Skyworks Solutions

Management has prioritized organic R&D (FY2024 R&D 632 million dollars, 15% of revenue) and diversification via the 2.75 billion dollar Silicon Labs I&A acquisition in 2021. In FY2025 YTD, Skyworks repurchased 12.6 million shares for 838 million dollars and lifted the dividend to 0.71 dollars per share.

A new 2.0 billion dollar repurchase authorization is in place through February 2027. We view buybacks at depressed multiples as sensible, tempered by Apple exposure risk and leadership transitions at CFO. Capex remains modest relative to cash generation, though U.S. fab consolidation will require disciplined execution.