NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Semiconductors Sector Outlook — September 2026

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

Download PDFDownload PowerPoint

Key figures

27.0x
Sector median P/E
35.3x
Premium end P/E vs 15.4x at the discount end
8
Transactions with disclosed terms

Read the report

C:\Users\dawoo\OneDrive\Desktop\Deployments\neuracap_sector_reports_fable\Code\NeuraCap_Sector_Report_Pipeline_v2.1.0\ncsr\deck_kit\assets\logo_light_full.png

INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTORS

Semiconductors: Pricing Spans a Wide Range

The report shows how forward earnings, operating performance and transaction evidence shape the sector’s valuation picture.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Semiconductors Coverage | September 2026 | Confidential | Not investment advice

1

1 / 20

Executive summary

The semiconductor peer set spans a wide forward earnings range even though every approved company sits within diversified semiconductor devices. Growth and margin do not sort the valuation tiers cleanly, which shifts attention toward design-win conversion, production revenue, product mix, customer concentration and supply execution.

Key findings

  • The Two Ends Carry Very Different Forward Prices
  • Forward Earnings Already Credit the Expected Ramp
  • Margin Alone Does Not Sort the Set
  • Transaction Pricing Points to Different Possible Strategic Fits

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTORS

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SEMICONDUCTORS.

    Cover — 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 › SEMICONDUCTORS Semiconductors: Pricing Spans a Wide Range The report shows how forward earnings, operating performance and transaction evidence shape the sector’s valuation picture. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) 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

    Everything on this page

    CONTENTS What This Report Covers 01 The Bottom Line Forward Pricing Rewards Differentiated Operating Stories 02 The Landscape One Segment Contains Sharply Different Operating Profiles 03 Valuation & Situations The Premium Survives a Forward Earnings Lens 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction 05 Strategic Implications Durable Production Economics Strengthen a Company’s Position 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Semiconductors Span a Wide Valuation Range Within Diversified Semiconductor Devices

    Semiconductors Span a Wide Valuation Range Within Diversified Semiconductor Devices.

    Semiconductors Span a Wide Valuation Range Within Diversified Semiconductor Devices 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 (5 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

    Everything on this page

    01 · THE BOTTOM LINE Semiconductors Span a Wide Valuation Range Within Diversified Semiconductor Devices 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 (5 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends Carry Very Different Forward Prices The premium end sits at 35.3x, while the discount end sits at 15.4x. That spread raises the bar for a clear account of design wins, production ramps and earnings durability. 2 Forward Earnings Already Credit the Expected Ramp The middle of the forward P / E range is 27.0x across the 5 of 7 companies with an estimate. A premium that survives a forward lens points to confidence in durability beyond the forecast ramp. 3 Margin Alone Does Not Sort the Set Among the four names with both measures, one sits above both reference lines and two pair an above-reference multiple with a below-reference margin. Product mix, design-win conversion and production visibility remain central to the valuation story. 4 Transaction Pricing Points to Different Possible Strategic Fits The 8 precedent transactions suggest possible rationales spanning product adjacency, engineering capability and customer access. Intellectual-property ownership, foundry access and roadmap fit remain important diligence tests. 27.0x Sector median P/E CY2027E consensus · 5 rated of 7 companies 35.3x Premium end P/E vs 15.4x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 8 Transactions with disclosed terms 18 recorded in this tier · 1 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — One Segment Contains Sharply Different Operating Profiles. Design-win quality, production conversion and earnings durability matter within the group. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

    Everything on this page

    SECTION 02 02 THE LANDSCAPE One Segment Contains Sharply Different Operating Profiles Design-win quality, production conversion and earnings durability matter within the group. 02 of 06 Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Semiconductor Businesses Span Different Models, Buyers and Value Paths

    Semiconductor Businesses Span Different Models, Buyers and Value Paths.

    Semiconductor Businesses Span Different Models, Buyers and Value Paths 7 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

    Everything on this page

    02 · MARKET MAP Semiconductor Businesses Span Different Models, Buyers and Value Paths 7 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED SEMICONDUCTOR DEVICES 7 cos median 27.0x Broadcom (AVGO) Marvell Technology (MRVL) MACOM Technology (MTSI) Rambus (RMBS) Cirrus Logic (CRUS) Aeluma (ALMU) SEALSQ (LAES) The group brings different product mixes, growth profiles and manufacturing exposures under one classification.

  6. 06
    02 · LANDSCAPE

    Semiconductor Valuations Vary Widely Across Growth and Profitability Profiles

    Semiconductor Valuations Vary Widely Across Growth and Profitability Profiles.

    Semiconductor Valuations Vary Widely Across Growth and Profitability Profiles 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

    Everything on this page

    02 · LANDSCAPE Semiconductor Valuations Vary Widely Across Growth and Profitability Profiles 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. 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 semiconductor devices 7 100% 27.0x Broadcom Inc. (AVGO) · Marvell Technology, Inc. (MRVL) · +5 more One label, varied economics. This segment contains 100% of the approved peer set, yet its companies differ in growth, margin and forward earnings valuation. The distinction sits in product exposure, design-win conversion, customer concentration and production execution.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium Survives a Forward Earnings Lens. Current pricing separates the two ends of the peer set. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

    Everything on this page

    SECTION 03 03 VALUATION & SITUATIONS The Premium Survives a Forward Earnings Lens Current pricing separates the two ends of the peer set. 03 of 06 Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Forward Pricing Separates the Two Ends of the Peer Set

    Forward Pricing Separates the Two Ends of the Peer Set.

    Forward Pricing Separates the Two Ends of the Peer Set P / E (CY2027E) · all 5 rated companies, sorted descending · sector median 27.0x · 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 (5 of 7 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 P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

    Everything on this page

    03 · PUBLIC MARKET VALUATION Forward Pricing Separates the Two Ends of the Peer Set P / E (CY2027E) · all 5 rated companies, sorted descending · sector median 27.0x · 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 (5 of 7 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 P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 35.3x CORE · median 27.0x DISCOUNT · median 15.4x Sector median 27.0x WHAT SEPARATES THE TWO ENDS The forward spread is wide. The premium end carries a 35.3x midpoint against 15.4x at the discount end across the five names with a forward estimate. Growth does not sort cleanly. Both ends contain markedly different growth profiles, so the ranking cannot be reduced to a simple growth screen. Durability earns closer scrutiny. A forward multiple already credits forecast growth. The remaining premium is associated with confidence in product mix, design-win conversion and earnings durability.

  9. 09
    03 · VALUATION DRIVERS

    Profitability and Growth Point to Different Valuation Stories

    Profitability and Growth Point to Different Valuation Stories.

    Profitability and Growth Point to Different Valuation Stories 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

    Everything on this page

    03 · VALUATION DRIVERS Profitability and Growth Point to Different Valuation Stories 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Higher Margin Does Not Consistently Align with Higher Pricing Broadcom Inc. (AVGO) shows a 68% margin at the discount end, while Marvell Technology, Inc. (MRVL) and MACOM Technology Solutions Holdings, Inc. (MTSI) show 40% and 36% at the premium end. Growth Also Crosses the Valuation Tiers Broadcom Inc. (AVGO) shows 59% growth at the discount end, while Marvell Technology, Inc. (MRVL) shows 53% at the premium end. Cirrus Logic, Inc. (CRUS) shows 4% at the discount end. Operating Quality Requires a Product-Level Test The more useful questions concern design-win conversion, production revenue, content per system and the resilience of customer programs through inventory and product cycles.

  10. 10
    03 · SITUATION MAP

    Valuations Span More than One Operating Profile

    Valuations Span More than One Operating Profile.

    Valuations Span More than One Operating Profile Cut on P / E vs the sector median (27.0x) (rows) and EBITDA margin vs the covered median (45%) (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

    Everything on this page

    03 · SITUATION MAP Valuations Span More than One Operating Profile Cut on P / E vs the sector median (27.0x) (rows) and EBITDA margin vs the covered median (45%) (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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Rambus Inc. (RMBS) Rambus Inc. (RMBS) sits above both reference lines. Its position supports a closer test of whether margin and product economics can remain durable. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Marvell Technology, Inc. (MRVL) · MACOM Technology Solutions Holdings, Inc. (MTSI) Marvell Technology, Inc. (MRVL) and MACOM Technology Solutions Holdings, Inc. (MTSI) sit above the valuation reference and below the margin reference. Their positions place more weight on growth quality, product mix and future operating leverage. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 1 names Broadcom Inc. (AVGO) Broadcom Inc. (AVGO) sits below the valuation reference and above the margin reference. Its position shows that current profitability can coexist with a lower forward ranking. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

  11. 11
    03 · THE AGENDA

    Growth and Profitability Proof Tests the Case for Organic Growth, Partnerships or Acquisitions

    Growth and Profitability Proof Tests the Case for Organic Growth, Partnerships or Acquisitions.

    Growth and Profitability Proof Tests the Case for Organic Growth, Partnerships or Acquisitions 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

    Everything on this page

    03 · THE AGENDA Growth and Profitability Proof Tests the Case for Organic Growth, Partnerships or Acquisitions 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Convert Design Wins into Durable Production Revenue Focus the operating plan on programs with long production lives, clear customer qualifications and visible content per system. What changes the answer: The answer changes when design wins convert into repeat production orders with resilient customer economics. Improve Mix Without Weakening Technical Differentiation Prioritise products where performance, power efficiency, integration or advanced packaging support better unit economics. What changes the answer: The answer changes when product mix improves while customer concentration and roadmap dependence remain manageable. Match Investment to the Production Ramp Align research, record-out, qualification and commercialization spending with the programs most likely to reach production. What changes the answer: The answer changes when qualification timing, wafer supply or foundry allocation alters the expected ramp. Test Build-Versus-Buy Against Roadmap Needs Assess whether internal development or a focused transaction better closes product, engineering or customer-access gaps. What changes the answer: The answer changes when time to qualification outweighs integration cost and execution risk.

  12. 12
    SECTION 04

    04

    04.

    Section 04 of 06 — Precedent Transactions Favour Buyers with Conviction. Disclosed pricing varies with the assets and operating models involved. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Buyers with Conviction Disclosed pricing varies with the assets and operating models involved. 04 of 06 Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

  13. 13
    04 · DEAL CASE STUDIES

    Prices Buyers Agreed Suggest a Range of Possible Strategic Fits

    Prices Buyers Agreed Suggest a Range of Possible Strategic Fits.

    Prices Buyers Agreed Suggest a Range of Possible Strategic Fits 1 of 8 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. 31 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate precedent id); figures are shown as recorded in the filing. 10 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

    04 · DEAL CASE STUDIES Prices Buyers Agreed Suggest a Range of Possible Strategic Fits 1 of 8 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. 31 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate precedent id); figures are shown as recorded in the filing. 10 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2018 $82.8B Broadcom Limited Broadcom Limited’s pursuit of QUALCOMM Incorporated put a large semiconductor combination in focus. EV / LTM revenue 3.7x EV / LTM EBITDA 11.6x WHY THE DEAL HAPPENED The pairing suggests interest in combining semiconductor portfolios and customer reach. Its size also points to the strategic weight buyers may place on established product and intellectual-property positions. HOW THE TARGET WAS VALUED The $82.8B recorded value was paired with 3.7x EV / Revenue and 11.6x EV / EBITDA. Those disclosed measures provide a direct benchmark for large semiconductor combinations in this transaction set.

  14. 14
    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Production Economics Strengthen a Company’s Position. The operating agenda centres on conversion, mix and supply execution. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Production Economics Strengthen a Company’s Position The operating agenda centres on conversion, mix and supply execution. 05 of 06 Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

  15. 15
    05 · STRATEGIC IMPLICATIONS

    Production Economics and the Forward Story Need to Hold Together

    Production Economics and the Forward Story Need to Hold Together.

    Production Economics and the Forward Story Need to Hold Together 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

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Production Economics and the Forward Story Need to Hold Together 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Anchor Value in Repeatable Product Economics Concentrate capital on design wins with durable production lives, differentiated content and manageable customer concentration. FOR MANAGEMENT Connect the Roadmap to Conversion Tie research, record-out and qualification priorities to programs with credible production timing, foundry support and attractive mix. FOR BOARDS Separate Sector Momentum from Company Execution Test whether the forecast rests on customer programs, supply access and operating leverage that can hold through semiconductor cycles.

  16. 16
    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

    Everything on this page

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

  17. 17
    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 (27.0x); amber marks below · 5 rated companies; 2 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 5 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

    Everything on this page

    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 (27.0x); amber marks below · 5 rated companies; 2 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 5 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥31.8x · median 35.3x · 2 companies Marvell Technology, Inc. MRVL Diversified semiconductor devices $222B 38.7x 53% 40% 94 MACOM Technology Solutions Holdings, Inc. MTSI Diversified semiconductor devices $21.0B 31.8x 25% 36% n/a CORE — 17.0x–31.8x · median 27.0x · 1 companies Rambus Inc. RMBS Diversified semiconductor devices $10.3B 27.0x 21% 50% 70 DISCOUNT — <17.0x · median 15.4x · 2 companies Broadcom Inc. AVGO Diversified semiconductor devices $1709B 17.0x 59% 68% n/a Cirrus Logic, Inc. CRUS Diversified semiconductor devices $5.3B 13.7x 4% n/a n/a

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (18 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. 31 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate precedent id); figures are shown as recorded in the filing. 10 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

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (18 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. 31 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; duplicate precedent id); figures are shown as recorded in the filing. 10 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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2020 Advanced Micro Devices, Inc. → Xilinx, Inc. n/a 10.8x n/a Advanced Micro Devices, Inc. agreed to acquire Xilinx, Inc. at 10.8x EV / Revenue. The pricing provides a reference for a large semiconductor combination. Jul-2018 Broadcom Inc. → CA, Inc. n/a 4.3x 11.4x Broadcom Inc. agreed to acquire CA, Inc. at 4.3x EV / Revenue and 11.4x EV / EBITDA. The pairing suggests a move beyond semiconductor products into software. Mar-2018 Broadcom Limited → QUALCOMM Incorporated $82.8B 3.7x 11.6x Broadcom Limited pursued QUALCOMM Incorporated in a large announced semiconductor transaction. The disclosed measures provide a direct benchmark for strategic combinations. Nov-2016 Canyon Bridge Fund I, LP → Lattice Semiconductor Corporation $1.2B n/a n/a Canyon Bridge Fund I, LP agreed to acquire Lattice Semiconductor Corporation for $1.2B before the transaction was terminated. The outcome highlights the importance of execution and approval risk. Jun-2016 Cavium, Inc. → QLogic Corporation n/a 8.2x n/a Cavium, Inc. agreed to acquire QLogic Corporation at 8.2x EV / Revenue. The transaction suggests strategic interest in adjacent semiconductor capabilities. Feb-2016 Microchip Technology Incorporated → Atmel Corporation n/a 23.9x 33.5x Microchip Technology Incorporated agreed to acquire Atmel Corporation at 23.9x EV / Revenue and 33.5x EV / EBITDA. The disclosed pricing sits toward the upper end of this transaction set. May-2015 Avago Technologies Limited → Broadcom Corporation n/a 3.6x 15.0x Avago Technologies Limited agreed to acquire Broadcom Corporation at 3.6x EV / Revenue and 15.0x EV / EBITDA. The measures provide a reference for a broad semiconductor combination. Mar-2015 NXP Semiconductors N.V. → Freescale Semiconductor, Ltd. n/a 3.4x 16.7x NXP Semiconductors N.V. agreed to acquire Freescale Semiconductor, Ltd. at 3.4x EV / Revenue and 16.7x EV / EBITDA. The pricing offers another benchmark for strategic consolidation.

  19. 19
    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. 19

    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. Semiconductors Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (5 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Semiconductors and it clears the coverage gate with 5 of 7 companies (71%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 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 375 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 (374) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    The Observed Premium Sits with Operating Stories That Warrant Deeper Durability Tests.

    The Observed Premium Sits with Operating Stories That Warrant Deeper Durability Tests..

    Closing — The Observed Premium Sits with Operating Stories That Warrant Deeper Durability Tests. 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. 20

    Everything on this page

    The Observed Premium Sits with Operating Stories That Warrant Deeper Durability Tests. NeuraCap AI — Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Semiconductors (Information Technology › Semiconductors and Semiconductor Equipment › Semiconductors) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Semiconductors 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: Aeluma, Inc. (ALMU), Broadcom Inc. (AVGO), Cirrus Logic, Inc. (CRUS), SEALSQ Corp (LAES), Marvell Technology, Inc. (MRVL), MACOM Technology Solutions Holdings, Inc. (MTSI), Rambus Inc. (RMBS). The market map groups them by business vertical — Diversified semiconductor devices: 7 companies (AVGO, MRVL, MTSI, RMBS, CRUS, ALMU, LAES). 5 of the 7 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 Semiconductors (Information Technology › Semiconductors and Semiconductor Equipment › Semiconductors) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Semiconductors 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: Aeluma, Inc. (ALMU), Broadcom Inc. (AVGO), Cirrus Logic, Inc. (CRUS), SEALSQ Corp (LAES), Marvell Technology, Inc. (MRVL), MACOM Technology Solutions Holdings, Inc. (MTSI), Rambus Inc. (RMBS). The market map groups them by business vertical — Diversified semiconductor devices: 7 companies (AVGO, MRVL, MTSI, RMBS, CRUS, ALMU, LAES). 5 of the 7 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

9 records failed a validation gate and never feed a statistic in this report (9 excluded from aggregate). Each exclusion, with its reason: ALMU — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ALMU — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LAES — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: P / E on CY2027E consensus (5 of 7 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Semiconductors and it clears the coverage gate with 5 of 7 companies (71%). EV / EBITDA, EV / Revenue are carried as a cross-check. 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: 2 of 7 companies; EV / rEVenue: 7 of 7 companies; P/E: 5 of 7 companies. 2 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 ≥31.8x, Core 17.0x–31.8x, Discount <17.0x — 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: 27.0x = median(pe_ratio CY2027E) (5 rated companies) · 35.3x = median(pe_ratio CY2027E) within Premium tier (n=2) · 27.0x = median(pe_ratio CY2027E) within Core tier (n=1) · 15.4x = median(pe_ratio CY2027E) within Discount tier (n=2) · 82% = median Rule of 40 score (revenue growth + EBITDA margin) (n=4)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Semiconductors 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. 18 transactions were recorded for this industry; 8 are shown. 10 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: 7 × deal value unit unresolved; 22 × no evidence record; 1 × duplicate precedent id; 1 × carve out target recorded as parent. Case studies lead with the 1 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. 379 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.

More coverage in Information Technology

Want this analysis for a company in Semiconductors?

Company valuation reports run the same method against a single business — public or private.

Get a free sample reportBrowse the research