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The Moat Index

SEMTECH CORP

SMTC · Technology · $11.6B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power85

Median gross margin 59.8% over 10y, stable.

Returns on capital22

Median ROIC 6.9%, above the 9% hurdle in 40% of years.

Balance-sheet safety0

Net debt/EBITDA 9.1x, interest coverage 1x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$124.96
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

SEMTECH CORP booked $1.0B of revenue in FY2026 in the Technology sector and kept 51.6% of it as gross profit — a solid-margin business by that measure. After every other cost, −3.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $294.8M (FY2009) to $1.0B (FY2026) — about 7.8% a year compounded over 17 years.

It earned 3.0% on invested capital in FY2026, with a median of 6.3% across 18 filed years. The Returns on Capital filter above scores it 22/100.

The balance sheet carried $491.2M of total debt in FY2026. Balance-Sheet Safety scores it 0/100.

The share count rose 51.3% between FY2010 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (85/100) and Balance-Sheet Safety the weakest (0/100), which is how SMTC lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2026 · 19 fiscal years, normalized from SMTC’s SEC filings

RevenueSales, as filed$1.0B FY2026
$0$500M$1B2008201420202026
Gross marginRevenue kept after cost of goods51.6% FY2026
0%25%50%2008201420202026
Return on invested capitalOperating profit on the capital employed3.0% FY2026
−50%0%2008201420202026
Owner earningsCash an owner could take out−$50.2M FY2026
−$1B−$500M$02008201420202026

Gaps in a line mean that item isn’t in SMTC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SMTC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#349 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #347HPE HEWLETT PACKARD ENTERPRISE COMPANY37.2No moat
  2. #348NVVE NUVVE HOLDING CORP.37.2No moat
  3. #350FSLY FASTLY, INC.36.9No moat
  4. #351AMPG AmpliTech Group, Inc.36.8No moat

Compare SMTC with its nearest peers →All Technology companies on the Index →

Common questions about SMTC

Does SEMTECH CORP have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores SEMTECH CORP (SMTC) 37.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 85, returns on capital 22, balance-sheet safety 0, capital discipline 24.
How has SMTC's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 37.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SMTC. See the disclaimer.

SEMTECH CORP (SMTC) Moat Score — The Moat Index · Buy Like Buffett