RF front-end (Apple, Samsung)
Qorvo
Makes smartphone RF front-ends plus high-performance analog and connectivity chips across three groups (High Performance Analog, Connectivity & Sensors, Advanced Cellular). Apple (~47%) and Samsung (~10%) are its largest customers. In October 2025 it agreed to a ~$22B merger with Skyworks.
QRVO Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Qorvo is directly linked to 3 companies (0 supply, 2 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 3 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Three groups: HPA, CSG, ACG (cellular RF)
- Segments · ACG Advanced Cellular (smartphone RF) · HPA High Performance Analog (defense, infra, power) · CSG Connectivity & Sensors
Revenue from
- Apple High confidence· Market share 47% · FY2025 최대 고객 · 10-K customer concentration
Advanced Cellular (ACG) RF front-ends - Apple is the largest customer (~47% in FY2025). The largest customers refresh portfolios with new models yearly, driving results; the 10-K flags Apple as a customer-concentration risk. - Samsung Electronics High confidence· Market share 10%
Galaxy RF front-end, ~10% of FY2025 revenue; the 10-K flags Samsung as a customer-concentration risk. - 방산·인프라·IoT (HPA·CSG 브로드마켓) High confidence
High Performance Analog (HPA - RF, analog mixed-signal, power for defense, aerospace, infrastructure) and Connectivity & Sensors (CSG) are the diversification beyond cellular.
Pays to
- 실리콘 파운드리·자체 제조 (RF 다이) High confidence
Uses leading silicon foundries worldwide plus its own high-fixed-cost internal manufacturing to make RF die and filters, shipping millions of units per day. - RF 필터·소재 (BAW/SAW·기판) Medium confidence
Sources and makes BAW/SAW filters, laminate substrates and specialty materials, integrated into front-end modules.
Investors
- 스카이웍스 (합병, $22B) High confidence· Amount $22B
A ~$22B cash-and-stock merger with Skyworks (Oct 2025), combining the two US RF front-end makers; the 10-K records merger-related costs and risks.Confirms KO Korea Economic Daily Published Oct 28, 2025: Skyworks-Qorvo $22B merger reshapes RF front-end
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Qorvo | node | -5.9 | -42 | +24.2 | -37.9 | +20.8 | +1.5 |
| Skyworks Solutions | benef1 | +2.7 | -39.9 | +26.5 | -18.9 | -25.5 | -2.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
A small-oligopoly maker of smartphone RF front-ends, where concentration in Apple (~47%) and Samsung (~10%) is the source of earnings volatility. The thesis has two axes — cellular (ACG) is tied to the largest customer's model cycle with limited growth, while the diversification axes, High Performance Analog (HPA) and Connectivity & Sensors (CSG), add stability via defense and infrastructure. The ~$22B 2025 merger with Skyworks is a reshaping bet to combine the two U.S. RF leaders for scale and bargaining power. Risks are Apple concentration, stalling smartphone demand, and merger-integration risk.
Analysis generated from returns as of 2026-07-10