SkyWater Technology (SKYT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

SkyWater Technology

NasdaqCM•Technology•Semiconductors

$32.46+32.46(0.00%)Market closed

Market Cap

$1.60B

P/E

13.6x

P/S

2.5x

P/B

8.6x

SkyWater Technology, Inc., together with its subsidiaries, provides semiconductor manufacturing services in the United States. The company operates through two segments, Legacy SkyWater and SkyWater Texas. The company offers foundry services; advanced technology services (ATS); wafer manufacturing services for analog, mixed-signal, MEMS, and specialty CMOS devices; and advanced semiconductor packaging. The company serves quantum computing, aerospace and defense, automotive, bio-health, and industrial sectors. SkyWater Technology, Inc. was incorporated in 2016 and is headquartered in Bloomington, Minnesota.

How this company scores

WeakMetricSide Score: 63/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Growth (23/25); weakest: Cash & Earnings Quality (6/25).

Profitability19/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality6/25

Strengths

Growing revenueHigh ROERising earningsLow leverage

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.6x5y range 12.4x – 13.9x

Currently near its 4-quarter median.

P/S · 2.5x5y range 2.5x – 7.9x

Currently below its 19-quarter median.

P/B · 8.6x5y range 7.8x – 36.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.60B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $638.84M
Q. Revenue: $156.38M
TTM EBITDA: $46.24M
TTM Op. Income: $4.56M
Q. Op. Income: $1.91M
TTM Net Income: $117.55M
Q. Net Income: $-6.38M
EPS: $-0.13
Shares Out.: $49.24M

$638.84M in TTM revenue grew 120.5% YoY, reaching $156.38M last quarter. TTM EBITDA of $46.24M and TTM operating income of $4.56M show growth is flowing through to the bottom line. TTM net income of $117.55M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 22.5%
EBITDA Margin: 1.4%
Op. Margin: 1.2%
Net Margin: -4.1%

Op. margin of 1.2% is up 12.2% YoY — cost efficiency is improving. Net margin at -4.1% and gross margin of 22.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 111% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.6x
P/S Ratio: 2.5x
P/B Ratio: 8.6x

At 13.6x P/E, the stock trades below typical market levels. P/S of 2.5x and P/B of 8.6x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $722.47M
Cash: $12.58M
Long-Term Debt: $61.07M
Book Value: $185.79M
D/E Ratio: 0.3
Debt/EBITDA: 27.7

With $722.47M in assets and $61.07M in long-term debt, D/E is 0.3and book value is $185.79M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-14.34M
TTM Free Cash Flow: $-95.14M
FCF Margin: -14.9%
FCF / Net Income: -0.8

TTM FCF of $-95.14M on $-14.34M in operating cash flow. The FCF / Net Income ratio of -0.8x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.