# Credo Technology Group Holding Ltd (CRDO)

> Source: Nexqual · https://nexqual.com/CRDO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Credo Technology Group Holding Ltd (CRDO), nexqual.com/CRDO" · informational, not investment advice.

**Price:** USD 162.77 (-10.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 182.28 · day 161.26–173.83 · 52w 86.49–308.67 · market cap $30.6B · NMS

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $1.59B, net income $538M (33.8% margin), free cash flow $439M (SEC filings).
- Valuation: P/E 56.8x (avg 152.8x at the last 2 fiscal year-ends).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (20 analysts), mean target USD 279.09 (range 185–315).
- Total return with dividends: 1Y +7.8% vs S&P 500 +14.9%; 5Y +1354.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-30, EPS estimate USD 1.28, revenue estimate $532M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $106M | $184M | $193M | $437M | $1.34B | $1.59B |
| Gross profit | $64.0M | $106M | $119M | $283M | $908M | — |
| Operating income | -$22.0M | -$21.2M | -$37.1M | $37.1M | $445M | $505M |
| Net income | -$22.2M | -$16.5M | -$28.4M | $52.2M | $472M | $538M |
| EPS (diluted) | -$0.25 | -$0.11 | -$0.18 | $0.29 | $2.51 | — |
| Free cash flow | -$48.4M | -$46.3M | $17.1M | $29.0M | $407M | $439M |
| Gross margin | 60.1% | 57.7% | 61.9% | 64.8% | 68.0% | — |
| Operating margin | -20.6% | -11.5% | -19.2% | 8.5% | 33.3% | 31.7% |
| Net margin | -20.8% | -9.0% | -14.7% | 11.9% | 35.4% | 33.8% |
| Revenue growth | +81.4% | +73.0% | +4.8% | +126.3% | +205.7% | — |
| Cash + short-term investments | $259M | $218M | $410M | $431M | $1.44B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 56.8x · P/S 19.2x · P/FCF 69.8x · P/B 11.2x · FCF yield 1.43% · Earnings yield 1.76%
P/E at fiscal year-ends: May 2026 94.1x, May 2025 211.6x.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 20 analysts; mean target USD 279.09 (low 185, high 315).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Rosenblatt | Maintained | Neutral | $235 |
| 2026-10-05 | Stifel | Target lowered | Buy | $350 → $310 |
| 2026-09-21 | Mizuho | Target lowered | Outperform | $290 → $245 |
| 2026-09-02 | JP Morgan | Target lowered | Overweight | $335 → $310 |
| 2026-09-02 | Evercore ISI Group | Target lowered | Outperform | $325 → $292 |
| 2026-09-02 | Rosenblatt | Target raised | Neutral | $215 → $235 |
| 2026-09-02 | B of A Securities | Target lowered | Buy | $340 → $275 |
| 2026-08-24 | Rosenblatt | Maintained | Neutral | $215 |
| 2026-08-18 | TD Cowen | Target raised | Buy | $260 → $300 |
| 2026-07-21 | Susquehanna | Target raised | Positive | $235 → $250 |
| 2026-07-20 | Barclays | Target raised | Overweight | $260 → $300 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-01-24) |
|---|---|---|
| Total return | +7.8% | +1354.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +7.8% | +75.8% |
| Volatility (annualized) | 95.3% | 84.5% |
| Max drawdown | -53.6% (Dec 2025→Mar 2026) | -59.0% (Feb 2023→May 2023) |

## Peers (Semiconductors)
ON (ON Semiconductor Corporation) USD 73.23 -4.82% · CBRS (Cerebras Systems Inc.) USD 108.94 -7.66% · MCHP (Microchip Technology Incorporat) USD 74.52 -3.41% · STM (STMicroelectronics N.V.) USD 44.09 -7.04% · GFS (GlobalFoundries Inc.) USD 43.37 -9.08% · UMC (United Microelectronics Corpora) USD 18.53 -6.51%

## More
Full page: https://nexqual.com/CRDO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRDO's own 10-K filed 2026-06-15 (https://www.sec.gov/Archives/edgar/data/1807794/000162828026043303/crdo-20260502.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "In fiscal year 2026, we exclusively used Taiwan Semiconductor Manufacturing Company Limited (TSMC) for semiconductor wafer production." |
| Supplier | BizLink Technology | "•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Eng…" |
| Supplier | Amkor Technology (AMKR) | "•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Eng…" |
| Supplier | ASE Technology (ASX) | "•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Eng…" |
| Supplier | King Yuan Electronics | "•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Eng…" |
| Supplier | Sigurd Microelectronics | "•Package, Assembly and Testing: Upon the completion of processing at the foundry, we use third-party contractors for packaging, assembly and testing, including Amkor Technology Inc. (Amkor) and Advanced Semiconductor Eng…" |
| Supplier | Marvell Technology (MRVL) | "Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera), as well as various cable and optical transceiver suppliers." |
| Supplier | Astera Labs (ALAB) | "Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera), as well as various cable and optical transceiver suppliers." |
| Customer | Amazon (AMZN) | "During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4.1 million of our ordinary shares at an exercise price of $10.74 per share (the C…" |
| Customer | NV Investment Holdings | "During fiscal year 2022, the Company issued a warrant to Amazon.com NV Investment Holdings LLC (Holder) to purchase an aggregate of up to 4.1 million of our ordinary shares at an exercise price of $10.74 per share (the C…" |
| Competitor | Broadcom (AVGO) | "Our principal competitors with respect to our products include Broadcom Ltd. (Broadcom)," |

Other companies that name CRDO in their own reports (relationship from CRDO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Astera Labs, Inc. (ALAB) | 10-K 2026-02-20 | "Our principal competitors include Broadcom, Inc., Credo Technology Group Holding Ltd., Marvell Technology, Inc., Microchip Technology Inc., Montage Technology, Parade Technologies, Ltd., and Rambus, I…" |
| competitor | CIENA CORP (CIEN) | 10-K 2025-12-12 | "In addition, as we advance our interconnects and market expansion strategy to address needs inside and around the data center, we will begin to compete with additional competitors, including Marvell T…" |
| competitor | MACOM Technology Solutions Holdings, Inc. (MTSI) | 10-K 2025-11-14 | "We primarily compete with Analog Devices, Inc. ("ADI"), Broadcom Inc. ("Broadcom"), Credo Technology Group Holding Ltd. ("Credo"), Marvell Technology Inc. ("Marvell"), MaxLinear Inc. ("MaxLinear"), Mi…" |

## Revenue by product line (quarter ended 2025-11-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $261.3M | 97.5% | +278.3% |
| License | $6.7M | 2.5% | +127.6% |
| Total revenue | $268.0M | 100% | — |

## Revenue by region (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $255.4M | 53.3% | +208.4% |
| Hong Kong | $91.2M | 19.0% | +21.8% |
| Malaysia | $74.5M | 15.5% | +1066.5% |
| Rest of World | $56.8M | 11.9% | +689.7% |
| Mainland China | $1.1M | 0.2% | -97.9% |
| Total revenue | $479.0M | 100% | — |

## Customer concentration

Period ended 2026-08-01: 43%, 28% of revenue from unnamed direct customers (10-Q, filed 2026-09-02).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.28 | $1.25 | +2.7% | $531.9M | 18 |
| Next quarter (ends 2027-01-31) | $1.61 | $1.63 | -1.5% | $643.0M | 17 |
| Current fiscal year (ends 2027-04-30) | $6.31 | $6.13 | +3.0% | $2.50B | 20 |
| Next fiscal year (ends 2028-04-30) | $9.71 | $9.08 | +7.0% | $3.88B | 20 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-04 (includes earnings 2026-11-30): ±25.0%; earnings reaction alone ±9.8%; last 8 reports averaged ±17.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 95.4% | ±11.3% |
| 2026-11-06 | 14 | 91.5% | ±14.9% |
| 2026-11-13 | 21 | 90.2% | ±17.7% |
| 2026-11-20 | 28 | 85.6% | ±19.3% |
| 2026-11-27 | 35 | 84.9% | ±21.2% |
| 2026-12-04 | 42 | 91.0% | ±25.0% |
| 2026-12-18 | 56 | 88.1% | ±27.7% |
| 2027-01-15 | 84 | 84.2% | ±32.1% |