Synaptics Incorporated

Worth knowing

• Stock pay outran buybacks. Stock-based pay expense $381M vs $221M spent repurchasing shares over the 3 fiscal years to FY Jun 2026. Shares outstanding changed +1.4% from June 2023 to August 2026.

  Over three fiscal years Synaptics recorded $381M of stock-based pay expense and spent $221M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Synaptics recorded $381M of stock-based pay expense and spent $221M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Jun 2026.

  Synaptics paid employees $149M in stock in FY Jun 2026, 12% of its $1.2B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Valuation signals disagree. Cheaper than 46% of peers on free cash flow, but only 0% on earnings.

  Relative to its free cash flow, Synaptics looks cheaper than 46% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

• Not profitable yet. Reported a loss in the 12 months to June 2026.

  Synaptics reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.