Lattice Semiconductor Corp.
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Earnings Call Q1 2026
May 4, 2026 - AI Summary
Q1/early 2026 performance strongly exceeded expectations (good)
- Revenue: $170.9M, +42% YoY and +17% QoQ.
- Compute & communications: +86% YoY, +15% QoQ; record quarter.
- Industrial & embedded (includes former consumer): +21% QoQ.
- Non-GAAP profitability: EPS $0.41, +80%+ YoY (management also said EPS > guidance high end).
- Non-GAAP gross margin ~70% (slightly better than expected); operating leverage: non-GAAP operating margin 34.4% (+370 bps QoQ).
Forward guidance for Q2 is upbeat with strong YoY growth (good)
- Revenue guidance: $185M midpoint (range implied), ~50% YoY growth.
- EPS guidance (non-GAAP): midpoint $0.44, about +80% YoY growth.
- Gross margin: ~70% ±1%; OpEx: $64M–$67M (R&D-driven investments).
- Tax rate (non-GAAP): 4%–6%.
- Company framed this as continuing momentum with strong bookings/backlog visibility.
Demand/visibility and inventory improved, but supply constraints are a real headwind (good + challenge)
- Backlog: build extends well into 2027; accelerated bookings.
- Channel inventory: reduced from ~3 months last quarter to ~2 months, with expectation to go under 2 months in Q2.
- Supply: management said supply is in good shape but straining (cost and lead times pressure).
- They expect continued cost pressure in 2H, which may affect margin dynamics even though guidance remains ~69.5%–70% range.
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$12.25
88.6% downside
Current Fair Value
88.6% downsideOvervalued by 88.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $14.69 Billion |
|---|---|
| Enterprise Value | $14.52 Billion |
| Earnings per Share | $0.02 |
| Beta | 1.83 |
| Outstanding Shares | 136,932,000 |
Return
| Return on Equity | 4.61% |
|---|---|
| Return on Assets | 3.72% |
| Return on Invested Capital | 5.37% |
Valuation & Multiples
| P/E Ratio | 351.49 |
|---|---|
| PEG | 62.26 |
| Price to Sales | 26.83 |
| Price to Book Ratio | 21.46 |
| Enterprise Value to Revenue | 22.3 |
| Enterprise Value to EBIT | 325.3 |
| Enterprise Value to Net Income | 399 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$0.55
Consensus analyst estimateRevenue Estimate
$255.90 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$0.64
Consensus analyst estimateRevenue Estimate
$335.17 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 27.07% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.23%▼ 102.97% |
|---|---|
| Total Invested | $384.00M▼ 98.25% |
| Investors Holding | 164▼ 463.00% |
About Lattice Semiconductor Corp.
CEO: James Anderson
