027 · stated since Q1 FY2025Rule: Net debt or net cash · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q1 FY2027 WeakenedNet debt was US$220 million at 27 June 2026, 0.3 times EBITDA over the last 4 quarters.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 StrengthenedNet debt was US$330 million at 28 March 2026, 0.5 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q3 FY2026 WeakenedNet debt was US$231 million at 27 December 2025, 0.3 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q2 FY2026 StrengthenedNet debt was US$446 million at 27 September 2025, 0.8 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q1 FY2026 WeakenedNet debt was US$384 million at 28 June 2025, 0.9 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q4 FY2025 WeakenedNet debt was US$528 million at 29 March 2025, 1.3 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q3 FY2025 WeakenedNet debt was US$780 million at 28 December 2024, 1.9 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q2 FY2025 ConfirmedNet debt was US$865 million at 28 September 2024, 2.7 times EBITDA over the last 4 quarters.Reconstructed · data update
- Q1 FY2025 NewNet debt was US$879 million at 29 June 2024, 1.9 times EBITDA over the last 4 quarters.Reconstructed · initial
Records before Q1 FY2027 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
DownloadsExcel workbook · JSON · Brief for AI
Snapshot
FY2027Q1_802919f0Corporate Events
- Acquisition5 October 2026
Completed an acquisition.
Source 8-K 2026-10 - Acquisitions paid in cash2 April 2022
Paid US$389 million in cash for business acquisitions in fiscal 2022, 5.4% of total assets at the start of the year.
Source 10-K 2024-03
Earnings, Returns and Balance Sheet
Revenue
By quarter, US dollars
Operating Income
By quarter, US dollars
Net Income Attributable to the Company
By quarter, US dollars
Margins
Last 4 quarters at each quarter end, per cent
Returns
Last 4 quarters, per cent
Free Cash Flow
Operating cash flow less capital expenditure, by quarter, US dollars
Net Debt
Total debt less cash and short-term investments, at quarter end, US dollars
Diluted Earnings per Share
By quarter, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
Q1 FY2027
Form 10-Q, period ended 27 June 2026, filed 28 July 2026. Changes are against the previous report, and each figure shows its period.
6changes0thresholds crossed
Changes in This Report 6
- WeakenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 27 June 2026 was US$785 million, 4.2% lower than in the same quarter a year earlier.
Earlier record, Q4 FY2026
Revenue for the quarter ended 28 March 2026 was US$808 million, 7.0% lower than in the same quarter a year earlier.
- NewNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$86 million, 235.2% higher than in the same quarter a year earlier.
Earlier record, Q4 FY2026
Net income attributable to the company was US$30 million, 5.2% lower than in the same quarter a year earlier.
- StrengthenedOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 13.1%, 9.8 percentage points higher than a year earlier.
Earlier record, Q4 FY2026
The operating margin over the last 4 quarters was 11.2%, 8.6 percentage points higher than a year earlier.
- StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 11.6%, against 2.3% a year earlier.
Earlier record, Q4 FY2026
Return on equity over the last 4 quarters was 10.1%, against 1.6% a year earlier.
2 more changes
- WeakenedNet Debt or Net Cash10-Q 2026-06
Net debt was US$220 million at 27 June 2026, 0.3 times EBITDA over the last 4 quarters.
Earlier record, Q4 FY2026
Net debt was US$330 million at 28 March 2026, 0.5 times EBITDA over the last 4 quarters.
- WeakenedCash Backing of Earnings10-Q 2026-06
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.
Earlier record, Q4 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.0% of average total assets.
Thresholds Crossed 0
No published finding crosses a threshold.
Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.
Credit MetricsDebt to EBITDA 1.85x, FFO to debt 45.4% · Q1 FY2027
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt was 1.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 45.4% of that debt. Both ratios are within the modest band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026 and lease liabilities of Q4 FY2026.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the modest band is number 2 of 6, and a higher number means more debt against earnings.
Confirmedin Q1 FY2027 · stated since Q3 FY20261.85x from 1.94x in Q4 FY2026Rule: Debt against the S&P benchmark bands · Sources 10-K 2026-03, 10-Q 2026-06, 10-Q 2025-06 and 3 moreHistory of this finding, 8 records
- Q1 FY2027 ConfirmedLease-adjusted debt was 1.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 45.4% of that debt. Both ratios are within the modest band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2026 and lease liabilities of Q4 FY2026.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 ConfirmedLease-adjusted debt was 1.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 43.2% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band.Reconstructed · data update
- Q3 FY2026 NewLease-adjusted debt was 1.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 43.8% of that debt. Debt to EBITDA is within the modest band of the S&P standard volatility table and FFO to debt within the intermediate band. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.Reconstructed · data update
- Q3 FY2026 RetiredThe finding changed to the modest band.Reconstructed · data update
- Q2 FY2026 ConfirmedLease-adjusted debt was 2.3 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 36.9% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.Reconstructed · data update
- Q1 FY2026 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 28.8% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025.Reconstructed · data update
- Q4 FY2025 ConfirmedLease-adjusted debt was 2.9 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 28.3% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · data update
- FY2024 NewLease-adjusted debt was 2.6 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 29.9% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · initial
Position in the S&P Standard Volatility Table, Last 4 Quarters to Q1 FY2027
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 1.8 years of adjusted EBITDA; a year of funds from operations equals 45.4% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | below 1.5x | 1.85x1.5x to 2x | 2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 60% and above | 45.4%45% to 60% | 30% to 45% | 20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY20222 Apr 2022 | FY20231 Apr 2023 | FY202430 Mar 2024 | FY202529 Mar 2025 | FY202628 Mar 2026 | Q1 FY2027latest quarter |
|---|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities | est. | |||||
| Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost | est. | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes | est. | |||||
| Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA | minimal | significant | intermediate | intermediate | modest | est.modest |
| FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt | minimal | significant | significant | intermediate | modest | est.modest |
| Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA | est. | |||||
| Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt | est. | |||||
| Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt | est. | |||||
| Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt | est. | |||||
| Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments) | est. | |||||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest) | est. | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest) | est. | |||||
| EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense | ||||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt | est. |
Reconciliation of the Credit Figures
| Item | FY20222 Apr 2022 | FY20231 Apr 2023 | FY202430 Mar 2024 | FY202529 Mar 2025 | FY202628 Mar 2026 | Q1 FY2027latest quarter |
|---|---|---|---|---|---|---|
| Total debt | $2.0bn | $2.0bn | $2.0bn | $1.5bn | $1.5bn | $1.5bn |
| Operating lease liabilities | $78.9m | $88.5m | $66.2m | $61.8m | $57.1m | $57.1m |
| Lease-adjusted debt | $2.1bn | $2.1bn | $2.1bn | $1.6bn | $1.6bn | $1.6bn |
| EBIT | $1.2bn | $183m | $91.7m | $95.5m | $411m | $478m |
| Depreciation and amortisation | $361m | $339m | $321m | $297m | $262m | $245m |
| Goodwill impairment | $48.0m | $12.4m | $221m | $144m | $36.5m | $0 |
| Share-based compensation | $83.5m | $106m | $121m | $136m | $136m | $128m |
| Operating lease cost | $19.2m | $20.2m | $21.5m | $19.2m | $19.0m | $19.0m |
| Adjusted EBITDA | $1.7bn | $660m | $776m | $692m | $865m | $870m |
| Cash interest | −$59.4m | −$66.1m | −$55.3m | −$76.3m | −$73.2m | −$70.2m |
| Lease interest | −$2.2m | −$3.3m | −$3.1m | −$2.7m | −$2.5m | −$2.5m |
| Cash taxes | −$125m | −$106m | −$105m | −$89.2m | −$55.9m | −$67.9m |
| Funds from operations | $1.6bn | $485m | $613m | $524m | $734m | $730m |
Method
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
- Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.
Liquidity and MaturitiesLiquidity cover 11.94x, Debt due within 12 months $0 · Q4 FY2025
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
Cash, short-term investments and operating cash flow over the 4 quarters ended 29 March 2025 equalled 11.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q4 FY2025 · stated since Q1 FY202511.94x from 9.84x in Q3 FY2025Rule: Liquidity cover · Sources 10-K 2026-03, 10-K 2025-03, 10-Q 2025-12 and 4 moreHistory of this finding, 5 records
- Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the 4 quarters ended 29 March 2025 equalled 11.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · restatement
- Q4 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 11.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q3 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 9.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q2 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
- Q1 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial
Sources and Uses, Fiscal 2025
| Sources | Amount |
|---|---|
| Cash and short-term investments | $1.0bn |
| Operating cash flow | $622m |
| Sources | $1.6bn |
| Uses | Amount |
|---|---|
| Debt due within 12 months | $0 |
| Capital expenditure | $138m |
| Dividends paid | $0 |
| Uses | $138m |
Liquidity cover 11.9x
By Fiscal Year
| Ratio | FY20213 Apr 2021 | FY20222 Apr 2022 | FY20231 Apr 2023 | FY202430 Mar 2024 | FY202529 Mar 2025 |
|---|---|---|---|---|---|
| Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included | |||||
| Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings |
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityCash-flow accruals −6.1%, Operating cash flow to EBITDA 1.06x · Q1 FY2027
Accruals and the cash backing of reported earnings.
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin Q1 FY2027 · stated since Q1 FY2025−6.1% from −8.0% in Q4 FY2026Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 moreHistory of this finding, 9 records
- Q1 FY2027 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.Recorded from FY2027Q1_802919f0 · data update
- Q4 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.0% of average total assets.Reconstructed · data update
- Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · data update
- Q2 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.3% of average total assets.Reconstructed · data update
- Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.3% of average total assets.Reconstructed · data update
- Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.1% of average total assets.Reconstructed · data update
- Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 9.5% of average total assets.Reconstructed · data update
- Q2 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 15.8% of average total assets.Reconstructed · data update
- Q1 FY2025 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 13.6% of average total assets.Reconstructed · initial
Net Income and Operating Cash Flow
Last 4 quarters at each quarter end, US dollars
By Fiscal Year
| Ratio | FY20222 Apr 2022 | FY20231 Apr 2023 | FY202430 Mar 2024 | FY202529 Mar 2025 | FY202628 Mar 2026 | Q1 FY2027latest quarter |
|---|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | ||||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | ||||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | ||||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) | ||||||
| Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company | n/a | |||||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresAltman Z'' 3.71, Beneish −2.93 · Piotroski 8 of 9 · Last 4 quarters 4.02 at Q1 FY2027 · FY2026
Published distress and misstatement models, with their original coefficients and thresholds.
The Altman Z'' score for fiscal 2026 was 3.71, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2026 · stated since FY20253.71 from 3.02 in FY2025Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2026-03History of this finding, 4 records
- FY2026 StrengthenedThe Altman Z'' score for fiscal 2026 was 3.71, above the safe threshold of 2.60.Reconstructed · data update
- FY2025 NewThe Altman Z'' score for fiscal 2025 was 3.02, above the safe threshold of 2.60.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to the safe zone.Reconstructed · data update
- FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.51, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2026 was minus 2.93, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2026 · stated since FY2024−2.93 from −2.97 in FY2025Rule: Beneish M-score against its threshold · Sources 10-K 2026-03, 10-Q 2025-12, 10-Q 2026-06History of this finding, 3 records
- FY2026 ConfirmedThe Beneish M-score for fiscal 2026 was minus 2.93, below the model threshold of minus 1.78.Reconstructed · data update
- FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.97, below the model threshold of minus 1.78.Reconstructed · data update
- FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.93, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Confirmedin FY2026 · stated since FY20258.00 from 8.00 in FY2025Rule: Piotroski F-score · Sources 10-K 2025-03, 10-K 2026-03, 10-Q 2025-12 and 1 moreHistory of this finding, 4 records
- FY2026 ConfirmedThe Piotroski F-score for fiscal 2026 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · data update
- FY2025 NewThe Piotroski F-score for fiscal 2025 was 8 of 9. The signal not met was long-term debt to assets lower than a year earlier.Reconstructed · data update
- Q4 FY2025 RetiredThe finding changed to a high score.Reconstructed · data update
- FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets above zero, return on assets higher than a year earlier and current ratio higher than a year earlier.Reconstructed · initial
By Fiscal Year
| Ratio | FY20222 Apr 2022 | FY20231 Apr 2023 | FY202430 Mar 2024 | FY202529 Mar 2025 | FY202628 Mar 2026 | Q1 FY2027latest quarter |
|---|---|---|---|---|---|---|
| Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60 | safe zone | safe zone | grey zone | safe zone | safe zone | safe zone |
| Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78 | below threshold | below threshold | below threshold | below threshold | below threshold | n/a |
| Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate | n/a | n/a | ||||
| Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000) | n/a | n/a |
Altman Z'' Score
Altman Z'' Score
fiscal 2026
A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.
| Distress zone, below 1.10 | Grey zone, 1.10 to 2.60 | 3.71Safe zone, above 2.60 |
The score of 3.71 is in the safe zone of the model, above 2.60. The largest part is working capital, at 1.79.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations. | 0.274 | 6.560 | 1.794 |
| Retained earnings / total assetsProfits kept in the business over its life, against total assets. | 0.007 | 3.260 | 0.022 |
| EBIT / total assetsOperating profit against total assets: the earning power of the assets. | 0.071 | 6.720 | 0.475 |
| Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them. | 1.348 | 1.050 | 1.415 |
| Score | 3.706 |
Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.
Beneish M-score
Beneish M-score
fiscal 2026
A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.
| −2.93Below the threshold, −1.78 and below | Above the threshold, above −1.78 |
The score of minus 2.93 is below the model threshold of minus 1.78.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −4.840 | ||
| Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay. | 1.000 | 0.920 | 0.920 |
| Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor. | 0.900 | 0.528 | 0.475 |
| Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets. | 0.965 | 0.404 | 0.390 |
| Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor. | 0.989 | 0.892 | 0.882 |
| Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit. | 0.963 | 0.115 | 0.111 |
| Selling, general and administrative expenses indexOverheads against sales, against a year earlier. | 1.000 | −0.172 | −0.172 |
| Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model. | −0.081 | 4.679 | −0.377 |
| Leverage indexDebt against total assets, against a year earlier. | 0.988 | −0.327 | −0.323 |
| Score | −2.934 |
Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.
Dechow F-score
Dechow F-score
fiscal 2026
The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.
A score of 0.34 means a probability of a misstatement 0.34 times the average rate in the Dechow sample: 0.13% against 0.37%.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −7.893 | ||
| Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets. | −0.042 | 0.790 | −0.033 |
| Change in receivables / average total assetsThe growth of receivables against average assets. | −0.001 | 2.518 | −0.002 |
| Change in inventories / average total assetsThe growth of stock against average assets. | −0.015 | 1.191 | −0.018 |
| Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement. | 0.669 | 1.979 | 1.324 |
| Change in cash salesThe growth of sales collected in cash. | −0.017 | 0.171 | −0.003 |
| Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score. | 0.049 | −0.932 | −0.045 |
| Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year. | 0.000 | 1.029 | 0.000 |
| Predicted value | −6.670 | ||
| Probability of a misstatement | 0.13% |
Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.
Piotroski F-score
Piotroski F-score
fiscal 2026
A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.
8 of the 9 tests are met, in the high group of 7 to 9.
| Signal | FY2026 | FY2025 |
|---|---|---|
| Return on assets above zero | Met | Met |
| Operating cash flow above zero | Met | Met |
| Return on assets higher than a year earlier | Met | Met |
| Operating cash flow above net income | Met | Met |
| Long-term debt to assets lower than a year earlier | Not met | Not met |
| Current ratio higher than a year earlier | Met | Met |
| No common equity issued | Met | Met |
| Margin higher than a year earlier | Met | Met |
| Asset turnover higher than a year earlier | Met | Met |
Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.
Source Documents
Documents of this snapshot, latest first.
Checks
293287 of 293 checks passed, 6 warnings
Fiscal calendar66 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.
Quarters and fiscal year126 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.
Reported quarters0 of 3 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.
Amortisation of intangible assets, Q3 FY2021: $73.3m against $73.3m
Amortisation of intangible assets, Q2 FY2022: $36.6m against $36.6m
Goodwill impairment, Q4 FY2025: $47.8m against $47.8m
Quarters on one basis0 of 1 passedA quarter stands on the basis of the earlier quarters of its year; a filing that presents the earlier part of the year again on another basis leaves the quarter unpublished until later filings present every quarter on that basis. Checked at warning level.
Goodwill impairment, Q4 FY2024: $22.0m against −$14,000
Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.
Goodwill impairment, Q4 FY2024: withheld, the report of the period presents the earlier part of the year again on another basis, so no difference of the cumulative figures gives the quarter on the basis of the quarters before
Filer identity1 passedThe documents are those of the company of this page. Checked at error level.
Balance sheet identity25 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.
Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.
Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.
Gross profit31 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.
Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.
Interest and debt5 of 6 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.
FY2021: interest expense equals 1,476.8% of average total debt
Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 1,334 |
| Confirmed by other figures | 51.2%, 683 values |
| Confirmed by a second document | 0.0%, 0 values |
| Derived from reported figures | 22.2%, 296 values |
| Values withheld | 1 |
| Restated figures tracked | 7 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Annalist, Qorvo, Inc., snapshot qorvo/FY2027Q1_802919f0 (as of FY2027 Q1); <item label>, <period>; source <document id> (<document url>)
Snapshot FY2027Q1_802919f0 · dataset SHA-256 802919f053b44b3450c9129f2cdadef500ad3e1e95181fee61cb8408a2952400 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json