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Lattice Semiconductor Corporation

Rank #161Hypergrowth

LSCC · Nasdaq · Technology

Lattice Semiconductor Corporation (LSCC) — Rank #161 by gross profitability (GP/assets 0.37) · ROE 0.4% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0000855658 · all metrics point-in-time as of the filing date.

About

Lattice Semiconductor Corporation, together with its subsidiaries, develops and sells semiconductor, silicon-based and silicon-enabling, evaluation boards, and development hardware products in Asia, Europe, and the Americas.

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It offers field programmable gate arrays (FPGA), which are regular arrays of logic that can be custom-configured by the user through software. The company's products include small FPGA platforms, including Lattice Nexus and Lattice Nexus 2; Lattice Avant, a mid-range FPGA platform; general purpose FPGA, such as Lattice Avant-G, Certus-NX, CertusPro, and Certus-N2; and specialized FPGAs, which includes Lattice Avant-E, Avant-X, SCP, MachXO, iCE, CrossLink,and CrossLinkPlus. It also provides design software that includes Lattice Radiant to deliver tools that enable predictable design convergence; Lattice Propel for creating embedded processor-based designs; develops Lattice Automate for industrial automation and robotics; Lattice mVision forlow power embedded vision; Lattice ORAN for control data security, fronthaul synchronization, and low power hardware acceleration; Lattice sensAI for Edge AI applications; Lattice Sentry for hardware security implementation; and Lattice Drive for automotive system designs and applications. In addition, the company offers Glance, an edge AI application software that allows users to control the AI and computer vision experiences for various edge applications, including client computing, industrial, and automotive applications; and sells video connectivity application specific standard products. Further, it provides standard IP and IP core licensing, patent monetization, and IP services. The company serves communications and computing, industrial and automotive, and consumer markets.

Lattice Semiconductor Corporation was incorporated in 1983 and is headquartered in Hillsboro, Oregon.

Industry
Semiconductors
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
January 2

Price History

LSCC+89.9% · +13.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$14.88B

P/E (annual)

5250.3

P/S (annual)

28.4

P/B

18.9

P/OCF (annual)

85.0

Shareholder Yield

-15.2%

Employees

1,174

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.37
Return on equity
0.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.24
Current ratio
3.02×
Net cash
$173.31M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
22.1%

Growth

1/2 pass
Revenue growth
22.5%
Piotroski F-Score
N/A
Share dilution
15.2%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

31.2%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 15.2% — per-share value needs a total required return of 46.4% once share-count change is priced in.

vs. own 6-year median revenue growth: 7.6%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

25.6%

r = 10% (base)

31.2%

r = 12%

36.1%

Net debt / market cap: -1.2%

Base FCF: $132.6M3Y mean FCF: $3.2M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
7.4xmed 13.4x39.7x

P / S

Price / revenue per share

2.0xFair
1.7xmed 2.0x2.7x

P / B

Price / book value per share

3.6xExpensive
1.5xmed 2.0x3.6x

P / GP

Price / gross profit per share

3.5xFair
3.0xmed 3.5x5.0x

P / FCF

Price / free cash flow per share

30.4xExpensive
8.4xmed 23.5x34.2x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.37

Primary signal (Novy-Marx).

5th of 17 SIC 3674 peers

Return on equity

0.4%

Gross margin

68.2%

2nd of 17 SIC 3674 peers

Revenue growth (YoY)

22.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2015201620162017
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

-74.2%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.24

5th of 16 SIC 3674 peers (best = lowest)

Current ratio

3.02×

11th of 17 SIC 3674 peers

Quick ratio

2.02×

Net cash

$173.31M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$132.58M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

41.99

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

22.1%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20122017
Decline
Op. Leverage
Startup
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