PDF Solutions
PDFSNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $39.16 Prior regular-session close from the quote source.
- $40.00–$43.30 Regular-session low and high so far today.
- 383.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $23.55–$71.69 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PDFS if its yield, quality, and operational-efficiency tools stay embedded as chipmaking gets more complex, revenue can compound and margins can finally scale, but GAAP profitability is still thin.
PDFS price history
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Investment thesis
What must happen next
Rising semiconductor manufacturing complexity keeps customers paying for specialized yield, quality, and operational-efficiency data solutions rather than relying solely on internal tools.StrengtheningMateriality: High
FY2025 GAAP annual revenue was $219.0 million, up from $179.5 million in FY2024 and $165.8 million in FY2023. If this driver holds, PDFS can keep compounding from a niche base; if it breaks, revenue growth becomes cyclical project work rather than a durable platform.
Watch: Large semiconductor manufacturers standardize on internally built fab data platforms and reduce third-party analytics spend before reported revenue slows.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual revenue was $219.0 million, up from $179.5 million in FY2024 and $165.8 million in FY2023.
Open source ↗PDFS’ domain-specific software and data workflows remain sufficiently embedded in customer manufacturing processes to protect pricing and mix.StrengtheningMateriality: High
FY2025 GAAP annual gross profit was $158.4 million on $219.0 million of revenue, implying a gross margin of about 72%. Gross-margin durability is the difference between valuable vertical software and lower-quality consulting or integration revenue.
Watch: Customers force price concessions because PDFS tools are treated as optional analytics rather than mission-critical production infrastructure.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit was $158.4 million on $219.0 million of revenue, implying a gross margin of about 72%.
Open source ↗The company’s reusable data-software platform must convert incremental gross profit into GAAP operating income rather than being consumed by R&D, sales, and customer-specific implementation work.HoldingMateriality: Medium
FY2025 GAAP annual operating income was $5.8 million, up from $0.9 million in FY2024 and a small operating loss in FY2023. Owners need proof that revenue growth can become earnings power; otherwise valuation depends on perpetual future margin hopes.
Watch: New wins require bespoke engineering and field-application support that scale like consulting headcount rather than software.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating income was $5.8 million, up from $0.9 million in FY2024 and a small operating loss in.
Open source ↗Customer contracts and deployment economics must continue producing operating cash flow so PDFS can invest through semiconductor cycles without depending on external financing.StrengtheningMateriality: Medium
FY2025 GAAP annual operating cash flow was positive at $24.1 million. Positive cash conversion gives the company time to build its platform; weak cash conversion would make the model riskier despite revenue growth.
Watch: Customers push for longer payment terms, usage-based billing, or milestone acceptance that shifts revenue growth into working-capital drag.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating cash flow was positive at $24.1 million.
Open source ↗Management must preserve enough balance-sheet flexibility to fund product investment and semiconductor-cycle volatility, rather than letting acquisitions or commitments consume the cash cushion.WeakeningMateriality: Medium
Cash and cash equivalents were $42.2 million at FY2025 year-end. A stronger balance sheet lets PDFS play offense in a niche market; a weaker one raises dilution, debt, or underinvestment risk.
Watch: Another large acquisition or earnout drains cash without accelerating platform adoption.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $42.2 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
Rising semiconductor manufacturing complexity keeps customers paying for specialized yield, quality, and operational-efficiency data solutions rather than relying solely on internal tools. If this driver holds, PDFS can keep compounding from a niche base; if it breaks, revenue growth becomes cyclical project work rather than a durable platform.
PDFS’ domain-specific software and data workflows remain sufficiently embedded in customer manufacturing processes to protect pricing and mix. Gross-margin durability is the difference between valuable vertical software and lower-quality consulting or integration revenue.
The company’s reusable data-software platform must convert incremental gross profit into GAAP operating income rather than being consumed by R&D, sales, and customer-specific implementation work. Owners need proof that revenue growth can become earnings power; otherwise valuation depends on perpetual future margin hopes.
Customer contracts and deployment economics must continue producing operating cash flow so PDFS can invest through semiconductor cycles without depending on external financing. Positive cash conversion gives the company time to build its platform; weak cash conversion would make the model riskier despite revenue growth.
Management must preserve enough balance-sheet flexibility to fund product investment and semiconductor-cycle volatility, rather than letting acquisitions or commitments consume the cash cushion. A stronger balance sheet lets PDFS play offense in a niche market; a weaker one raises dilution, debt, or underinvestment risk.
All standing thesis claims
Original report summary
its yield, quality, and operational-efficiency tools stay embedded as chipmaking gets more complex, revenue can compound and margins can finally scale, but GAAP profitability is still thin.
Bull case and bear case
Bull case and bear case for PDF Solutions
Where the evidence on PDF Solutions disagrees: Mixed on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 3 strengthening, 1 holding and 1 weakening.
Bull case: what the evidence supports
Rising semiconductor manufacturing complexity keeps customers paying for specialized yield, quality, and operational-efficiency data solutions rather than relying solely on internal tools.
PDFS’ domain-specific software and data workflows remain sufficiently embedded in customer manufacturing processes to protect pricing and mix.
The company’s reusable data-software platform must convert incremental gross profit into GAAP operating income rather than being consumed by R&D, sales, and customer-specific implementation work.
Customer contracts and deployment economics must continue producing operating cash flow so PDFS can invest through semiconductor cycles without depending on external financing.
Bear case: what the evidence questions
Management must preserve enough balance-sheet flexibility to fund product investment and semiconductor-cycle volatility, rather than letting acquisitions or commitments consume the cash cushion.
Thesis-Break Engine
What has broken in PDF Solutions’s thesis
Each break OptimistFi flagged on PDF Solutions, dated — with what has historically followed the same kind of break across the market, not a forecast for PDF Solutions.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Pdf Solutions filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Pdf Solutions filed an SEC 8-K on 2026-05-15: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Pdf Solutions filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large semiconductor manufacturers standardize on internally built fab data platforms and reduce third-party analytics spend before reported revenue slows.
- Customers force price concessions because PDFS tools are treated as optional analytics rather than mission-critical production infrastructure.
- New wins require bespoke engineering and field-application support that scale like consulting headcount rather than software.
- Customers push for longer payment terms, usage-based billing, or milestone acceptance that shifts revenue growth into working-capital drag.
- Another large acquisition or earnout drains cash without accelerating platform adoption.
PDFS news
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Financial statements
PDFS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PDFS: quick answers
- When does PDF Solutions (PDFS) report earnings next?
- PDF Solutions's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is PDFS's short interest?
- As of October 30, 2026, 3.5M PDFS shares were sold short, 8.31% of its shares outstanding, up 6.0% from the count before. At the stock's average daily volume that is 5.8 days to cover. FINRA publishes the count twice a month. PDFS short interest history
- Which well-known investors own PDFS?
- 1 of the 37 well-known funds tracked here reported PDFS shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
PDFS in well-known investors’ portfolios
1 of 37 funds reported PDFS shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.00% | $340K | New | Q2 2026 |