Analog Chips
All research in Analog Chips — 2 reports.
Skyworks is a mid-quality, mid-priced analog/RF semiconductor company with real cash generation but rising strategic complexity. Operating margin has fallen from 27.8% to 12.2%, key-customer share has weakened, and the pending Qorvo acquisition now dominates the forward risk profile. Report rating Watch: at $77.85 the stock sits in the lower half of fair value, with insufficient margin of safety and a more attractive buy zone around $55-65.
Monolithic Power Systems is a high-quality analog and power-management semiconductor company with net cash, strong cash flow, and moat characteristics rooted in system-level power design and design-in stickiness. The core issue is price: at $744.90, the stock already reflects stretched AI growth expectations, while fair intrinsic value is closer to $380 to $460 and the margin of safety is insufficient, especially given the 2024 financial restatement and unresolved material weakness in internal control. Report rating Watch: a durable compounder worth tracking closely, but not a conservative buy at the current price.