Wolfspeed, Inc.
🔔 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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here refers to documented substance risk in the company itself, not to the share price. Three such findings sit in the latest quarterly report: the gross margin is negative 27 percent, so the business does not even cover its own cost of production; net interest expense of $52.1 million stands against an operating loss of $114.3 million, putting interest coverage far below one; and operations consumed $126.4 million over two quarters while the cash pile grew almost entirely on one-off tax refunds of $698.6 million. The fact that the balance sheet looks healthy after the restructuring — $1,021.7 million of equity, $1,164.8 million of liquidity, no going-concern warning — does not change that picture; it buys time. Yellow would be defensible if utilization were the only open question; the combination of a negative gross margin, interest coverage below one and a coupon that becomes fully payable in cash from June 23, 2026 is more than an open operating question. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Wolfspeed went through Chapter 11 in three months and shed $4.6 billion of debt — and shareholders paid for it: all 156,479,390 old shares were cancelled on September 29, 2025, the former owners split 1,306,896 new ones, and creditors took roughly 95 percent. The restructuring healed the balance sheet, not the business: a gross margin of negative 27 percent in the quarter ended March 29, 2026, net interest expense of $52.1 million against revenue of $150.2 million, and 64.3 million potential shares waiting beside 48.3 million outstanding. Anyone buying in here is buying a bet on fab utilization, not the old Wolfspeed at a discount. Not investment advice.
Balance sheet after the restructuring
The relief is real: debt fell by roughly 70 percent, or $4.6 billion, to $1,821.4 million of principal, shareholders' equity swung from negative $447.1 million (June 29, 2025) to positive $1,021.7 million (March 29, 2026), and $1,164.8 million sits in cash and short-term investments. The quarterly report contains no going-concern warning.
Earning power
In the quarter ended March 29, 2026 the gross margin was negative 27 percent, against negative 12 percent a year earlier: every chip sold cost more than it brought in. Operating loss of $114.3 million, net loss of $119.9 million, adjusted EBITDA of negative $62 million. For the following quarter the company guided to revenue of $140 million to $160 million and to gross margins that would stay negative.
Dilution
Former shareholders lost roughly 99.2 percent of their stake on September 29, 2025 (156,479,390 old shares against 1,306,896 new ones). The share count then rose from 25.8 million to 48.3 million (May 1, 2026), and the quarterly report excludes a further 64.3 million potential shares as anti-dilutive — more than the number outstanding.
Interest burden and covenants
Net interest expense was $52.1 million in the quarter ended March 29, 2026, a good third of quarterly revenue of $150.2 million. From June 23, 2026 the first-lien notes pay 13.875 or 15.875 percent entirely in cash, instead of 9.875 percent in cash plus 4.00 percent added to principal; on top of that, $350 million of minimum liquidity is tied up at every month end.
Technology and end markets
Silicon carbide remains in demand for electric drivetrains, charging infrastructure and data center power supply; AI data center applications grew roughly 30 percent sequentially in the third quarter of fiscal 2026, and the U.S. share of revenue rose to 34.1 percent. At the same time, 37 percent of fiscal 2025 revenue depended on just two customers, and the materials business shrank 35.7 percent year over year in the quarter.
Worth Noting
Wolfspeed reached our research list through our in-house Reddit hype scanner: first flagged on August 8, 2026 with 2 mentions in 24 hours. The stock is thin: of roughly 52.0 million shares, about 28.2 million were in free float according to fundamental data as of August 9, 2026, and roughly 29 percent of that float was sold short.
Risk of confusion: the WOLF ticker and the SEC identifier CIK 0000895419 are the same as before the case; the share is not. Price series drawn across September 29, 2025 splice together two different securities. The corporate history misleads too: until October 2021 the company was called Cree, Inc.
Valuation figures are dated and evergreen: the anchor is the only price documented in an SEC filing, $16.78 on March 18, 2026 (the reference for the conversion price of the 1.5-lien convertible notes). The market capitalization from the fundamental data feed deviates from it by more than a fifth and is therefore not used; figures before and after the September 29, 2025 emergence are not comparable because of fresh start accounting.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at WOLF since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 14.80 $ to 73.50 $ · Last price: 26.30 $ (As of: September 24, 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 09/25/2026
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 % |
|---|---|---|---|---|---|---|---|
| Wolfspeed, Inc. WOLF | 1.5 | – | 12.3 | -28.2 | -72.0 | -6.1 | – |
| NVIDIA Corporation NVDA | 5,674.2 | 31.1 | 23.5 | 74.7 | 65.6 | 65.5 | 27.2 |
| Broadcom Inc AVGO | 1,667.1 | 55.7 | 33.9 | 75.5 | 49.0 | 23.9 | 4.0 |
| Micron Technology Inc MU | 1,403.6 | 22.9 | 17.8 | 72.6 | 80.4 | 48.9 | 569.3 |
| Advanced Micro Devices Inc AMD | 1,088.9 | 205.2 | 94.2 | 55.7 | 14.4 | 34.3 | 291.1 |
| Intel Corporation INTC | 640.3 | – | 182.0 | 38.9 | 6.9 | -0.5 | 308.0 |
| Arm Holdings plc ARM | 327.2 | 309.4 | 222.4 | 97.5 | 7.6 | 22.8 | 112.3 |
| Marvell Technology Group Ltd MRVL | 250.0 | 85.7 | 49.9 | 52.2 | 14.5 | 42.1 | 224.0 |
| Texas Instruments Incorporated TXN | 246.4 | 41.6 | 26.3 | 58.3 | 37.8 | 13.1 | 50.5 |
| Median of companies shown | 640.3 | 55.7 | 33.9 | 58.3 | 14.5 | 23.9 | 168.2 |
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) |
|---|---|---|---|---|---|---|---|
| 2017 | 1,473 | -29 | -98 | -2.98 | 216 | 2,223 | 2,650 |
| 2018 | 925 | 2 | -280 | -8.42 | 174 | 2,067 | 2,638 |
| 2019 | 1,080 | 16 | -309 | -8.93 | 202 | 2,036 | 2,817 |
| 2020 | 471 | -192 | -192 | -5.32 | -29 | 2,083 | 3,231 |
| 2021 | 526 | -212 | -524 | -13.96 | -126 | 2,117 | 3,447 |
| 2022 | 572 | -203 | -201 | -5.01 | -154 | 2,439 | 3,918 |
| 2023 | 759 | -312 | -330 | -7.94 | -143 | 1,622 | 6,587 |
| 2024 | 807 | -445 | -864 | -20.59 | -726 | 882 | 7,985 |
| 2025 | 758 | -1,329 | -1,609 | -34.09 | -712 | -447 | 6,854 |
| 2026 | 665 | -485 | 4 | 0.08 | -203 | 930 | 3,005 |
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: Q2 | -0.89 | -111.90 | 201 | -1.00 | -87.10 | -240 | -884 |
| 2024: Q3 | -2.23 | 29.40 | 195 | -1.40 | -144.90 | -132 | -569 |
| 2024: Q4 | -0.95 | -72.70 | 181 | -13.40 | -206.20 | -22 | -128 |
| 2025: Q1 | -1.86 | -57.60 | 185 | -7.60 | -154.00 | -142 | -364 |
| 2025: Q2 | -0.77 | 13.50 | 197 | -1.80 | -339.70 | -243 | -456 |
| 2025: Q3 | -0.55 | 75.30 | 197 | 1.10 | -327.00 | 6 | -100 |
| 2025: Q4 | -6.11 | -543.20 | 169 | -6.60 | -89.40 | -43 | -73 |
| 2026: Q1 | -3.26 | -75.30 | 150 | -19.00 | -79.80 | -84 | -122 |
| 2026: Q2 | -2.37 | -207.80 | 150 | -24.10 | -97.10 | -54 | -60 |
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 6 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | -5.51 | -8.30 – -1.51 | 764 | 54.7% | 3 |
| 06/30/2028 | -5.83 | -6.64 – -5.02 | 795 | -5.7% | 2 |
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?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Wolfspeed fertigt Leistungshalbleiter aus Siliziumkarbid — Künstliche Intelligenz ist keine eigene Umsatzquelle, sondern wirkt als Nachfragetreiber eines Endmarkts: Der Quartalsbericht (10-Q) zum 29.03.2026 nennt im Lagebericht „Wachstum in aufkommenden Anwendungen für Siliziumkarbid-Bauelemente wie KI- und Rechenzentrums-Anwendungen“ als einen Treiber der Power-Product-Umsätze, verkauft werden aber weiterhin generische Transistoren, Module und Wafer; der Geschäftsbericht (10-K) für das Geschäftsjahr 2025 enthält keine einzige Nennung von Rechenzentren und weist kein KI-Segment und keinen bezifferten KI-Umsatz aus. Zugleich belegen die Risikofaktoren beider Berichte, dass das Unternehmen selbst KI in Produkte und interne Abläufe einbaut und dabei Dritt-KI einsetzt — also operativer KI-Einsatz ohne KI-Umsatz. Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) ist das die Kategorie nutzt: kein KI-Produktumsatz, keine konkrete Bedrohung des Geschäftsmodells durch KI, aber dokumentierte eigene KI-Nutzung und KI-getriebene Endmarktnachfrage.
View the full file — quotes, sources, reviewed filings
„We and our suppliers and customers are increasingly building AI capabilities into products and internal processes."
Wir sowie unsere Lieferanten und Kunden bauen zunehmend KI-Fähigkeiten in Produkte und interne Abläufe ein.
10-Q · 2026-05-07 · View SEC filing
„Decreases in net sales of our Materials Products offerings driven by our customers' rebalancing supply to match weaker end market demand were partially offset by increases in net sales of our Power Product offerings for our industrial applications, partially attributable to end-of-life buys associated with the shutdown of our 150mm Durham Fab, and growth in emerging applications for silicon carbide devices such as AI and data center applications."
Rückgänge der Nettoumsätze unserer Materials-Products-Angebote, ausgelöst dadurch, dass unsere Kunden ihre Bezugsmengen an die schwächere Endmarktnachfrage anpassten, wurden teilweise ausgeglichen durch höhere Nettoumsätze unserer Power-Product-Angebote für Industrieanwendungen — teilweise zurückzuführen auf Auslaufkäufe im Zusammenhang mit der Stilllegung unserer 150-mm-Fabrik in Durham — sowie durch Wachstum in aufkommenden Anwendungen für Siliziumkarbid-Bauelemente wie KI- und Rechenzentrums-Anwendungen.
10-Q · 2026-05-07 · View SEC filing
„We and our customers are increasingly building AI capabilities into our products and internal processes."
Wir und unsere Kunden bauen zunehmend KI-Fähigkeiten in unsere Produkte und internen Abläufe ein.
10-K · 2025-08-26 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2026-02-06 · 10-Q 2025-11-07 · 10-K 2025-08-26 · 10-Q 2025-05-09 · 10-K 2024-08-22
Rated on August 11, 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 -4.3%
- More than 10% revenue growth is expected for the coming year -80.2%
- Share count grows by less than 3% a year 7.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -69.4%
- Gross margin at 40% or higher and without meaningful erosion -34.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 829 m
- Return on capital at 15% or higher, or up versus two years ago -17.5%
- Insiders hold at least 10% or are net buyers 0.5%
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
2/10The 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% -8.5%
- Exp. sales growth 3Y > 5% 9.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 9.3%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 0.8%
- ROCE > 15% -17.5%
- Expected return > 10% -17.7%
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 1, 2026 | Emerson David Todd | Chief Operating Officer | Other | 33,059 | 0.00 | – |
| Sep 1, 2026 | Kohn Bradley D | EVP Chief Legal/Global Affairs | Other | 19,835 | 0.00 | – |
| Sep 1, 2026 | Feurle Robert A. | CEO and Director | Other | 76,037 | 0.00 | – |
| Sep 1, 2026 | van Issum Gregor | CFO & Executive Vice President | Other | 33,555 | 0.00 | – |
| Sep 1, 2026 | van Issum Gregor | CFO & Executive Vice President | Other | 19,693 | 26.31 | 518,123 |
| Sep 1, 2026 | Mattes Andreas W | Director | Other | 16,529 | 0.00 | – |
| Aug 31, 2026 | Emerson David Todd | Chief Operating Officer | Other | 718 | 0.00 | – |
The company
About the Company
Wolfspeed, Inc., a semiconductor company, focuses on silicon carbide materials and devices for power applications in Europe, Hong Kong, Singapore, China, rest of Asia Pacific, Japan, the United States, and internationally. The company offers silicon carbide and gallium nitride (GaN) materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications. It also provides power devices, such as silicon carbide Schottky diodes, metal oxide semiconductor field effect transistors (MOSFETs), and power modules for customers and distributors to use in various applications of automotive domains, including electric vehicles and fast charging, as well as existing and emerging applications in the industrial and energy domain, such as AI data centers, grid modernization, and renewable energy and storage. The company was formerly known as Cree, Inc. and changed its name to Wolfspeed, Inc. in October 2021. Wolfspeed, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.
- Employees
- 2,371
- Headquarters
- Durham, NC
- Address
- 4600 Silicon Drive, 27703 Durham, United States
- Phone
- 919 313 5300
- Website
- wolfspeed.com
- IPO Date
- 02/09/1993
- ISIN
- US97785W1062
- Stock Split
- 2:1 on 12/11/2000
- Stock Split
- 2:1 on 08/02/1999
- Stock Split
- 2:1 on 08/16/1995
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert A. Feurle | CEO & Director | 1971 |
| Sonja Burfeind | Vice President of Global Communications | – |
| Matthias Buchner | Senior Vice President of Global Sales & Chief Marketing Officer | – |
| Margaret Chadwick | Chief Human Resources Officer | – |
| Cengiz Balkas Ph.D. | Executive Vice President of Materials | – |
| Daihui Yu | Regional President of Greater China | – |
| Yasuhisa Harita | Regional President for Asia Pacific | – |
| Ganesh Srinivasan | Senior Vice President of Data Center Solutions | – |
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).
- 09/16/2026 WOLFSPEED, INC. (WOLF): Other Events; Financial Statements and Exhibits SEC ↗
- 08/25/2026 WOLFSPEED, INC. (WOLF): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/19/2026 WOLFSPEED, INC. (WOLF): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 24, 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.