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. In the quarter to July 2026, revenue grew 114.7%, EPS grew 89.2% and free cash flow grew 61.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Credo Technology Group Holding Ltd. (CRDO) Beneish M-score
Credo Technology Group Holding Ltd.'s Beneish M-score for fiscal 2026 is −0.51; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −0.51 | 1.04 |
| FY2025 | −1.55 | 1.45 |
| FY2024 | −3.00 | (1.35) |
| FY2023 | −1.64 | (0.93) |
| FY2022 | −0.71 | 0.87 |
| FY2021 | −1.58 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.47 | — | 0.43 | |
| Gross margin index | 0.95 | — | 0.50 | |
| Asset quality index | 2.12 | — | 0.86 | |
| Sales growth index | 3.06 | — | 2.73 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.61 | — | −0.10 | |
| Total accruals to total assets | 0.00 | — | 0.02 | |
| Leverage index | 0.65 | — | −0.21 | |
| Beneish M-score | Flagged by the model | −0.51 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ON ON Semiconductor Corporation compare | −3.0× |
| UMC United Microelectronics Corporation compare | −2.9× |
| STM STMicroelectronics N.V. compare | −2.7× |
| NXPI NXP Semiconductors N.V. compare | −2.6× |
| MCHP Microchip Technology Incorporated compare | −2.5× |
| GFS GlobalFoundries Inc. compare | −2.4× |
| TSEM Tower Semiconductor Ltd. compare | −1.4× |
| CRDO Credo Technology Group Holding Ltd. | −0.5× |
| ALAB Astera Labs, Inc. compare | 1.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI