Credo Technology Group Holding Ltd key statistics and ratios

In fiscal 2026, Credo Technology Group Holding Ltd had return on equity of 34.4%, an operating margin of 33.3%, debt equal to 0.0% of equity and a current ratio of 10.15. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Credo Technology Group Holding Ltd: financial ratios, annual
Fiscal year	2020Apr 2020	2021Apr 2021	2022Apr 2022	2023Apr 2023	2024Apr 2024	2025May 2025	2026May 2026	LTMAug 2026
Gross margin	85.6%	65.2%	60.1%	57.7%	61.9%	64.8%	68.0%	67.1%
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%
Return on equity	—	—	−15.9%	−4.9%	−6.4%	8.5%	34.4%	22.5%
Return on assets	—	−17.7%	−8.3%	−4.3%	−5.7%	7.4%	30.4%	20.3%
Asset turnover	—	0.38	0.40	0.48	0.39	0.62	0.86	0.60
Current ratio	—	11.00	12.54	10.58	11.88	6.62	10.15	7.40
Debt to equity	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	36.6%	—	—	—	—	4.9%	0.7%	0.2%
R&D as % of revenue	51.2%	59.4%	45.0%	41.7%	49.9%	33.6%	20.9%	21.5%
SG&A as % of revenue	30.6%	48.8%	32.8%	26.2%	31.2%	22.6%	13.8%	13.9%
Capital spending as % of revenue	16.4%	10.3%	16.5%	11.8%	8.1%	8.3%	4.3%	3.9%
Free cash flow ÷ net income	<−999%	—	—	—	—	55.6%	86.2%	81.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Credo Technology Group Holding Ltd: financial ratios, quarterly
Quarter	2025 Q2Nov 2024	2025 Q3Feb 2025	2025 Q4May 2025	2026 Q1Aug 2025	2026 Q2Nov 2025	2026 Q3Jan 2026	2026 Q4May 2026	2027 Q1Aug 2026
Gross margin	63.2%	63.6%	67.2%	67.4%	67.5%	68.5%	68.2%	64.5%
Operating margin	−11.7%	19.4%	19.9%	27.2%	29.4%	36.8%	35.7%	25.2%
Net margin	−5.9%	21.7%	21.5%	28.4%	30.8%	38.6%	38.7%	27.0%
Free-cash-flow margin	−16.2%	−0.3%	31.9%	23.0%	14.4%	34.3%	40.6%	17.3%
Current ratio	10.84	7.67	6.62	7.41	8.86	10.82	10.15	7.40
R&D as % of revenue	44.1%	26.9%	28.5%	23.5%	21.6%	19.3%	20.7%	23.9%
SG&A as % of revenue	30.8%	17.4%	18.8%	16.7%	16.5%	12.5%	11.8%	15.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Credo Technology Group Holding Ltd's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Credo Technology Group Holding Ltd.