Skyworks Solutions
Skyworks makes the radio chips inside iPhones and other devices, and in October 2026 it merged with Qorvo, its closest American rival.
The scores
Growth1/4 ↓
Revenue fell from $5.5B in fiscal 2022 to $4.0B, and both merged companies' sales fell over the past year; only the non-phone lines grow.
Business quality2/4 ↓
Few can make these parts at phone volume, but sockets are re-awarded each cycle, Broadcom and Qualcomm sell the same, and Apple share is falling.
Financial position3/4 ↓
Net debt about 1.9 times operating profit after stock pay, first maturity in 2028, and free cash flow positive over the year.
Execution record3/4 →
Beat EPS eight quarters running and closed a large merger in a year, but lost share at its largest customer twice and margins fell.
Per share capture2/4 ↓
Bought back shares heavily before the deal, then issued 84.7M shares, about 36% of the company, ended the dividend and quadrupled debt.
Potential2/4 →
Data centres and defence grow fast, but data centre revenue is never given and the RF market grows slowly while phone units fall.
Risk profile2/4 →
Apple supplies more than half of sales and re-awards sockets each cycle; integration and new debt add risk.
Valuation3/4 →
About 16 times trailing operating profit after stock pay, 12 with full savings: a price for a business that holds, not one that shrinks.
Evidence quality3/4 →
Statements, the pro forma, the deal terms and Apple's share are filed, but savings, data centre growth and content trends are management's word.
No upside the evidence defends · if it fails you keep about 75%.
The Verdict
We rate Skyworks Neutral. It is a mixed business: few companies can make its chips at phone scale, but Apple brings in more than half of sales and chooses its suppliers again every year, and sales have been shrinking. The price is fair: about 16 times what the two companies earned last year, and closer to 12 if the promised savings from the merger arrive. As a bet, its fast-growing data centre chips are too small to count yet. The view hinges on whether the savings show up while phone sales stop falling.
The long caseAI data centres need precise timing and power chips, and Skyworks already sells them to the leading builders.
The evidence under this - 7 claims
- Qorvo's defence and infrastructure revenue is growing fast and none of it is Apple's (C17).
- Apple's share at Skyworks is falling quarter by quarter, so the share will be lower in fiscal 2027 (C05).
- The panel's standalone fiscal 2027 EPS of $5.00 puts the shares at 16 times earnings, a figure that excludes Qorvo and the new interest (S25).
- Non-GAAP operating income excludes merger and restructuring costs that will recur for two to three years (S10).
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
Broad Markets as a whole grew 8% and is guided to about 5% for the September quarter, held back by consumer IoT (S07).
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
The company
Every phone has to send and receive radio signals on dozens of frequencies at once. Between the phone's modem and its antenna sit amplifiers that boost the signal, filters that let only one frequency through, and switches that route it. Skyworks makes these, often packed together into one small module.
Its biggest buyer is Apple. It also sells to Android phone makers, Wi-Fi and car companies, and, through Qorvo, to defence firms building radar. A phone maker that does not buy from Skyworks buys from Broadcom, Qualcomm or Murata.
The evidence under this - 4 claims
How it makes money
Skyworks earns money each time a device with its chips is built. A phone maker picks suppliers for each slot in a new phone, sets the price for that model's life, and then orders millions of units.
Phone chips are about two-thirds of combined sales, mostly from iPhones. The rest is Wi-Fi, car, factory, data centre and defence chips, which sell to thousands of customers and are growing while the phone side shrinks.
The evidence under this - 6 claims
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
The two companies' fiscal years end six months apart, so the four quarters do not line up exactly (S03, S16).
Broad Markets as a whole grew 8% and is guided to about 5% for the September quarter, held back by consumer IoT (S07).
Where the money comes from, stream by stream
| Stream | Share of sales (TTM to July 2026) | How it earns it |
|---|---|---|
| Phone radio parts (Skyworks mobile and Qorvo ACG) | about 64% | Front-end modules, amplifiers, filters and switches for phones, mostly iPhones. |
| Skyworks Broad Markets | about 21% | Wi-Fi, car, industrial, data centre and IoT parts. |
| Qorvo High Performance Analog | 10.1% | Defence and aerospace radar parts, network infrastructure and foundry services. |
| Qorvo Connectivity and Sensors | 5.4% | Wi-Fi, ultra-wideband and sensor chips for consumer devices. |
Who runs it
Phil Brace became chief executive in February 2025 and agreed the Qorvo deal within nine months; Philip Carter runs the finances. Qorvo's former boss sits on the board. Directors and officers owned under 1% of the shares before the merger.
The bonus pays half on sales and half on operating profit. Insiders bought no shares in the past year, and the few they sold were under pre-set plans.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Making these chips at the volume Apple needs takes owned factories and years of know-how, and only a handful of companies can do it. The merger joins two of them.
But this is not a lock. Apple re-awards each slot every year, and Skyworks has been losing share: Apple was 67% of its sales in fiscal 2025 and 57% by the June 2026 quarter.
The evidence under this - 5 claims
- Management says prices are fixed at down-selection and blended content is flat, which reads as stability (C08).
- Qorvo's own sales to Apple held at half its revenue (C15).
The figure is reported second-hand, and Yole's market includes infrastructure and defence that the phone-heavy companies barely serve (S23).
The threat
Broadcom sells the same kind of radio modules to Apple and signed new multi-year agreements with it in July 2026, running to 2031. Qualcomm sells radio chips alongside its modems, and Apple now designs some of its own modems, which lets it shape what its suppliers build. Qorvo itself left the cheaper Android phone market because it did not pay.
The evidence under this - 4 claims
The rivals: AVGO, QCOM, ADI, ADI, TXN, TXN, and 3 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| AVGO | BroadcomPriced against it: One segment only | Phone radio parts | On sale | One segment only |
| QCOM | QualcommPriced against it: One segment only | Phone radio parts | On sale | One segment only |
| MurataPriced against it: Listed abroad | Phone radio parts | On sale | Listed abroad | |
| In-house | Apple's own modem teamPriced against it: In-house | Phone radio parts | On sale | In-house |
| Chinese front-end makers such as MaxscendPriced against it: Listed abroad | Phone radio parts | On sale | Listed abroad | |
| ADI | Analog DevicesPriced against it: Not checked | Broad Markets and High Performance Analog | On sale | Not checked |
| Analog Devices | AI data centre parts | On sale | ||
| TXN | Texas InstrumentsPriced against it: Not checked | Broad Markets and High Performance Analog | On sale | Not checked |
| Texas Instruments | AI data centre parts | On sale |
How big it could get
How big this could get
Industry researcher Yole puts the whole radio chip market at $51.3B in 2024, growing to $70B by 2030. Phones are the biggest use, and about 1.26 billion were shipped in 2025, with a dip expected in 2026. Data centres are the fastest-growing: the US government expects their share of national electricity to rise from 4.4% in 2023 to between 6.7% and 12% by 2028.
The evidence under this - 3 claims
The figure is reported second-hand, and Yole's market includes infrastructure and defence that the phone-heavy companies barely serve (S23).
Premium phones, where RF content is highest, held up better than the market in IDC's own commentary (S22).
The range is wide: the high end is nearly twice the low end (S24).
Who has signed
There are no long contracts. Apple buys for one phone cycle at a fixed price, and that alone is 57% of Skyworks's sales. A large Android customer extended its relationship to 2030, but the company gives no volume.
The evidence under this - 3 claims
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
Qorvo left the mass-market Android business because it did not pay, so Android content is lower-value than Apple's (C16).
The results
The numbers
Sales grew 0.1% over the twelve months to Jul 2026, about the same pace as the −2.2% in the year to Oct 2025.
Operating margin is 7.6%, down from 24% in the year to Sep 2023.
Running costs take 33¢ of each sales dollar, up from 18¢ in the year to Oct 2021.
Each dollar put into the business earns 4.2% a year after tax, down from 26% in the year to Oct 2021.
It turned 11% of sales into free cash, $434M over the last twelve months.
It holds $799M of cash against $497M of debt, $302M more cash than it owes.
The share count fell 9.3% in 4.8 years, and pay in shares costs 5.8% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-21. Fiscal years end in October.
| Oct 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Oct 2025 | 12 mo to Jul 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $5.11B | $5.49B | $4.77B | $4.18B | $4.09B | $4.01B |
| Sales growth | +52% | +7.4% | −13% | −12% | −2.2% | +0.1% |
| Profit | ||||||
| Gross margin | 49% | 47% | 44% | 41% | 41% | 41% |
| Operating margin | 32% | 28% | 24% | 15% | 12% | 7.6% |
| Net margin | 29% | 23% | 21% | 14% | 12% | 7.2% |
| What growth costs, per sales dollar | ||||||
| Research and development | 10% | 11% | 13% | 15% | 19% | 21% |
| Selling, general and admin | 6.3% | 6.0% | 6.6% | 7.2% | 9.1% | 11% |
| Pay in shares | 3.8% | 3.6% | 3.9% | 4.3% | 5.7% | 5.8% |
| Capital spending | 12% | 8.9% | 4.4% | 3.8% | 4.8% | 7.0% |
| Cash | ||||||
| Cash from operations | $1.77B | $1.42B | $1.86B | $1.82B | $1.30B | $716M |
| Free cash flow | $1.13B | $935M | $1.65B | $1.67B | $1.11B | $434M |
| Balance sheet | ||||||
| Cash and short-term investments | $1.02B | $586M | $734M | $1.56B | $1.37B | $799M |
| Debt | $2.24B | $2.19B | $1.29B | $994M | $996M | $497M |
| Net cash | −$1.22B | −$1.60B | −$558M | $568M | $378M | $302M |
| Returns and shares | ||||||
| Return on capital | 26% | 17% | 14% | 8.1% | 6.4% | 4.2% |
| Shares (diluted) | 167M | 163M | 160M | 162M | 155M | 151M |
What growth costs
Costs grew while sales shrank. Research spending rose from about 13 cents to 21 cents of every sales dollar between fiscal 2023 and mid-2026, so operating profit fell from about 24 cents to under 8. The merger's savings are management's answer.
The evidence under this - 3 claims
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
The last report (28 Jul)
Quarter ended July 2026, filed figures.
In the quarter to 3 July 2026 sales fell 3% from a year earlier. Apple was about 57% of sales, down from 67% two quarters before. The share of each sales dollar kept after making the chips fell to 44.9% from 47.1%, because input costs rose while prices were fixed.
The non-phone side grew 8%, with data centre and car chips growing fastest. Management guided the September quarter to $1,010M to $1,060M of sales.
What it did to the thesisIt confirmed the case's weak side: phone sales still falling and margins squeezed by input costs, while Wi-Fi, car and data centre chips grew. It left open whether the merger's savings can outrun the phone decline, the question the view turns on.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $1.08 against $1.03 expected; $0.22 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
The midpoint is below the $1,100.2M of the year-earlier quarter even after the 14th week, so growth rests on management's adjustment (S07, S25).
Broad Markets as a whole grew 8% and is guided to about 5% for the September quarter, held back by consumer IoT (S07).
What management did with the money
In fiscal 2025 Skyworks spent $830.2M buying back shares and $432.6M on dividends as sales fell. It then paid for Qorvo with $2.9B of cash and new shares, borrowed $2.0B, stopped the dividend and approved a $2B buyback.
Insiders in 2026Q3: 1 purchases and 2 sales, from their Form 4 filings.
The evidence under this - 4 claims
The price, and where we disagree
In short. Fair. The price pays for the savings arriving on a business that stops shrinking, which is plausible but not yet shown.
The merger closed on 5 October 2026, and on 3 November the company gives its first guidance as one business, with a plan for the savings. Until then every combined number is an estimate.
The shares rose about a third in six months while sales per share fell, so the market is already paying for the savings.
The evidence under this - 4 claims
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
The midpoint is below the $1,100.2M of the year-earlier quarter even after the 14th week, so growth rests on management's adjustment (S07, S25).
How we read the multiple
Buyers pay about $21.9B for the whole company, including its debt. A common rule of thumb asks a business that does not grow to earn about 8 cents of operating profit, before tax, a year for every dollar paid. For Skyworks that means:
- Today it earns about $1.39B a year, about 6 cents on the price.
- With the full $500M of savings that rises to about $1.89B, nearer 9 cents.
- So the price is fair if the savings arrive and sales stop falling.
Against its own history. Its own normal comes from years before the merger, when it was half the size with no debt, so the comparison says little about the combined company.
The evidence under this - 4 claims
- The panel's standalone fiscal 2027 EPS of $5.00 puts the shares at 16 times earnings, a figure that excludes Qorvo and the new interest (S25).
- Non-GAAP operating income excludes merger and restructuring costs that will recur for two to three years (S10).
The two companies' fiscal years end six months apart, so the four quarters do not line up exactly (S03, S16).
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
That price already carried the fiscal 2025 share loss at Apple but not the fiscal 2026 content loss announced in February (C08).
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Qorvo, Inc., Murata Manufacturing, Analog Devices, NXP Semiconductors, Texas Instruments, Cirrus Logic.
The bet: what it pays if it works
The bet is Skyworks's chips for AI data centres: timing, isolation and power parts for faster server links and higher-voltage power. Management says they are its fastest-growing line, but gives no sales figure, so there is no upside we can count yet.
If they disappoint, little profit is lost, because they are small. The real risk sits in the phone business, not here.
The steps it has to take
- Done Data centre parts growing faster than 50% a year
- Not started Supply constraint on data centre parts resolved due 2027-06
- Not started Data centre revenue given as a figure due 2027-11
The detail behind the label
The evidence under this - 3 claims
Broad Markets as a whole grew 8% and is guided to about 5% for the September quarter, held back by consumer IoT (S07).
The range is wide: the high end is nearly twice the low end (S24).
Where we disagree with the market
A bigger, cheaper radio chip champion: savings add to profit at once, and most analysts rate the shares a buy.
The savings are likely but are the only growth in hand. Sales are shrinking and Apple re-awards more than half of them every year.
The market may be right that the savings come quickly; both companies have cut costs before. But the shares already rose a third on that hope, and Skyworks lost Apple orders in each of the last two years. We would change our mind if combined sales grew again with healthier margins.
What analysts say, and the evidence
The evidence under this - 6 claims
- The panel's standalone fiscal 2027 EPS of $5.00 puts the shares at 16 times earnings, a figure that excludes Qorvo and the new interest (S25).
- Non-GAAP operating income excludes merger and restructuring costs that will recur for two to three years (S10).
The two companies' fiscal years end six months apart, so the four quarters do not line up exactly (S03, S16).
- Qorvo's defence and infrastructure revenue is growing fast and none of it is Apple's (C17).
- Apple's share at Skyworks is falling quarter by quarter, so the share will be lower in fiscal 2027 (C05).
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
What could go wrong, and how we would know
The risks
- Apple moves more orders Apple re-awards its chip slots every year; another lost slot would erase much of the savings.
- Rivals close in Broadcom signed with Apple to 2031, and Apple's own modem lets it reshape the radio parts it buys.
- Savings slip Merging two companies is slow, and savings that take longer or cut research could leave profit flat.
- More debt Debt rose to about $3.9B to pay Qorvo holders, so a bad year leaves less room.
- Fewer phones Phone shipments are expected to fall in 2026 as memory costs rise.
The evidence under this - 6 claims
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
Premium phones, where RF content is highest, held up better than the market in IDC's own commentary (S22).
What we still do not know
- How much the fast-growing data centre chips actually sell; the company gives only growth rates.
- How much of the next iPhone's radio chips the combined company has won.
- Whether the $500M of savings comes from overlap or from cutting research the growth depends on.
The evidence under this - 3 claims
Broad Markets as a whole grew 8% and is guided to about 5% for the September quarter, held back by consumer IoT (S07).
- The largest customer's share fell from 67% to 57% of revenue in two quarters (S05, S07).
- The 10-K says Skyworks has lost content and sockets at its largest customer (S01).
- Both companies' revenue fell over the past year, so savings are the only part of the case already in hand (C03, C17).
- Neither the closing release nor the pro forma says how the savings split between R&D, selling and factories (S08, S10).
What would change our view
- Neutral→AttractiveSavings arrive and sales turn
It needs all of:
- ○Combined operating profit, after paying staff in shares, reaches $1.75B over four quarters.checked at the next results, due by 3 Nov
- ○Combined sales grow on the year in two quarters running.watched as it happens
- Neutral→AttractiveA price that pays for the savings already
It needs:
- ○The company's value falls to 12 times its profit over the last year, with that profit held.checked daily
- Neutral→UnattractiveSales or savings crack
It needs any of:
- ○Combined sales fall more than 5% on the year in two quarters running.watched as it happens
- ○Management cuts the $500M savings target or pushes it beyond three years.watched as it happens
We would also be wrong if
- Debt, less cash, grows to more than 2.5 times yearly operating profit.
What is coming
- 3 November 2026 Fiscal Q4 2026 results and first combined guidance: Whether combined revenue and margin hold and the $500M is reaffirmed.
Every dated event ahead
- 3 November 2026 Fiscal Q4 2026 results and first combined guidance: Whether combined revenue and margin hold and the $500M is reaffirmed.
- 10 February 2027 First full combined quarter reported: The combined company's real revenue, margin, Apple share and the first savings.
- 30 September 2027 Next iPhone launch, the first cycle the two companies bid on together: Whether combined Apple content holds or falls again.
- 31 December 2028 $800M of 5.000% notes fall due: Whether debt is repaid from cash flow or rolled.
Since we wrote this
- 29 OctBet moveBet re-struck: Safe, little upside to Priced for successRe-priced at the 28 October close.
- 21 OctThesis writtenNeutral, medium convictionWritten two weeks after the Qorvo merger closed and two weeks before the first combined guidance.
Sources 28
Sources - 28
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2025-11-07the business, customers, Apple's share, competitors, risk factors on sockets, revenue, R&D, buybacks, dividends, headcountbacksC01C02C03C04C19C36C41C42
- S02primarycompany release2025-10-28fourth-quarter and full-year non-GAAP operating incomebacksC02C31
- S03primarycompany filing2026-07-29nine-month statements, inventory, cash, debt, share countbacksC03C06C14C29C37
- S04primarycompany release2026-07-28Q3 results, non-GAAP margins, free cash flow, Q4 guidance, the dividend ended and the new buybackbacksC06C07C09C27C30C31
- S05primarytranscript2026-02-03Skyworks first-quarter fiscal 2026 earnings call transcript (FMP), held 2026-02-03data/cache/transcripts/SWKS-2026Q1.jsonlargest customer share, blended content expected flat, the content loss first disclosed
During the quarter, our largest customer accounted for approximately 67% of revenue, consistent with the prior quarter.
backsC05C08 - S06primarytranscript2026-05-05Skyworks second-quarter fiscal 2026 earnings call transcript (FMP), held 2026-05-05data/cache/transcripts/SWKS-2026Q2.jsonlargest customer share, Broad Markets growth, input cost pressure on margin
During the quarter, our largest customer accounted for approximately 60% of revenue.
backsC05C38 - S07primarytranscript2026-07-28Skyworks third-quarter fiscal 2026 earnings call transcript (FMP), held 2026-07-28data/cache/transcripts/SWKS-2026Q3.jsonlargest customer at 57%, growth engines up 15%, data centre growth, pricing at down-selection, the content loss now low teens, the 14th week, analysts' questions on Broadcom and the internal modem
AI data center, our fastest-growing business, is tracking ahead of the 50% annual growth we outlined last quarter, even with supply constraints.
backsC05C07C08C09C18C20C40 - S08primarycompany filing2026-10-06the terms paid, the board, the leaders, the cost savings target, the 3 November callbacksC01C10C11C35
- S09primarycompany filing2026-09-30all required clearances receivedbacksC10
- S10primarycompany filing2026-08-03combined revenue and operating income, combined balance sheet, purchase price, shares issuedbacksC12C13
- S11primarycompany filing2026-08-10the three new notes, their coupons and maturitiesbacksC14
- S12primarycompany filing2026-10-07the Skyworks notes issued for Qorvo's, and what was left outstandingbacksC13C14
- S13primarycompany filing2026-07-28who runs the combined companybacksC35
- S14primarycompany filing2026-04-03ownership table, bonus measures and payout, performance shares, the chief executive's hiring awardbacksC34
- S15primarycompany filing2026-05-08Qorvo's segments, Apple's and Samsung's share, the Android exit, chipset suppliers integrating RF, China
We have decided to exit the mass-market Android 5G handset business
backsC15C16 - S16primarycompany filing2026-07-29segment revenue and operating income for the June quarter, stock paybacksC17
- S17primarycompany release2026-07-28non-GAAP gross margin, operating income and EPSbacksC17
- S18primarycompany release2026-05-05Qorvo results releases for the quarters to September 2025, December 2025 and March 2026 (8-Ks) Qorvo, Inc.non-GAAP operating income by quarter (with the 3 November 2025 and 27 January 2026 8-Ks)read, but no claim rests on it
- S19primarycompany filing2026-07-06a rival's multi-year agreements with Skyworks's largest customer
Broadcom Inc. (“Broadcom”) and Apple Inc. (“Apple”) have agreed to expand their long-standing technology collaboration through 2031
backsC18 - S20primarycompany filing2025-12-18Broadcom Form 10-K for fiscal 2025 Broadcom Inc.that Broadcom sells RF front-end modules and filters
Our products include radio frequency (“RF”) front-end modules and filters, Wi-Fi/Bluetooth combination chips, custom touch controllers and inductive charging devices.
backsC19 - S21primarycompany filing2025-11-05Qualcomm Form 10-K for fiscal 2025 QUALCOMM Incorporatedthat Qualcomm sells RF front-end parts beside its modems
Our portfolio of RF products includes Qualcomm ® RFFE components that are designed to simplify the RF front-end design for 5G, including sub-6 GHz and mmWave
backsC19 - S22primaryindustry data2026-01-132025 smartphone shipments, growth, and the expected 2026 decline
The total number of smartphones shipped reached 1.26 billion units in 2025.
backsC21 - S23secondaryindustry data2025-07-28Compound Semiconductor, 'RF to be a $70b market by 2030', reporting Yole Group, 28 July 2025 Yole Groupthe RF market's size and growth, the leading makers, the Chinese entrants
the Yole Group's forecasts a $70b RF market by 2030, growing from $51.3b in 2024
backsC22 - S24primarygovernment data2024-12-20US Department of Energy, 'DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers', 20 December 2024 US Department of Energy (Lawrence Berkeley National Laboratory report)US data centre electricity use in 2023 and the 2028 range
data centers consumed about 4.4% of total U.S. electricity in 2023 and are expected to consume approximately 6.7 to 12% of total U.S. electricity by 2028
backsC23 - S25secondaryvendor data2026-10-21Research pack frozen beside this thesis, 2026-10-21content/SWKS/research-pack.jsonprice, returns and their split, consensus, estimates, earnings history, insider trades, short interestbacksC29C30C31C32C33
- S26secondaryvendor data2026-10-21the closes around each print and the dealbacksC29C38
- S27primarycompany filing2026-10-21Skyworks filed annual statements, fiscal 2020 to 2025, from the filer's own XBRL (numbers card)content/SWKS/financials.jsonfive years of revenue, operating income, R&D, stock pay and share countbacksC03C36C37
- S28primarycompany filing2025-11-20the Rule 10b5-1 flag on each open-market salebacksC33