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Lattice Semiconductor
(NASDAQ:LSCC)
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Rating:68Neutral
Price Target:
$150.00
▲(16.80% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by solid financial quality (low leverage/strong flexibility and improving, robust free cash flow) and a strongly positive earnings call with upbeat guidance and expected AMI-driven growth. Offsetting these positives are an extremely stretched P/E valuation and only mixed technical momentum (negative MACD and a mostly neutral RSI/Stoch), which reduce the overall attractiveness despite the operational and guidance strength.
Positive Factors
Balance-sheet strength
Very low reported debt and a sizable equity base provide durable financial flexibility. This supports capital allocation for R&D, M&A integration, and working-capital variability across semiconductor cycles, reducing refinancing risk and improving resilience through multi-quarter revenue fluctuations.
Negative Factors
Near-term elevated leverage
Large term debt taken to fund AMI raises interim leverage and interest obligations, constraining flexibility. Although management targets deleveraging by end‑2027, elevated leverage during integration increases refinancing and covenant risk, reducing headroom for opportunistic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low reported debt and a sizable equity base provide durable financial flexibility. This supports capital allocation for R&D, M&A integration, and working-capital variability across semiconductor cycles, reducing refinancing risk and improving resilience through multi-quarter revenue fluctuations.
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
$17.03B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)852.9
Beta (1Y)2.34
Revenue Growth17.45%
EPS Growth-61.07%
CountryUS
Employees1,174
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.26
Shares Outstanding137,007,860
10 Day Avg. Volume1,688,890
30 Day Avg. Volume1,801,889
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$169.40Price Target Upside31.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.82
Revenue Forecast (FY)$762.16M
Lattice Semiconductor Business Overview & Revenue Model
Company Description
Lattice Semiconductor (LSCC) is a fabless semiconductor company focused on low-power field-programmable gate arrays (FPGAs) and related programmable devices. The company designs and sells FPGA product families and supporting software tools used to...
How the Company Makes Money
Lattice primarily makes money by selling its programmable semiconductor devices and associated development software and tools. The core revenue stream is product revenue from low-power FPGA chips and related programmable devices (sold as standard ...
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 | 86.67M | 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 | 0.00 | 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 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $9.87B | 41.00 | 17.39% | ― | 17.17% | 3.84% | |
68 Neutral | $17.03B | 852.92 | 4.97% | ― | 17.45% | -61.07% | |
67 Neutral | $19.18B | 106.09 | 13.19% | ― | 27.05% | ― | |
67 Neutral | $12.42B | 46.40 | 21.21% | ― | 21.32% | 19.06% | |
64 Neutral | $7.99B | 20.82 | 11.39% | ― | -0.18% | 403.74% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $9.37B | 32.10 | 5.04% | 4.72% | 0.06% | -22.93% |
* Technology Sector Average
LSCC
Lattice Semiconductor
128.31
70.73
122.84%
MTSI
MACOM Technology Solutions Holdings
263.46
124.43
89.50%
NVMI
Nova
402.38
144.67
56.14%
RMBS
Rambus
97.30
25.74
35.97%
SWKS
Skyworks Solutions
66.99
1.63
2.50%
QRVO
Qorvo
95.25
11.06
13.14%
Lattice Semiconductor Corporate Events
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...
Financial DisclosuresRegulatory Filings and Compliance
Lattice Semiconductor Updates Disclosure on Financial Obligations
Neutral
Jun 30, 2026
Lattice Semiconductor disclosed that information previously presented under Item 1.01 of its current Form 8-K filing is being incorporated by reference into Item 2.03. This procedural move indicates that details about certain material agreements o...
Executive/Board ChangesShareholder Meetings
Lattice Semiconductor Stockholders Back Directors and Governance Measures
Positive
May 5, 2026
On May 1, 2026, Lattice Semiconductor Corporation held its 2026 Annual Meeting of Stockholders, with 95.75% of outstanding common shares represented in person or by proxy, and stockholders elected all nine director nominees to one-year terms. Inve...
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.