# Cirrus Logic, Inc. (CRUS)

> Source: Nexqual · https://nexqual.com/CRUS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cirrus Logic, Inc. (CRUS), nexqual.com/CRUS" · informational, not investment advice.

**Price:** USD 110.49 (-0.14% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 110.64 · day 109.01–111.99 · 52w 105.1–180.42 · market cap $5.54B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $2.05B, net income $431M (21.0% margin), free cash flow $572M (SEC filings).
- Valuation: P/E 12.9x (avg 18.0x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $7.9M; 2 not under a Rule 10b5-1 plan ($492K); 6 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (5 analysts), mean target USD 141.67 (range 95–170).
- Total return with dividends: 1Y -16.0% vs S&P 500 +14.9%; 5Y +37.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.42, revenue estimate $540M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.78B | $1.90B | $1.79B | $1.90B | $2.00B | $2.05B |
| Gross profit | $924M | $957M | $916M | $996M | $1.05B | — |
| Operating income | $366M | $249M | $343M | $410M | $460M | $472M |
| Net income | $326M | $177M | $275M | $332M | $414M | $431M |
| EPS (diluted) | $5.52 | $3.09 | $4.90 | $6.00 | $7.85 | — |
| Free cash flow | $98.6M | $304M | $384M | $422M | $637M | $572M |
| Gross margin | 51.8% | 50.4% | 51.2% | 52.5% | 52.8% | — |
| Operating margin | 20.6% | 13.1% | 19.2% | 21.6% | 23.0% | 23.0% |
| Net margin | 18.3% | 9.3% | 15.3% | 17.5% | 20.7% | 21.0% |
| Revenue growth | +30.1% | +6.5% | -5.7% | +6.0% | +5.3% | — |
| Cash + short-term investments | $380M | $481M | $527M | $596M | $888M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 12.9x · P/S 2.7x · P/FCF 9.7x · P/B 2.5x · FCF yield 10.33% · Earnings yield 7.78% · Buyback yield (TTM) 3.82%
P/E at fiscal year-ends: Mar 2026 18.4x, Mar 2025 16.6x, Mar 2024 18.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Baumgartner Jeffrey W | EVP, R&D | 1,166 | $126K | 9% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Baumgartner Jeffrey W | EVP, R&D | 1,166 | $139K | 8.3% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Baumgartner Jeffrey W | EVP, R&D | 1,166 | $137K | 7.7% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-20 | Baumgartner Jeffrey W | EVP, R&D | 1,166 | $162K | 7.1% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Baumgartner Jeffrey W | EVP, R&D | 1,458 | $213K | 8.2% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-29 | Brannan Andrew | EVP, Worldwide Sales | 6,464 | $935K | 47.3% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Baumgartner Jeffrey W | EVP, R&D | 1,170 | $197K | 6.7% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Thomas Scott | EVP, General Counsel | 1,300 | $234K | 4% | Yes (adopted November 14, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02 | Baumgartner Jeffrey W | EVP, R&D | 3,907 | $658K | 18.2% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-29 | Brannan Andrew | EVP, Worldwide Sales | 1,645 | $289K | 18.6% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Baumgartner Jeffrey W | EVP, R&D | 11,171 | $1.9M | 38.9% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Dougherty Justin E | EVP, Global Operations | 2,000 | $333K | 30.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | Davern Alexander M | Director | 1,000 | $159K | 4.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | Forsyth John | CEO | 5,000 | $852K | 6.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-04-09 | Thomas Scott | EVP, General Counsel | 9,942 | $1.6M | 24.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 5 analysts; mean target USD 141.67 (low 95, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Positive | $200 → $170 |
| 2026-10-21 | Barclays | Downgrade | Equal-Weight → Underweight | $130 → $95 |
| 2026-10-15 | Keybanc | Downgrade | Overweight → Equal-Weight |  |
| 2026-08-06 | Keybanc | Target lowered | Overweight | $190 → $170 |
| 2026-08-06 | Stifel | Target lowered | Buy | $197 → $160 |
| 2026-08-06 | Barclays | Target lowered | Equal-Weight | $140 → $130 |
| 2026-07-14 | Keybanc | Target lowered | Overweight | $200 → $190 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -16.0% | +37.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -16.0% | +6.6% |
| Volatility (annualized) | 36.0% | 36.0% |
| Max drawdown | -40.6% (Jun 2026→Oct 2026) | -42.9% (Aug 2024→Mar 2025) |

## Peers (Semiconductors)
MXL (MaxLinear, Inc) USD 65.28 -13.87% · ALGM (Allegro MicroSystems, Inc.) USD 31.69 -8.17% · PI (Impinj, Inc.) USD 162.7 -9.01% · SIMO (Silicon Motion Technology Corpo) USD 187.96 -15.45% · SYNA (Synaptics Incorporated) USD 117.04 -0.39% · SLAB (Silicon Laboratories, Inc.) USD 221.12 -0.27%

## More
Full page: https://nexqual.com/CRUS · 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 CRUS's own 10-K filed 2026-05-21 (https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | GlobalFoundries (GFS) | "We use a variety of foundries in the production of wafers, primarily supplied by GLOBALFOUNDRIES Inc., ("GlobalFoundries") and Taiwan Semiconductor Manufacturing Company, Limited ("TSMC")." |
| Supplier | Apple (AAPL) | "For fiscal years 2026, 2025, and 2024, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 91 percent, 89 percent, and 87 percent, of the Company's tot…" |
| Supplier | TSMC (TSM) | "We use a variety of foundries in the production of wafers, primarily supplied by GLOBALFOUNDRIES Inc., ("GlobalFoundries") and Taiwan Semiconductor Manufacturing Company, Limited ("TSMC")." |
| Supplier | Hon Hai (Foxconn) | "Contract manufacturers aggregated at their parent level, that represented more than 10 percent of consolidated gross trade accounts receivable included Foxconn and Luxshare, representing 39 percent and 22 percent, respec…" |
| Supplier | Luxshare | "Contract manufacturers aggregated at their parent level, that represented more than 10 percent of consolidated gross trade accounts receivable included Foxconn and Luxshare, representing 39 percent and 22 percent, respec…" |
| Competitor | Analog Devices (ADI) | "Our primary competitors include, but are not limited to, AKM Semiconductor Inc., Analog Devices Inc., QUALCOMM Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awinic Technology …" |
| Competitor | Qualcomm (QCOM) | "Our principal competitors in these markets include AKM Semiconductor Inc., Analog Devices Inc., Qualcomm Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awinic Technology Co., L…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Xperi Inc. (XPER) | 10-K 2026-02-26 | "We have devoted significant time and resources to develop a broad range of solutions with key partners including Amlogic, Analog Devices, Cadence, Cirrus Logic, MediaTek, NXP, Qualcomm, Realtek, Synap…" |
| competitor | SKYWORKS SOLUTIONS, INC. (SWKS) | 10-K 2025-11-07 | "Our competitors include Analog Devices, Broadcom, Cirrus Logic, Murata Manufacturing, NXP Semiconductors, Qorvo, Qualcomm, and Texas Instruments." |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Audio Products | $249.0M | 54.2% | +3.7% |
| HPMS Products | $210.7M | 45.8% | +26.0% |
| Total revenue | $459.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| CHINA | $216.7M | 47.1% | +14.1% |
| India | $83.3M | 18.1% | +10.4% |
| Hong Kong | $56.4M | 12.3% | +14.8% |
| Vietnam | $54.7M | 11.9% | +50.9% |
| South Korea | $23.6M | 5.1% | -28.2% |
| Rest of World | $19.4M | 4.2% | +2.7% |
| UNITED STATES | $5.5M | 1.2% | +19.3% |
| Total revenue | $459.7M | 100% | — |

## Customer concentration

Period ended 2026-03-28: 91% of revenue from unnamed direct customers (10-K, filed 2026-05-21).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.42 | $2.69 | -9.8% | $540.3M | 5 |
| Next quarter (ends 2026-12-31) | $2.50 | $3.06 | -18.5% | $563.5M | 5 |
| Current fiscal year (ends 2027-03-31) | $8.42 | $8.83 | -4.7% | $2.02B | 5 |
| Next fiscal year (ends 2028-03-31) | $8.71 | $9.45 | -7.8% | $2.10B | 5 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±11.8%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 52.5% | ±11.8% |
| 2026-12-18 | 56 | 44.9% | ±14.2% |
| 2027-03-19 | 147 | 42.6% | ±21.5% |
| 2027-06-17 | 237 | 43.5% | ±27.8% |