# Cirrus Logic (CRUS.US)

Canonical: https://gigainvestors.com/s/CRUS

Analysis as of: 2026-10-16T07:27:46.373Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $108.40 per share; close as of 2026-10-15.

Estimated value: low $127.75 per share, central $178.58 per share, high $206.93 per share. Buy at or below the central value $178.58 per share. Valuation as of 2026-10-16T07:27:46.373Z; scenarios are not confidence intervals.

Expected annual return: 15.0% at the stated quote. About 15.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.17×

- FY2019: 0.08×

- FY2020: 0.14×

- FY2021: 0.17×

- FY2022: 0.21×

- FY2023: 0.13×

- FY2024: 0.19×

- FY2025: 0.22×

- FY2026: 0.23×

### moat: pass

- ROIC, median of available years: 28.0%

- ROIC, second-lowest year: 19.6%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 51.4%

- Recent gross margin (lower of latest and 3-year median): 52.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 21.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 55.5%

- FY2018: 27.9%

- FY2019: 17.0%

- FY2020: 19.8%

- FY2021: 28.2%

- FY2022: 33.7%

- FY2023: 19.6%

- FY2024: 25.7%

- FY2025: 28.8%

- FY2026: 40.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.7B

- Net income, five-year total: $1.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.1 pp

- Working capital / revenue, final three-year average: 20.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.10×

- FY2023: 1.20×

- FY2024: 1.04×

- FY2025: 1.07×

- FY2026: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.9% vs 28.8%

- Per-share earnings: 2.46 to 6.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: $3.4B

- Cumulative retained earnings: $292M

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 11.8%

- Per-share value change: $3.54

- Per-share value, starting three-year median: $2.46

- Per-share value, ending three-year median: $6.00

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 4.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $284M

- Cumulative net income, 10 years: $2.4B

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 28.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: $3.92

- FY2018: $2.46

- FY2019: $1.46

- FY2020: $2.64

- FY2021: $3.62

- FY2022: $5.52

- FY2023: $3.09

- FY2024: $4.90

- FY2025: $6.00

- FY2026: $7.85

### accounting: pass

- Sloan accruals: -9.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 12.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.7%

- FY2018: -11.0%

- FY2019: -8.6%

- FY2020: -8.6%

- FY2021: -7.2%

- FY2022: 9.5%

- FY2023: -7.9%

- FY2024: -6.6%

- FY2025: -4.8%

- FY2026: -9.5%

## Holders

## Price story

Down 36% since May 2026 · "Cirrus Logic Faces Pricing Pressure: Can Gross Margin Stay Firm?" (finance.yahoo.com, Sep 2026) · sales +5.3%

Story as of 2026-10-16T09:58:34.808Z; price observation 2026-10-15.

Price needs cash profits to grow 0.5% a year for ten years

- 2025-05-07: Cirrus Logic's Q4 Earnings Beat on Y/Y Top-Line Growth, Shares Gain ([finance.yahoo.com](https://finance.yahoo.com/news/cirrus-logics-q4-earnings-beat-124400322.html))

- 2025-08-05: Cirrus Logic outlines $510M–$570M Q2 2026 revenue target while expanding smartphone and laptop content ([seekingalpha.com](https://seekingalpha.com/news/4479372-cirrus-logic-outlines-510m-570m-q2-2026-revenue-target-while-expanding-smartphone-and-laptop?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-17: Can Cirrus Logic's Strong Q1 Offset Cautious Q2 Revenue Guidance? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cirrus-logics-strong-q1-offset-150000693.html))

- 2026-09-28: Cirrus Logic Faces Pricing Pressure: Can Gross Margin Stay Firm? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cirrus-logic-faces-pricing-pressure-133900036.html))

### Sales · FY2025–2026

sales +5.3%; source https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm; observed 2026-05-21.

- FY2017: $1.5B 

- FY2018: $1.5B 

- FY2019: $1.2B 

- FY2020: $1.3B 

- FY2021: $1.4B 

- FY2022: $1.8B 

- FY2023: $1.9B 

- FY2024: $1.8B 

- FY2025: $1.9B 

- FY2026: $2.0B 

### Gross margin · FY2026

gross margin 52.8%; source https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm; observed 2026-05-21.

- FY2017: 49.2% 

- FY2018: 49.6% 

- FY2019: 50.4% 

- FY2020: 52.6% 

- FY2021: 51.7% 

- FY2022: 51.8% 

- FY2023: 50.4% 

- FY2024: 51.2% 

- FY2025: 52.5% 

- FY2026: 52.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21); FY2026: revenue 1997379000; grossProfit 1054172000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRUS.US: Cirrus Logic, Inc., a fabless semiconductor company, develops mixed-signal processing solutions and audio products in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology for use in smartphones, PCs, tablets, AR/VR headsets, wearables, home theatre systems, automotive entertainment systems, and professional audio systems. It also provides camera controllers, haptic and sensing solutions, and battery and power ICs for smartphones, as well as products for automotive, industrial, and imaging applications. The company markets and sells its products through direct sales force, external sales representatives, and distributors. Cirrus Logic, Inc. was incorporated in 1984 and is headquartered in Austin, Texas.

### Why customers stay

Margins ranged from 51.2% to 52.8% during 2024–26; it earns 28% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2024: grossProfit / revenue = 51.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2025: grossProfit / revenue = 52.5%.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21); FY2026: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); 10-year return on capital observations [[2017,0.5546406336536055],[2018,0.2792097170418112],[2019,0.1704144802031922],[2020,0.19786871926781308],[2021,0.28173505486272415],[2022,0.33729867032137273],[2023,0.19570860710420268],[2024,0.2566257667544753],[2025,0.28805819471380245],[2026,0.40928710782947125]]; median 0.28047238595226764. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 52% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21); Gross margin observations: [[2021,0.5165684362744024],[2022,0.5184741728694442],[2023,0.5043056633662114]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 318 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2017: growth capex 0; upkeep 51296000; owner earnings 273346000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2018: growth capex 0; upkeep 84503000; owner earnings 158891000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2019: growth capex 0; upkeep 35758000; owner earnings 134059000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2020: growth capex 0; upkeep 15656000; owner earnings 212079000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2021: growth capex 0; upkeep 18253000; owner earnings 238491000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2022: growth capex 0; upkeep 30010000; owner earnings 358406000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2023: growth capex 0; upkeep 36714000; owner earnings 211191000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2024: growth capex 0; upkeep 37650000; owner earnings 285214000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); FY2025: growth capex 0; upkeep 28753000; owner earnings 353705000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21); FY2026: growth capex 0; upkeep 13988000; owner earnings 452720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21); FY2026: cash repurchases 318034000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRUS.US SharesStats.PercentInsiders = 0.563 percentage points; cache date 2026-10-16.

### What could break it

Restrictions on exports to China could cut sales.

- Source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm (filed 2026-05-21);  business.

Changes in government trade policies, including the imposition of tariffs and export restrictions, could have an adverse impact on our business operations and sales.

The United States or foreign governments may enact changes in government trade policies that could adversely impact our ability to sell products in certain countries and increase prices associated with our customers' products. For example, the U.S. government has recently imposed and/or threatened to impose tariffs on nearly all imported goods. In addition, the U.S. government has imposed significant tariffs aimed at China due to perceived unfair trade practices. In return, the Chinese government has imposed significant tariffs on certain U.S. products. Additionally, export restrictions imposed by the U.S. government, including the addition of licensing requirements by the United States Department of Commerce's Bureau of Industry and Security ("BIS") through the addition of companies to the BIS Entity List, as well as trade restrictions imposed by the U.S. related to goods imported from regions in China with records of forced labor and other human rights issues, may require us to suspend our business with certain international customers and/or manufacturing entities if we conclude or are notified by the U.S. government that such business presents a risk of noncompliance with U.S. regulations.

We cannot predict what actions may be taken with respect to tariffs or trade relations, what products may be subject to such actions, or what actions may be taken by other countries in response. The current global trade situation is highly dynamic, and it is not possible to anticipate the timing or duration of such tariffs, export restrictions, or other regulatory actions. These government trade policies may materially adversely affect our sales and operations with current customers as well as impede our ability to develop relationships with new customers.

While we have in the past received licenses from the U.S. government to export certain items to companies on the BIS Entity List, there can be no assurances that we will be able to continue to obtain or maintain licenses for the manufacture or sale of future products or for other entities if the U.S government adds other companies to the BIS Entity List and/or subjects them to additional trade restrictions. Despite our receipt of licenses, BIS Entity List restrictions may also encourage foreign customers to seek a greater supply of similar or substitute products from competitors or other third parties who are not subject to these restrictions or to develop their own solutions, especially as the Chinese government develops its domestic semiconductor industry. If export restrictions and tariffs are sustained for a long period of time, or increased, or if other export restrictions are imposed in the future, our long-term competitiven

### What the price says

The price assumes cash profits grow 0.5% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-21); Ten-year compound average after fade. Initial solved rate -0.019433201920996124. Price 108.4; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.054793690239874 → FY2026 8.570671311196092. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $53.98 per share

- 2016-11: $55.00 per share

- 2016-12: $56.54 per share

- 2017-01: $60.32 per share

- 2017-02: $54.08 per share

- 2017-03: $60.69 per share

- 2017-04: $64.35 per share

- 2017-05: $65.95 per share

- 2017-06: $62.72 per share

- 2017-07: $61.44 per share

- 2017-08: $57.98 per share

- 2017-09: $53.32 per share

- 2017-10: $56.00 per share

- 2017-11: $55.24 per share

- 2017-12: $51.86 per share

- 2018-01: $49.57 per share

- 2018-02: $44.31 per share

- 2018-03: $40.63 per share

- 2018-04: $36.47 per share

- 2018-05: $37.48 per share

- 2018-06: $38.33 per share

- 2018-07: $43.26 per share

- 2018-08: $43.95 per share

- 2018-09: $38.60 per share

- 2018-10: $37.44 per share

- 2018-11: $37.44 per share

- 2018-12: $33.18 per share

- 2019-01: $37.15 per share

- 2019-02: $40.13 per share

- 2019-03: $42.07 per share

- 2019-04: $47.58 per share

- 2019-05: $37.37 per share

- 2019-06: $43.70 per share

- 2019-07: $49.05 per share

- 2019-08: $53.64 per share

- 2019-09: $53.58 per share

- 2019-10: $67.96 per share

- 2019-11: $71.70 per share

- 2019-12: $82.41 per share

- 2020-01: $76.81 per share

- 2020-02: $68.64 per share

- 2020-03: $65.63 per share

- 2020-04: $75.60 per share

- 2020-05: $72.48 per share

- 2020-06: $61.78 per share

- 2020-07: $68.53 per share

- 2020-08: $60.59 per share

- 2020-09: $67.45 per share

- 2020-10: $68.87 per share

- 2020-11: $80.10 per share

- 2020-12: $82.20 per share

- 2021-01: $93.69 per share

- 2021-02: $81.78 per share

- 2021-03: $84.79 per share

- 2021-04: $74.41 per share

- 2021-05: $78.07 per share

- 2021-06: $85.12 per share

- 2021-07: $82.59 per share

- 2021-08: $83.67 per share

- 2021-09: $82.35 per share

- 2021-10: $80.81 per share

- 2021-11: $80.18 per share

- 2021-12: $92.02 per share

- 2022-01: $89.44 per share

- 2022-02: $86.87 per share

- 2022-03: $84.79 per share

- 2022-04: $75.80 per share

- 2022-05: $81.54 per share

- 2022-06: $72.54 per share

- 2022-07: $85.46 per share

- 2022-08: $76.69 per share

- 2022-09: $68.80 per share

- 2022-10: $67.12 per share

- 2022-11: $74.71 per share

- 2022-12: $74.48 per share

- 2023-01: $90.39 per share

- 2023-02: $102.75 per share

- 2023-03: $109.38 per share

- 2023-04: $85.79 per share

- 2023-05: $77.68 per share

- 2023-06: $81.01 per share

- 2023-07: $80.80 per share

- 2023-08: $82.04 per share

- 2023-09: $73.96 per share

- 2023-10: $66.93 per share

- 2023-11: $75.91 per share

- 2023-12: $83.19 per share

- 2024-01: $77.20 per share

- 2024-02: $91.82 per share

- 2024-03: $92.56 per share

- 2024-04: $88.57 per share

- 2024-05: $114.70 per share

- 2024-06: $127.66 per share

- 2024-07: $130.48 per share

- 2024-08: $145.69 per share

- 2024-09: $124.21 per share

- 2024-10: $109.82 per share

- 2024-11: $104.45 per share

- 2024-12: $99.58 per share

- 2025-01: $100.44 per share

- 2025-02: $104.21 per share

- 2025-03: $99.66 per share

- 2025-04: $96.04 per share

- 2025-05: $98.36 per share

- 2025-06: $104.26 per share

- 2025-07: $100.71 per share

- 2025-08: $114.19 per share

- 2025-09: $125.29 per share

- 2025-10: $132.65 per share

- 2025-11: $120.34 per share

- 2025-12: $118.50 per share

- 2026-01: $130.34 per share

- 2026-02: $141.12 per share

- 2026-03: $144.62 per share

- 2026-04: $163.08 per share

- 2026-05: $169.95 per share

- 2026-06: $148.53 per share

- 2026-07: $129.35 per share

- 2026-08: $109.51 per share

- 2026-09: $119.97 per share

- 2026-10: $108.40 per share

## Annual estimated value (USD per share)

- FY2017: low $53.81 per share, central $74.16 per share, high $86.01 per share

- FY2018: low $40.14 per share, central $55.83 per share, high $64.97 per share

- FY2019: low $33.86 per share, central $46.54 per share, high $53.93 per share

- FY2020: low $31.63 per share, central $35.33 per share, high $40.26 per share

- FY2021: low $49.08 per share, central $54.77 per share, high $62.34 per share

- FY2022: low $73.62 per share, central $102.67 per share, high $119.58 per share

- FY2023: low $67.74 per share, central $76.01 per share, high $87.02 per share

- FY2024: low $77.70 per share, central $103.11 per share, high $119.37 per share

- FY2025: low $96.91 per share, central $136.74 per share, high $158.95 per share

- FY2026: low $118.48 per share, central $165.47 per share, high $191.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm); period 2026-03-28, filed 2026-05-21.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.