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Share-Based Compensation
 12 Months Ended
Jun. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-Based Compensation Plans
As of the end of fiscal 2025, we had the following equity compensation plans under which equity securities were authorized for issuance to our employees and directors:
2025 Inducement Equity Plan
Effective January 27, 2025, we adopted the 2025 Inducement Equity Plan (“2025 Inducement Plan”) which provides for the issuance of option or appreciation rights, restricted stock units (“RSU”) or dividend equivalents to our employees. Awards granted under the 2025 Inducement Plan will not exceed 1,700,000 shares of common stock. As of June 2025, 693,494 shares of our common stock are reserved for issuance under the 2025 Inducement Plan. Equity awards granted under the 2025 Inducement Plan generally vest ratably over two years from the vesting commencement date.
Amended and Restated 2019 Equity and Incentive Compensation Plan
Our Synaptics Incorporated Amended and Restated 2019 Equity and Incentive Compensation Plan (“2019 Incentive Plan”) provides for the grant of equity-based compensation in the form of stock options, stock appreciation rights, RSUs, cash incentive awards, shares with performance conditions (“PSU”) or market-based conditions (“MSU”) and other stock-based awards. As of June 2025, 2,675,325 shares of our common stock are reserved for issuance under the 2019 Incentive Plan. The performance metrics of PSU and MSU awards can be financial performance and/or market-based conditions. Each PSU and MSU award reflects a target number of shares that may be issued to an award recipient before adjusting based on our financial performance and/or market-based conditions. The actual number of shares that an award recipient receives at the end of the period may range from 0% to 300% of the target number of shares granted, depending upon the achievement of the performance target designated by each individual award.
Our 2025 Inducement Plan and 2019 Incentive Plan are collectively referred to as “Stock Compensation Plans.”
Restricted Stock Units
RSUs granted generally vest ratably over two to four years from the vesting commencement date. RSU activity, including RSUs granted, delivered and forfeited in fiscal 2025, and the balance and aggregate intrinsic value of RSUs as of the end of fiscal 2025 were as follows:
RSU
Awards
Outstanding 		Average
Grant Date
Fair Value
Balance as of June 20241,620,006$101.4 
Granted2,694,317$60.2 
Vested(882,655)$103.0 
Forfeited(450,388)$84.4 
Balance as of June 20252,981,280$66.3 
At the end of fiscal 2025, the aggregate intrinsic value of RSUs expected to vest was $193.1 million. Our closing stock price of $64.78 on the last day of trading in fiscal 2025 was used to calculate the intrinsic value for the RSUs.
The unrecognized share-based compensation cost for RSUs granted under Stock Compensation Plans was $157.4 million as of the end of fiscal 2025, which will be recognized over a weighted average period of 1.8 years.
Market Stock Units
MSU activity, including MSUs granted, delivered and forfeited in fiscal 2025, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2025 were as follows:
MSU Awards
Outstanding 		Weighted
Average
Grant Date
Fair Value
Balance at June 2024200,513$249.2 
Granted120,765$113.5 
Vested(55,603)$195.9 
Forfeited(160,700)$211.4 
Balance at June 2025104,975$179.1 
At the end of fiscal 2025, the aggregate intrinsic value of MSUs expected to vest was $6.8 million. Our closing stock price of $64.78 on the last day of trading in fiscal 2025 was used to calculate the intrinsic value for the MSUs. The unrecognized share-based compensation cost of our outstanding MSUs was $6.4 million as of the end of fiscal 2025, which will be recognized over a weighted average period of 0.9 years.
The fair value of each MSU granted from our plans estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:
202520242023
Expected volatility of company52.4%52.6%55.2%
Expected volatility of Index
14.9%-213.7%
11.5%-762.5%
17.9% - 320.7%
Correlation coefficient0.730.690.61
Expected life in years2.872.872.87
Risk-free interest rate3.86%4.65%3.24%
Fair value per award
$71.14 - $182.80
$159.79 - $268.61
$218.15- $438.24
Performance Stock Units
PSU activity, including PSUs granted, delivered and forfeited in fiscal 2025, and the balance and aggregate intrinsic value of PSUs as of the end of fiscal 2025 were as follows:
PSU Awards
Outstanding 		Weighted
Average
Grant Date
Fair Value
Balance at June 2024265,362$99.3 
Granted205,025$78.3 
Vested(17,757)$127.9 
Forfeited(261,244)$93.9 
Balance at June 2025191,386$81.5 
We value PSUs using the aggregate intrinsic value on the grant date and amortize the compensation expense over the three-year service period on a ratable basis, dependent upon the probability of meeting the performance measures. The PSU awards outstanding balance at June 2025 is based on the target grant quantity and does not include any performance adjustment of shares for completed performance periods.
At the end of fiscal 2025, the aggregate intrinsic value of PSUs expected to vest was $12.4 million. Our closing stock price of $64.78 on the last day of trading in fiscal 2025 was used to calculate the intrinsic value for the PSUs.
The unrecognized share-based compensation cost of our outstanding PSUs was $8.9 million as of June 2025, which will be recognized over a weighted average period of 0.8 years.
Employee Stock Purchase Plan
Our employee stock purchase plan (“2019 ESPP”) allows employees to designate up to 15% of their base compensation, subject to legal restrictions and limitations, to purchase shares of common stock at 85% of the lesser of the fair market value at the beginning of the offering period or the exercise date. Under the 2019 ESPP, the offering period extends for up to one year and includes two exercise dates occurring at six-month intervals. Under the terms of our 2019 ESPP, if the fair market value at an exercise date is less than the fair market value at the beginning of the offering period, the current offering period will terminate and a new offering period will commence. As of June 2025, 449,103 shares of our common stock are reserved for issuance under the 2019 ESPP Plan.
Shares purchased, weighted average purchase price, cash received and the aggregate intrinsic value for employee stock purchase plan purchases were as follows:
202520242023
Shares purchased237,508211,425172,044
Weighted average purchase price$58.53 $74.22 $91.88 
Cash received$13.9 $15.7 $15.8 
Aggregate intrinsic value$2.5 $4.1 $2.8 
The fair value of each award granted under our 2019 ESPP was based on the Black-Scholes option pricing model. The fair value per award for fiscal 2025, 2024 and 2023 was $22.58, $34.54 and $40.70, respectively. Unrecognized share-based compensation costs for awards granted under our 2019 ESPP at the end of fiscal 2025 were $4.9 million that will be amortized over the next 8 months.
Stock-Based Compensation Expense
Share-based compensation and the related tax benefit for our stock-based awards recognized in the accompanying consolidated statements of income were as follows:
202520242023
Cost of revenue$(1.7)$4.1 $4.0 
Research and development68.8 61.0 52.7 
Selling, general and administrative45.7 53.7 65.9 
Total$112.8 $118.8 $122.6 
Income tax benefit on share-based compensation$8.4 $8.6 $13.2