# Wolfspeed, Inc. (WOLF)

> Source: Nexqual · https://nexqual.com/WOLF · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Wolfspeed, Inc. (WOLF), nexqual.com/WOLF" · informational, not investment advice.

**Price:** USD 22.63 (-8.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 24.64 · day 22.02–24.14 · 52w 13.49–80.82 · market cap $1.20B · NYQ

## Key facts
- Last four reported quarters (through Mar 29, 2026): revenue $712M, net income -$494M (-69.3% margin), free cash flow -$419M (SEC filings).
- 2 of 80 tracked superinvestors hold WOLF (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -23.5% vs S&P 500 +14.9%; 5Y -7.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -1.99, revenue estimate $150M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $526M | $572M | $759M | $807M | $758M | $712M |
| Gross profit | $165M | $208M | $243M | $77.4M | -$122M | — |
| Operating income | -$314M | -$203M | -$312M | -$445M | -$1.33B | -$596M |
| Net income | -$524M | -$201M | -$330M | -$864M | -$1.61B | -$494M |
| EPS (diluted) | -$4.66 | -$1.67 | -$2.65 | -$6.88 | -$11.39 | — |
| Free cash flow | -$696M | -$791M | -$1.09B | -$3.00B | -$1.98B | -$419M |
| Gross margin | 31.3% | 36.4% | 32.0% | 9.6% | -16.1% | — |
| Operating margin | -59.7% | -35.5% | -41.1% | -55.2% | -175.4% | -83.6% |
| Net margin | -99.7% | -35.1% | -43.5% | -107.1% | -212.4% | -69.3% |
| Revenue growth | +11.7% | +8.8% | +32.6% | +6.4% | -6.1% | — |
| Cash + short-term investments | $1.15B | $1.20B | $2.95B | $2.17B | $955M | — |
| Total debt | $824M | $1.02B | $3.03B | $6.16B | $13.1B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 29, 2026)
P/S 1.7x · EV/Sales 2.5x · P/B 1.2x · FCF yield -34.97% · Earnings yield -41.23% · Net debt $556M · EV $1.75B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold WOLF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $1.8M | New position |
| Daniel Loeb | Third Point | 0.01% | $483K | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Neutral | $30 → $25 |
| 2026-07-21 | Susquehanna | Target lowered | Neutral | $40 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-09-29) |
|---|---|---|
| Total return | -23.5% | -7.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.6% | -6.7% |
| Volatility (annualized) | 115.1% | 115.1% |
| Max drawdown | -72.7% (May 2026→Jul 2026) | -67.6% (May 2026→Oct 2026) |

## Peers (Semiconductors)
NVTS (Navitas Semiconductor Corporati) USD 8.49 -7.31% · POWI (Power Integrations, Inc.) USD 47.12 -2.34% · DIOD (Diodes Incorporated) USD 81.64 -8.10% · VSH (Vishay Intertechnology, Inc.) USD 27.03 -9.54% · SYNA (Synaptics Incorporated) USD 117.04 -0.39% · PI (Impinj, Inc.) USD 162.7 -9.01%

## More
Full page: https://nexqual.com/WOLF · 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 WOLF's own 10-K filed 2026-08-20 (https://www.sec.gov/Archives/edgar/data/895419/000089541926000054/wolf-20260628.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | MACOM Technology Solutions Holdings, Inc. (MTSI) | "In connection with the divestiture of the RF Business (the "RF Business Divestiture"), MACOM assumed operational control of the Company's 100mm GaN wafer fabrication facility in Research Triangle Park, North Carolina (th…" |
| Customer | Renesas | "•CRD Agreement Deposits - the term loans in an aggregate amount of $2.1 billion (including accrued and unpaid interest as of the Petition Date) made by Renesas to the Company under that certain Unsecured Customer Refunda…" |
| Competitor | onsemi (ON) | "Our silicon carbide power devices compete with silicon carbide power semiconductor solutions offered by companies like Infineon Technologies AG, ON Semiconductor Corporation, Rohm Co. Ltd., ST Microelectronics N.V., Robe…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "•the risk that suppliers (such as Wolfspeed, Inc.) or customers of an acquired business are unable or unwilling to do business with us following the acquisition;" |
| partner | BORGWARNER INC (BWA) | 10-K 2026-02-11 | "Debt securities During 2022, the Company invested $500 million in convertible debt securities of Wolfspeed, Inc. ("Wolfspeed") as part of a strategic partnership with Wolfspeed." |

## Revenue by product line (quarter ended 2026-03-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Power Products | $100.1M | 66.6% | -6.9% |
| Materials Products | $50.1M | 33.4% | -35.7% |
| Total revenue | $150.2M | 100% | — |

## Revenue by region (quarter ended 2025-09-29)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $49.1M | 24.9% | — |
| United States | $44.9M | 22.8% | — |
| Europe | $36.3M | 18.4% | — |
| Hong Kong | $26.1M | 13.3% | — |
| China | $17.9M | 9.1% | — |
| Japan | $13.3M | 6.8% | — |
| Singapore | $7.6M | 3.9% | — |
| Other | $1.6M | 0.8% | — |
| Total revenue | $196.8M | 100% | — |

## Customer concentration

Period ended 2026-06-28: 27%, 11% of revenue from unnamed direct customers (10-K, filed 2026-08-20).

## Company outlook (8-K filed 2026-08-19)

- "Business Outlook: The Company expects to generate revenue between $140 million and $160 million for its first quarter of fiscal 2027 with non-GAAP gross margin expected to remain negative."
- "The Company expects non-GAAP operating expenses between $62 million and $66 million for its first quarter of fiscal 2027."

Analysts expect $150.0M for the current quarter, +0.0% vs the guidance midpoint $150.0M. Source: https://www.sec.gov/Archives/edgar/data/895419/000089541926000049/ex991q4-26.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.99 | $-2.23 | -11.0% | $150.0M | 2 |
| Next quarter (ends 2026-12-31) | $-1.93 | $-2.18 | -11.7% | $153.6M | 2 |
| Current fiscal year (ends 2027-06-30) | $-7.51 | $-5.08 | +47.9% | $764.0M | 2 |
| Next fiscal year (ends 2028-06-30) | $-5.83 | $-7.63 | -23.6% | $795.1M | 2 |

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

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±19.9%; earnings reaction alone ±13.2%; last 4 reports averaged ±14.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.9% | ±11.1% |
| 2026-11-06 | 14 | 122.2% | ±19.9% |
| 2026-11-13 | 21 | 112.5% | ±22.1% |
| 2026-11-20 | 28 | 105.7% | ±23.9% |
| 2026-11-27 | 35 | 101.8% | ±25.4% |
| 2026-12-04 | 42 | 99.3% | ±27.1% |
| 2026-12-18 | 56 | 95.1% | ±30.0% |
| 2027-01-15 | 84 | 92.3% | ±35.3% |