NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Power Semiconductors and Power Electronics Sector Outlook — September 2026

NeuraCap's Power Semiconductors and Power Electronics sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

16.4x
Sector median EV/EBITDA
29.1x
Premium end EV/EBITDA vs 8.7x at the discount end
11
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › POWER SEMICONDUCTORS AND POWER ELECTRONICS

Power Electronics: Durability Commands Attention

This report shows where public values sit, how business models differ and which operating qualities buyers recognise.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Power Semiconductors and Power Electronics span diversified device portfolios, solar electronics and adjacent equipment, with distinct operating and valuation profiles. The public evidence places higher forward profit benchmarks alongside faster growth, while the situation map shows that margin quality still separates established positions from conversion stories.

Key findings

  • Forward Profit Is the Market’s Reference Point
  • Faster Growth Sits with the Premium
  • Business Mix Changes the Valuation Context
  • Strategic Fit Broadens the Buyer Lens

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › POWER SEMICONDUCTORS AND POWER ELECTRONICS

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › POWER SEMICONDUCTORS AND POWER ELECTRONICS.

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

    Everything on this page

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › POWER SEMICONDUCTORS AND POWER ELECTRONICS Power Electronics: Durability Commands Attention This report shows where public values sit, how business models differ and which operating qualities buyers recognise. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Power Semiconductors and Power Electronics 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 Three Business Models Frame Value Across Power Electronics 02 The Landscape Product Mix and Technology Maturity Shape the Valuation Context 03 Valuation & Situations The Premium Sits with Faster Growth and Credible Profit Conversion 04 Precedent Transactions Precedent Transactions Show Buyers Paying for Technology and Platform Fit 05 Strategic Implications Strengthen Qualified Revenue, Product Mix and Manufacturing Economics 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Power Semiconductors and Power Electronics Split Across Diversified, Solar and Adjacent Models

    Power Semiconductors and Power Electronics Split Across Diversified, Solar and Adjacent Models.

    Power Semiconductors and Power Electronics Split Across Diversified, Solar and Adjacent Models The full story on one page · figures on EV / EBITDA (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: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Power Semiconductors and Power Electronics Split Across Diversified, Solar and Adjacent Models The full story on one page · figures on EV / EBITDA (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: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Profit Is the Market’s Reference Point Across 8 of 13 companies with a forward EV / EBITDA estimate, the middle of the range is 16.4x. A forward multiple already credits forecast growth, so standing above it is associated with confidence in durability. 2 Faster Growth Sits with the Premium Among 7 names with a forward estimate and growth data, the 4 above 13% sit at 23.3x, while the 3 below sit at 12.0x. The gap appears alongside different growth profiles and raises the importance of design-win conversion. 3 Business Mix Changes the Valuation Context Adjacent power-electronics components and equipment sit at 22.2x on 2 names with a forward estimate, versus 15.9x on 4 diversified names and 14.5x on 2 solar names. Qualified sockets, content per system and product mix provide the operating context. 4 Strategic Fit Broadens the Buyer Lens Littelfuse, Inc. acquired IXYS Corporation at a disclosed $750M and 2.3x EV / Revenue. The pairing suggests buyers may look beyond current profit when technology, qualification depth and platform fit support the case. 16.4x Sector median EV/EBITDA CY2027E consensus · 8 rated of 13 companies 29.1x Premium end EV/EBITDA vs 8.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 36 recorded in this tier · 3 told as case studies, the full list in the appendix

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    SECTION 02

    02

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    Section 02 of 06 — Product Mix and Technology Maturity Shape the Valuation Context. Diversified portfolios, solar electronics and adjacent equipment offer distinct operating profiles. 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 Product Mix and Technology Maturity Shape the Valuation Context Diversified portfolios, solar electronics and adjacent equipment offer distinct operating profiles. 02 of 06 Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Three Business Models Offer Different Routes to Qualified Revenue

    Three Business Models Offer Different Routes to Qualified Revenue.

    Three Business Models Offer Different Routes to Qualified Revenue 13 approved companies grouped by business segment · median EV / EBITDA (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 Three Business Models Offer Different Routes to Qualified Revenue 13 approved companies grouped by business segment · median EV / EBITDA (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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED POWER SEMICONDUCTOR PORTFOLIOS 9 cos median 15.9x Monolithic Power (MPWR) ON Semiconductor (ON) Vishay (VSH) Diodes (DIOD) Power Integrations (POWI) Navitas (NVTS) Wolfspeed (WOLF) Alpha and Omega (AOSL) MagnaChip (MX) Breadth across devices and applications can support content per system, while product mix and fab utilization remain central. SOLAR POWER ELECTRONICS 2 cos median 14.5x Enphase Energy (ENPH) Tigo Energy (TYGO) Conversion efficiency and channel inventory shape the quality and timing of revenue. ADJACENT: POWER-ELECTRONICS COMPONENTS AND EQUIPMENT 2 cos median 22.2x Vicor (VICR) Richardson (RELL) System-level expertise and qualified applications can support durable customer positions.

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    02 · LANDSCAPE

    Adjacent Electronics Carry the Higher Benchmark in This Peer Set

    Adjacent Electronics Carry the Higher Benchmark in This Peer Set.

    Adjacent Electronics Carry the Higher Benchmark in This Peer Set Segment view of the approved universe · EV / EBITDA (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 Adjacent Electronics Carry the Higher Benchmark in This Peer Set Segment view of the approved universe · EV / EBITDA (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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified power semiconductor portfolios 9 69% 15.9x Monolithic Power Systems, Inc. (MPWR) · ON Semiconductor Corporation (ON) · +7 more Breadth supports multiple applications. The group benchmark is 15.9x across 4 names with a forward estimate. Portfolio breadth can spread program exposure, while commodity-heavy mix and fab utilization can weigh on profit quality. Solar power electronics 2 15% 14.5x Enphase Energy, Inc. (ENPH) · Tigo Energy, Inc. (TYGO) Channel conditions shape outcomes. The group benchmark is 14.5x across 2 names with a forward estimate. Conversion efficiency and product relevance matter alongside inventory correction and customer concentration. Adjacent: power-electronics components and equipment 2 15% 22.2x Vicor Corporation (VICR) · Richardson Electronics, Ltd. (RELL) Application depth supports differentiation. The group benchmark is 22.2x across 2 names with a forward estimate. System knowledge, thermal performance and qualified applications can strengthen customer relevance.

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    SECTION 03

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    Section 03 of 06 — The Premium Sits with Faster Growth and Credible Profit Conversion. Forward profit multiples already reflect forecasts, raising the bar for durable execution. 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 The Premium Sits with Faster Growth and Credible Profit Conversion Forward profit multiples already reflect forecasts, raising the bar for durable execution. 03 of 06 Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Carries a Wide Lead over the Discount End

    The Premium End Carries a Wide Lead over the Discount End.

    The Premium End Carries a Wide Lead over the Discount End EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 16.4x · 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: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Carries a Wide Lead over the Discount End EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 16.4x · 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: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 29.1x CORE · median 16.4x DISCOUNT · median 8.7x Sector median 16.4x WHAT SEPARATES THE TWO ENDS The range stays wide. The 2 premium-end names carry a 29.1x tier median, versus 8.7x for the 2 discount-end names. Forecasts need durable support. A forward EV / EBITDA multiple already reflects expected improvement. Premium positioning therefore calls for evidence that qualified revenue can convert into sustained profit. Operating quality remains visible. Design-win conversion, product mix, wafer yield and fab utilization help frame whether expected growth can hold through the cycle.

  9. 09
    03 · VALUATION DRIVERS

    Faster-Growing Names Carry the Higher Forward Profit Benchmark

    Faster-Growing Names Carry the Higher Forward Profit Benchmark.

    Faster-Growing Names Carry the Higher Forward Profit Benchmark Median EV / EBITDA (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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Forward Profit Benchmark Median EV / EBITDA (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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 13% · EBITDA-margin split at 29% Growth Separates the Two Valuation Groups Among 7 names with a forward estimate and growth data, the 4 above 13% carry 23.3x, compared with 12.0x for the 3 below. Design-Win Conversion Tests Revenue Durability Pipeline size matters less commercially when qualified program backlog does not convert into durable production revenue. Manufacturing Execution Protects Profit Conversion Wafer yield, assembly and test yield, and fab utilization shape how revenue growth translates into operating profit. Product Mix Sharpens the Growth Story Higher-value power management content and system-level application expertise can distinguish qualified revenue from commodity-heavy volume.

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    03 · SITUATION MAP

    Margin Quality Clarifies Which Premiums Look Established

    Margin Quality Clarifies Which Premiums Look Established.

    Margin Quality Clarifies Which Premiums Look Established Cut on EV / EBITDA vs the sector median (16.4x) (rows) and EBITDA margin vs the covered median (29%) (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 Margin Quality Clarifies Which Premiums Look Established Cut on EV / EBITDA vs the sector median (16.4x) (rows) and EBITDA margin vs the covered median (29%) (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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Margin Support Above-median multiple · above-median EBITDA margin 2 names Monolithic Power Systems, Inc. (MPWR) · Vicor Corporation (VICR) Monolithic Power Systems, Inc. (MPWR) and Vicor Corporation (VICR) sit above both the 16.4x EV / EBITDA and 29% EBITDA margin benchmarks. Their position is associated with both valuation support and established profit conversion. Premium Awaiting Margin Conversion Above-median multiple · below-median EBITDA margin 2 names Power Integrations, Inc. (POWI) · Tigo Energy, Inc. (TYGO) Power Integrations, Inc. (POWI) and Tigo Energy, Inc. (TYGO) sit above the valuation benchmark and below the margin benchmark. Their standing puts attention on product mix, pricing and operating leverage. Margin Support Without Premium Below-median multiple · above-median EBITDA margin 2 names ON Semiconductor Corporation (ON) · Enphase Energy, Inc. (ENPH) ON Semiconductor Corporation (ON) and Enphase Energy, Inc. (ENPH) sit below the valuation benchmark and above the margin benchmark. Their position points to the importance of growth durability, channel conditions and future program conversion. Rebuild Valuation and Margin Below-median multiple · below-median EBITDA margin 1 names Vishay Intertechnology, Inc. (VSH) Vishay Intertechnology, Inc. (VSH) sits below both benchmarks. The operating agenda centres on mix, utilization and higher-value content.

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    03 · THE AGENDA

    Qualified Revenue Becomes More Durable with a Clear Operating Path

    Qualified Revenue Becomes More Durable with a Clear Operating Path.

    Qualified Revenue Becomes More Durable with a Clear Operating Path 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. 11

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    03 · THE AGENDA Qualified Revenue Becomes More Durable with a Clear Operating Path 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Qualified Customer Positions Prioritise products and programs where qualification depth, content per system and long product lives can support durable revenue. What changes the answer: Design-win conversion improves alongside qualified program backlog and customer adoption. Align Manufacturing with Demand Quality Balance fab flexibility, supply resilience and capital intensity against the maturity of customer programs. What changes the answer: Wafer yield, utilization and production commitments support sustainable unit economics. Shift Mix Toward Higher-Value Content Direct product and engineering resources toward applications where power density, thermal performance and system expertise matter. What changes the answer: Product mix strengthens gross-margin quality without increasing program concentration. Use Partnerships to Close Capability Gaps Assess build-versus-buy choices for process technology, packaging, supply access and application expertise. What changes the answer: The cost and timing of internal development exceed the benefit of retaining full ownership of the capability.

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    SECTION 04

    04

    04.

    Section 04 of 06 — Precedent Transactions Show Buyers Paying for Technology and Platform Fit. Revenue benchmarks vary with maturity, qualification and the cash required to scale. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Buyers Paying for Technology and Platform Fit Revenue benchmarks vary with maturity, qualification and the cash required to scale. 04 of 06 Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Transaction Benchmarks Shift with Technology Maturity and Platform Fit

    Transaction Benchmarks Shift with Technology Maturity and Platform Fit.

    Transaction Benchmarks Shift with Technology Maturity and Platform Fit 3 of 11 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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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    04 · DEAL CASE STUDIES Transaction Benchmarks Shift with Technology Maturity and Platform Fit 3 of 11 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2025 $6.7B ON Semiconductor Corporation ON Semiconductor Corporation’s pursuit of Allegro MicroSystems, Inc. pairs scaled semiconductor… EV / LTM revenue 8.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a strategic buyer saw value in adding related technology and customer exposure. The fit is consistent with buyer interest in qualified sockets and application expertise. HOW THE TARGET WAS VALUED The disclosed value was $6.7B at 8.7x EV / Revenue. That revenue benchmark frames the transaction against precedent transactions where technology fit and future conversion matter. May-2021 $1.0B Live Oak Acquisition Corp. II Live Oak Acquisition Corp. II backed Navitas Semiconductor Ltd. at an early stage of commercial scale. EV / LTM revenue 65.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests funding capacity and market access were relevant to scaling a developing power semiconductor platform. Qualification, adoption and manufacturing execution remain central to that fit. HOW THE TARGET WAS VALUED The disclosed value was $1.0B at 65.1x EV / Revenue. The benchmark reflects a revenue-based assessment of a development-stage technology platform. Aug-2017 $750M Littelfuse, Inc. Littelfuse, Inc. added IXYS Corporation to broaden its power semiconductor capabilities. EV / LTM revenue 2.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a component buyer valued added technology breadth and application reach. The combination aligns power devices with a broader component platform. HOW THE TARGET WAS VALUED The disclosed value was $750M at 2.3x EV / Revenue. That benchmark provides a reference for an established power semiconductor platform within a strategic combination.

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    SECTION 05

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    Section 05 of 06 — Strengthen Qualified Revenue, Product Mix and Manufacturing Economics. The operating agenda should connect design wins to durable profit and disciplined capital use. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen Qualified Revenue, Product Mix and Manufacturing Economics The operating agenda should connect design wins to durable profit and disciplined capital use. 05 of 06 Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Technical Differentiation Has More Value When It Reaches Qualified Revenue and Durable Profit

    Technical Differentiation Has More Value When It Reaches Qualified Revenue and Durable Profit.

    Technical Differentiation Has More Value When It Reaches Qualified Revenue and Durable Profit 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. 15

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    05 · STRATEGIC IMPLICATIONS Technical Differentiation Has More Value When It Reaches Qualified Revenue and Durable Profit 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Make Design Wins Prove Their Quality Concentrate resources on programs with qualification depth, durable content and credible conversion into production revenue. FOR MANAGEMENT TEAMS Protect Profit Through the Manufacturing Cycle Match capacity, yield work and inventory decisions to program maturity and customer demand rather than pipeline volume alone. FOR BOARDS Set Capital Allocation Around Technology Maturity Use build-versus-buy discipline where process technology, packaging or supply access can strengthen the platform without adding disproportionate execution risk.

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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. 16

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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 Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.4x); amber marks below · 8 rated companies; 5 not rated (no eligible EV/EBITDA) · 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 8 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. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (16.4x); amber marks below · 8 rated companies; 5 not rated (no eligible EV/EBITDA) · 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 8 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.8x · median 29.1x · 2 companies Vicor Corporation VICR Adjacent: power-electronics components and equipment $12.6B 30.2x 55% 44% 100 Monolithic Power Systems, Inc. MPWR Diversified power semiconductor portfolios $65.0B 28.0x 29% 44% 72 CORE — 11.6x–21.8x · median 16.4x · 4 companies Power Integrations, Inc. POWI Diversified power semiconductor portfolios $2.6B 19.7x 13% 25% 38 Tigo Energy, Inc. TYGO Solar power electronics $53M 18.5x 13% 2% 16 Richardson Electronics, Ltd. RELL Adjacent: power-electronics components and equipment $223M 14.2x n/a n/a n/a ON Semiconductor Corporation ON Diversified power semiconductor portfolios $30.5B 12.0x 13% 34% 47 DISCOUNT — <11.6x · median 8.7x · 2 companies Enphase Energy, Inc. ENPH Solar power electronics $3.8B 10.4x 6% 29% 35 Vishay Intertechnology, Inc. VSH Diversified power semiconductor portfolios $4.9B 7.0x 16% 16% 32

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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 11 transactions with disclosed terms in this tier (36 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (36 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2025 ON Semiconductor Corporation → Allegro MicroSystems, Inc. $6.7B 8.7x n/a ON Semiconductor Corporation’s pursuit of Allegro MicroSystems, Inc. pairs semiconductor platforms with related customer and application exposure. May-2021 Live Oak Acquisition Corp. II → Navitas Semiconductor Ltd. $1.0B 65.1x n/a Live Oak Acquisition Corp. II and Navitas Semiconductor Ltd. illustrate how growth-stage power technology can be assessed through revenue and funding needs. Jan-2020 AMETEK → AMETEK IntelliPower n/a 2.9x n/a AMETEK and AMETEK IntelliPower show how power-electronics capability can fit within a broader equipment portfolio. Nov-2019 Bel Fuse Inc. → CUI Power Business $32M 0.9x n/a Bel Fuse Inc. and CUI Power Business illustrate buyer interest in established power-product portfolios and customer access. Mar-2018 Elliott Management Corporation / Veritas Capital Fund Management, L.L.C. → Infineon Technologies AG n/a n/a 14.9x The Infineon Technologies AG transaction provides a profitability-based reference within a record that otherwise often uses revenue. Aug-2017 Littelfuse, Inc. → IXYS Corporation $750M 2.3x n/a Littelfuse, Inc. and IXYS Corporation show the strategic fit between component breadth and power semiconductor capability. Mar-2017 MaxLinear, Inc. → Exar Corporation n/a 4.0x n/a MaxLinear, Inc. and Exar Corporation illustrate a transaction built around complementary semiconductor capabilities. Nov-2015 ON Semiconductor Corporation → Fairchild Semiconductor International, Inc. n/a 1.7x 18.6x ON Semiconductor Corporation and Fairchild Semiconductor International, Inc. show how established platforms can combine product and customer coverage. Aug-2014 Infineon Technologies AG → International Rectifier Corporation n/a 2.0x 22.3x Infineon Technologies AG and International Rectifier Corporation illustrate buyer interest in established power semiconductor capability.

  19. 19
    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 11 transactions with disclosed terms in this tier (36 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (36 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. 51 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2013 Platinum Equity, LLC → Artesyn Embedded Technologies n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jul-2013 ABB Ltd → Power-One Inc. n/a n/a 5.8x

  20. 20
    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. 20

    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. Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Power Semiconductors and Power Electronics and it clears the coverage gate with 8 of 13 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 27 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 537 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 (536) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durable Growth, Qualified Revenue and Credible Profit Conversion.

    The Premium Sits with Durable Growth, Qualified Revenue and Credible Profit Conversion..

    Closing — The Premium Sits with Durable Growth, Qualified Revenue and Credible Profit Conversion. 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. 21

    Everything on this page

    The Premium Sits with Durable Growth, Qualified Revenue and Credible Profit Conversion. NeuraCap AI — Power Semiconductors and Power Electronics Coverage September 2026 · Prepared by NeuraCap AI · Confidential Power Semiconductors and Power Electronics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Power Semiconductors and Power Electronics (Information Technology › Semiconductors and Semiconductor Equipment › Power Semiconductors and Power Electronics) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Power Semiconductors and Power Electronics according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Alpha and Omega Semiconductor Limited (AOSL), Diodes Incorporated (DIOD), Enphase Energy, Inc. (ENPH), Monolithic Power Systems, Inc. (MPWR), MagnaChip Semiconductor (MX), Navitas Semiconductor Corp (NVTS), ON Semiconductor Corporation (ON), Power Integrations, Inc. (POWI), Richardson Electronics, Ltd. (RELL), Tigo Energy, Inc. (TYGO), Vicor Corporation (VICR), Vishay Intertechnology, Inc. (VSH), Wolfspeed Inc. (WOLF). The market map groups them by business vertical — Diversified power semiconductor portfolios: 9 companies (MPWR, ON, VSH, DIOD, POWI, NVTS, WOLF, AOSL, MX); Solar power electronics: 2 companies (ENPH, TYGO); Adjacent: power-electronics components and equipment: 2 companies (VICR, RELL). 8 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Power Semiconductors and Power Electronics (Information Technology › Semiconductors and Semiconductor Equipment › Power Semiconductors and Power Electronics) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Power Semiconductors and Power Electronics according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Alpha and Omega Semiconductor Limited (AOSL), Diodes Incorporated (DIOD), Enphase Energy, Inc. (ENPH), Monolithic Power Systems, Inc. (MPWR), MagnaChip Semiconductor (MX), Navitas Semiconductor Corp (NVTS), ON Semiconductor Corporation (ON), Power Integrations, Inc. (POWI), Richardson Electronics, Ltd. (RELL), Tigo Energy, Inc. (TYGO), Vicor Corporation (VICR), Vishay Intertechnology, Inc. (VSH), Wolfspeed Inc. (WOLF). The market map groups them by business vertical — Diversified power semiconductor portfolios: 9 companies (MPWR, ON, VSH, DIOD, POWI, NVTS, WOLF, AOSL, MX); Solar power electronics: 2 companies (ENPH, TYGO); Adjacent: power-electronics components and equipment: 2 companies (VICR, RELL). 8 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

27 records failed a validation gate and never feed a statistic in this report (27 excluded from aggregate). Each exclusion, with its reason: AOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AOSL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MX — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · MX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NVTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NVTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NVTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NVTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NVTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NVTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NVTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TYGO — EBITDA 370000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · TYGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TYGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TYGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TYGO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VSH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VSH — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · WOLF — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · WOLF — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Power Semiconductors and Power Electronics and it clears the coverage gate with 8 of 13 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 8 of 13 companies; EV / rEVenue: 12 of 13 companies; P/E: 7 of 13 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 5 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥21.8x, Core 11.6x–21.8x, Discount <11.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.4x = median(ev_ebitda CY2027E) (8 rated companies) · 29.1x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 16.4x = median(ev_ebitda CY2027E) within Core tier (n=4) · 8.7x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 23.3x = median(ev_ebitda CY2027E) | growth ≥ 13% (n=4) · 12.0x = median(ev_ebitda CY2027E) | growth < 13% (n=3) · 20.0x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 29% (n=4) · 18.5x = median(ev_ebitda CY2027E) | EBITDA margin < 29% (n=3) · 38% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Power Semiconductors and Power Electronics recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 36 transactions were recorded for this industry; 11 are shown. 25 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 20 × deal value unit unresolved; 25 × no evidence record; 1 × duplicate precedent id; 1 × duplicate filings collapsed; 3 × divestiture roles reassigned; 1 × carve out target recorded as parent. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 541 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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