On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said CEO David Aldrich has completely reinvented the company.
Cramer added that Skyworks has shifted into the health care and auto industries, diversifying its business and lowering its dependency on the smartphone and tablet market.
The company has a dividend and buyback program, no debt and continues to take market share, he said.
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He suggested investors are viewing Skyworks' earnings report as a "read" on what Apple's (AAPL) earnings results will be like when it reports after Wednesday's close.
Instead, a more accurate read is ARM Holdings (ARMH), which also reported earnings. The company is "much more Apple-related," he said, noting that ARMH reported somewhat disappointing results.
ARM Holdings has a good story, "but they don't have the growth that Skyworks has," he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.