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Semtech cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$28.0M in Q1 FY27 · $173M over twelve months

Operating cash flow$36.2M
Capital spending−$8.2M
Free cash flow+$28.0M
Cash / net income1.4×
Cash conversion cycle126 days

Analysis

In Q1 FY27, Semtech generated $36.2M of operating cash flow and spent $8.2M on capital projects, leaving free cash flow of $28.0M.

Over the twelve months to Apr 26, 2026, operating cash flow was $190M; the largest uses were net borrowing (+) / repaid (−) ($103M), acquisitions ($50.7M), taxes on employees’ shares ($45.0M); besides operations, cash came from other financing ($35.5M), shares issued ($4.9M); the cash balance rose by $6.8M.

Operating cash flow was $36.2M against net income of $26.6M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$26.4M, receivables −$14.1M, accrued liabilities −$13.7M.

Its cash conversion cycle was 126 days (receivables 52 + inventory 131 − payables 57).

Free cash flow

Semtech: free cash flow by quarterSemtech: free cash flow by quarter−$8.4MQ2 FY25$29.1MQ3 FY25$30.9MQ4 FY25$26.2MQ1 FY26$41.5MQ2 FY26$44.6MQ3 FY26$59.1MQ4 FY26$28.0MQ1 FY27
Operating cash flow less capital spending.
Semtech: operating cash flow against capital spendingSemtech: operating cash flow against capital spendingOperating cash flowCapital spending−$5.0M$3.4MQ2 FY25$29.6M$483KQ3 FY25$33.5M$2.6MQ4 FY25$27.8M$1.6MQ1 FY26$44.4M$2.9MQ2 FY26$47.5M$2.8MQ3 FY26$61.5M$2.4MQ4 FY26$36.2M$8.2MQ1 FY27
Latest (Q1 FY27): Operating cash flow $36.2M, Capital spending $8.2M.

Capital allocation, year by year

Semtech: where the cash came from (up) and went (down), by fiscal yearSemtech: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $203MFY22: Net borrowing −$8.0MFY22: Shares issued $5.3MFY22: Asset sales $110KFY22: Capital spending −$26.2MFY22: Buybacks −$130M$209MFY22FY23: Operating cash flow $127MFY23: Net borrowing $872MFY23: Shares issued $620KFY23: Asset sales $26.2MFY23: Capital spending −$28.3MFY23: Acquisitions −$1.2BFY23: Buybacks −$50.0M$1.0BFY23FY24: Operating cash flow −$93.9MFY24: Net borrowing −$207MFY24: Asset sales $410KFY24: Capital spending −$29.2M$410KFY24FY25: Operating cash flow $58.0MFY25: Net borrowing −$656MFY25: Shares issued $645MFY25: Asset sales $97KFY25: Capital spending −$7.9M$703MFY25FY26: Operating cash flow $181MFY26: Net borrowing $290MFY26: Shares issued $4.2MFY26: Asset sales $8KFY26: Capital spending −$9.8MFY26: Acquisitions −$21.5M$475MFY26
Over these 5 years operating cash flow totalled $475M; the largest uses were acquisitions ($1.3B) and net borrowing ($872M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$163M
Debt$492M
Net debt$329M

Semtech funds itself: free cash flow was $173M over the last twelve months, and $163M of cash and investments stands against $492M of debt.

Where the cash came from and went

Semtech: sources (+) and uses (−) of cash, Q1 FY27Semtech: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$36.2MCash drawn (+) / kept (−)$31.9MAcquisitions−$29.2MTaxes on employees’ shares−$26.6MCapital spending−$8.2MOther investing−$5.2MShares issued$787KExchange rates$238KAsset & business sales$42K
Semtech: sources (+) and uses (−) of cash, TTM to Q1 FY27Semtech: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$190MNet borrowing (+) / repaid (−)−$103MAcquisitions−$50.7MTaxes on employees’ shares−$45.0MOther financing$35.5MCapital spending−$16.3MOther investing−$9.3MCash drawn (+) / kept (−)−$6.8MShares issued$4.9MExchange rates$996KAsset & business sales$50K

From profit to cash

Semtech: net income to operating cash flow, Q1 FY27Semtech: net income to operating cash flow, Q1 FY27Net income$26.6MDepreciation & amortization$9.2MStock-based pay$26.4MGains on investments−$100KReceivables−$14.1MInventory−$7.2MPayables$8.0MAccrued liabilities−$13.7MPrepaid and other assets−$3.2MOther liabilities−$1.1MOperating cash flow$36.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY275213157126
Q4 FY265412853128
Q3 FY265413152133
Q2 FY265613052135
Q1 FY265912749138
Q4 FY255512346132
Q3 FY255712555127
Q2 FY256512658133

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$36.2M−$8.2M−$29.2M—$787K$31.9M$28.0M
Q4 FY26$61.5M−$2.4M——$2.6M−$30.5M$59.1M
Q3 FY26$47.5M−$2.8M—−$146M$1.0M$3.9M$44.6M
Q2 FY26$44.4M−$2.9M—−$25.0M$468K−$12.1M$41.5M
Q1 FY26$27.8M−$1.6M—−$10.0M$32K−$4.7M$26.2M
Q4 FY25$33.5M−$2.6M—−$651M$3.1M−$15.2M$30.9M
Q3 FY25$29.6M−$483K——$605K−$20.6M$29.1M
Q2 FY25−$5.0M−$3.4M——$408K$10.8M−$8.4M

Semtech: income statement and cash flow

Semtech, Q2 FY27: revenue $342M (+33% year over year), operating margin 16.3%. The chart follows the revenue to costs, profit and cash.

Semtech: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.