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Credo Technology Group Holding Ltd (CRDO) stock

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NASDAQ: CRDO Nasdaq Semiconductors Next results ~November 30, 2026

C+ Fundamentals grade

Credo Technology Group Holding Ltd is a US-listed company in the semiconductors industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$52

Cash-flow model

Base case. Range ~$41–$66 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 63% below it.

Price used: $140.02, November 2, 2026

Credo Technology Group Holding Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Credo Technology Group Holding files

Where Credo Technology stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $1.59bn, up 165.1% on a year earlier, slower than 205.7% a quarter earlier. Free-cash-flow margin rose to 27.6% from 15.6% a year earlier. Operating margin widened to 31.7% from 18.7%. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $16.88 a share, against a share price of $175.

Source: 10-Q filed September 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 30, 2026 (estimated)

Credo Technology Group Holding Ltd's trailing-twelve-month revenue grew 165.1% year on year, with a free-cash-flow margin of 27.6%. Where it stands out: revenue growth of 165.1% ranks 4 of 75 semiconductor companies we cover. Where it lags: change in growth rate of -40.6pp ranks 72 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$52 per share in the base case (~$41–$66 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Balance sheet growing far ahead of sales: Total assets grew 233% year over year while revenue grew 165% — the balance sheet is expanding 68 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 165.1% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • High operating margin. 31.7% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 13.0 points on a year ago.
  • Strong cash generation. 27.6% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Priced above our value. The share price of $140.02 is 63% above our value per share of $52.
  • Growth slowing. The growth rate is 40.6 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 2.5% in a year.
  • High earnings multiple. The shares trade at 50 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 96% and a beta of 3.5 against the S&P 500.
  • Insiders selling. 10 insiders sold $406M of stock over the past 365 days and none bought (93% under pre-set trading plans).

Latest results: FY2027 Q1

Filed September 2, 2026
Earnings per share
$1.20 against an average estimate of $1.17: beat by 2.7%
Revenue
$479m, up 114.7% on a year earlier
Share reaction
-27.0% in the first session after the results on September 1, 2026, against -0.2% for the S&P 500
Guidance given
revenue $525m to $535m (Second Quarter of Fiscal 2027); GAAP gross margin 62.9% to 64.9% (Second Quarter of Fiscal 2027)
Next report
November 30, 2026; average EPS estimate $1.28

Credo Technology Group Holding's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.3%
  • 1 week-7.4%
  • 1 month-36.0%
  • This year-2.7%
  • 1 year-25.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
31.7%
Net margin
33.8%
EPS (TTM, diluted)
$2.82

Growth

Revenue growth
+165.1%
Change in growth rate
−40.6 pts
Share count change
+2.5%

Cash

Free cash flow (TTM)
$439M
FCF margin
27.6%
Stock pay % of revenue
14.8%

Earnings

Last results
September 1, 2026
Next results (est.)
December 2, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Shareholder vote
  4. Announcement
  5. Product
  6. Announcement
  7. Announcement
  8. Announcement
  9. Product
  10. Announcement
  11. Results
  12. Guidance
  13. Announcement
  14. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Credo Technology Group Holding Ltd valuation models and calculator

What the price is pricing in

The share price implies about 58.8% a year of cash-flow growth for five years.That is slower than the 71.7% a year revenue growth Credo Technology Group Holding has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in58.8%
  • Last 12 months165.1%
  • 3 years a year109.6%
  • 5 years a year71.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($150.36, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$52
Price used
$150.36close November 3, 2026
Implied change
▼ 65%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Credo Technology Group Holding Ltd's free cash flow after stock-based pay with after-tax interest added back ($91M, FY2027 Q1 TTM), growing 66% and 28.3% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$41–~$66 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Credo Technology Group Holding Ltd's free cash flow after stock-based pay ( $91M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Credo Technology Group Holding Ltd as an operating company, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$52 ~$41–$66 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$61–$130 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$140–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.0 ~$4.3–$8.5 Left out: out of range vs price (0.04x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$4.7 ~$4.3–$5.1 Left out: out of range vs price (0.03x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$88 ~$52–$150 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Credo Technology Group Holding Ltd with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +72%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $11$14$17$21$27$34
8.5% $9$11$14$17$21$26
10% $8$10$12$14$17$21

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$11.04$8.11$18.56$48.26$184.38$140.02
Market value$976m$1.2bn$2.9bn$8.7bn$34.7bn$26.7bn
+ Net debt (− = net cash)−$259m−$109m−$67m−$236m−$1.2bn−$467m
Enterprise value$717m$1.1bn$2.8bn$8.5bn$33.5bn$26.2bn
Multiples
Price / sales 9.2x6.5x14.9x20.0x26.0x16.8x
Price / earnings ———167.5x73.5x49.6x
Price / free cash flow ——168.5xn/m85.3x60.9x
EV / EBITDA ———144.0x69.9x48.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Credo Technology Group Holding's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.4% of total assets over 5 years.

  • Pricing power 19 / 20

    Gross margin has been a median 62.5%, moving by 3.5 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -7.4%; its worst year was -20.5%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 2 of 5 years, at a median -5.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 30, 2026, after the close. Analysts expect revenue of $532m and EPS of $1.28 (range $1.22 to $1.32) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.31 +82% $2.5bn +88%
Next $9.71 +54% $3.9bn +55%

Next year's EPS estimate has moved +7.0% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.0% on 90 days ago. In the last 30 days, 15 analysts raised Credo Technology Group Holding Ltd's forecast and 3 cut it.

Consensus EPS forecast Credo Technology Group Holding Ltd, last 90 days
$6.00 $7.00 $8.00 $9.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.13 Current fiscal year, 60 days ago: $6.15 Current fiscal year, 30 days ago: $6.31 Current fiscal year, 7 days ago: $6.31 Current fiscal year, Now: $6.31 $6.31 Next fiscal year, 90 days ago: $9.08 Next fiscal year, 60 days ago: $9.12 Next fiscal year, 30 days ago: $9.69 Next fiscal year, 7 days ago: $9.69 Next fiscal year, Now: $9.71 $9.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.13$9.08
60 days ago $6.15$9.12
30 days ago $6.31$9.69
7 days ago $6.31$9.69
Now $6.31$9.71

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.17 $1.20 +2.7%
Apr 2026 $1.03 $1.16 +12.2%
Jan 2026 $0.94 $1.07 +13.7%
Oct 2025 $0.50 $0.67 +35.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 1, 2026
  • Revenue Second Quarter of Fiscal 2027 $525m to $535m
    “Revenue is expected to be between $525 million and $535 million” source
  • GAAP gross margin Second Quarter of Fiscal 2027 62.9% to 64.9% GAAP
    “GAAP gross margin is expected to be between 62.9% and 64.9%, and non-GAAP gross margin is expected to be between 67.0% and 69.0%” source
  • non-GAAP gross margin Second Quarter of Fiscal 2027 67% to 69% Non-GAAP
    “GAAP gross margin is expected to be between 62.9% and 64.9%, and non-GAAP gross margin is expected to be between 67.0% and 69.0%” source
  • GAAP operating expenses Second Quarter of Fiscal 2027 $199m to $204m GAAP
    “GAAP operating expenses are expected to be between $199 million and $204 million, and non-GAAP operating expenses are expected to be between $100 million and $105 million” source
  • non-GAAP operating expenses Second Quarter of Fiscal 2027 $100m to $105m Non-GAAP
    “GAAP operating expenses are expected to be between $199 million and $204 million, and non-GAAP operating expenses are expected to be between $100 million and $105 million” source

How earlier guidance turned out

  • GAAP gross margin, First Quarter of Fiscal Year 2027 guided 66.9% to 68.9% Below range: 64.525692%
  • Revenue, First Quarter of Fiscal Year 2027 guided $465m to $475m Above range: $479m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Credo Technology Group Holding Ltd's revenue by +66.0% next year and +28.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+78.9%, weight 56%) , management guidance (+97.7%, weight 19%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1995%
Hold15%
Sell00%

Monthly trend

  1. Oct 202651420
  2. Sep 202651420
  3. Aug 202641419
  4. Jul 202641419

Counts of recommendations published by analysts covering Credo Technology Group Holding Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
1.09
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
9.1%
of shares
Employees
807
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −25.4%

$187.62 on October 31, 2025 to $140.02

ThenNowEffect
Revenue (last 12 months) $600m $1.6bn +165.1%
Net margin 20.8% 33.8% +62.3%
P/E multiple n/m 49.6x −82.2%
Share count 186m 191m −2.4%

Biggest factor: p/e multiple.

Last 3 years +842.9%

$14.85 on November 3, 2023 to $140.02

ThenNowEffect
Revenue (last 12 months) $173m $1.6bn +820.6%
P/S multiple 12.7x 16.8x +32.3%
Share count 148m 191m −22.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 2023202420252026 to date
Return
CRDO+46%+245%+114%−3%
Industry peers (median)+15%−15%+16%+17%
S&P 500+26%+25%+18%+11%
Months that ended higher
CRDO42%67%67%36%
S&P 50067%75%75%46%
Largest fall from a high during the year
CRDO−62%−33%−61%−54%
S&P 500−10%−8%−19%−9%

Worst fall since January 27, 2022: 62% from February 14, 2023 to May 4, 2023. Getting back needed a 163% gain, reached on December 15, 2023, 225 days after the low.

Price behaviour

52-week range
$87.81 – $302.52
From 52-week high
−53.7%
vs 50-day average
−25.0%
vs 200-day average
−22.7%
Volatility (1 year)
96%
Beta vs S&P 500
3.49

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±15.4%
After a week
6 up, 6 down
typical move ±16.8%
After a month
7 up, 5 down
typical move ±19.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 1, 2026 −27.0% −0.2% −25.8% −7.1%
June 1, 2026 −3.0% +0.4% −5.8% +9.8%
March 2, 2026 −13.3% −0.8% +3.3% −16.4%
February 9, 2026 +20.9% +0.2% +12.0% +4.0%
September 3, 2025 +7.8% +1.4% +31.9% +20.4%
June 2, 2025 +18.0% +1.1% +16.6% +46.6%
March 4, 2025 −7.3% −0.1% −14.0% −14.6%
December 2, 2024 +44.4% +0.2% +36.9% +44.9%
September 4, 2024 −15.7% −0.4% −15.7% −2.3%
May 29, 2024 +23.9% −1.4% +27.8% +54.1%
February 27, 2024 −0.6% +0.1% −6.9% −5.0%
November 29, 2023 −3.3% +0.3% −4.8% +5.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Credo Technology Group Holding Ltd’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.03× the last 60 days’ realised volatility .
  • Puts are priced 4 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CRDO Credo Technology Group Holding Ltd Grade C+ $150.43

Own 100 shares, sell the $155 call expiring December 11, 2026 (38 days) for $15.80 a share — $1,580 per contract.

Bid $15.80, ask $18.60, quoted Tue 3 Nov, 14:22 New York time with CRDO at $150.43. Option prices move with the shares: check the live chain at your broker before trading.

  • If CRDO ends below $155: you keep your shares and the $1,580 — 10.5% extra on the position, 100.9% a year at that pace.
  • If it ends above $155: your shares are sold at $155, a total return of 13.5% including the premium — at or above our value of ~$52.
$2.0k $0 −$2.7k Break-even $134.63 Price $150.43 ← Our value ~$52
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,580
Annualised
100.9%
Break-even
$134.63
Max gain
$2,037.5
Chance of selling
~53%

Results are expected around December 2, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $135 put and sell the $155 call, both expiring December 11, 2026 (38 days).

  • Net credit of $3.40 a share ($340 per contract of 100 shares).
  • Worst case at expiry: -8.0%, if the shares fall below $135 (-10.3% from today).
  • Best case at expiry: +5.3%, if the shares rise above $155 (+3.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $52.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Credo Technology Group Holding Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Credo Technology Group Holding Ltd
$0 $500M $1B $1.5B $2B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $165.5M Revenue (TTM), FY24 Q3: $164.3M Revenue (TTM), FY24 Q4: $193M Revenue (TTM), FY25 Q1: $217.6M Revenue (TTM), FY25 Q2: $245.6M Revenue (TTM), FY25 Q3: $327.5M Revenue (TTM), FY25 Q4: $436.8M Revenue (TTM), FY26 Q1: $600.1M Revenue (TTM), FY26 Q2: $796.1M Revenue (TTM), FY26 Q3: $1.1B Revenue (TTM), FY26 Q4: $1.3B Revenue (TTM), FY27 Q1: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $165.5M
FY24 Q3 $164.3M
FY24 Q4 $193M
FY25 Q1 $217.6M
FY25 Q2 $245.6M
FY25 Q3 $327.5M
FY25 Q4 $436.8M
FY26 Q1 $600.1M
FY26 Q2 $796.1M
FY26 Q3 $1.1B
FY26 Q4 $1.3B
FY27 Q1 $1.6B
Revenue growth, TTM YoY Credo Technology Group Holding Ltd
-100% 0% 100% 200% 300% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -1.0% Revenue growth, TTM YoY, FY24 Q3: -13.4% Revenue growth, TTM YoY, FY24 Q4: 4.8% Revenue growth, TTM YoY, FY25 Q1: 25.9% Revenue growth, TTM YoY, FY25 Q2: 48.4% Revenue growth, TTM YoY, FY25 Q3: 99.4% Revenue growth, TTM YoY, FY25 Q4: 126.3% Revenue growth, TTM YoY, FY26 Q1: 175.8% Revenue growth, TTM YoY, FY26 Q2: 224.2% Revenue growth, TTM YoY, FY26 Q3: 226.1% Revenue growth, TTM YoY, FY26 Q4: 205.7% Revenue growth, TTM YoY, FY27 Q1: 165.1% 165.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -1.0%
FY24 Q3 -13.4%
FY24 Q4 4.8%
FY25 Q1 25.9%
FY25 Q2 48.4%
FY25 Q3 99.4%
FY25 Q4 126.3%
FY26 Q1 175.8%
FY26 Q2 224.2%
FY26 Q3 226.1%
FY26 Q4 205.7%
FY27 Q1 165.1%
Operating margin (TTM) Credo Technology Group Holding Ltd
-40% -20% 0% 20% 40% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: -25.7% Operating margin (TTM), FY24 Q3: -27.7% Operating margin (TTM), FY24 Q4: -19.2% Operating margin (TTM), FY25 Q1: -17.1% Operating margin (TTM), FY25 Q2: -14.9% Operating margin (TTM), FY25 Q3: -1.4% Operating margin (TTM), FY25 Q4: 8.5% Operating margin (TTM), FY26 Q1: 18.7% Operating margin (TTM), FY26 Q2: 25.1% Operating margin (TTM), FY26 Q3: 30.2% Operating margin (TTM), FY26 Q4: 33.3% Operating margin (TTM), FY27 Q1: 31.7% 31.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 -25.7%
FY24 Q3 -27.7%
FY24 Q4 -19.2%
FY25 Q1 -17.1%
FY25 Q2 -14.9%
FY25 Q3 -1.4%
FY25 Q4 8.5%
FY26 Q1 18.7%
FY26 Q2 25.1%
FY26 Q3 30.2%
FY26 Q4 33.3%
FY27 Q1 31.7%
FCF margin (TTM) Credo Technology Group Holding Ltd
-20% 0% 20% 40% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: -1.6% FCF margin (TTM), FY24 Q3: 0.2% FCF margin (TTM), FY24 Q4: 8.9% FCF margin (TTM), FY25 Q1: -7.0% FCF margin (TTM), FY25 Q2: -12.2% FCF margin (TTM), FY25 Q3: -7.4% FCF margin (TTM), FY25 Q4: 6.6% FCF margin (TTM), FY26 Q1: 15.6% FCF margin (TTM), FY26 Q2: 18.0% FCF margin (TTM), FY26 Q3: 26.6% FCF margin (TTM), FY26 Q4: 30.5% FCF margin (TTM), FY27 Q1: 27.6% 27.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 -1.6%
FY24 Q3 0.2%
FY24 Q4 8.9%
FY25 Q1 -7.0%
FY25 Q2 -12.2%
FY25 Q3 -7.4%
FY25 Q4 6.6%
FY26 Q1 15.6%
FY26 Q2 18.0%
FY26 Q3 26.6%
FY26 Q4 30.5%
FY27 Q1 27.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Credo Technology Group Holding took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Other income $30.4M · 2.3%
  3. Cost of revenue $427M · 32.0%
  4. Gross profit $908M · 68.0%
  5. Research and development $279M · 20.9%
  6. Selling, general and admin $184M · 13.8%
  7. Operating income $445M · 33.3%
  8. Net income $472M · 35.4%

Shares of revenue. Source: Credo Technology Group Holding's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 54 59 106 184 193 437 1,335 1,591
Gross profit 46 38 64 106 119 283 908 1,067
EBITDA 4 −23 −17 −12 −23 59 480 543
Operating income 2 −25 −22 −21 −37 37 445 505
Net income 1 −28 −22 −17 −28 52 472 538
Diluted EPS $0.00 −$0.40 −$0.25 −$0.11 −$0.18 $0.29 $2.51 $2.82
Growth (year on year)
Revenue — +9.0% +81.4% +73.0% +4.8% +126.3% +205.7% +165.1%
EBITDA — −692.6% — — — — +712.1% +300.4%
Operating income — <−999% — — — — +>999% +349.6%
Net income — <−999% — — — — +805.0% +330.2%
Diluted EPS — — — — — — +765.5% +319.7%
Margins
Gross margin 85.6% 65.2% 60.1% 57.7% 61.9% 64.8% 68.0% 67.1%
EBITDA margin 7.2% −39.2% −16.1% −6.4% −12.1% 13.5% 35.9% 34.1%
Operating margin 3.8% −43.0% −20.6% −11.5% −19.2% 8.5% 33.3% 31.7%
Net margin 2.5% −46.9% −20.8% −9.0% −14.7% 11.9% 35.4% 33.8%
Free-cash-flow margin −35.5% −82.5% −45.5% −25.2% 8.9% 6.6% 30.5% 27.6%
Cash flow
Cash from operations −10 −42 −31 −25 33 65 464 500
Capital spending 9 6 18 22 16 36 57 62
Free cash flow −19 −48 −48 −46 17 29 407 439
Stock-based pay 1 3 9 24 39 77 183 235
Free cash flow after stock pay −20 −51 −58 −70 −22 −48 224 203
Balance sheet
Cash 74 104 259 109 67 236 1,165 467
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −74 −104 −259 −109 −67 −236 −1,165 −467
Diluted shares 72m 69m 88m 147m 155m 181m 188m 191m
Returned to shareholders
Buybacks 0 23 0 0 — — — —
Total returned 0 23 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · August 1, 2026
What it owns · $3.0bn
Short-term assets $1.5bnLonger-term assets $1.5bn
What it owes, and who funded it · $3.0bn
Short-term liabilities $198mLonger-term liabilities $86mShareholders' equity $2.7bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $198m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $86m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Credo Technology Group Holding Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.5%
year over year
R&D spending
21.5%
of revenue
Sales & admin spending
13.9%
of revenue
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated CRDO TSEM DIOD VIAV PENG MBLY Median
Revenue, last 12 months $1.6bn $1.6bn $1.6bn $1.5bn $1.7bn $2.0bn $1.1bn
Revenue growth, last 12 months 165.1% 9.1% 17.8% 40.0% 26.5% 3.4% 13.7%
Revenue growth, 3-year average 109.6% 45.8% −5.7% 11.1% 6.3% −0.0% 3.9%
Revenue growth, latest quarter 114.7% — 21.7% 52.5% 67.7% −2.4% 20.1%
Gross margin 67.1% 23.2% 31.7% 57.7% 27.7% 48.6% 48.3%
Operating margin 31.7% 12.4% 4.8% 6.9% 4.0% −207.0% 4.8%
Operating margin, 3-year average 11.1% 13.1% 4.9% 4.8% 3.3% −132.4% 4.8%
Net margin 33.8% 14.1% 5.3% −2.0% 10.4% −201.2% 5.3%
Cash from operations / revenue 31.4% 25.3% 15.3% 7.5% −8.8% 20.8% 17.4%
Free-cash-flow margin 27.6% −3.1% 8.7% 5.5% −9.4% 15.8% 9.6%
Free-cash-flow margin, 3-year average 12.0% 5.3% 6.0% 7.0% 0.9% 20.0% 8.5%
Stock pay / revenue 14.8% 2.4% 2.0% 3.6% 1.8% 17.1% 5.8%
Change in share count 2.5% 1.1% −0.2% 1.7% 4.8% 0.7% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 165.1% 13.7% 4 of 75
Change in growth rate Growth -40.6pp +3.7pp 72 of 75
Gross margin Profitability 67.1% 48.3% 11 of 73
Operating margin Profitability 31.7% 4.8% 11 of 75
Net margin Profitability 33.8% 5.3% 8 of 75
Free-cash-flow margin Cash generation 27.6% 9.6% 11 of 75
Stock pay as % of revenue Cash generation 14.8% 6.4% 55 of 74
Change in share count Balance sheet 2.5% 0.9% 51 of 72
Days sales outstanding Balance sheet 66 days 58 days 43 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 2, 2026
Geography
Region Revenue Share YoY
United States $768M 57.5% ▲ 1079.9%
Hong Kong $378M 28.3% ▲ 55.2%
RESTOFTHEWORLD $85.2M 6.4% ▲ 92.4%
China $80.9M 6.1% ▲ 1.1%
Taiwan $22.7M 1.7% ▲ 527.1%

From Credo Technology Group Holding Ltd's 10-K filed June 15, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$35.7B
Institutions reporting
973
Shares held vs prior quarter
▼ 3.1%
Positions opened / closed
337 / 71

Top buyers and sellers, Q2 2026: 638 institutions bought and 342 sold ; the biggest buyer was Jennison Associates LLC (+2.4M shares) and the biggest seller Wellington Management Group LLP (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.8B 17.8M 13.5% ▼ 10.4%
Vanguard Portfolio Management LLC $2.2B 8.2M 6.3% ▼ 8.6%
Vanguard Capital Management LLC $2B 7.4M 5.7% ▲ 2.8%
Point72 Asset Management, L.P. $1.7B 6.2M 4.7% ▼ 17.7%
State Street Corp $1.1B 4.2M 3.2% ▼ 13.4%
Geode Capital Management, LLC $877M 3.2M 2.5% ▼ 26.3%
Price T Rowe Associates Inc $723M 2.7M 2.0% ▲ 91.8%
Jennison Associates LLC $722M 2.7M 2.0% ▲ 974.6%
SRS Investment Management, LLC $700M 2.6M 2.0% ▲ 2.7%
Bank Of America Corp $594M 2.2M 1.7% ▲ 13.7%
Millennium Management LLC $543M 2.0M 1.5% ▲ 178.6%
FMR LLC $481M 1.8M 1.3% ▼ 35.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Credo Technology Group Holding Ltd's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $406M 661 trades by 10 insiders · 93% under pre-set plans
Net ▼ $406M net selling
Insider Date Trade Shares Price Value
Brennan William Joseph Pres & Chief Executive Officer November 17, 2027 Sell pre-set plan 15,000 $17.71 $265,650
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 500 $168.02 $84,008
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 4,700 $167.30 $786,325
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 7,812 $166.31 $1.3M
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 2,588 $165.40 $428,053
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 800 $164.19 $131,349
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 500 $162.87 $81,434
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 2,400 $162.06 $388,947
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 4,500 $161.14 $725,149
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 2,400 $160.16 $384,385
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 300 $159.35 $47,806
Cheng Chi Fung Chief Technology Officer October 27, 2026 Sell pre-set plan 200 $157.60 $31,521

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of Credo Technology Group Holding Ltd shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded July 2, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded June 30, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 20, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • September 1, 2026
  • June 1, 2026
  • March 2, 2026
  • February 9, 2026
  • September 3, 2025
  • June 2, 2025

Recent SEC filings

Data status

When each part of this page on Credo Technology Group Holding Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Credo Technology Group Holding Ltd in brief

What does Credo Technology Group Holding Ltd do?
Credo Technology Group Holding Ltd is a US-listed company in the semiconductors industry. Its financial year ends in April.
What is Credo Technology Group Holding Ltd's stock ticker?
Credo Technology Group Holding Ltd trades under the ticker CRDO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Credo Technology Group Holding Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Credo Technology Group Holding Ltd reported revenue of $1.6B, 165.1% higher than a year earlier, according to its SEC filings.
What is Credo Technology Group Holding Ltd's free cash flow?
Credo Technology Group Holding Ltd's free-cash-flow margin is 27.6% of revenue over the trailing twelve months, ranking 11 of the 75 semiconductor companies we cover.
What is Credo Technology Group Holding Ltd's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Credo Technology Group Holding Ltd's free cash flow after stock-based pay gives ~$52 per share in the base case, and ~$41–$66 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Credo Technology Group Holding Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Credo Technology Group Holding Ltd's market cap?
On November 2, 2026, Credo Technology Group Holding Ltd's market capitalisation was about $26.7B, with a price-to-earnings ratio of 49.6 and net debt of -$467M. Market figures come from third-party market data and may be delayed.
Who are Credo Technology Group Holding Ltd's competitors?
In our Semiconductors peer group, the companies closest to Credo Technology Group Holding Ltd are Tower Semiconductor LTD, Diodes Inc, Viavi Solutions Inc., Penguin Solutions, Inc. and Mobileye Global Inc. The side-by-side comparison below sets their revenue, margins and growth against Credo Technology Group Holding Ltd's.
Are insiders buying or selling Credo Technology Group Holding Ltd stock?
Over the last 12 months, Credo Technology Group Holding Ltd's directors and officers reported 0 open-market purchases and 661 sales on Form 4. The insider trading page charts every trade.
When is Credo Technology Group Holding Ltd's next earnings date?
Around November 30, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Credo Technology Group Holding Ltd announces its own schedule.