Compound-semi and photonics peer EV/Sales multiples (2025/2026E)

Wolfspeed multiples distorted by Chapter 11 emergence Sept 2025 and $4.6B debt reduction. IQE trailing multiple inflated by trough revenue denominator. Forward multiples normalize as revenue recovers.
Chart: Shawarma CapitalSource: Operator research dump 2026-05-05, Shawarma Capital modelGet the data Download imageCreated with Datawrapper