Direct Answer
60 SEC filers are classified under the Standard Industrial Classification code that describes the rf semiconductors industry, and their latest annual reports show $542.8 billion of combined revenue and a median operating margin of -2.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Radio frequency semiconductor makers produce the amplifiers, filters and switches that let phones and base stations transmit and receive signals. Content per phone rises with new bands and standards, and revenue concentrates in a few handset makers. The first numbers to compare across companies here are revenue by customer, content per device and gross margin.
Key Industry Metrics
- Revenue by customer: Sales by large handset and equipment makers. A few brands buy most chips, so the split shows how much results depend on a single phone program.
- Content per device: The dollar value of radio chips in each phone or device. New bands and standards raise content, so sales can grow even when phone shipments are flat.
- Gross margin: Revenue left after wafers, assembly and test. Specialized processes and scale help, while pricing pressure and underused plants reduce it.
- Design wins: Customer selections for new phone or infrastructure designs. Wins determine content in specific models, so they are an early sign of share for the next cycle.
- Inventory: Chips on hand and at customers. Handset demand shifts quickly and seasonally, so rising stock can lead to order cuts or price discounts.
Primary Macro Drivers
- Smartphone volumes and 5G content: Phones carry more filters and amplifiers as bands multiply, so volumes and 5G content per phone drive revenue.
- Wi-Fi and infrastructure: New Wi-Fi standards and base station upgrades add radio chips outside handsets, widening the customer base.
- Customer product cycles: A few handset makers decide launch timing and volumes, so their product cycles drive revenue by quarter and inventory.
- Capacity: Owning or accessing specialized plants for filters and amplifiers decides how much can be shipped and at what cost, affecting gross margin.
Major Risks
- Customer concentration: A few phone makers account for most revenue, so a lost socket or program change moves results; watch top-customer share and design wins.
- Cyclical handset demand: Handset demand swings with replacement timing, so revenue can drop sharply in weak periods; watch revenue by customer and inventory.
- Competition: Rivals and handset makers' in-house designs pressure share and price; watch gross margin, content per device and design wins.
- Component pricing: Phone makers negotiate price-downs as volumes grow, squeezing gross margin; watch gross margin and content per device.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
RF Semiconductors Filers in the SEC Record
60 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3674. Their latest fiscal years end between 2025 and 2026, and together they reported $542.8 billion of revenue. Median revenue growth over the prior year was 20.3%. Median operating margin was -2.3% and median net margin -1.7%. Median total liabilities were 34% of total assets, and 27 of 60 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Nvidia Corp | $215.9 billion | 65.5% | 60.4% | 55.6% | FY 2026 |
| Broadcom Inc. | $63.9 billion | 23.9% | 39.9% | 36.2% | FY 2025 |
| Intel Corp | $52.9 billion | -0.5% | -4.2% | -0.5% | FY 2025 |
| Micron Technology Inc | $37.4 billion | 48.9% | 26.1% | 22.8% | FY 2025 |
| Advanced Micro Devices Inc | $34.6 billion | 34.3% | 10.7% | 12.5% | FY 2025 |
| Applied Materials Inc | $28.4 billion | 4.4% | 29.2% | 24.7% | FY 2025 |
| Texas Instruments Inc | $17.7 billion | 13.0% | 34.1% | 28.3% | FY 2025 |
| Nxp Semiconductors N.V. | $12.3 billion | -2.7% | 24.8% | 16.5% | FY 2025 |
The 8 largest of 60 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The RF Semiconductors guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the RF Semiconductors industry?
Key performance indicators for the RF Semiconductors industry include: Revenue by customer, Content per device, Gross margin, Design wins, Inventory. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the RF Semiconductors industry?
The RF Semiconductors industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the RF Semiconductors industry?
The primary risks for RF Semiconductors companies include: Customer concentration, Cyclical handset demand, Competition, Component pricing. Investors should assess each company's exposure to these factors and its track record of navigating them.