PDF Solutions, Inc.
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Range $50 – $74
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About the company
PDF Solutions, Inc. offers a comprehensive array of solutions to the semiconductor sector, encompassing proprietary software, physical intellectual property for integrated circuit designs, electrical measurement hardware, proven methodologies, and professional services. The company maintains a global presence, with significant operations in the United States, China, Japan, Taiwan, and other international regions.
- CEO
- John K. Kibarian
- IPO
- 2001
- Employees
- 600
- HQ
- Santa Clara, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.87B
- P/E
- 177.17
- Fwd P/E
- 34.57
- PEG
- 1.18
- P/S
- 7.74
- P/B
- 4.90
- EV/EBITDA
- 59.75
- Div Yield
- 0.00%
- Gross Margin
- 71.46%
- Op Margin
- 8.15%
- Net Margin
- 4.27%
- ROE
- 3.47%
- ROIC
- 2.71%
Latest fiscal year · YoY change
- Revenue
- $219.02M+22.0%
- Gross Profit
- $158.40M+26.4%
- Op Income
- $5.85M
- Net Income
- $-640,000-115.8%
- EPS
- $-0.02-114.8%
- OCF Growth
- +147.9%
- FCF Growth
- -15.1%
- 52W High
- $71.69
- 52W Low
- $18.93
- 50D MA
- $54.84
- 200D MA
- $40.13
- Beta
- 1.65
- RSI (14)
- 41
- Avg Volume
- 669.80K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
PDF Solutions posted a strong Q1 with 26% revenue growth, higher profitability, and management reiterated full-year growth and margin progress targets while highlighting strong demand for Exensio, secureWISE, and eProbe.· May 7, 2026
- Q1 revenue was $60.1 million, up 26% year over year, with platform revenue up 36% to $50.9 million.
- Gross margin was 76% and operating margin was 25%, both showing progress toward the company’s long-term targets.
- Backlog ended at $246 million, up 9% year over year, supported by several large Exensio and Cimetrix bookings.
- Management said eProbe is on track for 6 shipments this year, with 5 expected to be revenue-generating and 1 likely a demo machine.
- The company reiterated 2026 revenue growth consistent with its 20% long-term target and continued progress toward 77% gross margin and 27% operating margin.
For Q1 2026, PDF Solutions reported total revenue of $60.1 million, up 26% year over year. Platform revenue was $50.9 million, up 36%, while volume-based revenue was $9.2 million, down 12% due mainly to lower gain share. Gross margin came in at 76% versus 77% last quarter, operating margin was 25% versus 18% a year ago, net income was $12.6 million versus $8.1 million, and EPS was $0.31 versus $0.21. Backlog was $246 million, up 9% year over year. Looking ahead, management reiterated that 2026 revenue should grow year over year in line with its 20% long-term target and that it expects meaningful progress toward 77% gross margin and 27% operating margin.
John Kibarian framed the quarter as a strong start to the year, saying bookings and product development showed PDF is advancing toward being the semiconductor industry’s leading commercial data analytics and mission-critical platform. He emphasized that AI is changing semiconductor engineering and manufacturing, and said customers are increasingly engaging PDF to understand how its platform can help with that transition. His tone was notably optimistic, describing this as the most interesting business environment he has seen in 25 years at the company.
Adnan Raza highlighted several large bookings, including a double-digit million-dollar Exensio Test Operations booking, an Exensio renewal with a large fabless customer, and a fab control software booking in Asia. He said gross margin was 76%, operating margin was 25%, and operating profit was approximately $15 million, while net income reached $12.6 million and EPS was $0.31. Cash, cash equivalents and short-term investments ended at $31 million, down from $42 million, largely because about $10 million was used for CapEx tied to eProbe systems; he also said CapEx should increase this year versus last, but cash is expected to grow later in the year, especially in the second half.
Analysts focused on eProbe demand, the pipeline for 2027, secureWISE expansion, CapEx, customer concentration, and gross margin sensitivity to volume-based revenue. Management said about one-third of the 6 planned eProbe shipments should go to net-new customers, with 5 of the 6 expected to generate revenue and 1 likely serving as a demo machine; it also said any additional machines not shipped this year would likely start contributing next year. On secureWISE, management said the product is expanding from equipment vendors into fabs, OSATs, fabless companies, and eventually foundries, with a deep pipeline and early customer validation such as Intel standardizing on secureWISE.
The bull case from this call is that demand appears broadening across Exensio, secureWISE, and eProbe, with multiple large bookings and a backlog up 9% year over year. Management also believes AI-driven changes in semiconductor engineering could deepen customer engagement and support larger, more strategic deals. The company is already near its new margin targets, implying operating leverage could continue to improve.
The main risks flagged on the call are execution and timing around eProbe manufacturing, since the business is spending heavily on CapEx to support 6 shipments this year and some machines may slip into next year. Volume-based revenue was down 12% due to lower gain share, reminding investors that part of the business can be volatile. Management also noted the company remains concentrated in a few large customers, even as it expects the mix to broaden.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 77.7%
- Shares Outstanding
- 41.87M
- Float Shares
- 32.53M
of shares held by institutions
209 13F filers
Buy/sell ratio 2.67. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 5.55M | ▲ 684.16K |
| Vanguard Group Inc | 3.09M | ▼ 65.10K |
| Needham Investment Management LLC | 2.06M | ▲ 42.30K |
| Vanguard Capital Management LLC | 1.66M | ▲ 276.13K |
| State Street Corp | 1.39M | ▲ 194.09K |
| Wasatch Advisors LP | 1.38M | ▲ 873.00K |
| Barrow Hanley Mewhinney & Strauss LLC | 1.32M | ▲ 179.08K |
| Ranger Investment Management, L.P. | 1.15M | ▼ 129.98K |
| Janus Henderson Group PLC | 1.04M | ▲ 123.53K |
| Snyder Capital Management L P | 1.03M | ▼ 26.48K |
| Jpmorgan Chase & Co | 927.27K | ▲ 912.60K |
| Geode Capital Management, LLC | 917.96K | ▲ 115.74K |
Held by 241 ETFs
Biggest fund positions in PDFS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 12, 26 | Zhang Shuo | sell | 1,501 |
| Jul 1, 26 | Strojwas Andrzej | other | 5,360 |
| Jul 1, 26 | Strojwas Andrzej | other | 1,356 |
| Jul 1, 26 | Zhang Shuo | other | 2,689 |
| Jul 1, 26 | GUSTAFSON MICHAEL B | other | 2,689 |
| Jul 1, 26 | CHAN CHI-FOON | other | 2,689 |
| Jul 1, 26 | BRONSON JOSEPH R | other | 2,689 |
| Jul 1, 26 | Li Ye Jane | other | 2,689 |
| Jul 1, 26 | Erba Nancy | other | 2,689 |
| Jul 1, 26 | Raza Adnan | other | 23,450 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PDFS coverage
Recent articles, reports, and earnings notes.
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