Lattice Semiconductor Corporation (LSCC)
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Lattice Semiconductor builds small, low-power FPGA logic chips that can be reprogrammed after they ship — and lights up 22 filters across the momentum and stage-2 screens of our in-house stock scanner (data as of July 17, 2026). We read the annual reports (10-K) for fiscal years 2024 and 2025, the quarterly report (10-Q) as of April 4, 2026, and the latest current reports (8-K): minus 31 percent in the 2024 inventory hangover, plus 42 percent in the latest quarter, 64 percent of revenue shipped to Greater China, two distributors carrying 69 percent — and a $1.65 billion acquisition for which a debt-free balance sheet taps a $950 million loan. Not investment advice — just the bill for a comeback the market has already declared complete.
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Basics
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Valuation
Profitability
Balance Sheet & Safety
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Quality & Screener
AI Rating
Sells AILattice verkauft seine FPGAs nachweislich als Bausteine für KI-Systeme — KI-getriebene Nachfrage ist eine dokumentierte Umsatzquelle: Der Quartalsbericht (10-Q) zum 04.04.2026 führt das Wachstum des Endmarkts Compute & Communications von 86 Prozent ausdrücklich auf Rechenzentrums-Nachfrage „einschließlich Allzweck- und KI-spezifischer Server“ zurück, beschreibt die eigenen Produkte als zunehmend in „KI-optimierten Servern, KI-fähigen PCs und KI-fähiger Robotik“ eingesetzt und erwartet wachsende KI-Umsätze aus einer Pipeline von KI-Design-Wins. Der Geschäftsbericht (10-K) für das GJ 2025 nennt mit „Lattice sensAI“ einen eigenen Lösungs-Stack für Edge-KI-Anwendungen und begründet das Umsatzplus des GJ 2025 ebenfalls mit KI-spezifischen Servern. Nach der Vorrang-Regel gewinnt „verkauft“ — KI-Produkte/-Anwendungen sind Umsatzquelle, kein bloßer operativer Einsatz.
View the full file — quotes, sources, reviewed filings
„Across our end markets, our products are increasingly used for AI-related applications, including device usage in AI-optimized servers in data centers, AI-enabled PCs, and AI-enabled robotics and ADAS systems, among others."
Quer durch unsere Endmärkte werden unsere Produkte zunehmend für KI-bezogene Anwendungen eingesetzt — unter anderem in KI-optimierten Servern in Rechenzentren, KI-fähigen PCs sowie KI-fähiger Robotik und ADAS-Systemen.
„Revenue from the Compute and Communications end market increased by 86% for the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 primarily due to stronger demand in data center applications, including general-purpose and AI-specific servers, as well as wireline networking components."
Der Umsatz im Endmarkt Compute & Communications stieg im ersten Quartal des Geschäftsjahres 2026 gegenüber dem ersten Quartal des Geschäftsjahres 2025 um 86 Prozent — vor allem wegen stärkerer Nachfrage nach Rechenzentrums-Anwendungen, einschließlich Allzweck- und KI-spezifischer Server, sowie nach Komponenten für leitungsgebundene Netze.
„AI applications are pervasive across our end markets, so we do not consider AI applications as a distinct end market. We expect AI-related revenue to grow over the next few years based on the growing pipeline of AI-related design wins in a diverse set of applications across both of our end market groups."
KI-Anwendungen durchdringen alle unsere Endmärkte, deshalb betrachten wir KI-Anwendungen nicht als eigenen Endmarkt. Wir erwarten, dass die KI-bezogenen Umsätze in den nächsten Jahren wachsen — auf Basis der wachsenden Pipeline an KI-bezogenen Design-Wins in einem breiten Anwendungsspektrum über beide Endmarkt-Gruppen hinweg.
„We have developed integrated system-level solution stacks, including Lattice Automate™ for industrial automation and robotics, Lattice mVision™ for low power embedded vision, Lattice ORAN™ for robust control data security, flexible fronthaul synchronization, and low power hardware acceleration for secure, adaptable, ORAN deployment, Lattice sensAI™ for Edge AI applications, Lattice Sentry™ for implementing hardware security, and Lattice Drive™ for advanced, flexible automotive system designs and applications."
Wir haben integrierte Lösungs-Stacks auf Systemebene entwickelt, darunter Lattice Automate™ für Industrieautomatisierung und Robotik, Lattice mVision™ für stromsparende Embedded-Bildverarbeitung, Lattice ORAN™ für robuste Kontrolldaten-Sicherheit, flexible Fronthaul-Synchronisation und stromsparende Hardware-Beschleunigung für sichere, anpassbare ORAN-Installationen, Lattice sensAI™ für Edge-KI-Anwendungen, Lattice Sentry™ für die Umsetzung von Hardware-Sicherheit sowie Lattice Drive™ für fortschrittliche, flexible Automobil-Systemdesigns und -anwendungen.
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.12 | -83.20 | 117 | -31.20 | 14.10 | 45 | 40 |
| 2025: Q1 | 0.04 | -65.90 | 120 | -14.70 | 4.20 | 32 | 23 |
| 2025: Q2 | 0.02 | -87.10 | 124 | -0.10 | 2.30 | 39 | 31 |
| 2025: Q3 | 0.02 | -61.20 | 133 | 4.90 | 2.10 | 47 | 34 |
| 2025: Q4 | -0.06 | -146.80 | 146 | 24.20 | -5.20 | 58 | 56 |
| 2026: Q1 | 0.16 | 331.10 | 171 | 42.20 | 12.80 | 50 | 35 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue up 42 percent to $170.9 million in the first quarter of fiscal 2026, Compute and Communications up 86 percent — per the quarterly report (10-Q as of 04/04/2026) carried by data center demand "including general-purpose and AI-specific servers"; operating income $26.1 million (15.3 percent), operating cash flow $50.3 million.
Fabless with a 68.8 percent gross margin, $140.0 million in cash with no borrowings, $740.2 million in equity (04/04/2026), an Altman Z-score around 11, a Piotroski F-score of 6 of 9, a fundamental grade of B (data as of July 17, 2026) — the substance behind the momentum is real.
Roughly $21 billion of market value for $523.3 million of annual revenue and $3.1 million of GAAP profit: a price-to-sales ratio around 37, a four-digit trailing GAAP P/E, about 26 times book value (data as of July 17, 2026); even on the post-AMI billion-dollar run rate, about 20 times revenue remains — little tolerance for error is priced in, on top of $116.3 million of stock-based compensation in fiscal 2025.
Greater China at 64 percent of revenue in the first quarter of fiscal 2026 (by ship-to location; fiscal 2023: 32 percent), two distributors at roughly 69 percent in fiscal 2025, distribution share lately 94 percent — the annual report itself warns of export controls in both directions (10-K fiscal 2025, Item 1A; 10-Q Note 3).
Strategically coherent (firmware plus control FPGAs, per the press release a doubling of the addressable market and a $1 billion+ run rate by Q4 2026), but dearly paid: $1.65 billion for over $200 million of AMI revenue, a $950 million term loan on a previously debt-free balance sheet (credit agreement 06/30/2026), 5.2 to 6.1 million new shares with staggered THL lock-up releases; "immediately accretive" holds only non-GAAP.
Lattice delivers a rare double: a genuinely audited AI comeback (revenue up 42 percent, a 68.8 percent gross margin, cash instead of debt) and, at the same time, a valuation that already books that comeback as complete — 37 times revenue for a company whose fiscal 2025 GAAP profit was $3.1 million. In between lie three chokepoints: 64 percent Greater China, two distributors at 69 percent, and a loan-funded $1.65 billion acquisition with new shares for a private equity firm. Whoever holds the stock holds a strong business at the price of perfection. Not investment advice.
- LSCC reached the research list through the momentum/stage-2 run of our in-house stock scanner on July 17, 2026 (22 hits, including Stan Weinstein stage 2, RS leader, Minervini trend criteria) — no Reddit angle; the attention here comes from the price strength itself.
- Scanner metrics (P/S, P/E, Piotroski, Altman Z, fundamental grade) use trailing twelve-month figures; the loss quarter (Q4 fiscal 2025) is included, the hoped-for AMI run rate naturally is not. The eight-times-revenue framing of the AMI price rests on the company’s own forecast of over $200 million of AMI revenue for 2026 (press release of May 4, 2026).
- Price and valuation figures are dated July 17, 2026 (about $144, roughly $21 billion of market value); analyses are evergreen, daily prices are not a buy argument. Lattice’s fiscal year ends in early January — all quarterly figures carry that offset, and fiscal 2025 had 53 weeks.
About the Company
Lattice Semiconductor Corporation entwickelt und verkauft mit ihren Tochtergesellschaften Halbleiter, siliziumbasierte und siliziumfähige Produkte, Evaluierungsboards und Entwicklungshardware in Asien, Europa und Amerika. Es bietet Field Programmable Gate Arrays (FPGA) an, also regelmäßige Arrays.
| Employees | 1,174 |
|---|---|
| Headquarters | Hillsboro, OR |
| Website | latticesemi.com |
| IPO Date | 8. Nov 1989 |
| Next Earnings | 3. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Fouad G. Tamer Ph.D. | CEO, President & Director | 1962 |
| Lorenzo A. Flores | Senior VP & CFO | 1965 |
| Esam Elashmawi | Senior VP and Chief Strategy & Marketing Officer | 1969 |
| Erhaan Shaikh | Senior Vice President of Worldwide Sales | 1968 |
| Pravinchandra Desale | Senior Vice President of Research & Development | 1970 |
| Divyesh Shah | Senior Vice President of Global Operations & Quality | – |
| Rick Muscha | Senior Director of Investor Relations | – |
| Tracy Ann Feanny J.D. | Senior VP, General Counsel & Secretary | 1974 |
| Nicole Singer | Chief People Officer | – |
| Jerry Xu | President of Asia Pacific Region | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.