Analog and Mixed-Signal Semiconductors Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › ANALOG AND MIXED-SIGNAL SEMICONDUCTORS

Analog and Mixed-Signal: Premiums Sit with Growth

The report shows where valuation sits across the peer set and which operating choices can strengthen positioning.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › ANALOG AND MIXED-SIGNAL SEMICONDUCTORS

   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › ANALOG AND MIXED-SIGNAL SEMICONDUCTORS.

   Cover — Analog and Mixed-Signal Semiconductors sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis P / E (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

   Everything on this page

   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › ANALOG AND MIXED-SIGNAL SEMICONDUCTORS Analog and Mixed-Signal: Premiums Sit with Growth The report shows where valuation sits across the peer set and which operating choices can strengthen positioning. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   What This Report Covers.

   Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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   CONTENTS What This Report Covers 01 The Bottom Line Growth, Earnings Durability and Strategic Fit Shape the Valuation Range 02 The Landscape Diversified Portfolios Define the Sector, While Specialized Hardware Sits Apart 03 Valuation & Situations Faster-Growing Names Occupy the Premium End of Forward Valuation 04 Precedent Transactions What Buyers Agreed to Pay Varies Sharply with Strategic Fit 05 Strategic Implications Durable Growth Needs Operating Proof Behind It 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Analog and Mixed-Signal Semiconductors Pair Diversified Analog Portfolios with Specialized Hardware

   Analog and Mixed-Signal Semiconductors Pair Diversified Analog Portfolios with Specialized Hardware.

   Analog and Mixed-Signal Semiconductors Pair Diversified Analog Portfolios with Specialized Hardware The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (12 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (12 of 15 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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   01 · THE BOTTOM LINE Analog and Mixed-Signal Semiconductors Pair Diversified Analog Portfolios with Specialized Hardware The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (12 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (12 of 15 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Clear Differentiation Sits Higher in the Valuation Range The premium end stands at 44.0x forward P / E, while the discount end stands at 17.0x. With 12 of 15 companies carrying a forward estimate, the spread signals differing views of earnings durability after forecast growth is already credited. 2 Faster Growth Sits with Higher Valuation On the six names above the growth split, forward P / E stands at 32.9x; on the five names below it, the figure is 22.8x. Long-lived design wins and rising content per system can help owners test whether that growth can persist. 3 Profitable Growth Strengthens the Story On the 9 names with both estimates, four clear the growth and margin bars and stand at 30.5x. This places gross-margin quality, channel discipline and qualified socket retention alongside growth in the owner agenda. 4 Strategic Fit Is Associated with a Wider Transaction Range Recorded revenue multiples range from 0.4x to 9.2x across the precedent transactions. The range points to the importance of complementary products, customer sockets and comparable earnings quality when reading what buyers agreed to pay. 27.5x Sector median P/E CY2027E consensus · 12 rated of 15 companies 44.0x Premium end P/E vs 17.0x at the discount end top quartile (n=3) against bottom quartile (n=3) on P/E — the spread the report explains 19 Transactions with disclosed terms 30 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   02.

   Section 02 of 06 — Diversified Portfolios Define the Sector, While Specialized Hardware Sits Apart. Portfolio breadth, end-market mix and qualified sockets separate the business models. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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   SECTION 02 02 THE LANDSCAPE Diversified Portfolios Define the Sector, While Specialized Hardware Sits Apart Portfolio breadth, end-market mix and qualified sockets separate the business models. 02 of 06 Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Diversified Analog Portfolios Hold Most of the Peer Set

   Diversified Analog Portfolios Hold Most of the Peer Set.

   Diversified Analog Portfolios Hold Most of the Peer Set 15 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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   02 · MARKET MAP Diversified Analog Portfolios Hold Most of the Peer Set 15 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED ANALOG, POWER AND CONNECTIVITY ICS 14 cos median 27.9x Texas Instruments (TXN) Analog Devices (ADI) Tower (TSEM) MACOM Technology (MTSI) Semtech (SMTC) SiTime (SITM) Skyworks Solutions (SWKS) Rambus (RMBS) Impinj (PI) Cirrus Logic (CRUS) Synaptics (SYNA) Power Integrations (POWI) Himax Technologies (HIMX) NVE (NVEC) This group represents 93% of the peer set and spans the signal chain, power, connectivity and mixed-signal content. ADJACENT: SEMICONDUCTOR HARDWARE AND SPECIALIZED COMPONENTS 1 cos 22.8x · 1 rated Teledyne (TDY) This specialized hardware group represents 7% of the peer set and provides a distinct operating and valuation reference.

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   02 · LANDSCAPE

   Portfolio Breadth Defines the Main Group, While Specialized Hardware Needs Its Own Lens

   Portfolio Breadth Defines the Main Group, While Specialized Hardware Needs Its Own Lens.

   Portfolio Breadth Defines the Main Group, While Specialized Hardware Needs Its Own Lens Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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   02 · LANDSCAPE Portfolio Breadth Defines the Main Group, While Specialized Hardware Needs Its Own Lens Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Diversified analog, power and connectivity ICs 14 93% 27.9x Texas Instruments Incorporated (TXN) · Analog Devices, Inc. (ADI) · +12 more Broad portfolios dominate. These businesses span analog, power, connectivity and mixed-signal products, with an observed forward P / E of 27.9x across 11 names with an estimate. Cross-selling, content per system and long product lifecycles can support earnings durability. Adjacent: semiconductor hardware and specialized components 1 7% 22.8x n=1 Teledyne Technologies Incorporated (TDY) Specialized hardware stands apart. This group contains one company and carries different product, margin and capital-intensity characteristics. Its 22.8x forward P / E should therefore be read as a single-company reference rather than a broad segment benchmark.

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   SECTION 03

   03

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   Section 03 of 06 — Faster-Growing Names Occupy the Premium End of Forward Valuation. The spread remains wide after forecast earnings are already reflected. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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   SECTION 03 03 VALUATION & SITUATIONS Faster-Growing Names Occupy the Premium End of Forward Valuation The spread remains wide after forecast earnings are already reflected. 03 of 06 Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead After Forecast Earnings Are Credited

   The Premium End Holds a Wide Lead After Forecast Earnings Are Credited.

   The Premium End Holds a Wide Lead After Forecast Earnings Are Credited P / E (CY2027E) · all 12 rated companies, sorted descending · sector median 27.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (12 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (12 of 15 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead After Forecast Earnings Are Credited P / E (CY2027E) · all 12 rated companies, sorted descending · sector median 27.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (12 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (12 of 15 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 44.0x CORE · median 27.5x DISCOUNT · median 17.0x Sector median 27.5x WHAT SEPARATES THE TWO ENDS The premium stays elevated. The premium end stands at 44.0x forward P / E, compared with 17.0x at the discount end. A forward multiple already credits forecast earnings, so the remaining spread points to differing views of durability. Growth quality still matters. Investors can distinguish growth tied to long-lived design wins and content gains from growth exposed to short-cycle demand or inventory normalization. Concentration can cap confidence. Customer concentration, consumer exposure and underused manufacturing capacity can weaken confidence in the persistence of forecast earnings.

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   03 · VALUATION DRIVERS

   Faster Growth Aligns with Higher Forward P / E

   Faster Growth Aligns with Higher Forward P / E.

   Faster Growth Aligns with Higher Forward P / E Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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   03 · VALUATION DRIVERS Faster Growth Aligns with Higher Forward P / E Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 19% · EBITDA-margin split at 38% The Faster-Growing Group Carries the Higher Valuation On the six names above the growth split, forward P / E stands at 32.9x, compared with 22.8x on the five names below it. The observed gap is consistent with greater confidence in the earnings path. Margin Quality Supports Confidence in the Growth Path Gross-margin structure, free cash flow conversion and channel inventory help distinguish durable growth from a temporary cycle benefit. Qualified Sockets Can Extend Revenue Visibility Long design-in cycles, product longevity and rising mixed-signal content can make future revenue more dependable when customer and end-market concentration remain controlled.

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    03 · SITUATION MAP

    The Market Map Separates Proven Momentum from Repositioning Work

    The Market Map Separates Proven Momentum from Repositioning Work.

    The Market Map Separates Proven Momentum from Repositioning Work Cut on P / E vs the sector median (27.5x) (rows) and revenue growth vs the covered median (19%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP The Market Map Separates Proven Momentum from Repositioning Work Cut on P / E vs the sector median (27.5x) (rows) and revenue growth vs the covered median (19%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Faster Growth Above-median multiple · above-median revenue growth 4 names Tower Semiconductor Ltd. (TSEM) · MACOM Technology Solutions Holdings, Inc. (MTSI) · SiTime Corporation (SITM) · +1 more Four names sit above both the 27.5x sector benchmark and the 19% growth benchmark. Their position suggests the market already credits faster growth, placing greater weight on durability and execution. Premium with Slower Growth Above-median multiple · below-median revenue growth 1 names Power Integrations, Inc. (POWI) One name carries an above-benchmark valuation despite slower growth. Protecting margin quality, socket retention and cash generation is central to defending that position. Lower Valuation with Faster Growth Below-median multiple · above-median revenue growth 2 names Analog Devices, Inc. (ADI) · Rambus Inc. (RMBS) Two names pair faster growth with a below-benchmark valuation. The gap highlights questions around durability, concentration, capital intensity or the quality of the earnings path. Lower Valuation with Slower Growth Below-median multiple · below-median revenue growth 4 names Texas Instruments Incorporated (TXN) · Teledyne Technologies Incorporated (TDY) · Skyworks Solutions, Inc. (SWKS) · +1 more Four names sit below both benchmarks. The operating agenda centers on restoring durable growth while protecting margins and avoiding excess channel inventory or underused capacity.

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    03 · GROWTH VS PROFITABILITY

    Only Four Names Clear Both the Growth and Margin Bars

    Only Four Names Clear Both the Growth and Margin Bars.

    Only Four Names Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (19% growth, 38% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=4; margin-only n=1; growth-only n=1; neither n=3). 11

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    03 · GROWTH VS PROFITABILITY Only Four Names Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (19% growth, 38% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=4; margin-only n=1; growth-only n=1; neither n=3). Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 20% 30% 40% 50% MARGIN ONLY median 27.1x BALANCED median 30.5x NEITHER median 22.8x GROWTH ONLY median 31.8x SWKS TDY POWI TXN ADI RMBS MTSI TSEM SITM x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS On the 9 names with both estimates, four clear the 19% growth bar and the 38% margin bar. Analog Devices, Inc. (ADI), Rambus Inc. (RMBS), Tower Semiconductor Ltd. (TSEM) and SiTime Corporation (SITM) occupy that balanced group, which stands at 30.5x. One name clears only the margin bar, one clears only the growth bar and three clear neither. The map shows association, not proof that either measure determines valuation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 6 of 9 names clear it (SITM, TSEM, MTSI, TXN, RMBS, ADI).

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    03 · THE AGENDA

    Strengthen the Evidence Behind Durable Growth

    Strengthen the Evidence Behind Durable Growth.

    Strengthen the Evidence Behind Durable Growth NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Strengthen the Evidence Behind Durable Growth NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Concentrate Investment Behind Durable Design Wins Prioritize products and end markets where qualification cycles, content gains and product longevity support repeatable revenue. What changes the answer: The answer changes when the design-win pipeline converts without raising customer or end-market concentration. Shift Mix Toward Higher-Quality Revenue Test pricing, product mix and cross-selling opportunities across qualified sockets before adding fixed cost. What changes the answer: The answer changes when content per system and retention improve alongside gross-margin quality. Match Capacity Commitments to Durable Demand Balance secure wafer access against the return risk from underused internal capacity or inflexible foundry commitments. What changes the answer: The answer changes when book-to-bill, channel inventory and lead-time normalization support sustained demand. Use Build-Versus-Buy to Close Portfolio Gaps Compare internal development with acquisitions where complementary products, engineering talent or customer sockets could accelerate the roadmap. What changes the answer: The answer changes when strategic fit outweighs integration, qualification and regulatory risk.

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    SECTION 04

    04

    04.

    Section 04 of 06 — What Buyers Agreed to Pay Varies Sharply with Strategic Fit. Product overlap, customer sockets and earnings quality matter when comparing precedent transactions. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Varies Sharply with Strategic Fit Product overlap, customer sockets and earnings quality matter when comparing precedent transactions. 04 of 06 Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transaction Values Vary with Strategic Fit, but Comparability Is Essential

    Precedent Transaction Values Vary with Strategic Fit, but Comparability Is Essential.

    Precedent Transaction Values Vary with Strategic Fit, but Comparability Is Essential 3 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings);

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    04 · DEAL CASE STUDIES Precedent Transaction Values Vary with Strategic Fit, but Comparability Is Essential 3 of 19 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Feb-2026 $7.2B Texas Instruments Incorporated Texas Instruments Incorporated (TXN) agreed to acquire Silicon Laboratories Inc. at the top of the… EV / LTM revenue 9.2x EV / LTM EBITDA 110.6x WHY THE DEAL HAPPENED The combination suggests a path to add complementary products, engineering depth and customer sockets. The strategic fit may support broader content per system across the buyer's portfolio. HOW THE TARGET WAS VALUED The transaction records $7.2B, 9.2x revenue and 110.6x EBITDA. The revenue multiple sits at the top of the observed transaction range, while the EBITDA multiple signals limited near-term earnings support. Jun-2026 $7.0B ON Semiconductor Corporation ON Semiconductor Corporation acquires Synaptics Incorporated EV / LTM revenue 5.8x EV / LTM EBITDA 27.2x WHY THE DEAL HAPPENED The pairing suggests interest in complementary products, engineering capability and customer access. It may broaden the buyer's exposure across connected systems and mixed-signal content. HOW THE TARGET WAS VALUED The transaction records $7.0B, 5.8x revenue and 27.2x EBITDA. Those measures sit below the top of the transaction range while still indicating meaningful value for strategic product fit. May-2022 $2.3B MaxLinear, Inc. MaxLinear, Inc.'s pending acquisition of Silicon Motion Technology Corporation provides a later… EV / LTM revenue 2.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests product and customer overlap that could broaden the buyer's portfolio. It also points to the value buyers may place on established design positions and engineering capability. HOW THE TARGET WAS VALUED The transaction records $2.3B and 2.4x revenue. The multiple sits in the lower part of the observed transaction range and provides a useful benchmark against the pairing's earlier announced terms.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Growth Needs Operating Proof Behind It. Design wins, content gains and disciplined capacity choices can reinforce the valuation story. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Growth Needs Operating Proof Behind It Design wins, content gains and disciplined capacity choices can reinforce the valuation story. 05 of 06 Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Positioning by Establishing Evidence of Durable Growth

    Owners Can Strengthen Positioning by Establishing Evidence of Durable Growth.

    Owners Can Strengthen Positioning by Establishing Evidence of Durable Growth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Positioning by Establishing Evidence of Durable Growth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Tie Growth to Durable Customer Positions Focus the operating story on qualified sockets, content per system and product lifecycles that can support revenue beyond the current inventory cycle. FOR MANAGEMENT Protect Economics While Funding the Roadmap Direct engineering and capacity spending toward programs with repeatable demand, sound gross margins and manageable customer concentration. FOR BOARDS Test Portfolio Gaps Against Build-Versus-Buy Choices Weigh product adjacency, engineering depth and customer access against integration demands, export restrictions and manufacturing obligations.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (27.5x); amber marks below · 12 rated companies; 3 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 12 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (27.5x); amber marks below · 12 rated companies; 3 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 12 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥32.4x · median 44.0x · 3 companies Impinj, Inc. PI Diversified analog, power and connectivity ICs $5.5B 63.1x 20% n/a n/a SiTime Corporation SITM Diversified analog, power and connectivity ICs $16.5B 44.0x 55% 42% 95 Tower Semiconductor Ltd. TSEM Diversified analog, power and connectivity ICs $24.1B 34.0x 39% 38% 80 CORE — 23.0x–32.4x · median 27.5x · 6 companies MACOM Technology Solutions Holdings, Inc. MTSI Diversified analog, power and connectivity ICs $21.0B 31.8x 25% 36% n/a Semtech Corporation SMTC Diversified analog, power and connectivity ICs $16.6B 30.6x n/a n/a n/a Power Integrations, Inc. POWI Diversified analog, power and connectivity ICs $2.6B 27.9x 13% 21% 38 Texas Instruments Incorporated TXN Diversified analog, power and connectivity ICs $262B 27.1x 14% 52% 68 Rambus Inc. RMBS Diversified analog, power and connectivity ICs $10.3B 27.0x 21% 50% 70 Analog Devices, Inc. ADI Diversified analog, power and connectivity ICs $198B 23.1x 19% 51% n/a DISCOUNT — <23.0x · median 17.0x · 3 companies Teledyne Technologies Incorporated TDY Adjacent: semiconductor hardware and specialized… $30.3B 22.8x 5% 27% n/a Skyworks Solutions, Inc. SWKS Diversified analog, power and connectivity ICs $12.9B 17.0x 3% 22% n/a Cirrus Logic, Inc. CRUS Diversified analog, power and connectivity ICs $5.3B 13.7x 4% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 Navitas Semiconductor Corporation → Magnachip Semiconductor Corporation $68M 0.4x n/a Navitas Semiconductor Corporation completed its transaction for Magnachip Semiconductor Corporation at a recorded $68M and 0.4x revenue. The result provides a low-end reference within a widely dispersed transaction record. Jun-2026 ON Semiconductor Corporation → Synaptics Incorporated $7.0B 5.8x 27.2x The pending transaction between ON Semiconductor Corporation and Synaptics Incorporated (SYNA) suggests interest in adding complementary connectivity and mixed-signal products. Feb-2026 Texas Instruments Incorporated → Silicon Laboratories Inc. $7.2B 9.2x 110.6x The announced transaction between Texas Instruments Incorporated (TXN) and Silicon Laboratories Inc. pairs a diversified analog supplier with a specialized mixed-signal portfolio. Dec-2025 Undisclosed buyer → Cirrus Logic, Inc. n/a n/a 9.8x The terminated proposal involving Cirrus Logic, Inc. (CRUS) was recorded at 9.8x EBITDA. Its status limits its usefulness as evidence of a completed market outcome. Jul-2025 MaxLinear, Inc. → Silicon Motion Technology Corporation $395M 0.5x n/a MaxLinear, Inc. announced a transaction for Silicon Motion Technology Corporation at a recorded $395M and 0.5x revenue. The terms provide an earlier reference for the same buyer-target pairing. May-2022 MaxLinear, Inc. → Silicon Motion Technology Corporation $2.3B 2.4x n/a The pending transaction between MaxLinear, Inc. and Silicon Motion Technology Corporation provides a later reference for the same pairing and highlights how transaction terms can change. Jul-2020 Analog Devices, Inc. → Maxim Integrated Products, Inc. n/a 9.7x n/a Analog Devices, Inc. (ADI) announced its transaction for Maxim Integrated Products, Inc. at 9.7x revenue. The pairing brought together broad analog and mixed-signal portfolios. Jun-2019 Infineon Technologies AG → Cypress Semiconductor Corporation n/a 4.1x 20.4x Infineon Technologies AG announced its transaction for Cypress Semiconductor Corporation at 4.1x revenue and 20.4x EBITDA. The combination paired complementary semiconductor portfolios and customer exposure. Sep-2018 Renesas Electronics Corporation → Integrated Device Technology, Inc. n/a 7.4x 24.1x Renesas Electronics Corporation announced its transaction for Integrated Device Technology, Inc. at 7.4x revenue and 24.1x EBITDA. The terms provide a reference for a strategic acquisition of mixed-signal products and customer sockets.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 43 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 11 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 19 transactions shown; the rest are in the companion workbook. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2017 MaxLinear, Inc. → Exar Corporation n/a 4.0x n/a Mar-2017 Analog Devices, Inc. → Linear Technology Corporation n/a 17.8x 27.5x Feb-2017 Integrated Device Technology, Inc. → GigPeak, Inc. n/a 3.9x n/a Nov-2016 M/A-COM Technology Solutions → Applied Micro Circuits Corp. n/a 4.1x n/a Sep-2016 Renesas Electronics Corporation → Intersil Corporation n/a 20.2x n/a Sep-2015 Microchip Technology Incorporated → Atmel Corporation n/a 23.9x 33.5x Apr-2015 Diodes Incorporated → Pericom Semiconductor Corp. n/a n/a 12.0x Feb-2014 Microchip Technology, Inc. → Supertex, Inc. n/a 3.3x n/a Aug-2013 Maxim Integrated Products, Inc. → Volterra Semiconductor Corporation n/a 3.1x n/a

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (12 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (12 of 15 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Analog and Mixed-Signal Semiconductors and it clears the coverage gate with 12 of 15 companies (80%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 699 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (698) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Growth That Can Outlast the Inventory Cycle.

    The Premium Sits with Growth That Can Outlast the Inventory Cycle..

    Closing — The Premium Sits with Growth That Can Outlast the Inventory Cycle. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Premium Sits with Growth That Can Outlast the Inventory Cycle. NeuraCap AI — Analog and Mixed-Signal Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Analog and Mixed-Signal Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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