Credo Technology Group Holding LtdCRDO
NasdaqGS•Technology•Semiconductors
Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet, and PCIe applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. It provides HiWire active electrical cables solutions, including HiWire CLOS, SPAN, SHIFT, and SWITCH; optical PAM4 digital signal processors; low-power line card PHY; serializer/deserializer (SerDes) chiplets; and SerDes IP, as well as integrated circuits. The company also offers intellectual property solutions consist of SerDes IP licensing. In addition, it offers predictive integrity link optimization and telemetry; PCIe retimer solutions; and support and maintenance, engineering, and royalties services. The company sells its products to hyperscalers, original equipment manufacturers, original design manufacturers, and optical module manufacturers, as well as into the enterprise and HPC markets. Credo Technology Group Holding Ltd was founded in 2008 and is based in Grand Cayman, the Cayman Islands.
Credo Technology Group Holding (CRDO) reported trailing twelve months revenue of $1.07B as of January 2026, a 226.1% increase year-over-year. Quarterly revenue reached $407.01M, reflecting continued top-line momentum.
Credo Technology Group Holding generated $339.76M in TTM net income, with quarterly EBITDA of $156.32M. The operating margin expanded from 19.4% to 36.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (36.8%) and net margin (38.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 21.7% a year ago, signaling stronger bottom-line efficiency.
CRDO trades at a P/E of 67.2x (a premium multiple) and a P/S of 21.4x. The price-to-book ratio of 12.3x indicates a significant premium over book value.
The company generated $139.70M in free cash flow over the trailing twelve months, a 36576.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.04B in total assets with no in long-term debt against $1.85B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 17 quarters of fundamental data
Operating margins are under pressure, averaging 10.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~453.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 17 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 11.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation