Is the business good?
How good a business is LSCC?
Lattice Semiconductor Corporation earns 4.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.0%
Return on invested capital · cost of capital 9.0% · 5.0 points below what the capital costs: growth destroys value
- Operating margin
- 5.3%
Operating margin · Semiconductors median 8.5% · 12 months to Q1 2026
- Share count, year on year
- +0.78%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 34%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | 20% |
| FY2022 | 28% |
| FY2023 | 29% |
| FY2024 | 6.8% |
| FY2025 | 2.1% |
Details›
- Gross margin12 months to Q1 2026
- 68%
- Operating margin12 months to Q1 2026
- 5.3%
- Net margin12 months to Q1 2026
- 3.5%
- Free cash flow margin
- 26%
- R&D as % of revenue
- 34%
- Revenue, trailing twelve months
- $574M
- Free cash flow, trailing twelve months
- $149M
- Net income, trailing twelve months
- $20M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.