LATTICE SEMICONDUCTOR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LATTICE SEMICONDUCTOR CORP 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	427	386	399	404	408	515	660	737	509	523
Cost of revenue	180	169	179	166	163	194	208	222	169	166
Gross profit	247	217	219	238	245	322	452	515	340	357
Research and development	118	103	82.4	78.6	89.2	111	136	160	159	188
Selling, general and administrative	98.6	90.7	91.1	82.5	95.3	106	122	137	117	154
Operating expenses		264	223	179	193	221	265	302	306	346
Operating income	-26.7	-47.6	-3.12	59	52.4	101	187	212	34.5	11.2
Interest expense	20.3	18.8	20.6	11.7	3.7	2.74	4.15	2.97	0.27	0.26
Other non-operating income	2.84	-3.29	-0.25	-2.25	-0.21	-0.45	-1.11	0.55	-2.18	-0.75
Pre-tax income	-44.2	-69.7	-24	45.1	48.5	97.6	182	215	36.2	13.4
Income tax	9.92	0.85	2.35	1.57	1.06	1.7	3.23	-44.2	-24.9	10.3
Net income	-54.1	-70.6	-26.3	43.5	47.4	95.9	179	259	61.1	3.08
EBITDA	35.1	10.2	36.1	92.1	64.2	113	201	230	53.8	31.1
EPS, basic	-0.45	-0.58	-0.21	0.33	0.35	0.70	1.30	1.88	0.44	0.02
EPS, diluted	-0.45	-0.58	-0.21	0.32	0.34	0.67	1.27	1.85	0.44	0.02
Shares, basic (weighted)	120	123	127	132	135	137	137	138	138	137
Shares, diluted (weighted)	120	123	127	137	141	142	141	140	138	138

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	107	107	119	118	182	132	146	128	136	134
Short-term investments		4.98	7.45	0
Receivables	99.6	55.1	60.9	64.9	64.6	79.9	94	104	81.1	102
Inventory	79.2	79.9	67.1	55	64.6	67.6	110	98.8	103	89.2
Other current assets	19	16.6	27.8	24.5	22.3	22.3	29.1	36.4	44.1	38.5
Total current assets	315	263	284	262	334	301	379	368	365	364
Property, plant and equipment	49.5	40.4	34.9	39.2	39.7	38.1	47.6	49.5	53	77
Lease right-of-use assets			0	23.6	22.2	23.8	17.6	14.5	13.9	39.5
Goodwill	270	268	268	268	268	315	315	315	315	315
Intangible assets	119	51.3	21.3	6.98	6.32	29.8	25.1	21	4.59	4.14
Long-term investments		0	2.17	0
Other non-current assets	13.7	13.1	15.3	11.8	10.5	18.1	12.9	14.8	25.3	20.6
Total assets	767	636	624	612	680	726	799	841	844	883
Accounts payable	37.8	35.4	31.9	44.4	27.5	34.6	42	34.5	36.8	56.5
Accrued liabilities	9.87	10.4	9.37	20.6	21.4	26.4	48.5	36	45.6	30.6
Deferred revenue	0.73	0.07	0		3.07	4.77	17.7	5.3	11.2	4.01
Short-term debt	33.8	1.51	8.29	21.5	12.8	17.2	0
Total current liabilities	158	83.6	69.4	99.8	79.7	106	127	97.4	99.6	118
Long-term debt	301	300	251	125	158	141	129	0
Lease liabilities				21.4	18.9	19.2	13.6	10.7	9.43	36.1
Other non-current liabilities	38	35	44.5	38	39.1	48.7	41.8	40.7	23.9	15.3
Total liabilities	496	418	365	284	296	315	312	149	133	169
Total debt	335	301	251	125	172	159	129	0
Paid-in capital	680	696	736	762	771	702	599	546	504	504
Retained earnings	-407	-478	-477	-433	-386	-290	-111	148	209	212
Other comprehensive income	-4.16	-1.45	-2.33	-2.6	-1.75	-1.45	-2.41	-2.91	-3.84	-3.14
Shareholders' equity	270	245	258	328	384	412	487	692	711	714
Total equity	270	245	258	328	384	412	487	692	711	714
Total liabilities and equity	767	636	624	612	680	726	799	841	844	883
Shares outstanding	122	124	130	134	136	137	137	137	138	137

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-54.1	-70.6	-26.3	43.5	47.4	95.9	179	259	61.1	3.08
Depreciation and amortization	61.8	57.9	39.3	33.1	11.8	12	13.8	17.3	19.3	19.9
Stock-based compensation	16.2	12.5	13.6	18.9	40.4	46.5	55.5	70.2	53	116
Deferred income tax	0.09	0.01	-0.09	-0.32	-0.08	-0.32	-1.42	-58.6	-12.1	5.19
Change in receivables	-11.4	44.6	-3.98	-4.03	0.34	-12	-14.2	-10.4	23.3	-21.2
Change in inventory	-3.27	-0.9	13.2	12.1	-9.62	-3	-42.8	11.5	-4.58	14.2
Change in payables	8.34	-23.6	-3.47	12.5	-16.8	7.05	7.44	-7.55	2.34	19.7
Cash from operations	41.7	38.5	51.5	124	91.7	168	239	270	141	175
Capital expenditures	-16.7	-12.9	-8.38	-15.6	-12.1	-9.84	-23.3	-20.1	-21	-42.5
Acquisitions	0	0		0	0	-68.1	0	0
Purchases of investments	-1	-7.42	-9.6	0
Sales and maturities of investments	14.9	12.7	5	9.66	0	0
Cash from investing	-17.4	-8.26	-21.1	-15.5	-20.9	-89.8	-34.9	-33.3	-37.7	-62.3
Debt issued					50	0	149	0	0
Debt repaid	-5.15	-35.4	-43.8	-321	-26.3	-13.1	-179	-130	0	0
Stock issued	7.61	6.09	29.3	17.2	10.1	8.83	7.16	8.37	6.18	7.59
Share buybacks	0	0	0	0	-15	-70.1	-110	-80	-67	-100
Cash from financing	-1.11	-32.6	-16.8	-110	-8.1	-129	-188	-254	-94.5	-116
Exchange rate effect	-1.3	2.62	-1.27	0.34
Net change in cash	21.9	0.26	12.2	-0.97	64.3	-50.8	14.2	-17.4	7.97	-2.41
Free cash flow	25	25.7	43.1	109	79.6	158	215	249	120	133
Interest paid	18.2	20.6	18.6	11	3.7	2.31	3.97	3.24	0	0
Income taxes paid	9.36	2.39	3.05	3.39	1.87	3.3	4.62	15.8	8.59	7.77

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $128.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.0%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
Pre-tax margin	6.9%	Pre-tax income / revenue.
Net margin	5.6%	Net income / revenue.
FCF margin	30.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.4%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.7%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	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	33.5%	Research and development expense / revenue.
SG&A / revenue	27.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	18.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.6%	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	7.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-67.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-60.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-26.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-42.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-46.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-13.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-95.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-74.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-42.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-95.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-74.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-43.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.6%	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	13.2%	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	4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.4%	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	5.4%	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	-0.1%	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	-0.6%	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	-0.4%	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	3.02x	Current assets / current liabilities.
Quick ratio	2.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.20x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	19.3%	Total liabilities / total assets.
Working capital	$293.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$452.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	8.08x	Revenue / average property, plant and equipment.
Inventory turnover	2.01x	Cost of revenue / average inventory.
Days inventory	182 days	365 x average inventory / cost of revenue.
Receivables turnover	5.42x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	146 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	103 days	Days inventory + days sales outstanding - days payables.
FCF conversion	547.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.26	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.
Revenue per share	$4.64	Revenue / diluted weighted shares.
FCF per share	$1.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.73	Cash from operations / diluted weighted shares.
Book value per share	$5.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.30	Tangible book value / shares outstanding.
Cash per share	$1.26	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	22.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.19B	Share price x shares outstanding.
Enterprise value	$18.01B	Market cap + total debt - cash - short-term investments.
P/E	501x	Market cap / net income. Only when net income is positive.
P/S	27.9x	Market cap / revenue.
P/B	23.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	40.2x	Market cap / tangible book value, when positive.
P/FCF	91.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	74.8x	Market cap / cash from operations, when positive.
EV/Sales	27.7x	Enterprise value / revenue.
EV/EBIT	375x	Enterprise value / operating income, when both are positive.
EV/FCF	90.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was LATTICE SEMICONDUCTOR CORP's revenue in fiscal 2025?

LATTICE SEMICONDUCTOR CORP reported revenue of $523.3M for fiscal 2025, 2.7% higher than the year before.

Was LATTICE SEMICONDUCTOR CORP profitable in fiscal 2025?

Yes. Net income was $3.1M, a net margin of 0.6%.

How much free cash flow did LATTICE SEMICONDUCTOR CORP generate in fiscal 2025?

Cash from operations of $175.1M minus capital expenditures of $42.5M left free cash flow of $132.6M.

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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