Is SkyWater Technology, Inc. (SKYT) A Good Stock To Buy Now?

June 13, 2026 - 17:26

A recent bullish thesis on SkyWater Technology, Inc. (SKYT) has been making the rounds, suggesting the semiconductor company might be undervalued. As of June 8th, shares were trading at $36.85, with a trailing price-to-earnings ratio of 16.22 and a forward P/E of 185.19. That wide gap between the two ratios signals that analysts expect earnings to drop sharply in the near term, which usually raises a red flag.

The bull case, however, focuses on SkyWater's unique position as a pure-play U.S. foundry. Unlike many chip companies that design their own products, SkyWater manufactures chips for other firms, including defense and aerospace clients. This model gives it a steady revenue stream from long-term government contracts. The thesis argues that as demand for domestic chip production grows, SkyWater could see a significant boost in orders.

Still, the high forward P/E suggests the market is already pricing in a lot of future growth. If that growth doesn't materialize quickly, the stock could face pressure. Investors should weigh the potential for a government-driven tailwind against the risk of a prolonged earnings slump. For now, the stock looks like a speculative bet on U.S. semiconductor policy rather than a sure thing.