Skyworks Solutions

Revenue is seasonal and tied to flagship phone cycles, with a single customer dominating.

FY2025 Q3 revenue grew 6.6% year over year, but nine‑month FY2025 revenue was down year over year and management expects a step‑down tied to Apple starting in Q4 FY2025 and through FY2026. Broad Markets has resumed modest growth and is gaining design‑win momentum (Wi‑Fi 7, autos, power/timing), which should smooth cyclicality over time but is not yet large enough to offset near‑term handset headwinds.

The required relocation of the Singapore filter facility by 2030 adds operational variability. Overall visibility remains below our preferred threshold for high‑predictability compounders.