Earnings Call Intelligence Subscribe
Home › Call Sheets › ALGM › Q1'27
Call sheet · Q1'27

Allegro MicroSystems (ALGM)

Q1'27 earnings call · held July 30, 2026 · compared with the Q4'26 call · management-credibility review
7/12
Disclosure score
1 high, 3 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is current sensors becoming a second growth engine in data center, already at 22% of DC sales with 66% sequential growth and superior margins. Yes, data center is 'more than doubling' this year, but management is already warning about 'lower large numbers' and they're building delinquency from capacity constraints. The binding constraint is back-end capacity, not demand, which explains the OCF deterioration and forced them to leave orders unfilled. Most revealing quote: 'We continue to receive within lead time orders, both in data center and in auto, and so some of those orders couldn't be shipped.' My view changes if they quantify the delinquency backlog or OCF recovers next quarter despite the growth.

The 30-second version

  • Current sensors quietly becoming the real data center story, not fan drivers
  • Data center 'more than doubling' in FY27, but management already walking back sequential growth expectations
  • Robotics revenue already 3-4% of sales while everyone's focused on future humanoids

What changed this quarter

MetricQ4'26Q1'27Change
Total Revenue$243M (+26% YoY)$259M (+27% YoY)+7% sequential acceleration
EPS (non-GAAP)$0.17 (+183% YoY)$0.23 (+156% YoY)+35% sequential surge
Gross Margin50.0%51.1%+110 bps expansion
Operating Margin15.6%19.4%+380 bps explosion
Data Center % of Sales14%17%+300 bps mix shift
Current Sensors % of DC~20%22%Accelerating from zero base
Auto Revenue$164M (+18% YoY)$165M (+15% YoY)Flat sequential, decel YoY
Industrial Revenue$79M (+49% YoY)$94M (+59% YoY)+18% sequential surge
Operating Cash Flow$36M$22M-39% sequential decline
Free Cash Flow$19M$14M-26% sequential drop

Accountability tracked

7 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full ALGM Q1'27 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.