Latest Ratios: P/E Ratio 23.5x · EV/EBITDA 20.0x · ROE 10.1%. (2013–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $7.2B | $6.8B | $11.2B | $10.5B | $13.6B | $22.4B | $9.6B | $9.1B | $8.9B | $8.7B |
| Enterprise Value | $8.2B | $7.6B | $7.4B | $12.2B | $11.7B | $14.6B | $22.7B | $10.5B | $9.3B | $9.0B | $9.2B |
| P/E Ratio → | 23.52 | 21.37 | 123.28 | — | 101.57 | 13.12 | 30.52 | 28.82 | 68.31 | — | — |
| P/S Ratio | 2.15 | 1.97 | 1.84 | 2.97 | 2.93 | 2.92 | 5.57 | 2.97 | 2.96 | 3.01 | 2.87 |
| P/B Ratio | 2.38 | 2.16 | 2.01 | 3.15 | 2.68 | 2.98 | 4.83 | 2.24 | 2.10 | 1.87 | 1.78 |
| P/FCF | 11.61 | 10.65 | 14.08 | 15.87 | 15.29 | 16.22 | 20.07 | 12.32 | 15.50 | 15.35 | 38.89 |
| P/OCF | 9.76 | 8.95 | 10.97 | 13.45 | 12.41 | 12.92 | 17.19 | 10.18 | 11.27 | 10.49 | 11.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.06 | 1.98 | 3.23 | 3.28 | 3.15 | 5.66 | 3.24 | 3.02 | 3.03 | 3.02 |
| EV / EBITDA | 19.98 | 18.39 | 18.74 | 29.47 | 22.42 | 9.21 | 16.68 | 11.75 | 10.62 | 117.36 | 11.56 |
| EV / EBIT | 19.98 | 18.39 | 50.98 | 85.16 | 60.61 | 11.76 | 25.75 | 23.02 | 68.84 | 117.36 | 106.27 |
| EV / FCF | — | 11.13 | 15.17 | 17.23 | 17.10 | 17.50 | 20.39 | 13.42 | 15.85 | 15.45 | 40.87 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.9% | 45.9% | 41.3% | 39.5% | 36.3% | 49.2% | 46.9% | 40.8% | 38.7% | 38.6% | 37.4% |
| Operating Margin | 11.2% | 11.2% | 2.6% | 2.4% | 5.1% | 26.4% | 22.6% | 13.1% | 7.0% | -21.4% | 2.9% |
| Net Profit Margin | 9.2% | 9.2% | 1.5% | -1.9% | 2.9% | 22.2% | 18.3% | 10.3% | 4.3% | -1.4% | -0.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | 1.6% | -1.9% | 2.4% | 22.5% | 16.4% | 7.7% | 2.9% | -0.8% | -0.3% |
| ROA | 5.8% | 5.8% | 0.9% | -1.1% | 1.5% | 14.0% | 10.6% | 5.4% | 2.2% | -0.6% | -0.3% |
| ROIC | 8.1% | 8.1% | 1.7% | 1.4% | 2.6% | 17.3% | 13.4% | 6.5% | 3.5% | -9.4% | 1.2% |
| ROCE | 8.0% | 8.0% | 1.8% | 1.6% | 2.8% | 18.3% | 14.4% | 7.4% | 3.8% | -10.6% | 1.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.46 | 0.56 | 0.52 | 0.45 | 0.38 | 0.37 | 0.21 | 0.21 | 0.20 |
| Debt / EBITDA | 3.77 | 3.77 | 3.95 | 4.82 | 3.92 | 1.29 | 1.28 | 1.76 | 1.05 | 12.82 | 1.25 |
| Net Debt / Equity | — | 0.10 | 0.16 | 0.27 | 0.32 | 0.24 | 0.08 | 0.20 | 0.05 | 0.01 | 0.09 |
| Net Debt / EBITDA | 0.80 | 0.80 | 1.35 | 2.32 | 2.37 | 0.68 | 0.26 | 0.96 | 0.24 | 0.75 | 0.56 |
| Debt / FCF | — | 0.49 | 1.09 | 1.36 | 1.81 | 1.29 | 0.31 | 1.10 | 0.36 | 0.10 | 1.98 |
| Interest Coverage | 5.63 | 5.63 | 1.84 | 2.06 | 2.82 | 19.65 | 11.74 | 7.54 | 3.09 | 1.29 | 1.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.24 | 3.24 | 2.77 | 1.99 | 3.65 | 3.63 | 3.64 | 3.14 | 3.87 | 4.18 | 3.49 |
| Quick Ratio | 2.46 | 2.46 | 1.95 | 1.41 | 2.22 | 2.51 | 2.90 | 2.18 | 2.69 | 3.11 | 2.46 |
| Cash Ratio | 1.71 | 1.71 | 1.30 | 0.84 | 1.46 | 1.44 | 2.05 | 1.33 | 1.63 | 2.10 | 1.30 |
| Asset Turnover | — | 0.63 | 0.63 | 0.58 | 0.53 | 0.62 | 0.56 | 0.49 | 0.53 | 0.47 | 0.46 |
| Inventory Turnover | 3.59 | 3.59 | 3.41 | 3.21 | 2.85 | 3.12 | 4.20 | 3.71 | 3.70 | 3.87 | 4.41 |
| Days Sales Outstanding | — | 39.56 | 39.04 | 41.38 | 33.85 | 47.22 | 44.07 | 43.07 | 47.26 | 47.96 | 50.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.7% | 0.8% | — | 1.0% | 7.6% | 3.3% | 3.5% | 1.5% | — | — |
| FCF Yield | 8.6% | 9.4% | 7.1% | 6.3% | 6.5% | 6.2% | 5.0% | 8.1% | 6.5% | 6.5% | 2.6% |
| Buyback Yield | 6.7% | 7.4% | 5.2% | 3.6% | 8.2% | 8.5% | 2.3% | 5.4% | 7.0% | 2.5% | 2.4% |
| Total Shareholder Yield | 6.7% | 7.4% | 5.2% | 3.6% | 8.2% | 8.5% | 2.3% | 5.4% | 7.0% | 2.5% | 2.4% |
| Shares Outstanding | — | $94M | $95M | $98M | $103M | $112M | $116M | $119M | $127M | $127M | $127M |
High Customer Concentration Exposure
According to current market data, Qorvo trades at a forward P/E of 14.42, which suggests that investors are pricing in significant cyclical headwinds and limited near-term growth compared to the broader semiconductor sector's historical valuation premiums for high-performance analog and RF component providers.
The discrepancy between the TTM P/E of 25.93 and the forward multiple indicates that the market anticipates a recovery in earnings, yet the lack of a PEG ratio highlights the difficulty in forecasting consistent growth. This valuation appears to discount the company as a mature hardware provider rather than a secular 5G growth story, warranting caution regarding potential multiple compression if design wins fail to materialize.
Based on reported financial figures, Qorvo's ROIC has struggled to maintain positive momentum, hovering at a meager 0.6% in 2026Q4, which indicates that the company is currently failing to generate returns that exceed its cost of capital during this phase of the semiconductor cycle.
The persistent weakness in ROIC, particularly when compared to peers like Cirrus Logic, suggests that the heavy investment in internal fabrication facilities is not yet yielding the expected operational leverage. Investors should monitor whether management's shift toward higher-margin HPA and CSG segments can eventually drive a meaningful improvement in capital productivity.
As reported in recent quarterly filings, Qorvo's cash conversion cycle reached 118 days in 2026Q4, a figure that highlights significant inefficiencies in inventory management and suggests that the company remains burdened by high levels of stock relative to its current sales velocity.
The elevated DIO of 119 days indicates that the company is holding substantial inventory, likely in anticipation of volatile smartphone demand, which ties up liquidity and increases the risk of obsolescence charges. This inefficiency in working capital management appears to be a structural drag on the company's ability to convert operating profit into free cash flow.
Based on a comparison with industry peers, Qorvo's net margin of 3.7% in 2026Q4 significantly trails the profitability profiles of diversified competitors like Broadcom, suggesting that Qorvo's reliance on the volatile mobile handset market creates a structural disadvantage in maintaining consistent bottom-line performance.
While Skyworks Solutions shares a similar exposure to the smartphone RF front-end, Qorvo's lower margin profile suggests that its current product mix may lack the pricing power or scale advantages enjoyed by more diversified semiconductor peers. The gap in profitability appears to be a function of both product concentration and the high fixed-cost burden of its internal manufacturing footprint.
The P/E ratio is frequently misapplied to Qorvo's business model, as it obscures the significant impact of non-cash charges and stock-based compensation that distort reported net income in a capital-intensive, cyclical semiconductor manufacturing environment.
Analysts should prioritize EV/EBITDA or P/FCF to better assess the company's true earning power, as these metrics normalize for the capital structure and the heavy depreciation associated with internal fabs. Relying on P/E risks misinterpreting the company's valuation during periods of low capacity utilization, where earnings are artificially suppressed by fixed-cost absorption issues.
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Quick answers to the most common questions about buying QRVO stock.
Qorvo, Inc.'s current P/E ratio is 23.5x. The historical average is 55.9x. This places it at the 25th percentile of its historical range.
Qorvo, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.7x.
Qorvo, Inc.'s return on equity (ROE) is 10.1%. The historical average is 4.2%.
Based on historical data, Qorvo, Inc. is trading at a P/E of 23.5x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Qorvo, Inc. has 45.9% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Qorvo, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.