Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

2 Semiconductor Stocks to Keep an Eye On and 1 We Find Risky

SMTC Cover Image

Semiconductors are the silicon backbone of the digital revolution. The way we live and work is also changing with AI, which is creating secular demand for more powerful chips. This theme has led to decent stock price performance as the industry’s six-month gain of 3% has nearly mirrored the S&P 500.

Nevertheless, a cautious approach is imperative because Moore’s Law (a principle stating that computer productivity doubles every two years) will eventually make even the most impactful technologies today obsolete. With that said, here are two resilient semiconductor stocks at the top of our wish list and one that may face trouble.

One Semiconductor Stock to Sell:

Semtech (SMTC)

Market Cap: $4.48 billion

A public company since the late 1960s, Semtech (NASDAQ: SMTC) is a provider of analog and mixed-signal semiconductors used for Internet of Things systems and cloud connectivity.

Why Do We Avoid SMTC?

  1. Persistent operating margin losses and eroding margin over the last five years point to its preference for growth over profits
  2. 6.8 percentage point decline in its free cash flow margin over the last five years reflects the company’s increased investments to defend its market position
  3. Negative returns on capital show that some of its growth strategies have backfired, and its falling returns suggest its earlier profit pools are drying up

Semtech’s stock price of $51.78 implies a valuation ratio of 29.8x forward P/E. Read our free research report to see why you should think twice about including SMTC in your portfolio.

Two Semiconductor Stocks to Watch:

Photronics (PLAB)

Market Cap: $1.20 billion

Sporting a global footprint of facilities, Photronics (NASDAQ: PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers.

Why Are We Fans of PLAB?

  1. Operating margin improvement of 14.3 percentage points over the last five years demonstrates its ability to scale efficiently
  2. Share repurchases over the last five years enabled its annual earnings per share growth of 31.7% to outpace its revenue gains
  3. Industry-leading 25.4% return on capital demonstrates management’s skill in finding high-return investments, and its returns are growing as it capitalizes on even better market opportunities

Photronics is trading at $19.95 per share, or 9.6x forward P/E. Is now the time to initiate a position? Find out in our full research report, it’s free.

Impinj (PI)

Market Cap: $4.77 billion

Founded by Caltech professor Carver Mead and one of his students Chris Diorio, Impinj (NASDAQ: PI) is a maker of radio-frequency identification (RFID) hardware and software.

Why Is PI Interesting?

  1. Market share has increased this cycle as its 18.2% annual revenue growth over the last five years was exceptional
  2. Performance over the past five years shows its incremental sales were extremely profitable, as its annual earnings per share growth of 336% outpaced its revenue gains
  3. Free cash flow margin expanded by 23.2 percentage points over the last five years, providing additional flexibility for investments and share buybacks/dividends

At $164.05 per share, Impinj trades at 84.2x forward P/E. Is now a good time to buy? See for yourself in our comprehensive research report, it’s free.

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