Key Takeaways
- Navitas Semiconductor fell 15% today, along with STMicroelectronics and onsemi, as AI chip stocks extended their post-midterm slide.
- Navitas had no news of its own, and its third-quarter revenue rose 33% from the second quarter.
- The catch is scale: breakeven now takes more than $60 million of quarterly revenue, against $16 million guided for the fourth quarter.
- NVIDIA’s Nov. 17 report is the next read on the 800-volt timing Navitas’s growth depends on.
Navitas Semiconductor (NVTS) fell 15% today, a day after it rallied on a third-quarter beat and a Rosenblatt upgrade. Chip stocks extended Wednesday’s losses on worries that Democrats’ larger-than-expected midterm wins mean a slower AI buildout.
Bigger, profitable power-chip makers selling into AI data centers fell too: STMicroelectronics (STM) and onsemi (ON).
Good numbers didn’t help
onsemi fell 11% two days after its own report helped lift Navitas, with AI data-center revenue up 175% from a year earlier in the third quarter. It’s also buying Ferric to chase the same processor-level power sockets Navitas bought Claros for.
STMicro is down 12% after its third-quarter revenue rose 17.9% from a year earlier to $3.76 billion. Microchip Technology (MCHP), down 13%, grew June-quarter sales 38% and worked with Navitas on an 800-volt reference design in October. Investors are selling AI power exposure wherever they find it, however good the latest quarter.
TIKR tracks 7 analysts on Navitas Semiconductor. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Navitas Semiconductor, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Navitas Semiconductor’s Analyst Ratings
Navitas has the most riding on 2027
Analysts went into Tuesday’s report expecting revenue to grow from $47.7 million this year to $116 million in 2028:
Navitas then guided 2026 to $49.1 million, above that consensus. Its quarterly revenue has climbed since it bottomed at the end of 2025:
And third-quarter revenue of $14.0 million was up 33% from the second.
But the big payoff is still ahead. Navitas expects AI infrastructure revenue to roughly triple in 2027. Meanwhile, fourth-quarter operating expenses of $25.0 million, Claros included, are higher than revenue. Investors are paying up for AI growth that hasn’t arrived yet, which is why Navitas fell harder than its peers.
Cheaper, but not cheap
At the last close, Navitas traded at 34x forward sales, a touch above its three-year average of 31x and far below its 162x peak in May:
Today’s drop puts it at about 28x.
The business didn’t break today
Bottom line: investors marked down the AI buildout today, while Navitas’s own numbers just got better, with a backlog running into mid-2027, the company says. For anyone who liked Tuesday’s quarter, the stock now sits near its three-year average on sales.
Of course, if the slower buildout investors fear does show up, Navitas’s 2027 jump slips with it. NVIDIA’s Nov. 17 report is the next read on that timing.
So what is Navitas stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
