Qorvo (QRVO) concentration risks

The company's concentration profile is dominated by a single customer dependency that is among the more pronounced in the semiconductor space. Apple Inc. accounted for 50% of total revenue in fiscal year 2026 — a high-share dependency by disclosed size. The character is one of dependency: the company's revenue is substantially levered to Apple's purchasing decisions, product launch cadence, and supply-chain strategies. A design-win loss, a shift to internal chipset development, or an inventory correction at Apple would affect half of total revenue with no comparable alternative customer to absorb the impact. The secondary customer exposure is considerably more contained. Samsung Electronics accounted for 10% of total revenue in both fiscal years 2026 and 2025 — a low-share dependency. At that level, Samsung adds a degree of customer diversification, but the combined weight of Apple and Samsung together indicates that two smartphone OEMs account for a substantial majority of revenues, making the business highly sensitive to the premium handset market and the supply decisions of its two largest buyers. On balance, the concentration profile is dominated by the Apple exposure and should be evaluated primarily through that lens. There are no disclosed geographic, supplier, or product-type concentrations layered on top, but the customer-side structure alone is sufficient to make the investment case highly sensitive to Apple's component sourcing strategy. Any signal of Apple internalizing radio frequency components or shifting share to alternative suppliers would be the most impactful concentration-related event to monitor.

For the engine’s reasoning on QRVO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.