ALPHA & OMEGA SEMICONDUCTOR Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALPHA & OMEGA SEMICONDUCTOR Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	383	422	451	465	657	778	691	657	696	679
Cost of revenue	292	310	336	362	452	509	492	485	535	527
Gross profit	91.8	112	115	103	205	269	200	172	161	152
Research and development	29.8	37.3	46.4	51.3	63	71.3	88.1	89.9	94.3	104
Selling, general and administrative	48.8	66.2	76	64.8	77.5	95.3	88.9	85.7	95.2	90.9
Operating expenses	78.7	104	122	117	140	167	177	176	189	195
Operating income	13.1	8.42	-7.02	-13.9	64.1	102	22.5	-3.76	-28.4	-43.2
Interest expense	0.09	0.82	6.91				4.86	3.98	2.64	0.78
Other non-operating income	-0.14	-2.76	-6.36	-1.23	2.46	1	-1.73	-0.07	-1	4.38
Pre-tax income	12.9	5.66	-13.4	-17.9	60.2	495	19.7	-2.64	-27.8	-35.6
Income tax	3.65	0.71	1.26	0.35	3.94	39.3	5.94	3.65	-8.63	7.47
Net income to minority interests	-4.57	-9.32	-16.5	-11.7	-1.83	0.02	0	0
Net income	13.8	14.3	1.86	-6.6	58.1	453	12.4	-11.1	-97	-42.3
EBITDA	40.3	37.8	25	31.2	117	145	65.7	50	34	14.1
EPS, basic	0.59	0.60	0.08	-0.27	2.25	16.93	0.45	-0.39	-3.30	-1.41
EPS, diluted	0.56	0.57	0.08	-0.27	2.13	16.07	0.42	-0.39	-3.30	-1.41
Shares, basic (weighted)	23.5	23.9	24.1	24.8	25.8	26.8	27.6	28.2	29.4	30
Shares, diluted (weighted)	24.8	24.8	24.7	24.8	27.3	28.2	29.5	28.2	29.4	30
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	116	132	122	159	202	314	195	175	153	181
Receivables	28.4	33.8	24.3	13.3	35.8	65.7	22.4	12.5	34.8	42.8
Inventory	76.3	90.2	112	136	154	158	183	196	190	201
Other current assets	4.88	29.6	37.1	8.81	14.6	11.2	22.7	14.2	18.2	12.3
Total current assets	225	285	295	318	407	550	424	398	396	438
Property, plant and equipment	148	332	410	412	437	319	358	337	314	315
Lease right-of-use assets			0	32.9	34.7	23.7	24.3	25.1	21.3	22.3
Goodwill	0.3	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Intangible assets	0.01	16.3	16.6	16.5	13.1	9.78	6.5	3.25	0	1.08
Other non-current assets	19.9	28.7	10.6	5.8	18.9	17.7	19.7	25.2	22.8	36.1
Total assets	398	667	739	793	919	1,299	1,200	1,145	1,034	964
Accounts payable	63.1	92.7	94.4	86.2	80.7	87.4
Accrued liabilities	28.4	49.8	44.1	55	69.5	117	79.5	72.4	59	57.7
Deferred revenue	1.23	2.56	0.35	2.81		0	8.07	2.59	0	0.73
Short-term debt	0	3.81	26.6	30.1	58	25.6	11.4	11.6	11.9	3.09
Total current liabilities	94.9	155	178	192	233	268	173	154	155	127
Long-term debt	0	26.8	59.4	99.8	78	42.5	38.4	26.7	14.9	0.54
Lease liabilities			0	30.3	30.4	20.9	20.5	20.5	16.9	16.8
Other non-current liabilities	0.5	0.99	13.9	10.7	44.1	78.6	51	19.7	7	4.06
Total liabilities	99.9	241	296	361	402	445	316	253	212	166
Total debt	0	30.6	86	130	78	42.5	38.4	26.7	14.9	0.54
Paid-in capital	206	220	234	246	260	289	329	353	380	407
Retained earnings	114	123	125	119	177	630	642	631	534	492
Treasury stock	-49.8	-64.8	-66.2	-66.2	-66.1	-66	-79.4	-79.2	-79.1	-97.1
Other comprehensive income	0.31	0.44	-2.69	-5.13	2.32	1.08	-8.11	-13.4	-12.4	-3.53
Shareholders' equity	271	279	291	294	373	854	884	892	822	798
Minority interests	27.8	148	152	138	143	0
Total equity	299	426	443	432	516	854	884	892	822	798
Total liabilities and equity	398	667	739	793	919	1,299	1,200	1,145	1,034	964
Shares outstanding	24	23.9	24.5	25.3	26.4	27.4	27.7	29	30	30.3

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	9.26	4.95	-14.6	-18.3	56.3	453	12.4	-11.1	-97	-42.3
Depreciation and amortization	27.2	29.4	32	45.1	52.7	42.9	43.2	53.8	62.4	57.3
Stock-based compensation	6.63	11.4	13.2	10.5	15.3	31.3	37.5	21.6	29.6	26.7
Deferred income tax				0	0	30	0	0
Change in receivables	-1.82	-5.35	9.24	11	-22.5	-30.1	43.3	9.87	-22.2	-8.03
Change in inventory	-7.41	-13.9	-21.5	-22.8	-18.8	-57.4	-25.2	-12.5	6.07	-11.7
Change in payables	4.52	4.87	6.41	-1.78	-0.53	23.8	-19.6	-2.41	13.3	-12.1
Cash from operations	42.6	3.48	31.4	62.3	129	219	20.5	25.7	29.7	-16.3
Capital expenditures				-62.4	-72.7	-138	-110	-37.1	-37.2	-51.8
Purchases of investments	-0.6	0	0
Cash from investing	-55.6	-194	-112	-60.8	-72.5	-131	-110	-35.7	-36.4	86.1
Debt issued	0	31	77.9	96.2	65.9	64.3	8.63	0	0
Debt repaid	0	-0.07	-21.9	-49.4	-66.6	-35.7	-26.6	-11.5	-11.7	-23.1
Share buybacks	0	-15.1	-1.5	0	0	0	-13.4	0	0	-18.2
Cash from financing	40.8	207	75.1	37.7	-19	21.9	-29.6	-9.9	-15.5	-41.8
Exchange rate effect	0.1	-0.51	-1.51	-0.71	4.9	-0.06	-0.28	-0.13	0.23	-0.05
Net change in cash	28	15.8	-7.43	38.4	42.1	110	-119	-20.1	-22	27.9
Free cash flow				-0.08	56	80.9	-90	-11.4	-7.51	-68.1
Interest paid	0.07	0.7	6.58	2.22	5.64	3.4	3.71	2.56	2.92	1.08
Income taxes paid	2.55	2.99	1.84	2.26	0.97	5.77	1.54	5.76	4.62	17.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $27.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.3%	Gross profit / revenue.
Operating margin	-6.4%	Operating income / revenue.
EBITDA margin	2.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.2%	Pre-tax income / revenue.
Net margin	-6.2%	Net income / revenue.
FCF margin	-10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.4%	Cash from operations / revenue.
Return on equity (ROE)	-5.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.2%	Net income / average total assets.
Return on invested capital (ROIC)	-5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.3%	Research and development expense / revenue.
SG&A / revenue	13.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.6%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-5.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-58.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-40.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-34.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-155.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.44x	Current assets / current liabilities.
Quick ratio	1.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.1%	Total debt / total assets.
Liabilities / assets	17.2%	Total liabilities / total assets.
Net debt	-$180.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-12.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-55.7x	Operating income / interest expense.
Working capital	$310.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$796.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	2.16x	Revenue / average property, plant and equipment.
Inventory turnover	2.70x	Cost of revenue / average inventory.
Days inventory	135 days	365 x average inventory / cost of revenue.
Receivables turnover	17.5x	Revenue / average receivables.
Days sales outstanding	21 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.41	Net income per basic share, as reported (split-adjusted).
Revenue per share	$22.67	Revenue / diluted weighted shares.
FCF per share	-$2.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.54	Cash from operations / diluted weighted shares.
Book value per share	$26.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.33	Tangible book value / shares outstanding.
Cash per share	$5.98	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.00	Dividend declared per common share (paid, when declared is not tagged).

Valuation

Metric	Value	How it is calculated
Market cap	$845.0M	Share price x shares outstanding.
Enterprise value	$664.7M	Market cap + total debt - cash - short-term investments.
P/S	1.24x	Market cap / revenue.
P/B	1.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.06x	Market cap / tangible book value, when positive.
EV/Sales	0.98x	Enterprise value / revenue.
EV/EBITDA	47.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-8.1%	Free cash flow / market cap.
Earnings yield	-5.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was ALPHA & OMEGA SEMICONDUCTOR Ltd's revenue in fiscal 2026?

ALPHA & OMEGA SEMICONDUCTOR Ltd reported revenue of $678.9M for fiscal 2026, 2.5% lower than the year before.

Was ALPHA & OMEGA SEMICONDUCTOR Ltd profitable in fiscal 2026?

No. It reported a net loss of $42.3M.

How much free cash flow did ALPHA & OMEGA SEMICONDUCTOR Ltd generate in fiscal 2026?

Cash from operations of $16.3M minus capital expenditures of $51.8M left free cash flow of -$68.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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