MeritValue

Qorvo, Inc.

QRVOdata completeness 100%14 fiscal years on file
The thesis, from the filings

Qorvo, Inc. earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 16% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $11.43 and $100.26 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$4.65B1$3.57B2$3.77B3$3.72B3$3.68B3
Net income$1.03B4$103.2M5−$70.3M6$55.6M6$339M6
Operating cash flow$1.05B7$843.2M8$833.2M9$622.2M9$808.6M9
Capital expenditure$213.5M10$159M11$127.2M12$137.6M12$129.1M12
Free cash flow (derived)$835.8M7$684.3M8$706M9$484.6M9$679.6M9
Total debt$2.05B13$2.05B14$1.99B15$1.55B15$1.55B16
Cash & equivalents$972.6M17$808.8M18$1.03B19$1.02B19$1.22B19
Diluted shares111.5M103.0M97.6M95.5M93.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$357.5
your share of equity
Profit it earned you last year
$36.24
Free cash flow it threw off
$72.64
Debt you’d be carrying
$165.6

10 shares is a claim on $357.5 of net worth that earned you $36.24 and generated $72.64 of cash last year, against $165.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY22 19%FY23 3%FY24 2%FY25 3%FY26 11%

It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−16% shares · 5y

Share count is down 16% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 24% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $11.43 and $100.26 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$92.45
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$679.6M
DCF · Growth Exit 5Y
$100.26
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$679.6M
Earnings Power Value
$11.43
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$103.2M
  • growthAssumed0.0%
Graham Number
$53.96
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $100.26
The three cases
Bear0.0%$100.26
Base0.0%$100.26
Bull5.0%$125.38

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-04-02 · accession 0001604778-24-000036 (Revenues)
  2. 10-K · period ending 2023-04-01 · accession 0001604778-25-000041 (Revenues)
  3. 10-K · period ending 2024-03-30 · accession 0001628280-26-032873 (Revenues)
  4. 10-K · period ending 2022-04-02 · accession 0001604778-24-000036 (NetIncomeLoss)
  5. 10-K · period ending 2023-04-01 · accession 0001604778-25-000041 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-30 · accession 0001628280-26-032873 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-02 · accession 0001604778-24-000036 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-01 · accession 0001604778-25-000041 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-30 · accession 0001628280-26-032873 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-02 · accession 0001604778-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-01 · accession 0001604778-25-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-30 · accession 0001628280-26-032873 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-04-02 · accession 0001604778-23-000055 (LongTermDebtCurrent)
  14. 10-K · period ending 2023-04-01 · accession 0001604778-24-000036 (LongTermDebtCurrent)
  15. 10-K · period ending 2024-03-30 · accession 0001604778-25-000041 (LongTermDebtCurrent)
  16. 10-K · period ending 2026-03-28 · accession 0001628280-26-032873 (LongTermDebt)
  17. 10-K · period ending 2022-04-02 · accession 0001604778-24-000036 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-01 · accession 0001604778-25-000041 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-30 · accession 0001628280-26-032873 (CashAndCashEquivalentsAtCarryingValue)