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Monday 2 November 2026
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Credo Technology Group Holding Ltd.
CRDO Technology Semiconductors
Credo Technology Group Holding Ltd.’s revenue for fiscal 2026 (year ended April 2026) was $1.3 billion, up 205.7% from fiscal 2025.
- Revenue
- +114.7%
- EPS
- +89.2%
- Free cash flow
- +61.6%
Quarter to July 2026, against a year earlier
140.81
10.18
−6.74%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to April
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 54 | 59 | 106 | 184 | 193 | 437 | 1,335 | 1,591 | +70.8% | 2,503 | 3,880 | 5,067 | +56.0% | |
| Gross margin, % | — | — | — | 85.64 | 65.21 | 60.12 | 57.65 | 61.89 | 64.77 | 68.04 | 67.07 | (17.6) pt | ||||||
| EBT | — | — | — | 2 | (25) | (22) | (18) | (23) | 55 | 475 | 540 | +147.0% | ||||||
| EBT margin, % | — | — | — | 3.89 | (43.10) | (20.86) | (9.73) | (11.79) | 12.56 | 35.61 | 33.91 | +31.7 pt | ||||||
| Net income | 0 | — | — | 1 | (28) | (22) | (17) | (28) | 52 | 472 | 538 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.75 | 0.85 | 1.20 | 1.26 | 1.24 | 2.61 | 7.48 | 8.55 | +46.7% | |||||
| Earnings | — | — | — | 0.02 | (0.40) | (0.25) | (0.11) | (0.18) | 0.31 | 2.65 | 2.95 | +128.7% | ||||||
| Cash flow | — | — | — | (0.14) | (0.61) | (0.35) | (0.17) | 0.21 | 0.39 | 2.60 | 2.69 | n/m | ||||||
| Capex | — | — | — | (0.12) | (0.09) | (0.20) | (0.15) | (0.10) | (0.22) | (0.32) | (0.33) | +17.3% | ||||||
| Free cash flow | — | — | — | (0.27) | (0.70) | (0.55) | (0.32) | 0.11 | 0.17 | 2.28 | 2.36 | n/m | ||||||
| Book value | — | — | — | 1.24 | 2.06 | 3.78 | 2.37 | 3.48 | 4.07 | 11.56 | 14.67 | +45.0% | ||||||
| Shares, m | — | — | — | 72 | 69 | 88 | 147 | 155 | 168 | 179 | 181 | +16.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 148.45 | 66.42 | 47.73 | 30.7 | |||||
| P/S | — | — | — | 11.44 | 11.44 | 9.31 | 6.48 | 14.36 | 16.51 | 23.27 | 16.46 | 13.3 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 2.97 | 3.43 | 5.13 | 10.58 | 15.05 | 9.60 | 5.3 | ||||||
| EV/Sales | — | — | — | 10.43 | 10.43 | 6.88 | 5.29 | 12.24 | 15.52 | 22.19 | 15.98 | 11.9 | ||||||
| EV/FCF | — | — | — | (8.31) | (8.31) | (15.13) | (21.05) | 138.22 | 233.61 | 72.79 | 57.97 | 56.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (10) | (42) | (31) | (25) | 33 | 65 | 464 | 500 | n/m | |||||
| Capex | — | — | — | (9) | (6) | (18) | (22) | (16) | (36) | (57) | (62) | +36.6% | ||||||
| Free cash flow | — | — | — | (19) | (48) | (48) | (46) | 17 | 29 | 407 | 439 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 77 | 125 | 306 | 297 | 486 | 606 | 1,804 | 1,268 | +69.1% | |||||
| Net debt | — | — | — | (74) | (104) | (259) | (218) | (410) | (431) | (1,443) | (764) | +64.1% | ||||||
| Shareholders’ equity | — | — | — | 89 | 143 | 334 | 348 | 540 | 682 | 2,064 | 2,728 | +68.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | (20.88) | (8.35) | (4.28) | (5.68) | 7.40 | 30.42 | 27.48 | +30.4 pt | |||||
| ROIC | — | — | — | 8.46 | (40.67) | (18.35) | (10.22) | (17.79) | 9.27 | 44.84 | 16.07 | +36.4 pt | ||||||
| ROE | — | — | — | 0.00 | 84.86 | (15.91) | (4.85) | (6.39) | 8.54 | 34.41 | 30.67 | +34.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 354 | 382 | 438 | 500 | 622 | 807 | — | +17.9% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.17 | 0.28 | 0.42 | 0.39 | 0.70 | 1.65 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Apr 2026 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Reportable Segment | 1,335 | 100.00% |
|---|---|---|
| Gross margin | 68.04% | |
| Operating margin | 33.33% | |
| Pre-tax margin | 35.61% |
Credo Technology Group Holding Ltd. vs peers in Semiconductors (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MCHP Microchip Technology Incorporated | $42.0B | 115× | 35.7× | +38.05% (above 0%: growing) | n/m | +93.09% (above 0%: growing) | 63.24% | 22.68% | Compare |
| STM STMicroelectronics N.V. | $41.9B | 88.2× | 42.8× | +26.07% (above 0%: growing) | +327.27% (above 0%: growing) | +107.00% (above 0%: growing) | 34.84% | 5.36% | Compare |
| UMC United Microelectronics Corporation | $41.8B | 15.6× | 15.4× | +14.10% (above 0%: growing) | +350.00% (above 0%: growing) | +67.75% (above 0%: growing) | 32.48% | 21.75% | Compare |
| CRDO Credo Technology Group Holding Ltd. | $28.4B | 51.2× | 34.2× | +114.73% (above 0%: growing) | +89.19% (above 0%: growing) | +61.55% (above 0%: growing) | 64.53% | 25.20% | |
| ON ON Semiconductor Corporation | $27.9B | 45.4× | 32.9× | +9.18% (above 0%: growing) | +41.46% (above 0%: growing) | +284.55% (above 0%: growing) | 38.43% | 16.13% | Compare |
| CBRS Cerebras Systems Inc. | $24.4B | — (loss-making) | — | — | n/m | — | 14.19% | (264.97%) | Compare |
| GFS GlobalFoundries Inc. | $23.0B | 32.2× | 32.3× | +5.81% (above 0%: growing) | −26.83% (below 0%: shrinking) | −97.40% (below 0%: shrinking) | 28.28% | 9.74% | Compare |
| SWKS Skyworks Solutions, Inc. | $20.6B | 44.9× | 57.9× | −3.13% (below 0%: shrinking) | −67.14% (below 0%: shrinking) | −106.87% (below 0%: shrinking) | 40.12% | 5.19% | Compare |
| TSEM Tower Semiconductor Ltd. | $18.9B | 64.8× | 47.8× | +23.66% (above 0%: growing) | +90.48% (above 0%: growing) | −180.73% (below 0%: shrinking) | 29.95% | 19.62% | Compare |
| Median of peers | $26.2B | 45.4× | 35.7× | +14.10% | +65.97% | +67.75% | 33.66% | 12.94% |
Pay and ownership Proxy statement filed 25 August 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 14.43m | 76.27m | 1,582.66 |
| 2025 | 6.06m | 13.94m | 414.25 |
| 2024 | 6.12m | 7.96m | 159.31 |
| 2023 | 3.88m | 2.33m | 69.61 |
Ownership
Directors and executive officers, together
9.06%
Entities affiliated with BlackRock, Inc.
7.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Credo Technology Group Holding Ltd. designs connectivity products that move data between equipment in data centers and other networks. Its customers include large cloud providers, emerging cloud companies, equipment makers and optical module manufacturers. Credo was founded in 2008.
Its products include active electrical cables: copper cables with electronics that help carry signals between servers, network switches and other equipment. The ZeroFlap cable family includes products for connections within and between racks. Credo also sells optical transceivers and chips used in optical connections, which can carry data over longer distances.