A Business at a Glance
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Company Overview At Credo, our mission is to redefine high-speed connectivity by delivering breakthrough solutions that enable the next generation of AI-driven applications. We are committed to enabling faster, more reliable, more energy-efficient, and scalable solutions that support the ever-expanding demands of AI, cloud computing and hyperscale networks. Our connectivity solutions are optimized for optical and electrical Ethernet and PCIe applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) ethernet markets and the 32G PCIe5 and upcoming 64G PCIe6 markets. Our products are based on our Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 509M | 437M | 193M | 184M | 106M | 59M |
| Net Income | 48M | 52M | -28M | -17M | -22M | -28M |
| EPS | $0.27 | $0.29 | $-0.18 | $-0.11 | $-0.25 | $-0.40 |
| Free Cash Flow | 17M | 29M | 17M | -46M | -48M | -48M |
| ROIC | 10.8% | 18.0% | -5.3% | -4.8% | -6.6% | - |
| Gross Margin | 64.5% | 64.8% | 61.9% | 57.7% | 60.1% | 65.2% |
| Debt/Equity | 0.00 | 0.02 | 0.02 | 0.04 | 0.04 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 29M | 37M | -37M | -21M | -22M | -25M |
| Operating Margin | 5.6% | 8.5% | -19.2% | -11.5% | -20.6% | -43.0% |
| ROE | 7.0% | 8.5% | -5.3% | -4.8% | -6.6% | - |
| Shares Outstanding | 172M | 180M | 158M | 150M | 89M | 69M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 54M | 59M | 106M | 184M | 193M | 437M | 509M |
| Gross Margin | 85.6% | 65.2% | 60.1% | 57.7% | 61.9% | 64.8% | 64.5% |
| R&D | 28M | 35M | 48M | 77M | 96M | 146M | 178M |
| SG&A | 16M | 29M | 35M | 48M | 60M | 99M | 121M |
| EBIT | 2.1M | -25M | -22M | -21M | -37M | 37M | 29M |
| Op. Margin | 3.8% | -43.0% | -20.6% | -11.5% | -19.2% | 8.5% | 5.6% |
| Net Income | N/A | -28M | -22M | -17M | -28M | 52M | 48M |
| Net Margin | N/A | -46.9% | -20.8% | -9.0% | -14.7% | 11.9% | 9.4% |
| Non-Recurring | 0 | 0 | 3.1M | 2.4M | 765K | 873K | 873K |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | -6.6% | -4.8% | -5.3% | 18.0% | 10.8% |
| ROE | N/A | N/A | -6.6% | -4.8% | -5.3% | 8.5% | 7.0% |
| ROA | N/A | N/A | -5.9% | -4.2% | -4.7% | 7.4% | 5.9% |
| Cash Flow | |||||||
| Op. Cash Flow | -10M | -42M | -31M | -25M | 33M | 65M | 75M |
| Free Cash Flow | -19M | -48M | -48M | -46M | 17M | 29M | 17M |
| Owner Earnings | -13M | -47M | -45M | -58M | -20M | -34M | -46M |
| CapEx | 8.8M | 6.1M | 18M | 22M | 16M | 36M | 58M |
| Maint. CapEx | 1.8M | 2.2M | 4.8M | 9.5M | 14M | 22M | 27M |
| Growth CapEx | 7.0M | 3.8M | 13M | 12M | 1.9M | 14M | 31M |
| D&A | 1.8M | 2.2M | 4.8M | 9.5M | 14M | 22M | 27M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 47.8% | 55.4% | 77.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 23M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.2M | 2.6M | 9.2M | 24M | 39M | 77M | 94M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | -245M | -205M | -399M | -419M | -431M |
| Cash & Equiv. | N/A | N/A | 259M | 109M | 67M | 236M | 431M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | N/A | N/A | 0.04 | 0.04 | 0.02 | 0.02 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | N/A | N/A | 334M | 348M | 540M | 682M | 682M |
| Total Assets | N/A | N/A | 376M | 397M | 602M | 809M | 809M |
| Total Liabilities | N/A | N/A | 42M | 50M | 62M | 128M | 128M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | -90M | -107M | -135M | -83M | -83M |
| Working Capital | N/A | N/A | 306M | 297M | 486M | 606M | 606M |
| Current Assets | N/A | N/A | 332M | 328M | 530M | 714M | 714M |
| Current Liabilities | N/A | N/A | 26M | 31M | 45M | 108M | 108M |
| Per Share Data | |||||||
| EPS | 0.00 | -0.40 | -0.25 | -0.11 | -0.18 | 0.29 | 0.27 |
| Owner EPS | N/A | -0.69 | -0.51 | -0.38 | -0.13 | -0.19 | -0.27 |
| Book Value | N/A | N/A | 3.77 | 2.31 | 3.43 | 3.79 | 3.97 |
| Cash Flow/Share | N/A | -0.62 | -0.35 | -0.16 | 0.21 | 0.36 | 0.44 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | 68.8M | 88.7M | 150.4M | 157.6M | 179.9M | 171.6M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 148.4 | 590.8 |
| P/FCF | N/A | N/A | N/A | N/A | 171.2 | 266.9 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 938.4 |
| Price/Book | N/A | N/A | 3.0 | 3.5 | 5.4 | 11.4 | 40.2 |
| Price/Sales | N/A | N/A | 11.6 | 10.1 | 14.1 | 17.4 | 53.8 |
| FCF Yield | N/A | N/A | -4.9% | -3.8% | 0.6% | 0.4% | 0.1% |
| Market Cap | N/A | N/A | 993M | 1.2B | 2.9B | 7.7B | 27.4B |
| Avg. Price | N/A | N/A | 13.90 | 12.40 | 17.25 | 42.21 | 159.52 |
| Year-End Price | N/A | N/A | 11.19 | 8.11 | 18.56 | 43.04 | 159.52 |
Credo Technology Group Holding Ltd passes 3 of 9 quality checks, indicating weak fundamentals.
Credo Technology Group Holding Ltd trades at 590.8x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 0.3% with a gross margin of 61.9%.
Credo Technology Group Holding Ltd (CRDO) has a current P/E ratio of 590.8, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Credo Technology Group Holding Ltd (CRDO) has a 5-year average return on invested capital (ROIC) of 0.3%. This is below average and may indicate limited pricing power.
Credo Technology Group Holding Ltd (CRDO) has a market capitalization of $27.4B. It is classified as a large-cap stock.
Credo Technology Group Holding Ltd (CRDO) does not currently pay a regular dividend.
Based on historical P/E analysis, Credo Technology Group Holding Ltd (CRDO) appears expensive. The current P/E of 590.8 is 3839% above its historical median of 15.0.
Credo Technology Group Holding Ltd (CRDO) operates in the Semiconductors & Related Devices industry, within the Technology sector.
Credo Technology Group Holding Ltd (CRDO) reported annual revenue of $437 million in its most recent fiscal year, based on SEC EDGAR filings.
Credo Technology Group Holding Ltd (CRDO) has a net profit margin of 11.9%. This is a healthy margin.
Credo Technology Group Holding Ltd (CRDO) generated $29 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Credo Technology Group Holding Ltd (CRDO) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
Credo Technology Group Holding Ltd (CRDO) reported earnings per share (EPS) of $0.29 in its most recent fiscal year.
Credo Technology Group Holding Ltd (CRDO) has a return on equity (ROE) of 8.5%. This indicates moderate shareholder returns.
Credo Technology Group Holding Ltd (CRDO) has a 5-year average gross margin of 61.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Credo Technology Group Holding Ltd (CRDO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Credo Technology Group Holding Ltd (CRDO) has a book value per share of $3.79, based on its most recent annual SEC filing.