Qorvo, Inc.
Information Technology · Semiconductors
Structural: Qorvo sits in the RF oligopoly (QRVO/$SWKS/$AVGO) that captures $15-20 of BoM on every 5G smartphone. Three segments: ACG (Advanced Cellular, ~65% rev, $AAPL + Samsung RFFE), HPA (High Performance Analog, defense radar + base station PAs + power management), CSG (Connectivity & Sensors, UWB + WiFi + matter/Thread for IoT).
2021 Anokiwave acquisition added mmWave beamforming for SATCOM + 5G infrastructure + defense phased arrays.
(1) Apple RF content per device still growing with mmWave + sub-6 GHz expansion; (2) defense backlog at multi-year highs (HPA up double-digits as phased-array radar programs ramp); (3) GaN-on-SiC power leadership ports cleanly into EV traction inverters + data-center power; (4) trades 11-12x fwd P/E vs $SWKS 13x and $AVGO 28x - deep cyclical discount; (5) BAW filter capacity hard to replicate (4-yr lead time on new fabs).
(1) Apple iPhone RF concentration ~35% of revenue - single-customer + insourcing risk (Apple-designed PMIC + modem roadmap eats Qorvo content); (2) Android smartphone cycle still soft, China RF competitors (Maxscend, Vanchip) climbing share at low end; (3) HPA defense growth doesn't offset handset declines until 2027+; (4) margin compression - gross margin compressed 600bps in last down-cycle; (5) capex-heavy fab footprint creates operating leverage that cuts both ways.
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