SkyWater Technology - Public Comps and Valuation Multiples

SkyWater Technology Overview

About SkyWater Technology

SkyWater Technology Inc is a U.S.-based, independent, pure-play technology foundry that offers semiconductor development and manufacturing services from its fabrication facilities. In its technology as a service model, it leverages a foundation of proprietary technology, engineering to co-develop process technology intellectual property (IP) with its customers that enable disruptive concepts through its Technology Services for diverse microelectronics (integrated circuits) and related micro- and nanotechnology applications. It focuses on serving diversified, high-growth, end users in numerous vertical markets, including computation, aerospace and defense (A&D), automotive and transportation, bio-health, and industrial.

Founded

2016

HQ

Employees

702

Website

skywatertechnology.com

Sectors

Semiconductors
Electronic Components
DeepTech

Financials

LTM Revenue $403M

LTM EBITDA $32.9M

EV

$766M

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SkyWater Technology Financials

As of September 2025, SkyWater Technology reported last 12-month revenue of $403M and EBITDA of $32.9M.

In the same period, SkyWater Technology generated $74.3M in LTM gross profit and -$29.9M in net income.

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SkyWater Technology P&L

In the most recent fiscal year, SkyWater Technology reported revenue of $342M and EBITDA of $25.3M.

SkyWater Technology expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$403M	XXX	$342M	XXX	XXX	XXX
Gross Profit	$74.3M	XXX	$69.6M	XXX	XXX	XXX
Gross Margin	18%	XXX	20%	XXX	XXX	XXX
EBITDA	$32.9M	XXX	$25.3M	XXX	XXX	XXX
EBITDA Margin	8%	XXX	7%	XXX	XXX	XXX
EBIT	$0.5M	XXX	$6.6M	XXX	XXX	XXX
EBIT Margin	0%	XXX	2%	XXX	XXX	XXX
Net Profit	-$29.9M	XXX	-$6.8M	XXX	XXX	XXX
Net Margin	-7%	XXX	-2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$48.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for SkyWater Technology including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $403M. EBITDA for the last twelve months was $32.9M. In the most recent fiscal year, SkyWater Technology achieved $342M in revenue and $25.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$403M	Analyst estimates available to subscribers	$342M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$74.3M	Analyst estimates available to subscribers	$69.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	18.4% gross margin	Analyst estimates available to subscribers	20.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$32.9M	Analyst estimates available to subscribers	$25.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	8.2% EBITDA margin	Analyst estimates available to subscribers	7.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$0.5M	Analyst estimates available to subscribers	$6.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	0.1% EBIT margin	Analyst estimates available to subscribers	1.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$29.9M	Analyst estimates available to subscribers	-$6.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-7.4% net profit margin	Analyst estimates available to subscribers	-2.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$48.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for SkyWater Technology

This financial data table provides comprehensive performance metrics for SkyWater Technology, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

SkyWater Technology generated $403M in revenue over the last twelve months.
The company achieved $32.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $74.3M.
Net income over the last twelve months reached -$29.9M.

Fiscal Year Performance

In the most recent fiscal year, SkyWater Technology reported $342M in total revenue.
Fiscal year EBITDA was $25.3M.
The company maintained a gross profit margin of 20.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 7.4%.
Net profit margin reached -2.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for SkyWater Technology. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

SkyWater Technology Stock Performance

SkyWater Technology has current market cap of $740M, and EV of $766M.

Market Cap Evolution

SkyWater Technology Stock Data

As of October 17, 2025, SkyWater Technology's stock price is $15.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$766M	$740M	XXX	XXX	XXX	XXX	$-0.36

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SkyWater Technology Valuation Multiples

SkyWater Technology's trades at 2.2x EV/Revenue multiple, and 30.3x EV/EBITDA.

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SkyWater Technology Financial Valuation Multiples

As of October 17, 2025, SkyWater Technology has market cap of $740M and EV of $766M.

Equity research analysts estimate SkyWater Technology's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

SkyWater Technology has a P/E ratio of -24.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$740M	XXX	$740M	XXX	XXX	XXX
EV (current)	$766M	XXX	$766M	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	2.2x	XXX	XXX	XXX
EV/EBITDA	23.2x	XXX	30.3x	XXX	XXX	XXX
EV/EBIT	1556.3x	XXX	116.7x	XXX	XXX	XXX
EV/Gross Profit	10.3x	XXX	n/a	XXX	XXX	XXX
P/E	-24.7x	XXX	-109.0x	XXX	XXX	XXX
EV/FCF	-2208.7x	XXX	106.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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SkyWater Technology Margins & Growth Rates

SkyWater Technology's last 12 month revenue growth is 40%

SkyWater Technology's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

SkyWater Technology's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

SkyWater Technology's rule of X is 109% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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SkyWater Technology Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	40%	XXX	33%	XXX	XXX	XXX
EBITDA Margin	8%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	77%	XXX	52%	XXX	XXX	XXX
Rule of 40	45%	XXX	48%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	109%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	4%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	18%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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