SWKS — tear sheet

The engine's final decision is Underweight, characterized as a reduction in exposure retaining a residual rather than a full exit. It cites inverted risk/reward: a 35.1% rise in 19 sessions (65.70 to 88.74), a price roughly 18% above analyst consensus estimates, and a QuantOrb money-flow reading of 90.94 — a CONTINUATION screen output (strength 0.7825) the engine calls emphatically overbought (QuantOrb snapshot, 2026-09-18 session). Supporting evidence includes revenue of $935 million down 3.1% year over year, GAAP operating margin of 5.2%, inventory up 43.7% to over $1 billion (~165 days), two consecutive negative free-cash-flow quarters, four rejections of the 91.5–92.3 zone in seven sessions, and the heaviest 180-day volume day (22.1 million shares) closing red (engine review). The engine deems the Q3 results and $2 billion repurchase authorization (management's press release, 2026-07-28) plus Pzena's +27.6% add (quantorb 13F dataset) already reflected in price or contingent on deal completion. Sources: QuantOrb money-flow snapshot (FACTS); SEC 8-K press release, 2026-07-28 (EIGHTK); quantorb 13F dataset (THIRTEENF); engine outputs.

Source: SEC 13F-HR holdings (as of 2026-03-31) via quantorb filers data — quarter-end snapshots, statutory lag up to 45 days

Quarter-end 13F-HR snapshot for SWKS as tracked in the quantorb filers dataset (2 institutional filer rows on file; positions as of 2026-03-31, a quarter-end snapshot subject to the statutory 13F reporting lag of up to 45 days). Quarter-over-quarter share changes where the dataset carries them:

This is the dataset's tracked top-holder snapshot, not an exhaustive list of 13F filers; it is a periodic regulatory disclosure, not real-time portfolio data.

Management's press release (SEC 8-K Item 2.02, dated July 28, 2026, for the fiscal third quarter ended July 3, 2026) reports revenue of $935 million, GAAP operating income of $49 million with diluted EPS of $0.22, and non-GAAP operating income of $182 million with diluted EPS of $1.08. Chief executive Phil Brace describes 'a solid quarter with revenue and earnings above expectations,' with mobile performing well on healthy demand and Broad Markets growing year over year on double-digit automotive and data center gains. The release announces progressing Qorvo regulatory approvals, an expected leadership team for the combined company, approximately $2 billion of anticipated acquisition debt financing, and a $2 billion stock repurchase authorization under a new capital framework. Per the engine's news review, visible catalysts include the Qorvo bond-swap deadline extended to September 25 and Apple launch-cycle component demand hopes. Sources: SEC 8-K Item 2.02 press release, 2026-07-28 (EIGHTK); engine news review.

The engine's risk review flags deal timing first: the Qorvo bond-swap deadline was extended to September 25, the swap settles only if the merger closes, and the engine treats any further extension as a negative timing signal. Operational risks include inventory up 43.7% year over year (~165 days versus ~114) with finished goods up 102% against falling revenue, two consecutive negative free-cash-flow quarters, a dividend consuming 104% of trailing free cash flow, cash down to $790 million, and approximately $2 billion of planned acquisition debt financing against 10-year yields its news review reports at their highest since 2007 (engine review). It also cites gap-type volatility (a 4.85 ATR and a 10.3% single-session decline on September 14) and CFO selling into the surge. The 10-K lists Apple and Amazon among key customers, and its MD&A cautions that actual results may differ substantially and adversely from forward-looking statements (SEC 10-K, filed 2025-11-07). Sources: engine risk review; SEC 10-K, filed 2025-11-07 (FILING); SEC 8-K press release (EIGHTK).