# Lattice Semiconductor Corporation (LSCC)

> Source: Nexqual · https://nexqual.com/LSCC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lattice Semiconductor Corporation (LSCC), nexqual.com/LSCC" · informational, not investment advice.

**Price:** USD 96.4 (-10.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 107.79 · day 95.27–102.65 · 52w 60.5–157.01 · market cap $13.7B · NMS

## Key facts
- Last four reported quarters (through Jul 4, 2026): revenue $651M, net income $36.3M (5.6% margin), free cash flow $199M (SEC filings).
- Valuation: P/E 376.9x (avg 1258.2x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold LSCC (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (14 analysts), mean target USD 161.85 (range 125–180).
- Total return with dividends: 1Y +38.5% vs S&P 500 +14.9%; 5Y +40.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.55, revenue estimate $256M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $515M | $660M | $737M | $509M | $523M | $651M |
| Gross profit | $322M | $452M | $515M | $340M | $357M | — |
| Operating income | $101M | $187M | $212M | $34.5M | $11.2M | $48.0M |
| Net income | $95.9M | $179M | $259M | $61.1M | $3.1M | $36.3M |
| EPS (diluted) | $0.67 | $1.27 | $1.85 | $0.44 | $0.02 | — |
| Free cash flow | $158M | $215M | $249M | $120M | $133M | $199M |
| Gross margin | 62.4% | 68.5% | 69.8% | 66.8% | 68.2% | — |
| Operating margin | 19.6% | 28.4% | 28.8% | 6.8% | 2.1% | 7.4% |
| Net margin | 18.6% | 27.1% | 35.1% | 12.0% | 0.6% | 5.6% |
| Revenue growth | +26.3% | +28.1% | +11.6% | -30.9% | +2.7% | — |
| Cash + short-term investments | — | $146M | $128M | $136M | $134M | — |
| Total debt | $159M | $129M | $0K | — | — | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 4, 2026)
P/E 376.9x · P/S 21.0x · P/FCF 68.8x · P/B 17.4x · FCF yield 1.45% · Earnings yield 0.27% · Buyback yield (TTM) 0.32%
P/E at fiscal year-ends: Jan 2026 3609.2x, Dec 2024 128.2x, Dec 2023 37.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LSCC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $665K | New position |
| Polen Capital | Polen Capital Management | <0.01% | $532K | New position |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 14 analysts; mean target USD 161.85 (low 125, high 180).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | TD Cowen | Target lowered | Buy | $165 → $130 |
| 2026-10-06 | William Blair | Initiated | Outperform |  |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $140 → $165 |
| 2026-08-05 | Keybanc | Target raised | Overweight | $165 → $180 |
| 2026-08-05 | Needham | Target raised | Buy | $140 → $160 |
| 2026-08-05 | Jefferies | Target raised | Buy | $145 → $175 |
| 2026-08-04 | Rosenblatt | Maintained | Buy | $175 |
| 2026-07-13 | TD Cowen | Target raised | Buy | $145 → $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.5% | +40.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.7% | +7.0% |
| Volatility (annualized) | 62.2% | 53.3% |
| Max drawdown | -37.9% (Jun 2026→Oct 2026) | -59.8% (Aug 2023→Mar 2025) |

## Peers (Semiconductors)
SITM (SiTime Corporation) USD 462.72 -9.13% · SMTC (Semtech Corporation) USD 125.12 -11.66% · MTSI (MACOM Technology Solutions Hold) USD 229.73 -15.87% · SWKS (Skyworks Solutions, Inc.) USD 82.39 +0.21% · TSEM (Tower Semiconductor Ltd.) USD 167.71 -11.52% · RMBS (Rambus, Inc.) USD 85.73 -7.62%

## More
Full page: https://nexqual.com/LSCC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LSCC's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/855658/000143774926004100/lscc20260103_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ASE Technology (ASX) | "All of our assembly and test operations are performed by industry-leading outsourced assembly and test suppliers ("OSATs") with our primary supplier being Advanced Semiconductor Engineering, Inc. ("ASE")." |
| Supplier | United Microelectronics (UMC) | "Lattice partners with United Microelectronics Corporation ("UMC") and its subsidiary United Semiconductor Japan Corporation ("USJC") to manufacture our products on its 130nm, 90nm, 65nm, and 40nm CMOS process technologie…" |
| Supplier | Samsung Electronics | "We source silicon wafers from our foundry partners, UMC, USJC, Samsung, TSMC, and Epson, pursuant to agreements with each company and their respective affiliates." |
| Supplier | TSMC (TSM) | "We partner with Taiwan Semiconductor Manufacturing Company ("TSMC") to develop and manufacture on 16nm technology, which is used in our Avant and Nexus 2 platforms of FPGA products, and to manufacture our 350nm, 130nm, 5…" |
| Supplier | Amkor Technology (AMKR) | "We rely on our OSATs in Malaysia, Taiwan and Japan to support the packaging and test of our products, including Advanced Semiconductor Engineering and Amkor Technology." |
| Supplier | King Yuan Electronics | "Wafer sort testing is primarily performed by ASE in Taiwan and Malaysia, and by our second source King Yuan Electronics Company ("KYEC") in Taiwan." |

Other companies that name LSCC in their own reports (relationship from LSCC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | QUICKLOGIC Corp (QUIK) | 10-K 2026-03-27 | "In the market for discrete FPGA devices, we compete with suppliers of programmable logic devices including Lattice Semiconductor Corporation, Microchip Technology Inc. (which acquired Microsemi Corpor…" |

## Revenue by region (quarter ended 2026-07-04)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia | $159.4M | 79.3% | +92.1% |
| — China (part of Asia) | $134.3M | 66.8% | +110.8% |
| — Malaysia (part of Asia) | $17.4M | 8.7% | +36.8% |
| — Japan (part of Asia) | $4.1M | 2.0% | +1.3% |
| — Other Asia (part of Asia) | $3.5M | 1.8% | +42.0% |
| Americas | $23.1M | 11.5% | -14.0% |
| Europe | $18.6M | 9.3% | +31.9% |
| Total revenue | $201.1M | 100% | — |

## Customer concentration

Period ended 2026-01-03: 38%, 31%, 4%, 0% of revenue from unnamed direct customers (10-K, filed 2026-02-13).

## Company outlook (8-K filed 2026-08-04)

- "Business Outlook - Third Quarter of 2026 : • FPGA revenue for the third quarter of 2026 is expected to be between $210 million and $230 million."

Analysts expect $255.5M for the current quarter, +16.2% vs the guidance midpoint $220.0M. Source: https://www.sec.gov/Archives/edgar/data/855658/000143774926025650/ex_971139.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.55 | $0.47 | +17.3% | $255.5M | 14 |
| Next quarter (ends 2026-12-31) | $0.64 | $0.50 | +28.5% | $292.8M | 14 |
| Current fiscal year (ends 2026-12-31) | $2.14 | $1.83 | +17.1% | $920.3M | 14 |
| Next fiscal year (ends 2027-12-31) | $3.25 | $2.33 | +39.6% | $1.34B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±18.2%; last 8 reports averaged ±8.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 81.0% | ±18.2% |
| 2026-12-18 | 56 | 68.9% | ±21.6% |
| 2027-01-15 | 84 | 65.3% | ±25.0% |
| 2027-02-19 | 119 | 65.4% | ±29.6% |
| 2027-03-19 | 147 | 65.3% | ±32.8% |
| 2027-06-17 | 237 | 63.3% | ±40.0% |