Sector · Semiconductors & Related Devices

What semiconductor companies are worth

16 listed semiconductor companies, compared on the measures that survive a look at the balance sheet. Every figure is built from filed accounts.

01

Where the sector trades

The median semiconductor companie trades on 42.8× EBITDA, across the 15 of 16 companies where EBITDA could be computed from filings. Median operating margin is 26.1%.

Median valuation measures for Semiconductors
MeasureSector medianCompanies measured
EV / EBITDA*42.8×15 of 16
EV / Sales*13.6×16 of 16
Net debt / EBITDA−0.3×15 of 16
Return on capital9.2%15 of 16
Operating margin26.1%15 of 16
Free cash flow margin20.4%16 of 16
02

All semiconductor companies we cover

16 semiconductor companies compared on valuation measures
CompanyEV / EBITDAEV / SalesOperating marginFree cash flow marginReturn on capital
ADIANALOG DEVICES INC54.7×16.6×26.6%38.8%7.0%
AMATAPPLIED MATERIALS INC /DE42.8×13.2×29.2%20.1%25.8%
AMDADVANCED MICRO DEVICES INC199.2×24.2×10.7%19.4%5.2%
AVGOBroadcom Inc.68.3×27.8×39.9%42.1%16.5%
FSLRFIRST SOLAR, INC.10.0×4.1×30.6%22.7%15.4%
INTCINTEL CORP65.9×10.6×−4.2%−9.4%−1.6%
MCHPMICROCHIP TECHNOLOGY INC38.1×9.5×10.4%18.5%4.1%
MPWRMONOLITHIC POWER SYSTEMS, INC.75.3×21.1×26.1%23.9%18.7%
MRVLMarvell Technology, Inc.132.0×24.9×16.1%17.0%5.6%
MUMICRON TECHNOLOGY INC61.7×29.9×26.1%4.5%9.2%
NVDANVIDIA CORP40.9×25.2×60.4%44.8%49.5%
NXPINXP Semiconductors N.V.16.7×5.3×24.8%19.7%13.5%
ONON SEMICONDUCTOR CORP31.4×4.0×1.4%23.7%1.2%
QQnity Electronics, Inc.—6.0×—20.8%—
SWKSSKYWORKS SOLUTIONS, INC.14.3×2.7×12.2%27.1%8.0%
TXNTEXAS INSTRUMENTS INC31.2×14.0×34.1%14.7%18.1%

* EV/EBITDA and EV/Sales move with share prices; these are a snapshot taken 2026-09-09. Margins and return on capital come from filed accounts and hold until the next reporting season. A dash means the measure could not be computed — most often because EBITDA was negative, or because enterprise value is not a meaningful concept for the company. Each company page says which.

03

Head to head

33 pairs from this sector compared side by side, with the sector median beside them.

AVGO vs NVDAMU vs NVDAAMD vs NVDAINTC vs NVDAAVGO vs MUAMD vs AVGOAVGO vs INTCAMD vs MUINTC vs MUAMD vs INTCAMAT vs AMDAMAT vs INTCINTC vs TXNAMAT vs TXNAMAT vs MRVLMRVL vs TXNADI vs TXNADI vs MRVLMPWR vs MRVLADI vs MPWRADI vs NXPIMPWR vs NXPIMCHP vs MPWRMCHP vs NXPINXPI vs ONMCHP vs ONFSLR vs MCHPFSLR vs ONON vs SWKSFSLR vs SWKSFSLR vs NXPIMCHP vs SWKSNXPI vs SWKS
04

How to read these

EV/EBITDA compares the whole cost of the business — equity plus debt, less cash — to its operating cash earnings. It is the multiple an acquirer thinks in, and unlike a P/E it is not distorted by how much debt a company carries.

Operating and free cash flow margins need no share price at all, so they are the fairest way to compare companies within a sector on the same day. A wide gap between the two usually means heavy capital spending.

Return on capital is operating income over debt plus equity. It says how much the business earns on the money tied up in it, which is a different question from whether the shares are cheap.

None of these is a recommendation, and a low multiple is not the same thing as a bargain — see the disclaimer. The company pages show the arithmetic and link to the filing behind every term.