olivLaw · US equity research
Cirrus Logic, Inc. CRUS
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Cirrus Logic designs low-power mixed-signal components for smartphones, PCs and general markets, operating as a fabless company that relies heavily on one major customer. It reported net sales of 2.00 billion USD in fiscal 2026 and 459.7 million USD in the first quarter of fiscal 2027.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cirrus Logic, Inc. (CRUS) stock was 115.99 USD (+3.27% on the day), with market capitalisation 5.8 bn USD, P/E 14.6 on diluted EPS of 7.93 USD over the last 12 months, beta 1.25, 52-week range 106.33–178.90 USD. Latest reported quarter (Q2 2027): revenue of 559.5 m USD (−0.3% YoY), net income of 114.7 m USD (−12.8% YoY), diluted EPS 2.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.6
- strong (55–70)
- Bollinger (20, 2)
- 105.52 – 116.03
- in the upper half of the band · %B 1.00 · band width 9.5%
- SMA 50 / 200
- 114.20 / 138.69
- mixed trend
- MACD (12, 26, 9)
- -0.59 / -1.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.4% | −1.1% | −3.3 pp | — |
| 3 months | −10.4% | −0.5% | −9.9 pp | — |
| 6 months | −30.8% | +4.4% | −35.2 pp | — |
| Year to date | −2.1% | +12.3% | −14.4 pp | — |
| 1 year | −10.5% | +13.5% | −24.1 pp | +35.9% |
| 3 years | +64.4% | +76.4% | −12.0 pp | +83.0% |
| 5 years | +47.1% | +63.7% | −16.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 555.7 m | 424.5 m | 407.3 m | 561.0 m | 580.6 m | 448.5 m | 459.7 m | 559.5 m |
| Cost of revenue | 258.0 m | 197.7 m | 193.2 m | 266.6 m | 272.5 m | 210.9 m | 217.9 m | 258.9 m |
| Gross profit | 297.8 m | 226.7 m | 214.0 m | 294.4 m | 308.1 m | 237.6 m | 241.9 m | 300.6 m |
| Research & development | 113.0 m | 103.4 m | 102.9 m | 110.0 m | 113.6 m | 107.5 m | 115.0 m | 123.3 m |
| SG&A | 39.0 m | 37.4 m | 38.7 m | 39.6 m | 41.6 m | 39.9 m | 42.4 m | 44.8 m |
| Operating income | 145.8 m | 85.9 m | 72.4 m | 144.8 m | 152.9 m | 90.3 m | 84.4 m | 132.4 m |
| Depreciation & amortisation | 12.8 m ≈ | 13.2 m | 13.2 m | 12.7 m ≈ | 13.1 m ≈ | 13.3 m | 13.2 m | 13.6 m ≈ |
| Interest expense | 218.0 k | 218.0 k | 218.0 k | 243.0 k | 218.0 k | 218.0 k | 324.0 k | 257.0 k |
| Pre-tax income | 153.7 m | 94.6 m | 80.6 m | 153.4 m | 162.4 m | 100.3 m | 94.2 m | 142.0 m |
| Income tax | 37.7 m | 23.3 m | 19.9 m | 21.8 m | 22.1 m | 18.5 m | 17.3 m | 27.2 m |
| Net income | 116.0 m | 71.3 m | 60.7 m | 131.6 m | 140.3 m | 81.8 m | 76.9 m | 114.7 m |
| Diluted EPS | 2.11 | 1.31 ≈ | 1.14 | 2.48 | 2.66 | 1.57 ≈ | 1.47 | 2.23 |
| Operating cash flow | 218.6 m ≈ | 130.4 m | 116.1 m | 92.2 m ≈ | 290.8 m ≈ | 151.4 m | 64.1 m | 50.9 m ≈ |
| Capex | 6.7 m ≈ | 3.4 m | 2.6 m | 3.9 m ≈ | 5.1 m ≈ | 2.4 m | 15.1 m | 8.4 m ≈ |
| Share repurchases | 70.0 m ≈ | 100.0 m | 100.0 m | 40.0 m ≈ | 70.0 m ≈ | 70.0 m | 31.5 m | 128.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 10 percentile of its own 40-quarter history (min 12.3, median 20.5, max 34.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 1.4 bn | 1.8 bn | 1.9 bn | 1.8 bn | 1.9 bn | 2.0 bn |
| Revenue YoY | −22.6% | +8.1% | +6.9% | +30.1% | +6.5% | −5.7% | +6.0% | +5.3% |
| Net income | 90.0 m | 159.5 m | 217.3 m | 326.4 m | 176.7 m | 274.6 m | 331.5 m | 414.4 m |
| Net income YoY | −44.4% | +77.2% | +36.3% | +50.2% | −45.9% | +55.4% | +20.7% | +25.0% |
| Diluted EPS | 1.46 | 2.64 | 3.62 | 5.52 | 3.09 | 4.90 | 6.00 | 7.85 |
| Diluted EPS YoY | −40.7% | +80.8% | +37.1% | +52.5% | −44.0% | +58.6% | +22.4% | +30.8% |
| net % | 7.6% | 12.4% | 15.9% | 18.3% | 9.3% | 15.3% | 17.5% | 20.7% |
| Free cash flow | 175.1 m | 280.2 m | 330.7 m | 98.6 m | 304.5 m | 384.0 m | 421.6 m | 636.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 28 Mar 2026
- Cash
- 800.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.1 bn USD
- Total assets
- 2.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 7.37x
- ROE
- 20.3%
- ROA
- 17.2%
- FCF margin
- 31.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.8 bn | 1.9 bn | 1.8 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 21 May 2026verified |
| Cost of revenue | 661.9 m | 857.8 m | 940.6 m | 872.8 m | 900.0 m | 943.2 m | SEC (XBRL)· 21 May 2026verified |
| Gross profit | 707.3 m | 923.6 m | 957.0 m | 916.1 m | 996.0 m | 1.1 bn | SEC (XBRL)· 21 May 2026verified |
| Research & development | 342.8 m | 406.3 m | 458.4 m | 426.5 m | 434.7 m | 434.0 m | SEC (XBRL)· 21 May 2026verified |
| SG&A | 127.0 m | 151.0 m | 153.1 m | 144.2 m | 151.0 m | 159.8 m | SEC (XBRL)· 21 May 2026verified |
| Operating income | 237.2 m | 366.3 m | 249.0 m | 343.5 m | 410.4 m | 460.4 m | SEC (XBRL)· 21 May 2026verified |
| Depreciation & amortisation | 47.1 m | 62.1 m | 71.2 m | 48.3 m | 51.0 m | 52.3 m | SEC (XBRL)· 21 May 2026verified |
| EBITDA | 284.3 m ≈ | 428.4 m ≈ | 320.2 m ≈ | 391.8 m ≈ | 461.3 m ≈ | 512.7 m ≈ | SEC (XBRL)· 21 May 2026derived |
| Interest expense | 1.1 m | 948.0 k | 898.0 k | 915.0 k | 898.0 k | 898.0 k | SEC (XBRL)· 21 May 2026verified |
| Pre-tax income | 245.2 m | 368.7 m | 254.7 m | 363.9 m | 444.9 m | 496.7 m | SEC (XBRL)· 21 May 2026verified |
| Income tax | 27.9 m | 42.3 m | 78.0 m | 89.4 m | 113.4 m | 82.3 m | SEC (XBRL)· 21 May 2026verified |
| Net income | 217.3 m | 326.4 m | 176.7 m | 274.6 m | 331.5 m | 414.4 m | SEC (XBRL)· 21 May 2026verified |
| Diluted EPS | 3.62 | 5.52 | 3.09 | 4.90 | 6.00 | 7.85 | SEC (XBRL)· 21 May 2026verified |
| Weighted average diluted shares | 60.1 m | 59.1 m | 57.2 m | 56.0 m | 55.2 m | 52.8 m | SEC (XBRL)· 21 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 442.2 m | 369.8 m | 445.8 m | 502.8 m | 539.6 m | 800.9 m | SEC (XBRL)· 21 May 2026verified |
| Receivables | 108.7 m | 240.3 m | 150.5 m | 162.5 m | 216.0 m | 220.1 m | SEC (XBRL)· 21 May 2026verified |
| Inventories | 173.3 m | 138.4 m | 233.5 m | 227.2 m | 299.1 m | 240.9 m | SEC (XBRL)· 21 May 2026verified |
| Current assets | 842.5 m | 840.0 m | 1.0 bn | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 21 May 2026verified |
| Property, plant & equipment, net | 154.9 m | 157.1 m | 163.0 m | 170.2 m | 159.9 m | 144.0 m | SEC (XBRL)· 21 May 2026verified |
| Goodwill | 287.5 m | 435.8 m | 435.9 m | 435.9 m | 435.9 m | 435.9 m | SEC (XBRL)· 21 May 2026verified |
| Intangibles (excl. goodwill) | 22.0 m | 158.1 m | 38.9 m | 29.6 m | 27.5 m | 20.7 m | SEC (XBRL)· 21 May 2026verified |
| Total assets | 1.8 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 21 May 2026verified |
| Accounts payable | 102.7 m | 115.4 m | 81.5 m | 55.5 m | 63.2 m | 80.6 m | SEC (XBRL)· 21 May 2026verified |
| Current liabilities | 213.6 m | 264.8 m | 216.3 m | 186.4 m | 195.2 m | 194.7 m | SEC (XBRL)· 21 May 2026verified |
| Equity | 1.4 bn † | 1.6 bn † | 1.7 bn † | 1.8 bn † | 1.9 bn † | 2.1 bn † | SEC (XBRL)· 21 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 348.9 m | 124.8 m | 339.6 m | 421.7 m | 444.4 m | 650.6 m | SEC (XBRL)· 21 May 2026verified |
| Capex | 18.3 m | 26.1 m | 35.1 m | 37.7 m | 22.8 m | 14.0 m | SEC (XBRL)· 21 May 2026verified |
| Free cash flow | 330.7 m ≈ | 98.6 m ≈ | 304.5 m ≈ | 384.0 m ≈ | 421.6 m ≈ | 636.6 m ≈ | SEC (XBRL)· 21 May 2026derived |
| Investing cash flow | -77.7 m | -18.4 m | -33.3 m | -163.0 m | -124.3 m | -75.1 m | SEC (XBRL)· 21 May 2026verified |
| Financing cash flow | -121.2 m | -178.7 m | -230.3 m | -201.7 m | -283.2 m | -314.2 m | SEC (XBRL)· 21 May 2026verified |
| Share repurchases | 110.0 m | 167.5 m | 191.4 m | 186.0 m | 261.0 m | 280.0 m | SEC (XBRL)· 21 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 53.1% | 33 (on a fixed band) | 14% |
| EBIT margin · Quality | 22.5% | 70 (vs peers) | 11% |
| FCF margin · Quality | 25.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 1.7% | 7 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 5.3% | 32 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.4x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.1% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 5.2% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth15/100 · 2/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CIRRUS LOGIC, INC. (CRUS). Latest full fiscal year: 2026; data up to 2026-09-26.
Figures computed from the financial statements: revenue 2.0 bn USD in 2026; YoY growth 5.3%; net margin 20.2%; ROE 19.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 22.5%
- FCF margin: 25.7%
- Current ratio: 6.4x
- FCF yield: 9.1%
- Shareholder yield (distributions): 5.2%
What contradicts it
- Revenue CAGR 3Y: 1.7%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,823.1 bn | 25.3 | 117.2% | 63.7% | +65.5% | +13% / +328% |
| AVGOBroadcom Inc. | 1,553.7 bn | 41.6 | 44.2% | 42.9% | +23.9% | −19% / +252% |
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| NXTNextpower Inc. | 16.1 bn | 26.9 | 26.5% | 16.0% | +20.3% | +16% / +163% |
| LSCCLattice Semiconductor Corp | 15.3 bn | 330.1 | 4.2% | 5.5% | unavailable | +53% / +83% |
| FORMFormFactor, Inc. | 6.7 bn | 38.9 | 15.9% | 17.7% | +2.8% | +55% / +127% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| CRUSCirrus Logic, Inc. | 5.8 bn | 14.6 | 19.5% | 20.2% | +5.3% | −11% / +64% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
| SQNSSequans Communications S.A. | 4.3 bn | 13.4 | 233.6% | — | +5.9% | −56% / −96% |
1- and 3-year price returns: for CRUS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 69.75 Total return -40% · Per year -40% | 123.48 Total return 6% · Per year 6% | 186.22 Total return 61% · Per year 61% |
| 3 years | 63.96 Total return -45% · Per year -18% | 127.77 Total return 10% · Per year 3% | 212.10 Total return 83% · Per year 22% |
| 5 years | 58.66 Total return -49% · Per year -13% | 132.21 Total return 14% · Per year 3% | 241.58 Total return 108% · Per year 16% |
- Exit P/E± 31.94
- Net margin± 22.36
- Annual revenue growth± 18.86
- Annual dilution± 1.88
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Cirrus Logic designs low-power mixed-signal components for smartphones, PCs and general markets, operating as a fabless company that relies heavily on one major customer. It reported net sales of 2.00 billion USD in fiscal 2026 and 459.7 million USD in the first quarter of fiscal 2027 123.
SWOT
Strengths
- The company holds a leading position in smartphone audio and has shown steady growth in its HPMS line 1. High gross margin and strong operating cash flow give financial flexibility 12.
- Patents and mixed-signal expertise create barriers for new entrants 1. Long-standing relationships with wafer suppliers secure capacity access 2.
- The company reported record first-quarter fiscal 2027 revenue and earnings per share 3.
Weaknesses
- Dependence on a single major customer, Apple, exposes the company to order or supplier changes 12.
- The company owns no fabrication plants and relies on third parties for manufacturing, assembly and test, limiting control over production 1.
- Average selling prices have declined due to anticipated price reductions, weighing on long-term margins 2.
Opportunities
Threats
- Export restrictions and trade tariffs could limit access to certain markets, especially China 1.
- Large customers may develop their own solutions or diversify suppliers, which could reduce orders 1.
- Competition from large manufacturers and emerging companies could pressure prices and new design wins 1.
Risks
- Customer concentrationhigh
If a major customer reduces orders or changes suppliers, revenue and margins could be significantly affected 12.
- Reliance on third-party manufacturinghigh
Disruptions at wafer foundries or assembly and test firms could delay deliveries to customers 1.
- Tariffs and export controlsmedium
Changes in trade policy could limit sales to certain international customers 1.
- Declining average selling pricesmedium
Anticipated price reductions could lower revenue per unit, especially in mature audio lines 2.
- Cybersecuritylow
Cyberattacks or data breaches could affect operations and intellectual property 1.
Investment thesis
What would need to be true (bull case)
- If AI-enabled PC and industrial application projects reach volume, growth could move beyond smartphone dependence 2.
- High profitability and operating cash flow leave room for R&D investment and new products 1.
- Second-quarter fiscal 2027 guidance points to higher revenue than the prior period, which could confirm the positive trend 3.
What would break the thesis
What to watch
- Delivery against second-quarter fiscal 2027 revenue guidance of 510 to 570 million USDQ2 2027
- Trend in HPMS sales and smartphone demand2027
- First volume shipments of AI-enabled PC designs2027
- Customer concentration disclosed in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Cirrus Logic, Inc. is headquartered in Austin, Texas, and specializes in low-power, high-precision mixed-signal processing solutions for mobile and consumer applications 1. It operates as a fabless company: it contracts wafer fabrication with GlobalFoundries and TSMC and assembly and test with third parties 1. Its shares trade on the NASDAQ Global Select Market under the symbol CRUS 1.
The three-pronged strategy aims to maintain leadership in smartphone audio, increase HPMS content in smartphones and extend audio and HPMS expertise into new applications and markets 1. Products are grouped into Audio (amplifiers, codecs, DSPs) and HPMS (camera controllers, haptic and sensing solutions, battery and power ICs) 1. The company views HPMS as its largest opportunity for application diversification 1.
Customer concentration is high: in fiscal 2026 the ten largest end customers represented about 96 percent of net sales, and Apple about 91 percent 1. International sales represented 99 percent of net sales 1. The company runs one reportable segment but reports revenue by two product lines 1.
Segments
Audio
The Audio line includes amplifiers, codecs, smart codecs, converters and standalone DSPs, with sales of 1.16 billion USD in fiscal 2026 1. Sales rose 2 percent from fiscal 2025, supported by smartphone components and higher PC sales 1.
HPMS
The HPMS line includes camera controllers, haptic and sensing solutions and battery and power ICs, with sales of 837.4 million USD in fiscal 2026 1. Sales grew 10 percent, mainly from smartphone components 1. In the first quarter of fiscal 2027, HPMS sales rose 43.5 million USD year over year 2.
Market context
The company competes in highly competitive markets where time to market, design quality and price are decisive 1. Smartphones remain the main revenue source, and AI-enabled PCs are seen as a near-term growth opportunity 2. Orders are typically short-term, so backlog gives limited insight into future business 1.
For the second quarter of fiscal 2027 the company expects revenue between 510 and 570 million USD, with a GAAP gross margin between 52 and 54 percent 3. If smartphone and PC demand holds, this guidance could support growth, while order cuts or price pressure could change the outcome 3.
Trends
- Smartphone demandmixed
Demand for components shipping into smartphones supported first-quarter fiscal 2027 sales, although anticipated price reductions limited growth 2. Dependence on one customer's product cycle means any change in its behaviour could be decisive 1.
- AI-enabled PCstailwind
Customers showed interest in the new smart codec for AI-enabled PCs, and several announced PCs that are expected to ship with Cirrus amplifiers and codecs 2. If these designs reach volume, they could become a growth driver beyond smartphones 2.
- Trade policy and export controlsheadwind
US tariffs and export restrictions, including BIS Entity List additions affecting Chinese customers, can limit sales to certain customers and reduce long-term competitiveness 1. Trade tensions could bring retaliatory measures that hurt revenue 1.
- Geographic diversification of productionmixed
The company is working with GlobalFoundries on new process technologies and manufacturing in Malta, New York, under a US manufacturing program 12. The new capacity agreement for 2027 and 2028 could reduce supply risk but carries long-term commitments 2.
Competitive position
Cirrus Logic competes with suppliers of standard, application-specific and fully customized semiconductors 1. No single company competes across all its product lines, but competition exists in every market where it operates 1. New entrants, including large manufacturers and emerging companies, are expected 1.
Principal competitors include US, European and Asian suppliers with access to advanced process and packaging technologies 1. Large customers may develop in-house solutions, which could reduce the company's share if relationships weaken 1.
- Texas InstrumentsTXN
Maker of analog and mixed-signal semiconductors, named among the primary competitors of Cirrus Logic 1.
- Analog DevicesADI
Supplier of analog and mixed-signal circuits, named among direct competitors 1.
- QualcommQCOM
Supplier of smartphone chips, named among competitors in mobile components 1.
- Realtek Semiconductor
Asian supplier of audio and connectivity circuits, listed among the primary competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Cirrus Logic’s (CRUS) Record Quarter Meets PC HeadwindsYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report13 Oct 2026Regulation FD disclosure
- Current report06 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Shareholder vote
- Proxy statement03 Jun 2026
- Annual report21 May 2026
- Current report06 May 2026Material agreement · Results of operations · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-28 · SEC / Cirrus Logic, Inc. · 21 May 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Cirrus Logic, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cirrus Logic, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.