They can be found in everyday consumer products, including smartphones, laptops, televisions, and washing machines. They also have applications in many other areas, such as information technology, artificial intelligence, communications infrastructure, medical equipment, transportation networks and military systems. In fact, it’s no exaggeration to say that semiconductors are integral to the entire global economy.

According to the Semiconductor Industry Association, a record 1.3 trillion units were shipped in 2025 with sales surpassing $600bn for the first time. But with AI infrastructure spending still marching upward, analysts’ forecasts are projecting even more growth before the end of the decade.

This could make UK semiconductor stocks an attractive proposition. But what are the best chip companies to invest in, and is this market sector right for you? 

What are semiconductor stocks?

Semiconductor stocks are companies that design and manufacture computer chips, whose shares can be bought and sold on a public stock market. 

The industry is sometimes divided into two sub-sectors:

• Semiconductors
• Semiconductor Equipment & Materials

Companies in the former category are producers of semiconductor chips. Companies in the latter category supply tools, parts, and equipment to the semiconductor industry.

Top semiconductor stocks in the UK

Here are the leading UK semiconductor shares traded on the London Stock Exchange in order of market cap as of January 2026: 

Oxford Instruments

Oxford Instruments is a long-established and profitable technology company. It’s also currently among the largest UK semiconductor stocks.

The company serves a range of different markets, including materials analysis as well as healthcare & life sciences. But in recent years, semiconductors have become an increasingly larger core part of operations, generating 29% of revenue in 2025 – it’s the second largest segment.

Management has signalled its confidence in further growth in demand by building a new state-of-the-art facility in Bristol to house its compound semiconductor systems business. Capabilities include fault-finding and failure analysis within advanced micro devices for the leading semiconductor manufacturers, and cleanliness control in precision manufacturing.

IQE

IQE describes itself as “the leading global supplier of advanced compound semiconductor wafers”. These wafers have a diverse range of applications across handset devices, telecoms infrastructure, and 3D sensing.

In recent years, the company has struggled to maintain growth, with earnings consistently providing elusive growth, a struggle that continued throughout 2025.

However, entering 2026, thanks to the tailwinds of AI spending, the group’s order book does show signs of strength, offering improved demand visibility.

CML Microsystems

CML Microsystems occupies a profitable niche in the development of mixed-signal, radio frequency, and microwave semiconductors for global communications markets. It targets sub-segments with strong growth profiles and high barriers to entry.

CML believes its diverse, blue-chip customer base and broad product range largely protect it from the cyclicality usually associated with the semiconductor industry.

Nanoco Group

Nanoco is another young UK semiconductor company that’s still loss-making – albeit by a small margin.

Its niche focus on quantum dots and nanomaterials limits the group’s current market penetration opportunities. However, with new technological innovations accelerating, demand for its specialised products is slowly starting to ramp up. And in the meantime, the business has continued to deliver resilient revenues reaching £7.6m in its 2025 fiscal year.

Nevertheless, management continues to describe its business as “a world leader in the development, manufacture and supply of quantum dots and other semiconductor nanomaterials”.

Investing in foreign semiconductor markets

UK semiconductor stocks are relatively small when viewed on the world stage. As such, investors seeking to buy shares in industry giants will have to look to overseas stock markets.

Leviathan Taiwan Semiconductor Manufacturing Co and Dutch colossus ASML can both be traded in the US market. And of course, the US has homegrown powerhouses.

• Nvidia Corporation – $4.45trn market cap
• Broadcom Inc – $1.61trn market cap
• Intel Corporation – $232.4bn market cap
• Qualcomm Inc – $175.9bn market cap

A further option for UK investors is to buy shares of the London-listed exchange-traded fund VanEck Semiconductor ETF. The fund holds 25 of the world’s top chip stocks (including the six just mentioned), and is a one-stop shop for broad exposure to the industry.

Are semiconductor stocks right for you?

Investors considering buying a semiconductor stock need to take a number of things into account. First, it’s important to be aware that the industry is highly cyclical. It’s notorious for periodic supply-and-demand imbalances, leading to spells of feast and famine. Investors need to be prepared to accept some large swings in the share prices of semiconductor stocks.

Another thing to be aware of is that the industry is very much driven by the maxim of ‘smaller, faster, cheaper’. There’s constant pressure on chip companies to come up with ever more advanced technology at lower prices. It can be as short as a few months before one state-of-the-art product is overtaken by another.

To successfully compete for market share, semiconductor companies need to sustain a breakneck pace of innovation. As such, it’s necessary to recycle a high percentage of revenue back into research and development (R&D).

The best chip companies to invest in

While global semiconductor sales growth is a given, translating it into profitable growth is less certain. Therefore, picking the best chip companies to invest in can be tricky.

High gross margins, operating margins, and free cash flow generation, relative to sector peers, can indicate a company that’s operationally efficient and adept at identifying good areas to target R&D. These qualities, together with a strong balance sheet, may better equip a firm to navigate the hazards of the semiconductor cycle.

If you’re prepared to accept some large ups and downs in share prices and to put a bit of work into finding the stronger businesses in the industry, tapping into the structural growth of this market sector may be right for you.

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If you’re like me and own a selection of hand-picked stocks, then researching potential investment ideas is usually more profitable than trying to follow the movements of a high-profile index.

Today, I want to look at two potential buying opportunities for growth investors.

Overlooked and undervalued?

CML Microsystems (LSE: CML) makes semiconductor products, such as flash memory and chips, for wireless data applications. This £78m-cap firm is often overlooked by investors, but has a fairly good track record of growth and profitability.

In a statement today, the company said that profits for the six months to 30 September were in line with expectations. Revenue is expected to clock in at £15m for the half year, with a pre-tax profit of £2.3m.

Net cash was £13.5m at the end of September. That’s almost unchanged from £13.8m in March, despite a £1m dividend payment to shareholders in August.

If we exclude net cash, my sums suggest that CML generated a return on capital employed of almost 13% last year. Operating profit margins also look fairly robust, at about 14%. These aren’t bad figures for a manufacturer, in my view.

The shares currently trade on 18 times 2018/19 forecast earnings, but this multiple falls to a P/E of 15 if we ignore the group’s sizeable cash balance (which doesn’t contribute to profits).

With a dividend yield of 1.8% that’s covered three times by earnings, I think CML could be worth a look for growth investors.

A buying opportunity?

The share price of FTSE 250 firm Electrocomponents (LSE: ECM) has doubled over the last 25 months.

The company — which distributes electronic components through the RS Components and Allied Electronics & Automation brands — is the largest firm of its kind in Europe and the Asia Pacific region. By stocking more than 500,000 products from over 2,500 manufacturers, it’s become a one-stop shop for manufacturers, service operations and many other parts buyers.

I’d normally suggest that a distributor such as Electrocomponents only deserves a modest valuation. But in this case I feel the group’s scale and market share suggest that it has a sustainable advantage, at least in its core European market.

The firm’s profitability seems to support this view. Electrocomponents generated a return on capital employed of 24% last year, with an operating margin of 10%. These impressive figures suggest to me that this could be a high-quality business.

I expect further gains

Three quarters of the group’s profits come from Europe, the Middle East and Africa. I’d imagine that most of these come from Europe — so a recession close to home could hit the firm’s bottom line.

However, there’s no sign of this yet. The group’s latest trading update showed that like-for-like sales rose by 10% during the first half of this year.

Analysts expect Electrocomponents’ adjusted earnings per share to rise by 23% during the 2018/19 financial year, putting the stock on a 2018/19 forecast P/E of 17.5. A 13% dividend increase is expected, giving the shares a prospective dividend yield of 2.5%.

I’d continue to hold and would consider buying on any further weakness.

The post Why I think you should stop worrying about the falling FTSE 100 and consider these growth stocks instead appeared first on The Motley Fool UK.

In my view, both of these companies have the potential to deliver market-beating long-term gains. So they could be ideal pension investments if you’re hoping to retire early.

Electrifying figures

CML Microsystems (LSE: CML) designs and manufactures semiconductors. The company operates in two markets, solid state storage and wireless communications. Shares in this £87m firm have risen by 42% over the last two years, putting CML well ahead of the wider market over the same period.

The group published its full-year results today, showing that revenue rose by 14% to £31.7m for the year to 31 March. Pre-tax profit was 9% higher at £4.6m, and the dividend rose by 5.4% to 7.8p per share.

The company has no debt and its net cash balance rose to a new record of £13.8m during the year. Management expects to use some of this cash to make further acquisitions when opportunities arise, providing a potential catalyst for growth.

What could go wrong?

In today’s results, managing director Chris Gurry warned that issues with the supply of certain raw materials might affect customer purchasing patterns this year. As a result, Mr Gurry expects sales and profit growth to be weighted to the second half of the current year.

My concern is that hoped-for improvements in the second half don’t always happen. There seems to be a risk that earnings could fall short of expectations this year. This only sounds like a short-term blip to me, but it might provide us with an opportunity to buy the stock cheaper at some point later this year.

CML shares trade on a forecast P/E of 20, with a prospective yield of about 1.6%. That’s not cheap, but stripping out net cash (which doesn’t contribute to earnings) gives a cash-adjusted forecast P/E of 17, which seems more reasonable. I’d consider this stock as a long-term buy at around 500p.

It could be the right time to buy

Another company that interests me at current levels is bowling alley operator Ten Entertainment Group (LSE: TEG). This firm floated in April 2017 and is a smaller rival to well-known bowling operator Hollywood Bowl.

Ten Entertainment’s first full-year results as a public firm impressed me in March. Like-for-like sales rose by 3.6% and total sales were 5.5% higher, at £71m. The group’s adjusted profits rose by 18% to £13m, suggesting that new and refurbished centres are making a strong contribution to growth.

Leisure businesses like these are increasingly occupying space that was once used by retailers. So the group’s continued expansion could prove to be well timed.

A winning stock?

The IPO generated enough cash to clear most of the group’s debts, leaving it with net debt of just £4.7m at the end of 2017. Free cash flow of £4.6m compares well with last year’s after-tax profit of £5.2m, suggesting that this business should generate plenty of cash.

Earnings growth is also expected to remain strong. City analysts have pencilled in earnings per share growth of 17% this year and 18% in 2019. With the shares trading on a forward P/E of 14 and a prospective yield of 4.2%, I believe this growth business could be too cheap to ignore.

The post 2 small-cap dividend growth stocks that could help you retire at 55 appeared first on The Motley Fool UK.

The beauty of this approach is that if you’re willing to do your own research, you have a real chance of uncovering some genuine bargains. Today I’m going to look at two profitable small-cap stocks to see if either deserves a buy rating.

Watching the profits

With a market cap of about £35m, AIM-listed Synectics (LSE: SNX) is too small for most funds. This 30 year-old firm specialises in advanced surveillance and security systems. Key customers include oil and gas companies, casinos, transport operators and public authorities.

Today’s full-year results show that revenue fell by £0.8m to £70.1m during the year to 30 November. However, despite flat sales, adjusted pre-tax profit rose by 15% to £3m. Underlying earnings rose by 22% to 15.2p per share.

Stronger cash generation helped to lift the group’s net cash balance from £2.2m to £3.8m at the end of the year, enabling the board to raise the final dividend by 50% to 3p per share. This gives a total payout of 4p per share for the year, equivalent to a yield of about 2.1% at current levels.

Should we be betting excited?

Synectics business is quite lumpy, depending on periodic big orders. These can boost earnings in one year and depress them in the next.

According to management, gaming profits are likely to slow this year, while those from transport could rise. Oil and gas is expected to remain depressed for another year. Overall, the board expects profits to be broadly flat in 2018.

The share price has fallen by 10% today on this downbeat outlook. This has left the stock trading on a forecast P/E of about 13, with a prospective yield of about 3%. In my view this looks like a decent company, but I would prefer to wait for a sharper sell-off before considering an investment.

Faster growth elsewhere?

If you’re looking for a stock with a stronger track record of growth, one alternative might be CML Microsystems (LSE: CML). This Essex-based semiconductor firm produces two main lines of products, solid state storage and radio frequency communications chips.

Both product lines cater for growth sectors of the market, which helps to protect profit margins. Spending on research and development is consistently high, supporting future growth.

A strong recovery

After hitting some stumbling blocks in 2014/15, CML has returned strongly to sales growth. Sales rose from £22.8m to £27.7m last year and are expected to climb by around 15% during the current year.

The picture is less clear when it comes to profit growth. Analysts’ consensus forecasts for the current year suggest earnings of about 23p per share, broadly in line with 2016/17. This puts the stock on a forecast P/E of 23, with a prospective yield of 1.6%.

In my opinion, this could be an attractive growth stock with good long-term potential. CML’s balance sheet is strong and the group’s 15% operating margin is attractive.

On the other hand, I think the current valuation is quite demanding when compared to earnings growth. This is a stock I’d be more tempted to buy during a market correction.

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My positive view is reinforced by City forecasts, but I will come onto that more in the next few minutes. Right now I want to look at another London-quoted stock with quite-terrific profits potential: CML Microsystems (LSE: CML).

Mighty Microsystems

The Maldon-based company — which designs, manufactures and markets mixed-signal and radio frequency semiconductors — was last dealing 10% higher in Monday trading following the release of a brief-but-bubbly first-half trading statement.

It declared that trading between April and September was in line with expectations and “gross revenue and draft operating results are in line with expectations and significantly ahead of the prior year corresponding period.”

Those hoping for an immediate earnings spring are likely to be disappointed — the bottom line is anticipated to fall 5% in the 12 months ending March 2018. However, the business is predicted to bounce back with an 8% advance in fiscal 2019.

CML Microsystems has thrown vast amounts at improving its sales, marketing and R&D operations across the globe in recent periods, measures that have allowed it to diversify its customer base and bolster its product ranges. And as a consequence the tech titan has seen orders swell.

A forward P/E ratio of 21.3 times may be slightly toppy on paper (this perches above the widely-regarded value benchmark of 15 times), although this may still represent attractive value to many investors given the firm’s strong sales momentum.

Cardboard colossus

Looking back at Smurfit Kappa, the City is also expecting earnings to trek lower in the more immediate future. A 7% decline is currently anticipated for 2017.

But on the plus side, this forecast only leaves the packaging ace dealing on a prospective earnings multiple of 12.6 times. And with profits expected to start rising sharply again from next year (a 16% advance is predicted for 2018), I reckon this represents a decent level at which to latch onto the packaging ace.

The Dublin-headquartered business is under the cosh a little right now due to the impact of “continued and unprecedented recovered fibre cost inflation.” Indeed, while revenues rose 5% during January-June, to €4.23bn, this could not prevent EBITDA sinking 4% to €569m as said cost inflation grew by some €75m year-on-year.

However, Smurfit Kappa is taking steps to pass on these costs to its customers, and this is expected to continue as the business moves into 2018.

As the FTSE 100 noted in the first half, “global containerboard supply has been very tight” and the company is well served to meet the demand of clients around the world thanks to its integrated business model.

Furthermore, the Footsie firm’s leading market position in both Europe and the Americas (Smurfit Kappa operates out of 21 countries on the continent and more than a dozen in the Americas) provides a base with which to deliver stunning sales growth. I reckon the paper tiger remains a sound pick for long-term investors unafraid of a little near-term turmoil.

The post A FTSE 100 stock that could make you rich over the next 10 years appeared first on The Motley Fool UK.

Strong performance

Reporting on Tuesday was Radio Frequency semiconductor designer and manufacturer CML Microsystems (LSE: CML). It reported a rise in revenue of 22%, with profit before tax moving 27% higher to £4.2m. This aided cash flow, with the company having a net cash position of £12.5m despite spending £3.6m on the acquisition of Sicomm. This should help fund future growth, as well as leave the potential for further M&A activity.

The company’s improving financial performance is at least partly due to the effect of its long-term focus on R&D, as well as the improving strength of the customer relationships which it has. Revenue advances in the long run seem relatively likely due to the long lead time on new products reaching revenue generation. Therefore, past designs could start to bear fruit in future years.

Looking ahead to next year, CML Microsystems is forecast to report a rise in its bottom line of 11%. It is expected to follow this up with growth of 14% in the next year. This puts its shares on a price-to-earnings growth (PEG) ratio of just 1.4, which suggests now could be the perfect time to buy them.

Growth potential

Also offering upbeat growth potential is lighting specialist Dialight (LSE: DIA). It is expected to report a rise in its bottom line of 33% in the current year. This is forecast to be followed with further growth of 48% in the 2018 financial year, which has the potential to improve investor sentiment in the stock.

Despite its strong growth potential, the company trades on a PEG ratio of 0.4, which appears to be cheap given its scope to raise earnings at a rapid rate. Certainly, there is scope for a downgrade to its outlook, but the market seems to have priced this risk in via a low valuation. This means new investors may benefit from a wide margin of safety even after the company’s shares have doubled during the last year.

As well as growth potential, Dialight also offers a rapidly rising dividend. Shareholder payouts are expected to increase by 43% next year. While this puts the company’s shares on a forward dividend yield of 1%, shareholder payouts are expected to be covered more than five times by profit. This suggests they could increase at a faster rate than earnings and allow the business to eventually become a relatively enticing income stock.

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Does founder exit spell trouble?

Shares of AIM-listed stockbroker Numis Corporation (LSE: NUM) fell by about 5% this morning, after the firm reported a 38% drop in pre-tax profit and said that founder and executive director Oliver Hemsley would step down.

The shock value of the firm’s news may have been high, but closer inspection suggests that things aren’t as bad as they might seem. Mr Hemsley will remain available in an advisory capacity and the firm’s activity levels still seem attractive.

Revenue was down by 8% to £52.4m during the first half, while pre-tax profit fell to £10.5m, down from £16.8m during the first half of last year. This decline left first-half earnings down 34% at 8p per share.

However, that’s still comfortably enough to cover the interim dividend of 5.5p per share, which was left unchanged. The group’s net cash balance was also broadly flat, at £71.2m.

One problem with the Numis business is that profits can be quite lumpy. The company’s biggest profits come from corporate transactions, such as flotations (IPOs). Last year was an exceptional year during which Numis completed 10 IPOs. The market for new flotations has been quieter so far in 2017, and the firm has only completed two so far.

However, “non-primary activity” such as placings remains strong, according to management. Numis says it has completed 10 corporate transactions since the start of April, generating more than £10m of fees. The board remains confident of meeting full-year expectations.

After today’s fall, Numis shares trade on a forecast P/E of 10 with a prospective yield of 4.7%. The group’s cash balance covers about 24% of its share price, giving solid support to the dividend. I think the stock rates as a potential buy at current levels.

Fast-growing cash machine

Shares of electronics supplier CML Microsystems (LSE: CML) rose by 7% this morning, after the company said that full-year profits for last year should be ahead of expectations.

CML said that unaudited figures indicated a pre-tax profit of £4.2m for the year ending 31 March 2017. That’s a 26% increase on the £3.32m figure reported for 2015/16. The group’s net cash balance remained broadly unchanged at £12.4m, despite the acquisition of Sicomm for £3.58m during the first half of the year.

Today’s gains mean that CML shares are now worth 24% more than they were a year ago. That gain reflects the group’s increased profits over the period, so I don’t think it’s excessive.

Although the stock now trades on a forecast P/E of 19 for 2017/18, earnings growth of 14% is forecast for this year. The group’s cash balance and lack of debt means that the risk of financial problems is low and the forecast yield of 1.8% should be safe.

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Investors looking to benefit from the IoT trend should take a closer look at these stocks.

High hopes

Graphics chips designer Imagination Technologies (LSE: IMG) could stand to gain from the growing video processing requirements of IoT devices to deliver ever better user interfaces. The company also has a growing presence in the processing and radio processing chip markets and has high hopes from the scalable IP solutions it can offer to IoT products.

However, investors need to be aware that Imagination is currently heavily exposed to Apple, which accounts for nearly half of the group’s total revenues. With this dependence on a single customer, Imagination’s share price is highly susceptible to Apple’s iPhone sales figures. And since Apple’s new iPhone 7 sales have fallen short of earlier expectations, Imagination’s shares have trended downwards too.

Nevertheless, city broker Liberum is sanguine. It believes that demand for the larger iPhone 7 is doing better than the market currently expects, and supply shortage means Imagination could expect to get higher royalty payments from Apple in 2017.

Car market

As manufacturers rush to install wireless IoT devices in your cars, Laird (LSE: LRD) is well positioned to benefit, especially following its recent foray into the automotive sector. Laird acquired German connected car solutions company Novero back in 2015, in order to gain access to the fast-growing automotive chip sector, but things haven’t been plain sailing.

Novero’s profitability has been a drag on the group’s performance and Laird has been finding the restructuring and integration process costly. But in the longer run, the company’s diversification could eventually pay off for investors. The company has made a big step in the automotive business, and it comes just as smartphone demand is beginning to decline. And since the automotive sector is the fastest-growing segment in the chip market, it offers a very exciting opportunity for the firm.

Industrial applications

The rise of the IoT isn’t just about improving connectivity for consumer goods. We’re seeing the impact of the IoT in industry too. Whether it’ll be in energy, transportation, or manufacturing automation, smarter machines can be used to better track performance, improve efficiency and increase profits. And at the heart of this Industrial Internet of Things, or IioT, is machine-to-machine (M2M) connectivity.

Here, CML Microsystems (LSE: CML), which designs and manufactures mixed-signal and Radio Frequency (RF) semiconductors, stands to benefit. The company is focused on two highly niche markets in global communication and solid state storage, which allows it to concentrate on ensuring quality and reliability, and enables it to meet the demanding specifications of industrial and professional applications.

After a difficult period in the past few years, things are picking up again, with city analysts expecting its earnings to grow by 3% this year, and 16% for 2017/18. This implies the shares are valued at a forward P/E of 20.9 and 18 respectively.

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CML’s sales for the first half of the year are around £13m. This includes a two-month contribution of product revenues from the acquisition of Sicomm of £0.4m. Pre-tax profit is expected to be around £1.9m in the first half of the year and the company’s cash generation continues to be healthy. In fact, as at 30 September, CML has net cash of over £11m. This should provide it with sufficient capital to continue to grow over the medium-to-long term.

CML should also benefit from the relatively high quality and reliability of its technology. This helps to create a competitive advantage in its two highly niche markets of industrial storage and communications. It should allow CML to continue to deliver improved financial performance. And with further investment in R&D, CML has a bright future.

In fact, CML is expected to grow its bottom line by 5% in the current year. While this is a positive outlook for the company, its valuation appears to more than adequately price-in its future potential. For example, CML trades on a price-to-earnings (P/E) ratio of 20.9. In itself, this is expensive but when combined with CML’s growth rate it shows that the company lacks a margin of safety.  

For example, its price-to-earnings growth (PEG) ratio is 4.2. This shows that the company is priced as a growth stock but as far as the current year goes, it lacks the double-digit growth outlook such a high valuation demands.

Of course, CML is set to perform well as a business beyond the current year. It’s well-placed within its markets to deliver further increases in profitability. However, following its 18% share price rise in the last three months, it now lacks appeal compared to sector peers such as Imagination Technologies (LSE: IMG).

Growth ahead

Imagination Technologies has endured a very difficult period that culminated in a loss last year. However, it’s on track to return to profitability in the current year and is expected to grow its bottom line by 34% in the next financial year. Although it trades on an even higher P/E ratio than CML, Imagination Technologies’ rating of 44 equates to a PEG ratio of 1.3 when combined with its forecast growth rate.

As such, Imagination Technologies has a wider margin of safety than CML. Although its near-term prospects remain uncertain due to the challenges it has faced in recent months, its valuation appears to price this in. It may not pay a dividend over the medium term as it returns to full health, while CML yields 2% from a dividend covered 2.6 times by profit. However, Imagination Technologies’ bright outlook means that dividend growth in the long run could be rapid.

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What: Shares of CML Microsystems (LSE: CML), which designs and manufactures semiconductor products and employs 180 personnel, fell by more than 20% to 416.5p after conveying “short-term caution” on revenues.

The firm expects that it will resume revenue growth in commencing in 2015 after securing new contracts, some of which will take the firm into new sub-market areas.

So what: The Essex-based firm reported a 6% increase in pre-tax profit to £5.8m for the year to March, but the improvement in profitability was driven by a strong first six months.

Second-half sales were disrupted by the exit of one of CML’s customers from the embedded storage space, as well as cyclical volatility from the wireless business. These headwinds in the second half of last year will continue to have an impact, but beyond this year the board is “confident of delivering a return to revenue growth”.

Group revenue fell to £24.4m in 2014 from £24.7m a year earlier.

Now what: The final dividend was increased 14% to 6.25p, which will be paid on 1 August to all shareholders on the register at close of business on 4 July. Basic earnings per share increased 7% to 30p and, following this morning’s price movement, the shares may trade on a P/E of 13.9.

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