Credo Technology Group Holding Ltd
- Open
- 193.24
- Day high
- 209.97
- Day low
- 185.87
- Prev close
- 207.97
- Volume
- 8.3M
- Mkt cap
- $37.4B
- P/E (TTM)
- 77.4
- EPS (TTM)
- $2.62
- P/B
- 18.1
- P/S
- 28.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$84.6M over the last 3 months (0 open-market buys, 160 sales)
- 🏛Institutions accumulating (13F)
Credo Technology Group Holding Ltd (CRDO) is a Technology company listed on NASDAQ. The stock is up 117% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 160 sales (SEC Form 4).
Credo Technology Group Holding Ltd (CRDO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CRDO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 1, 2026 | $1.02 | $1.16 | +13.7% | $437M | +1.2% |
| Dec 1, 2025 | $0.49 | $0.67 | +36.2% | $268M | +14.1% |
| Sep 3, 2025 | $0.36 | $0.52 | +43.9% | $223M | +17.0% |
| Jun 2, 2025 | $0.27 | $0.35 | +27.8% | $170M | +6.5% |
| Mar 4, 2025 | $0.18 | $0.25 | +38.9% | $135M | -1.0% |
| Dec 2, 2024 | $0.05 | $0.07 | +40.0% | $72M | +7.8% |
| Sep 4, 2024 | $0.04 | $0.04 | -2.2% | $60M | -10.6% |
| May 29, 2024 | $0.05 | $0.07 | +35.1% | $61M | -0.1% |
| Feb 27, 2024 | $0.03 | $0.04 | +30.0% | $53M | +2.0% |
| Nov 29, 2023 | $0.00 | $0.01 | +509.8% | $44M | +3.1% |
| Aug 24, 2023 | $-0.03 | $-0.03 | -3.2% | $35M | -13.0% |
| May 31, 2023 | $-0.04 | $-0.04 | -3.9% | $32M | +2.9% |
CRDO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 500 | $251.19 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 800 | $250.17 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 2,992 | $240.67 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,308 | $246.07 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,815 | $243.86 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,000 | $236.58 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 100 | $253.55 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,800 | $249.43 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 3,275 | $241.62 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,300 | $247.09 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 2,600 | $244.78 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 1,640 | $239.66 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 2,000 | $238.70 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 3,085 | $237.60 |
| Jul 9, 2026 | Cheng Chi Fungdirector, officer: Chief Technology Officer | Sell | 200 | $252.37 |
Source: CRDO SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full CRDO insider & 13F page →Credo Technology Group Holding Ltd company profile
Overview
Credo Technology Group Holding Ltd (NASDAQ:CRDO) is a semiconductor company founded in 2008 and headquartered in San Jose, California. The company went public in January 2022 and specializes in high-speed connectivity solutions for data centers and telecommunications infrastructure. Credo has emerged as a key enabler of artificial intelligence infrastructure, providing critical connectivity components that allow massive data centers to efficiently interconnect thousands of graphics processing units (GPUs) and other computing resources required for AI training and inference workloads.
Business
Credo operates in the high-speed connectivity semiconductor industry, designing and manufacturing specialized chips and cables that enable data transmission at extremely high speeds within data centers and telecommunications networks. The company's core technology revolves around serializer/deserializer (SerDes) circuits and digital signal processor (DSP) technologies, which are essential for converting data between different formats and maintaining signal integrity at high transmission speeds. The company operates through two primary business segments. The Product Business represents approximately 95% of total revenue and includes three main product categories. Active Electrical Cables (AECs) are high-speed copper cables with embedded intelligence that connect servers, switches, and storage devices within data center racks. These cables have become the de facto standard for connecting GPUs in AI training clusters because they provide reliable, low-latency connections while consuming less power than traditional optical solutions. Optical Digital Signal Processors (DSPs) are specialized chips that process optical signals in fiber optic communication systems, enabling data transmission over longer distances at speeds up to 800 gigabits per second and beyond. Line Card PHYs are physical layer chips used in networking equipment like switches and routers to handle high-speed Ethernet connections. The IP Licensing Business accounts for approximately 5% of revenue and involves licensing Credo's SerDes intellectual property to other semiconductor companies and system manufacturers. This includes both standalone IP licensing deals and collaborative chiplet development projects where Credo's connectivity expertise is integrated into other companies' system-on-chip designs.
Revenue model
Credo generates revenue primarily through product sales to hyperscale data center operators (like Amazon, Microsoft, and Google), networking equipment manufacturers, and optical module companies. The company's business model is built on selling high-performance, specialized connectivity solutions that command premium pricing due to their technical complexity and critical role in enabling high-speed data transmission. For AECs, Credo sells directly to hyperscale customers who integrate these cables into their AI training clusters and data center infrastructure. The company benefits from the ongoing AI boom, as each GPU in an AI training cluster typically requires 2-8 AEC connections, and the number of GPUs being deployed is growing exponentially. The shift toward AI inference deployments may actually increase AEC demand since inference requires more distributed computing resources. The optical DSP business targets both hyperscalers building their own optical modules and third-party optical module manufacturers. As data centers require longer-distance, higher-bandwidth connections, optical solutions become necessary, and Credo's power-efficient DSP designs provide competitive advantages in an increasingly crowded market. Revenue growth is driven by several favorable trends including the artificial intelligence infrastructure buildout, increasing data center bandwidth requirements, and the need for more power-efficient connectivity solutions. However, the business faces margin pressure from competitive dynamics, customer concentration risk (with the largest customer representing 86% of Q3 2025 revenue), and cyclical demand patterns in the data center industry. Supply chain constraints, particularly access to advanced semiconductor manufacturing capacity, can also impact both revenue growth and margins.
Competitive moat
Credo's competitive moat is moderately strong but faces increasing competitive pressure. The company's primary advantages stem from its system-level approach to connectivity solutions, combining chip design, signal processing algorithms, and system integration expertise. This vertical integration allows Credo to optimize performance across the entire signal chain and respond quickly to customer-specific requirements. The company's first-mover advantage in AECs has been significant, as Credo essentially created this market category and currently maintains dominant market share. However, this advantage is eroding as larger competitors like Broadcom and Marvell enter the space with substantial resources. Credo's technical expertise in SerDes design and digital signal processing provides some protection, particularly its ability to achieve industry-leading power efficiency and signal integrity at high data rates. The company's relationships with hyperscale customers create some switching costs, as connectivity solutions require extensive qualification and integration work. However, these customers actively seek multiple suppliers to avoid single-source dependencies, which limits Credo's pricing power. The intellectual property portfolio provides some defensive value, but the rapid pace of technological change in high-speed connectivity means that IP advantages can be short-lived. The most significant competitive threat comes from well-funded incumbents with broader product portfolios and manufacturing scale advantages. Companies like Broadcom can leverage their existing customer relationships and bundle connectivity solutions with other networking chips, potentially commoditizing Credo's specialized offerings.
Risks & safety
Credo maintains a strong balance sheet with minimal solvency risk, though profitability remains inconsistent. • Cash Position: $299 million in cash and short-term investments as of Q3 2025, providing substantial liquidity • Debt Level: Very low debt-to-equity ratio of 0.026, indicating minimal financial leverage • Current Ratio: Strong liquidity with current ratio of 7.67, well above safe levels • Cash Flow: Slightly negative free cash flow of -$0.4 million in Q3 2025, but operational cash flow positive at $4.2 million • Profitability: Recently returned to profitability with Q3 2025 net income of $29.4 million, though this follows several quarters of losses • Valuation: High valuation multiples with P/B ratio of 19.0 and EV/EBITDA of 91.9, suggesting significant growth expectations are priced in • Revenue Concentration: High customer concentration risk with 86% of revenue from largest customer, creating potential volatility
Recent development
Over the past few years, Credo has executed a strategic pivot toward AI-focused connectivity solutions while expanding its product portfolio and customer base. The company has successfully transitioned from primarily serving traditional networking markets to becoming a key enabler of AI infrastructure, with AI-related revenue growing from a small portion to approximately 75% of total revenue by 2024. The most significant development has been Credo's expansion in the AEC market, where the company has moved from serving a single hyperscale customer to achieving volume production with three hyperscalers and qualifying with two additional ones. The company has also increased the density of its solutions within AI clusters, with some customers now using up to 8 AECs per GPU compared to the previous standard of 2-4 connections. In optical solutions, Credo has achieved several technical milestones including the development of Linear Receive Optics (LRO) DSP technology and demonstration of sub-10 watt 800-gigabit modules. The company has also completed tape-out of 3-nanometer process node designs for 200-gigabit per lane DSP solutions, positioning it for next-generation optical connectivity requirements. A new strategic initiative is Credo's entry into the PCIe retimer market, where the company is targeting PCIe Gen6 applications with both retimer chips and AEC solutions. This represents a significant market expansion opportunity, as PCIe connectivity is ubiquitous in server and storage applications beyond just AI workloads.
CRDO company profile · for informational purposes only — not investment advice.
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