Qorvo Inc

Qorvo (QRVO) makes semiconductors used in wireless communications. Its business always traded cheaply due to customer concentration but Qorvo seems to be protected by its specialized knowledge and know-how. When QRVO agreed to be acquired by competitor Skyworks (SWKS) in late 2025 in a cash and stock deal, we sold our position.

Qorvo is a global RF semiconductor supplier spanning mobile, infrastructure, aerospace and defence. The market is anchored on its past underperformance and its heavy smartphone concentration. However, Qorvo has a pending merger with Skyworks, its largest US competitor, which can reduce duplicated manufacturing footprint, leverage their combined R&D base and pool their RF technology to reduce single-socket risk. This merger is expected to result in a business with better scale and a structurally lower cost base. Beyond handsets, both companies are pivoting into structurally growing markets such as datacentre power and connectivity, automotive connectivity, and defence and aerospace communications.

Qorvo, Inc. is a global semiconductor company that specializes in manufacturing radio frequency (RF) chips for applications across mobile devices, wireless infrastructure, aerospace and defense, and other end markets. The Company generated $3.77 billion of revenue in 2024, with approximately 75% attributable to its Advanced Cellular Group. Despite its reliance on major clients like Apple and Samsung, Qorvo has significant growth potential due to its diversified product offerings and the increasing demand for RF solutions. Starboard Value's historical engagement with Qorvo highlights its belief in the company's undervaluation and potential for value creation, as evidenced by their previous successful investment in TriQuint Semiconductor.