Lattice Semiconductor Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is not betting on the comeback — it is here — but on it running flawlessly for years at 37 times revenue: through the China route, through two distributor warehouses, and through the AMI integration with its $950 million loan. Whoever waits checks three things in every quarterly report (10-Q): Is revenue growing outside Greater China too? Is GAAP profit catching up with the run rate? And how do debt levels and share count develop after the AMI closing (expected in the third quarter of 2026)? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Lattice delivers a rare double: a genuinely audited AI comeback (revenue up 42 percent, a 68.8 percent gross margin, cash instead of debt) and, at the same time, a valuation that already books that comeback as complete — 37 times revenue for a company whose fiscal 2025 GAAP profit was $3.1 million. In between lie three chokepoints: 64 percent Greater China, two distributors at 69 percent, and a loan-funded $1.65 billion acquisition with new shares for a private equity firm. Whoever holds the stock holds a strong business at the price of perfection. Not investment advice.
Growth & comeback
Revenue up 42 percent to $170.9 million in the first quarter of fiscal 2026, Compute and Communications up 86 percent — per the quarterly report (10-Q as of 04/04/2026) carried by data center demand "including general-purpose and AI-specific servers"; operating income $26.1 million (15.3 percent), operating cash flow $50.3 million.
Quality & balance sheet (pre-AMI)
Fabless with a 68.8 percent gross margin, $140.0 million in cash with no borrowings, $740.2 million in equity (04/04/2026), an Altman Z-score around 11, a Piotroski F-score of 6 of 9, a fundamental grade of B (data as of July 17, 2026) — the substance behind the momentum is real.
Valuation
Roughly $21 billion of market value for $523.3 million of annual revenue and $3.1 million of GAAP profit: a price-to-sales ratio around 37, a four-digit trailing GAAP P/E, about 26 times book value (data as of July 17, 2026); even on the post-AMI billion-dollar run rate, about 20 times revenue remains — little tolerance for error is priced in, on top of $116.3 million of stock-based compensation in fiscal 2025.
Concentrations: China & distribution
Greater China at 64 percent of revenue in the first quarter of fiscal 2026 (by ship-to location; fiscal 2023: 32 percent), two distributors at roughly 69 percent in fiscal 2025, distribution share lately 94 percent — the annual report itself warns of export controls in both directions (10-K fiscal 2025, Item 1A; 10-Q Note 3).
AMI deal & capital structure
Strategically coherent (firmware plus control FPGAs, per the press release a doubling of the addressable market and a $1 billion+ run rate by Q4 2026), but dearly paid: $1.65 billion for over $200 million of AMI revenue, a $950 million term loan on a previously debt-free balance sheet (credit agreement 06/30/2026), 5.2 to 6.1 million new shares with staggered THL lock-up releases; "immediately accretive" holds only non-GAAP.
Worth Noting
LSCC reached the research list through the momentum/stage-2 run of our in-house stock scanner on July 17, 2026 (22 hits, including Stan Weinstein stage 2, RS leader, Minervini trend criteria) — no Reddit angle; the attention here comes from the price strength itself.
Scanner metrics (P/S, P/E, Piotroski, Altman Z, fundamental grade) use trailing twelve-month figures; the loss quarter (Q4 fiscal 2025) is included, the hoped-for AMI run rate naturally is not. The eight-times-revenue framing of the AMI price rests on the company’s own forecast of over $200 million of AMI revenue for 2026 (press release of May 4, 2026).
Price and valuation figures are dated July 17, 2026 (about $144, roughly $21 billion of market value); analyses are evergreen, daily prices are not a buy argument. Lattice’s fiscal year ends in early January — all quarterly figures carry that offset, and fiscal 2025 had 53 weeks.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LSCC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 61.70 $ to 155.30 $ · Last price: 108.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lattice Semiconductor Corporation LSCC | 16.0 | 767.3 | 151.8 | 69.0 | 15.6 | 2.7 | 62.2 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Median of companies shown | 546.8 | 67.4 | 45.0 | 69.0 | 15.6 | 23.9 | 62.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 427 | -27 | -54 | -0.45 | 42 | 270 | 767 |
| 2017 | 386 | -48 | -71 | -0.58 | 39 | 218 | 636 |
| 2018 | 399 | -3 | -26 | -0.21 | 51 | 258 | 624 |
| 2019 | 404 | 59 | 43 | 0.32 | 124 | 328 | 612 |
| 2020 | 408 | 52 | 47 | 0.34 | 92 | 384 | 680 |
| 2021 | 515 | 101 | 96 | 0.67 | 168 | 412 | 726 |
| 2022 | 660 | 187 | 179 | 1.27 | 239 | 487 | 799 |
| 2023 | 737 | 212 | 259 | 1.85 | 270 | 692 | 841 |
| 2024 | 509 | 34 | 61 | 0.44 | 141 | 711 | 844 |
| 2025 | 523 | 15 | 3 | 0.02 | 175 | 714 | 883 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.12 | -83.20 | 117 | -31.20 | 14.10 | 45 | 40 |
| 2025: Q1 | 0.04 | -65.90 | 120 | -14.70 | 4.20 | 32 | 23 |
| 2025: Q2 | 0.02 | -87.10 | 124 | -0.10 | 2.30 | 39 | 31 |
| 2025: Q3 | 0.02 | -61.20 | 133 | 4.90 | 2.10 | 47 | 34 |
| 2025: Q4 | -0.06 | -146.80 | 146 | 24.20 | -5.20 | 58 | 56 |
| 2026: Q1 | 0.16 | 331.10 | 171 | 42.20 | 12.80 | 50 | 35 |
| 2026: Q2 | 0.14 | 600.00 | 201 | 62.20 | 9.60 | 88 | 81 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 27 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Focus List
- EPS & Revenue Power
- EPS Acceleration
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Quality Growth
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Jeff Sun
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Strength on Down Day
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.13 | 2.04 – 2.21 | 919 | 103.1% | 13 |
| 12/31/2027 | 3.21 | 2.65 – 3.60 | 1,334 | 50.7% | 13 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 25.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $211.2M |
|---|---|
| Market cap | $15.96B |
| Free cash flow in year ten | $2.12B |
| Terminal value as a share of market value | 70.0% |
For comparison: over the past five years free cash flow grew by 10.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Lattice verkauft seine FPGAs nachweislich als Bausteine für KI-Systeme — KI-getriebene Nachfrage ist eine dokumentierte Umsatzquelle: Der Quartalsbericht (10-Q) zum 04.04.2026 führt das Wachstum des Endmarkts Compute & Communications von 86 Prozent ausdrücklich auf Rechenzentrums-Nachfrage „einschließlich Allzweck- und KI-spezifischer Server“ zurück, beschreibt die eigenen Produkte als zunehmend in „KI-optimierten Servern, KI-fähigen PCs und KI-fähiger Robotik“ eingesetzt und erwartet wachsende KI-Umsätze aus einer Pipeline von KI-Design-Wins. Der Geschäftsbericht (10-K) für das GJ 2025 nennt mit „Lattice sensAI“ einen eigenen Lösungs-Stack für Edge-KI-Anwendungen und begründet das Umsatzplus des GJ 2025 ebenfalls mit KI-spezifischen Servern. Nach der Vorrang-Regel gewinnt „verkauft“ — KI-Produkte/-Anwendungen sind Umsatzquelle, kein bloßer operativer Einsatz.
View the full file — quotes, sources, reviewed filings
„Across our end markets, our products are increasingly used for AI-related applications, including device usage in AI-optimized servers in data centers, AI-enabled PCs, and AI-enabled robotics and ADAS systems, among others."
Quer durch unsere Endmärkte werden unsere Produkte zunehmend für KI-bezogene Anwendungen eingesetzt — unter anderem in KI-optimierten Servern in Rechenzentren, KI-fähigen PCs sowie KI-fähiger Robotik und ADAS-Systemen.
10-Q · 2026-05-04 · View SEC filing
„Revenue from the Compute and Communications end market increased by 86% for the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components."
Der Umsatz im Endmarkt Compute & Communications stieg im ersten Quartal des Geschäftsjahres 2026 gegenüber dem ersten Quartal des Geschäftsjahres 2025 um 86 Prozent — vor allem wegen stärkerer Nachfrage nach Rechenzentrums-Anwendungen, einschließlich Allzweck- und KI-spezifischer Server, sowie nach Komponenten für leitungsgebundene Netze.
10-Q · 2026-05-04 · View SEC filing
„AI applications are pervasive across our end markets, so we do not consider AI applications as a distinct end market. We expect AI-related revenue to grow over the next few years based on the growing pipeline of AI-related design wins in a diverse set of applications across both of our end market groups."
KI-Anwendungen durchdringen alle unsere Endmärkte, deshalb betrachten wir KI-Anwendungen nicht als eigenen Endmarkt. Wir erwarten, dass die KI-bezogenen Umsätze in den nächsten Jahren wachsen — auf Basis der wachsenden Pipeline an KI-bezogenen Design-Wins in einem breiten Anwendungsspektrum über beide Endmarkt-Gruppen hinweg.
10-Q · 2026-05-04 · View SEC filing
„We have developed integrated system-level solution stacks, including Lattice Automate™ for industrial automation and robotics, Lattice mVision™ for low power embedded vision, Lattice ORAN™ for robust control data security, flexible fronthaul synchronization, and low power hardware acceleration for secure, adaptable, ORAN deployment, Lattice sensAI™ for Edge AI applications, Lattice Sentry™ for implementing hardware security, and Lattice Drive™ for advanced, flexible automotive system designs and applications."
Wir haben integrierte Lösungs-Stacks auf Systemebene entwickelt, darunter Lattice Automate™ für Industrieautomatisierung und Robotik, Lattice mVision™ für stromsparende Embedded-Bildverarbeitung, Lattice ORAN™ für robuste Kontrolldaten-Sicherheit, flexible Fronthaul-Synchronisation und stromsparende Hardware-Beschleunigung für sichere, anpassbare ORAN-Installationen, Lattice sensAI™ für Edge-KI-Anwendungen, Lattice Sentry™ für die Umsetzung von Hardware-Sicherheit sowie Lattice Drive™ für fortschrittliche, flexible Automobil-Systemdesigns und -anwendungen.
10-K · 2026-02-13 · View SEC filing
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -7.5%
- More than 10% revenue growth is expected for the coming year 22.1%
- Share count grows by less than 3% a year -0.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 28.1%
- Gross margin at 40% or higher and without meaningful erosion 68.2%
- Goodwill from acquisitions does not grow faster than revenue 35.7%
- Net debt below twice EBITDA 56 m net cash
- Operating cash flow covers the profits of the last three years 262 m
- Return on capital at 15% or higher, or up versus two years ago 2.0%
- Insiders hold at least 10% or are net buyers 0.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.3%
- Exp. sales growth 3Y > 5% 59.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 1,100.3%
- Net debt < 4x EBIT -3.6x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 92.8%
- Return on equity > 15% 0.8%
- ROCE > 15% 2.0%
- Expected return > 10% 1,110.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Desale Pravin | SVP, R&D | Sell | 200 | 106.77 | 21,354 |
| Sep 15, 2026 | Desale Pravin | SVP, R&D | Sell | 2,379 | 105.97 | 252,113 |
| Sep 15, 2026 | Desale Pravin | SVP, R&D | Sell | 1,700 | 105.00 | 178,503 |
| Sep 14, 2026 | Desale Pravin | SVP, R&D | Sell | 2,039 | 111.83 | 228,021 |
| Sep 11, 2026 | Desale Pravin | SVP, R&D | Other | 4,434 | 119.76 | 531,016 |
| Sep 11, 2026 | Desale Pravin | SVP, R&D | Other | 8,713 | 0.00 | – |
| Sep 11, 2026 | Desale Pravin | SVP, R&D | Other | 869 | 119.76 | 104,071 |
| Aug 31, 2026 | Feanny Tracy Ann | SVP, General Counsel | Other | 445 | 115.34 | 51,326 |
| Aug 31, 2026 | Desale Pravin | SVP, R&D | Other | 654 | 115.34 | 75,432 |
| Aug 31, 2026 | Elashmawi Esam | SVP, Strategy and Marketing | Other | 680 | 115.34 | 78,431 |
The company
About the Company
Lattice Semiconductor Corporation entwickelt und verkauft mit ihren Tochtergesellschaften Halbleiter, siliziumbasierte und siliziumfähige Produkte, Evaluierungsboards und Entwicklungshardware in Asien, Europa und Amerika. Es bietet Field Programmable Gate Arrays (FPGA) an, also regelmäßige Arrays.
- Employees
- 1,174
- Headquarters
- Hillsboro, OR
- Address
- 5555 NE Moore Court, 97124-6421 Hillsboro, United States
- Phone
- 503 268 8000
- Website
- latticesemi.com
- IPO Date
- 11/08/1989
- ISIN
- US5184151042
- Stock Split
- 2:1 on 10/12/2000
- Stock Split
- 2:1 on 09/17/1999
- Stock Split
- 3:2 on 07/07/1993
Management
| Name | Title | Birth Year |
|---|---|---|
| Fouad G. Tamer Ph.D. | CEO, President & Director | 1962 |
| Lorenzo A. Flores | Senior VP & CFO | 1965 |
| Esam Elashmawi | Senior VP and Chief Strategy & Marketing Officer | 1969 |
| Erhaan Shaikh | Senior Vice President of Worldwide Sales | 1968 |
| Pravinchandra Desale | Senior Vice President of Research & Development | 1970 |
| Divyesh Shah | Senior Vice President of Global Operations & Quality | – |
| Rick Muscha | Senior Director of Investor Relations | – |
| Tracy Ann Feanny J.D. | Senior VP, General Counsel & Secretary | 1974 |
| Nicole Singer | Chief People Officer | – |
| Jerry Xu | President of Asia Pacific Region | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 LATTICE SEMICONDUCTOR CORP (LSCC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/27/2026 LATTICE SEMICONDUCTOR CORP (LSCC): Completion of Acquisition or Disposition of Assets; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.