Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our careers looking for businesses that own their customers. Skyworks is the opposite: a business owned by its customer. It is a technically excellent radio-frequency chipmaker whose fortunes are set in Cupertino, not Irvine, and the past eighteen months have provided the cleanest demonstration of that fact we could ask for — Apple dual-sourced a part Skyworks used to supply exclusively, Skyworks lost 20-25% of its content in the iPhone 17, and the stock lost roughly a third of its value in a single day in February 2025. No business with genuine pricing power experiences that. Management's answer is to merge with Qorvo, its similarly situated rival, suspend the dividend, and take on several billion dollars of debt to do it.
Recent filings analysed: FWP (2026-08-04), 8-K (2026-08-03), 8-K (2026-08-03), 8-K (2026-07-28).
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