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Lattice Semiconductor Corporation and its subsidiaries ( Lattice, the Company, we, us, or our ) develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Com…
Operating margin is thin at 2.15%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.7%, essentially flat. Margins also contracted 4.6pp. This is a business that needs a catalyst.
ROIC dropped from 3.80% to 1.20%, capital efficiency is deteriorating. Operating margin contracted 4.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$574M
▲ +2.7% YoY
Net Income (TTM)
$20M
▼ -95.0% YoY
Op. Margin
5.28%
▼ -4.6pp YoY
ROIC
2.36%
▼ -2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$149M
▲ +10.6% YoY
Op. Cash Flow (TTM)
$193M
▲ +24.3% YoY
Net Debt
-$100M
Net Cash Position
Cash & Equiv.
$140M
5Y CAGR: +5.1%
5Y CAGR: +10.8%
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