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Skyworks Solutions, Inc.
Information Technology · Semiconductors
Structural: pure-play RF front-end vendor with ~65%+ revenue concentration in Apple's iPhone. Mobile cyclicality + handset content-per-device drives the cycle; broad-markets segment (~33%) is the secular growth leg (Wi-Fi 7, automotive connectivity, industrial IoT).
- Wi-Fi 7 + Matter/Thread refresh expands broad-markets TAM; SWKS has design wins across $AAPL, Samsung, Google ecosystems
- Free cash flow generative through the cycle; $1.10/quarter dividend yields ~5.5% at current price
- Automotive RF content (V2X, telematics) is a multi-year ramp with $QRVO as only credible peer
- Trough multiple - trading sub-10x forward earnings vs $AVGO 28x, $QCOM 16x
- Buyback authorization active; share count down ~8% over 3 years
- Apple in-house modem (C1 chip shipped in iPhone 16e Feb 2026) threatens RF front-end socket capture by 2027-2028
- China handset exposure (Honor, Xiaomi, Oppo) shrinking as domestic RF vendors (Maxscend, Vanchip) take share
- Broad-markets growth (+mid-single-digits) cannot offset mobile decline if Apple share erodes
- Cyclical inventory correction extended into FY2026; gross margin compressed 600bps off 2022 peak
- No AI accelerator exposure - left out of the semiconductor re-rating cycle
No major news in the last 7 days for SWKS - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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