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

Signal Processing Semiconductors Sector Outlook — September 2026

NeuraCap's Signal Processing Semiconductors 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

21.7x
Sector median P/E
56.1x
Premium end P/E vs 10.6x at the discount end
15
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SIGNAL PROCESSING SEMICONDUCTORS

Signal Processing Semiconductors Show Wide Gaps in Growth and Earnings Conversion

This report shows where public-market premiums sit and which operating choices can strengthen positioning.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Signal processing semiconductors present a concentrated public-market set with a wide gap between the premium and discount ends. Faster expected growth sits alongside higher forward P / E, while the mapped names suggest that profitability still matters to relative standing.

Key findings

  • The Forward Premium Raises the Durability Bar
  • Faster Growth Sits with Higher Pricing
  • Diversified Silicon Holds the Sector’s Scale
  • Strategic Fit Shapes the Transaction Read

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SIGNAL PROCESSING SEMICONDUCTORS

    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SIGNAL PROCESSING SEMICONDUCTORS.

    Cover — Signal Processing 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

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    INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › SIGNAL PROCESSING SEMICONDUCTORS Signal Processing Semiconductors Show Wide Gaps in Growth and Earnings Conversion This report shows where public-market premiums sit and which operating choices can strengthen positioning. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

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

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    CONTENTS What This Report Covers 01 The Bottom Line Premiums Sit with Growth and Durable Design-Ins 02 The Landscape Diversified Silicon Defines the Peer Set 03 Valuation & Situations Forward Pricing Separates Sharply at the Two Ends 04 Precedent Transactions Buyers Have Used Transactions to Add Platforms and Product Depth 05 Strategic Implications Strengthen the Design-In, Mix and Earnings Story Together 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Signal Processing Semiconductors Split Between Diversified Silicon Scale and an Adjacent Equipment Model

    Signal Processing Semiconductors Split Between Diversified Silicon Scale and an Adjacent Equipment Model.

    Signal Processing Semiconductors Split Between Diversified Silicon Scale and an Adjacent Equipment Model 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 (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Signal Processing Semiconductors Split Between Diversified Silicon Scale and an Adjacent Equipment Model 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 (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Forward Premium Raises the Durability Bar Among the 7 names with a forward estimate, the premium end sits at 56.1x versus 10.6x at the discount end. A forward multiple already credits forecast growth, so the gap raises the bar for durable design-ins and earnings delivery. 2 Faster Growth Sits with Higher Pricing In the 4-name higher-growth group split at 20%, the middle forward P / E is 27.6x. In the 3-name lower-growth group, it is 17.0x, alongside a clear difference in expected revenue delivery. 3 Diversified Silicon Holds the Sector’s Scale Diversified signal-chain and embedded silicon accounts for 8 of the 9 approved companies, while adjacent wireless network equipment accounts for one. The structure puts product mix, socket share and content per device at the centre of relative positioning. 4 Strategic Fit Shapes the Transaction Read The transaction record includes platform combinations, portfolio additions and focused technology assets. Buyer interest is most relevant where intellectual property, engineering talent and customer sockets fit an existing product road map. 21.7x Sector median P/E CY2027E consensus · 7 rated of 9 companies 56.1x Premium end P/E vs 10.6x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 15 Transactions with disclosed terms 41 recorded in this tier · 2 told as case studies, the full list in the appendix

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    SECTION 02

    02

    02.

    Section 02 of 06 — Diversified Silicon Defines the Peer Set. The approved companies cluster around signal-chain and embedded silicon, with one adjacent equipment name. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Diversified Silicon Defines the Peer Set The approved companies cluster around signal-chain and embedded silicon, with one adjacent equipment name. 02 of 06 Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Sector Scale Sits in Diversified Signal-Chain and Embedded Silicon

    Sector Scale Sits in Diversified Signal-Chain and Embedded Silicon.

    Sector Scale Sits in Diversified Signal-Chain and Embedded Silicon 9 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Sector Scale Sits in Diversified Signal-Chain and Embedded Silicon 9 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED SIGNAL-CHAIN AND EMBEDDED SILICON 8 cos median 27.6x STMicroelectronic (STM) Credo Technology (CRDO) Skyworks Solutions (SWKS) Qorvo (QRVO) MaxLinear (MXL) Silicon (SLAB) Impinj (PI) GCT (GCTS) This group contains 8 of the 9 approved companies and spans the sector’s main public-market reference points. ADJACENT: WIRELESS NETWORK EQUIPMENT 1 cos 7.2x · 1 rated AmpliTech Group (AMPG) This single-name adjacency offers a useful cross-check, but not a broad segment benchmark.

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    02 · LANDSCAPE

    One Broad Silicon Group Anchors the Public-Market View

    One Broad Silicon Group Anchors the Public-Market View.

    One Broad Silicon Group Anchors the Public-Market View Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE One Broad Silicon Group Anchors the Public-Market View 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. Signal Processing 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 signal-chain and embedded silicon 8 89% 27.6x STMicroelectronics N.V. (STM) · Credo Technology Group Holding Ltd (CRDO) · +6 more Scale spans several end markets. These companies combine signal-chain, connectivity and embedded silicon exposure. Design-in durability, end-market mix and content per device shape how investors assess earnings quality. Adjacent: wireless network equipment 1 11% 7.2x n=1 AmpliTech Group, Inc. (AMPG) The adjacency needs separate treatment. Wireless network equipment carries different product economics and buyer groups. Its single-name representation makes company-specific execution especially important.

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    SECTION 03

    03

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    Section 03 of 06 — Forward Pricing Separates Sharply at the Two Ends. The gap raises the operating bar for companies seeking to strengthen their standing. 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 Forward Pricing Separates Sharply at the Two Ends The gap raises the operating bar for companies seeking to strengthen their standing. 03 of 06 Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Carries a Much Higher Forward Earnings Bar

    The Premium End Carries a Much Higher Forward Earnings Bar.

    The Premium End Carries a Much Higher Forward Earnings Bar P / E (CY2027E) · all 7 rated companies, sorted descending · sector median 21.7x · 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 (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Carries a Much Higher Forward Earnings Bar P / E (CY2027E) · all 7 rated companies, sorted descending · sector median 21.7x · 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 (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 56.1x CORE · median 21.7x DISCOUNT · median 10.6x Sector median 21.7x WHAT SEPARATES THE TWO ENDS The endpoints are far apart. Across two names at each end, the premium group sits at 56.1x forward P / E versus 10.6x for the discount group. Forward pricing tests durability. Because forecast growth is already reflected in forward P / E, companies at the premium end still need durable design-ins, resilient product mix and credible earnings delivery. Segment alone does not settle it. The discount end includes both diversified silicon and adjacent wireless network equipment. Company execution and exposure therefore remain important alongside classification.

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    03 · VALUATION DRIVERS

    Faster Growth Sits Alongside Higher Forward P / E

    Faster Growth Sits Alongside Higher Forward P / E.

    Faster Growth Sits Alongside Higher Forward P / E Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Faster Growth Sits Alongside Higher Forward P / E Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 20% · EBITDA-margin split at n/a The Higher-Growth Group Carries the Higher Valuation On the 7 names with a forward estimate, the 4-name group split above 20% sits at 27.6x, while the 3-name group below the split sits at 17.0x. Design-Win Quality Matters Beyond the Forecast A durable design-in, expanding socket share and higher content per device can make forecast growth more credible through product cycles. The Earnings Recovery Still Needs Quality End-market mix, channel inventory and customer concentration affect whether growth converts into durable earnings rather than a temporary rebound.

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    03 · SITUATION MAP

    The Mapped Premium Leans Toward Higher Margins

    The Mapped Premium Leans Toward Higher Margins.

    The Mapped Premium Leans Toward Higher Margins Cut on P / E vs the sector median (21.7x) (rows) and EBITDA margin vs the covered median (25%) (columns) · 3 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP The Mapped Premium Leans Toward Higher Margins Cut on P / E vs the sector median (21.7x) (rows) and EBITDA margin vs the covered median (25%) (columns) · 3 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Credo Technology Group Holding Ltd (CRDO) · MaxLinear, Inc. (MXL) Credo Technology Group Holding Ltd [CRDO] and MaxLinear, Inc. [MXL] sit above both reference lines. On the four mapped names, this is the clearest combination of forward pricing and profitability. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Silicon Laboratories Inc. (SLAB) Silicon Laboratories Inc. [SLAB] sits above the valuation line but below the margin line. Its position puts greater weight on the durability of expected earnings improvement and design-win conversion. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Qorvo, Inc. (QRVO) Qorvo, Inc. [QRVO] sits below both reference lines. Its position makes revenue recovery, mix and operating leverage central to any improvement in relative standing.

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    03 · THE AGENDA

    The Operating Choice Is How to Balance Product Investment with Earnings Conversion

    The Operating Choice Is How to Balance Product Investment with Earnings Conversion.

    The Operating Choice Is How to Balance Product Investment with Earnings Conversion 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 The Operating Choice Is How to Balance Product Investment with Earnings Conversion 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Most Durable Design-Ins Concentrate product and engineering resources where qualification cycles, socket share and content per device support repeatable revenue. What changes the answer: Design-win conversion and socket retention improve across priority platforms. Shift Mix Toward Resilient Applications Review end-market and customer exposure where handset, consumer-device or channel cycles create disproportionate earnings volatility. What changes the answer: Revenue mix improves without increasing customer or platform concentration. Protect the Path to Operating Leverage Align cost structure, foundry commitments and advanced-packaging needs with the revenue base that can be supported through the cycle. What changes the answer: Gross margin and cash conversion improve alongside revenue delivery. Test Build-Versus-Buy by Capability Compare internal investment with targeted additions in intellectual property, engineering talent, customer sockets and product coverage. What changes the answer: A capability gap becomes material to the product road map or customer access.

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    SECTION 04

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    Section 04 of 06 — Buyers Have Used Transactions to Add Platforms and Product Depth. The transaction record spans same-sector combinations, portfolio additions and focused technology assets. 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 Buyers Have Used Transactions to Add Platforms and Product Depth The transaction record spans same-sector combinations, portfolio additions and focused technology assets. 04 of 06 Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Several Routes to Product and Platform Expansion

    Precedent Transactions Show Several Routes to Product and Platform Expansion.

    Precedent Transactions Show Several Routes to Product and Platform Expansion 2 of 15 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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 Precedent Transactions Show Several Routes to Product and Platform Expansion 2 of 15 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2025 $10.2B Skyworks Solutions, Inc. acquires Qorvo, Inc. EV / LTM revenue 1.3x EV / LTM EBITDA 4.8x WHY THE DEAL HAPPENED The buyer and target both operate across RF and signal-processing markets. The transaction suggests a platform logic built around overlapping customers, engineering capability and broader content opportunities. HOW THE TARGET WAS VALUED The disclosed value is $10.2B, with 1.3x revenue and 4.8x EBITDA. The revenue multiple sits below the 4.0x and 5.3x references elsewhere in the transaction record. Nov-2023 $461M Concord Acquisition Corp III acquires GCT Semiconductor, Inc. EV / LTM revenue 32.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer-target pairing suggests interest in a focused silicon platform rather than integration into an existing semiconductor portfolio. The strategic read rests on the target’s technology and market position. HOW THE TARGET WAS VALUED The disclosed value is $461M, with revenue valued at 32.9x. That stands above the 24.3x revenue reference elsewhere in the transaction record.

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    SECTION 05

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    Section 05 of 06 — Strengthen the Design-In, Mix and Earnings Story Together. Product exposure, socket durability and operating leverage need to reinforce one another. 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 the Design-In, Mix and Earnings Story Together Product exposure, socket durability and operating leverage need to reinforce one another. 05 of 06 Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Revenue Is Associated with Product Strength and Earnings Conversion

    Durable Revenue Is Associated with Product Strength and Earnings Conversion.

    Durable Revenue Is Associated with Product Strength and Earnings Conversion 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 Durable Revenue Is Associated with Product Strength and Earnings Conversion 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Part of the Story Earns Confidence Separate cyclical recovery from durable content growth. The more defensible story links design-ins, socket share and end-market mix to sustained earnings quality. FOR MANAGEMENT TEAMS Put Resources Behind Repeatable Product Wins Prioritize engineering and capital where customer qualifications, mixed-signal integration and content per device can support longer-lived revenue. FOR BOARDS Pressure-Test Concentration and Supply Exposure Customer dependence, foundry access, advanced packaging and export controls can change the durability of an otherwise credible growth plan.

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    SECTION 06

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

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

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

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (21.7x); amber marks below · 7 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 7 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 P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (21.7x); amber marks below · 7 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 7 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. Signal Processing 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 — ≥41.3x · median 56.1x · 2 companies Impinj, Inc. PI Diversified signal-chain and embedded silicon $5.5B 63.1x 20% n/a n/a Silicon Laboratories Inc. SLAB Diversified signal-chain and embedded silicon $6.8B 49.2x 17% 20% 37 CORE — 15.6x–41.3x · median 21.7x · 3 companies MaxLinear, Inc. MXL Diversified signal-chain and embedded silicon $8.1B 33.4x 31% 26% 56 Credo Technology Group Holding Ltd CRDO Diversified signal-chain and embedded silicon $34.3B 21.7x 74% 53% 127 Skyworks Solutions, Inc. SWKS Diversified signal-chain and embedded silicon $12.9B 17.0x 3% n/a n/a DISCOUNT — <15.6x · median 10.6x · 2 companies Qorvo, Inc. QRVO Diversified signal-chain and embedded silicon $10.6B 14.1x 5% 24% 29 AmpliTech Group, Inc. AMPG Adjacent: wireless network equipment $61M 7.2x 20% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (41 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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 15 transactions with disclosed terms in this tier (41 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2025 Skyworks Solutions, Inc. → Qorvo, Inc. $10.2B 1.3x 4.8x The pending transaction joins two established RF and signal-processing suppliers. It points to the relevance of product breadth, customer sockets and platform overlap. Nov-2023 Concord Acquisition Corp III → GCT Semiconductor, Inc. $461M 32.9x n/a The announced transaction pairs an acquisition company with a signal-processing semiconductor target. It suggests interest in a focused platform outside an existing semiconductor portfolio. Mar-2019 ON Semiconductor Corp. → Quantenna Communications, Inc. n/a 4.3x n/a The announced transaction adds a communications-focused semiconductor asset to a broader supplier. The fit points to product expansion within connected platforms. Apr-2018 Qualcomm Inc. → NXP SEMICONDUCTORS N.V. $46.3B 5.3x 19.3x The terminated transaction involved two large semiconductor platforms. It illustrates how strategic fit can sit alongside meaningful antitrust and foreign-investment considerations. Dec-2017 TTM Technologies, Inc. → Anaren Holding Corp. n/a 4.6x 21.7x The announced transaction links an electronics manufacturer with a focused technology asset. The fit suggests value in adding engineering depth and customer applications. Nov-2017 Marvell Technology Group Ltd. → Cavium, Inc. n/a 24.3x 41.8x The announced combination brings complementary semiconductor capabilities together. It points to broader product coverage and customer reach as relevant strategic themes. Mar-2017 MaxLinear, Inc. → Exar Corporation n/a 4.0x n/a The announced transaction adds a semiconductor product portfolio to an existing supplier. The combination suggests a route to broader customer and application coverage. Jul-2016 Wolfspeed, Inc. → RF Portfolio n/a 4.4x n/a The announced transaction involves a focused RF asset. It highlights how intellectual property and engineering capability can fit a broader semiconductor road map. Nov-2015 Microsemi Corporation → PMC-Sierra, Inc. n/a 4.4x n/a The announced transaction combines complementary communications-semiconductor capabilities. The fit suggests value in broader product coverage and customer access.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (41 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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 15 transactions with disclosed terms in this tier (41 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. 41 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2015 Beijing Jianguang Asset Management Co., Ltd → NXP Semiconductors N.V. (RF Power) n/a n/a 12.4x Mar-2015 Microsemi Corp. → Vitesse Semiconductor Corp. n/a 3.5x n/a Oct-2014 Qualcomm Incorporated → CSR plc n/a 2.8x 27.1x Jun-2014 Analog Devices, Inc. → Hittite Microwave Corporation n/a 6.5x 28.6x Feb-2014 RF Micro Devices, Inc. → TriQuint Semiconductor, Inc. n/a 1.8x 32.4x n/a n/a → Skyworks n/a n/a 11.9x Value shown as recorded in the filing; status defaulted announced.

  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. Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Signal Processing Semiconductors and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 16 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 397 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 (396) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    The Observed Premium Sits with Durable Growth, Design-Ins and Earnings Delivery.

    The Observed Premium Sits with Durable Growth, Design-Ins and Earnings Delivery..

    Closing — The Observed Premium Sits with Durable Growth, Design-Ins and Earnings Delivery. 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 Observed Premium Sits with Durable Growth, Design-Ins and Earnings Delivery. NeuraCap AI — Signal Processing Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Signal Processing Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Signal Processing Semiconductors (Information Technology › Semiconductors and Semiconductor Equipment › Signal Processing Semiconductors) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Signal Processing 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: AmpliTech Group, Inc. (AMPG), Credo Technology Group Holding Ltd (CRDO), GCT Semiconductor Holding, Inc. (GCTS), MaxLinear, Inc. (MXL), Impinj, Inc. (PI), Qorvo, Inc. (QRVO), Silicon Laboratories Inc. (SLAB), STMicroelectronics N.V. (STM), Skyworks Solutions, Inc. (SWKS). The market map groups them by business vertical — Diversified signal-chain and embedded silicon: 8 companies (STM, CRDO, SWKS, QRVO, MXL, SLAB, PI, GCTS); Adjacent: wireless network equipment: 1 company (AMPG). 7 of the 9 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 Signal Processing Semiconductors (Information Technology › Semiconductors and Semiconductor Equipment › Signal Processing Semiconductors) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Signal Processing 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: AmpliTech Group, Inc. (AMPG), Credo Technology Group Holding Ltd (CRDO), GCT Semiconductor Holding, Inc. (GCTS), MaxLinear, Inc. (MXL), Impinj, Inc. (PI), Qorvo, Inc. (QRVO), Silicon Laboratories Inc. (SLAB), STMicroelectronics N.V. (STM), Skyworks Solutions, Inc. (SWKS). The market map groups them by business vertical — Diversified signal-chain and embedded silicon: 8 companies (STM, CRDO, SWKS, QRVO, MXL, SLAB, PI, GCTS); Adjacent: wireless network equipment: 1 company (AMPG). 7 of the 9 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

16 records failed a validation gate and never feed a statistic in this report (15 excluded from aggregate; 1 quarantined). Each exclusion, with its reason: AMPG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AMPG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AMPG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AMPG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AMPG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GCTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · GCTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · GCTS — Implied EBITDA margin -290.8% outside the plausible band [-100%, 80%] (effect: quarantined) · GCTS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · GCTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GCTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GCTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GCTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MXL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SLAB — 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 (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (7 of 9 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Signal Processing Semiconductors and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue is 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: 5 of 9 companies; EV / rEVenue: 8 of 9 companies; P/E: 7 of 9 companies. 2 companies show a non-meaningful EV / EBITDA denominator and are excluded from that statistic. 1 company shows a non-meaningful P / E denominator and is 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 ≥41.3x, Core 15.6x–41.3x, Discount <15.6x — 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: 21.7x = median(pe_ratio CY2027E) (7 rated companies) · 56.1x = median(pe_ratio CY2027E) within Premium tier (n=2) · 21.7x = median(pe_ratio CY2027E) within Core tier (n=3) · 10.6x = median(pe_ratio CY2027E) within Discount tier (n=2) · 27.6x = median(pe_ratio CY2027E) | growth ≥ 20% (n=4) · 17.0x = median(pe_ratio CY2027E) | growth < 20% (n=3) · 46% = 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 Signal Processing 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. 41 transactions were recorded for this industry; 15 are shown. 26 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: 22 × no evidence record; 14 × deal value unit unresolved; 2 × duplicate precedent id; 1 × self transaction; 2 × divestiture roles reassigned. Case studies lead with the 2 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. 401 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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