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Lattice Semiconductor
(NASDAQ:LSCC)
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Rating:65Neutral
Price Target:
$116.00
▼(-2.80% Downside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by solid underlying financial quality (strong balance sheet and improving free cash flow) and a highly constructive earnings outlook with detailed, upbeat guidance and AMI-driven growth/margin potential. These positives are tempered by weak technical trend/momentum and a very demanding valuation (very high P/E), which increase downside risk if execution or margins disappoint.
Positive Factors
Balance Sheet and Cash Flow
A debt-free balance sheet and sizable equity base give Lattice flexibility to fund research, product launches and customer programs without relying heavily on external capital. Strong operating and free cash flow further support reinvestment and improve resilience through semiconductor demand cycles.
Negative Factors
Profitability Compression
Although revenue has recovered, current profitability remains materially below prior peak levels and historical results have been volatile. This reduces confidence in near-term earnings stability and leaves less operating cushion if product mix, pricing or demand becomes less favorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet and Cash Flow
A debt-free balance sheet and sizable equity base give Lattice flexibility to fund research, product launches and customer programs without relying heavily on external capital. Strong operating and free cash flow further support reinvestment and improve resilience through semiconductor demand cycles.
Read all positive factors
Lattice Semiconductor Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyLattice Semiconductor (LSCC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.66B
Dividend YieldN/A
Average Volume (3M)1.97M
Price to Earnings (P/E)363.7
Beta (1Y)2.36
Revenue Growth33.25%
EPS Growth15.45%
CountryUS
Employees1,174
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.26
Shares Outstanding142,030,270
10 Day Avg. Volume2,036,074
30 Day Avg. Volume1,969,949
Financial Highlights & Ratios
PEG Ratio-36.84
Price to Book (P/B)15.10
Price to Sales (P/S)20.61
P/FCF Ratio81.33
Enterprise Value/Market Cap1.39
Enterprise Value/Revenue29.20
Enterprise Value/Gross Profit43.16
Enterprise Value/Ebitda214.92
Forecast
1Y Price Target
$167.90Price Target Upside40.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)2.13
Revenue Forecast (FY)$919.74M
Lattice Semiconductor Business Overview & Revenue Model
Company Description
Headquartered in Hillsboro, Oregon, and established in 1983, Lattice Semiconductor Corporation, through its various entities, specializes in the global design and distribution of semiconductor solutions across Asia, Europe, and the Americas. The c...
How the Company Makes Money
Lattice makes money primarily by selling semiconductor devices and supporting development tools that enable customers to design Lattice FPGAs into end products. The company’s core revenue stream is product revenue from its low-power FPGA families ...
Lattice Semiconductor Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall: record revenue, outsized profitability and cash flow, a transformative acquisition (AMI) with attractive margins and revenue run-rate, strong backlog and design-win momentum, and ambitious long-term targets. Near-term headwinds include assembly-side supply constraints, transitory AMI low-margin hardware revenue that will depress Q3 gross margin, elevated OpEx as the company invests for growth, and short-term leverage from acquisition financing. Management provided detailed guidance and mitigation plans (capacity agreements, divestiture of non-core AMI hardware) and expects accretion to EPS beginning in Q4, indicating confidence that the positives materially outweigh the transitory challenges.Positive Updates
Record Quarterly Revenue
Q2 revenue of $201.0M, a record for the company, representing +18% sequential growth and +62% year-over-year.
Negative Updates
Supply-Chain Constraints (Assembly)
Industry-wide assembly/assembly-side capacity constraints were noted; management is qualifying new capacity and putting capacity agreements in place to align supply/demand by September, with risk that near-term constraints could pressure delivery and costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Q2 revenue of $201.0M, a record for the company, representing +18% sequential growth and +62% year-over-year.
Read all positive updates
Company Guidance
For Q3 Lattice guided FPGA revenue of $210–$230M (midpoint $220M, ~65% YoY) plus ~2 months of AMI revenue of $33–$37M for combined revenue of $245–$265M (midpoint $255M, implying >$1B annualized run rate); non‑GAAP EPS of $0.54–$0.58 (midpoint $0.56, roughly 100% YoY); FPGA gross margin ~70% ±1% and combined non‑GAAP gross margin ~69.5% ±1%; non‑GAAP operating expense $83–$90M; and a non‑GAAP income tax rate of 4–6%. Management said AMI should exit 2026 at a >$200M revenue run rate with gross margins above 75% and EBITDA margins above 40%, expects AMI to grow ~25% YoY into 2027, anticipates meaningful EPS accretion starting in Q4, and plans to reduce leverage to below 2x EBITDA by end‑2027, noting the Q3 margin step is transitory due to a low‑margin hardware pass‑through being exited by end‑2026.Lattice Semiconductor Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
84
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 651.12M | 523.26M | 509.40M | 737.15M | 660.36M | 515.33M |
| Gross Profit | 440.51M | 356.94M | 340.40M | 514.67M | 452.05M | 321.68M |
| EBITDA | 88.45M | 55.96M | 106.94M | 255.37M | 226.26M | 133.94M |
| Net Income | 36.33M | 3.08M | 61.13M | 259.06M | 178.88M | 95.92M |
Balance Sheet | ||||||
| Total Assets | 976.18M | 883.12M | 843.90M | 840.89M | 798.71M | 726.49M |
| Cash, Cash Equivalents and Short-Term Investments | 173.31M | 133.89M | 136.29M | 128.32M | 145.72M | 131.57M |
| Total Debt | 38.08M | 78.23M | 15.25M | 27.05M | 148.82M | 182.88M |
| Total Liabilities | 188.65M | 169.07M | 132.97M | 148.87M | 311.55M | 314.86M |
| Stockholders Equity | 787.53M | 714.05M | 710.93M | 692.02M | 487.16M | 411.63M |
Cash Flow | ||||||
| Free Cash Flow | 211.22M | 132.58M | 119.89M | 249.49M | 215.47M | 157.89M |
| Operating Cash Flow | 243.24M | 175.11M | 140.88M | 269.59M | 238.81M | 167.72M |
| Investing Cash Flow | -81.42M | -62.31M | -37.69M | -33.25M | -34.93M | -89.80M |
| Financing Cash Flow | -95.57M | -115.70M | -94.46M | -253.72M | -188.07M | -128.61M |
Lattice Semiconductor Technical Analysis
Negative
119.34
Price Trends
117.72
Negative
126.82
Negative
115.35
Negative
Market Momentum
-5.57
Positive
29.64
Positive
9.92
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LSCC, the sentiment is Negative. The current price of 119.34 is above the 20-day moving average (MA) of 118.68, above the 50-day MA of 117.72, and above the 200-day MA of 115.35, indicating a bearish trend. The MACD of -5.57 indicates Positive momentum. The RSI at 29.64 is Positive, neither overbought nor oversold. The STOCH value of 9.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LSCC.
Lattice Semiconductor Risk Analysis
Lattice Semiconductor disclosed 28 risk factors in its most recent earnings report. Lattice Semiconductor reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lattice Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $843.65B | 131.16 | 10.07% | ― | 39.54% | 125.82% | |
65 Neutral | $13.66B | 363.67 | 4.93% | ― | 33.25% | 15.45% | |
63 Neutral | $40.21B | 102.60 | 6.90% | 2.46% | 20.93% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $459.68B | -41.21 | -10.76% | 2.63% | 7.47% | 55.56% | |
52 Neutral | $161.20M | -11.28 | -50.90% | ― | -9.42% | -61.14% | |
51 Neutral | $936.84M | -21.91 | -357.77% | ― | 33.81% | -7.37% |
* Technology Sector Average
LSCC
Lattice Semiconductor
96.19
24.66
34.48%
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Lattice Semiconductor Corporate Events
Business Operations and StrategyExecutive/Board Changes
Lattice Semiconductor Adds Experienced Independent Directors to Board
Positive
Oct 22, 2026
On October 21, 2026, Lattice Semiconductor’s board expanded from eight to ten members and appointed industry veterans John McCool and Raejeanne Skillern as independent directors, with standard cash retainers and prorated RSU awards vesting i...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Lattice Semiconductor Completes AMI Acquisition to Boost AI
Positive
Jul 27, 2026
On July 27, 2026, Lattice Semiconductor completed its previously announced acquisition of AMI for roughly $1 billion in cash plus about 5.2 million shares and restricted stock units, funded through cash on hand and $925 million drawn under a new t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.