Cirrus Logic, Inc.
- Open
- 112.31
- Day high
- 114.05
- Day low
- 111.66
- Prev close
- 113.06
- Volume
- 70K
- Mkt cap
- $5.7B
- P/E (TTM)
- 13.3
- EPS (TTM)
- $8.45
- P/B
- 2.6
- P/S
- 2.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.6M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
Cirrus Logic, Inc. (CRUS) is a Technology company listed on NASDAQ. The stock is up 0% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 2 published research articles covering CRUS.
Cirrus Logic, Inc. (CRUS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CRUS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $1.81 | $1.84 | +1.7% | $460M | -0.1% |
| May 6, 2026 | $1.76 | $1.95 | +10.8% | $449M | +1.4% |
| Feb 3, 2026 | $2.42 | $2.97 | +22.7% | $581M | +31.8% |
| Feb 4, 2025 | $2.36 | $2.51 | +6.4% | $556M | +52.4% |
| Feb 6, 2024 | $2.01 | $2.89 | +44.1% | $619M | +14.7% |
| Nov 2, 2023 | $1.54 | $1.80 | +16.9% | $481M | +5.1% |
| Aug 3, 2023 | $0.41 | $0.67 | +63.4% | $317M | +10.4% |
| May 4, 2023 | $0.83 | $0.92 | +10.8% | $373M | +1.4% |
| Feb 2, 2023 | $1.99 | $2.40 | +20.6% | $591M | +8.6% |
| Nov 1, 2022 | $1.44 | $1.99 | +38.2% | $541M | +16.0% |
| Aug 2, 2022 | $0.85 | $1.12 | +31.8% | $394M | +7.6% |
| May 3, 2022 | $1.40 | $2.01 | +43.6% | $490M | +16.6% |
CRUS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | Baumgartner Jeffrey Wofficer: EVP, R&D | Sell | 1,166 | $117.89 |
| Jul 31, 2026 | DAVERN ALEXANDER Mdirector | Option | 1,998 | — |
| Jul 31, 2026 | MOSLEY WILLIAM Ddirector | Option | 1,998 | — |
| Jul 31, 2026 | LE DUY LOAN Tdirector | Grant | 1,623 | — |
| Jul 31, 2026 | Hussain Muhammad Raghibdirector | Grant | 1,998 | — |
| Jul 31, 2026 | Hussain Muhammad Raghibdirector | Grant | 1,623 | — |
| Jul 31, 2026 | Tupman David J.director | Grant | 1,998 | — |
| Jul 31, 2026 | DAVERN ALEXANDER Mdirector | Grant | 1,998 | — |
| Jul 31, 2026 | Tupman David J.director | Option | 1,998 | — |
| Jul 31, 2026 | LE DUY LOAN Tdirector | Option | 1,998 | — |
| Jul 31, 2026 | DAVERN ALEXANDER Mdirector | Grant | 1,623 | — |
| Jul 31, 2026 | Tupman David J.director | Grant | 1,623 | — |
| Jul 31, 2026 | Lego Catherine Pdirector | Grant | 1,998 | — |
| Jul 31, 2026 | Lego Catherine Pdirector | Option | 1,998 | — |
| Jul 31, 2026 | Hussain Muhammad Raghibdirector | Option | 1,998 | — |
Source: CRUS SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full CRUS insider & 13F page →CRUS research & analysis
[CRUS] Cirrus Logic Thesis 2026: Apple Audio Mixed-Signal Drives Smart Codec Capital Return
Cirrus Logic, Inc. (NASDAQ: CRUS) FY2025 (March year-end) revenue ~$1.85-1.95B (+0-3%) with adj. EPS ~$7.45-7.95 reflecting continued post-2024 ~$1.85-1.95B aggregate Mixed-Signal + Audio + Power Semiconductor revenue (~$1.55-1.65B aggregate Audio + Smart Codec + Boosted Amplifier + ~$0.30-0.35B aggregate High-Performance Mixed-Signal HPMS + selected primary post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty + post-2022 PMIC Power Management IC) under continued President + CEO John Forsyth since April 2022 (~3-year tenure as Cirrus Logic CEO; selected post-April 2022 succeeded Jason Rhode retirement). One of the largest US specialty Mixed-Signal + Audio + Power Semiconductor companies. Founded 1984 as Cirrus Logic by Suhas Patil in Tustin California (~41-year heritage; selected pioneer Mixed-Signal + Audio Codec + Boosted Amplifier semiconductor specialty); selected post-July 1989 NASDAQ IPO; selected post-1990s-2025 ~$2.5B+ aggregate cumulative tuck-in M&A platform expansion (Wolfson Microelectronics 2014 $467M+); selected post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty (~80-85%+ Apple revenue concentration); selected post-April 2022 John Forsyth CEO appointment. Headquartered in Austin Texas; ~1,500-2,000 employees globally with global Mixed-Signal + Audio + Power Semiconductor design + manufacturing footprint. One primary business: Specialty Mixed-Signal + Audio + Power Semiconductor ~100%. Structure: Audio ~83%+ ($1.55-1.65B), HPMS ~17% ($0.30-0.35B). End-market mix: Apple iPhone + iPad + AirPods + Mac + Watch ~80-85%+ + Samsung + Google Pixel + Android OEM ~10-15% + selected various aggregate ~3-5%. Geographic mix: Asia Pacific ~85%+ + Americas + Europe ~15%. Apple iPhone Audio + Smart Codec pipeline (~$1.55-1.65B): ~$1.55-1.65B aggregate Audio revenue (~83%+ revenue mix); selected primary post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty (~80-85%+ Apple revenue concentration); selected Apple iPhone + iPad + AirPods + Mac + Watch audio content; selected ~$1.50-2.00 Audio Codec content per Apple iPhone; selected ~$0.80-1.00 Boosted Amplifier content per Apple iPhone. High-Performance Mixed-Signal (HPMS) + PMIC + Camera pipeline: selected continued post-2022 HPMS pipeline (post-2018 Apple iPhone PMIC Power Management IC + post-2024 ~$0.30-0.35B annual HPMS revenue + post-2024 ~$0.50-0.85 PMIC content per Apple iPhone); selected ~$2-3B global HPMS + PMIC TAM; selected post-2024-2025 Camera-related controller HPMS expansion. President + CEO John Forsyth since April 2022 (~3-year tenure); CFO Venk Nathamuni. Capital position: ~$0 dividend (no dividend track post-1989 NASDAQ IPO); ~$300-450M aggregate FY2025 buybacks; aggregate capital return ~$300-450M FY2025; net leverage ~negligible (~debt-light + ~$0.7-0.9B aggregate cash + investments balance); investment-grade Baa1/BBB+ credit rating; ~52-54M diluted shares; weighted average debt maturity ~5-6 years. FY2026 thesis: Apple iPhone Audio + Smart Codec pipeline + HPMS + PMIC + Camera pipeline + ~$2-3B global HPMS + PMIC TAM + ~80-85% Apple concentration + Apple iPhone 17/18 launch cycle + post-2024-2025 Camera-related controller HPMS expansion. Risks: Skyworks Solutions + Broadcom + Qualcomm + MediaTek + Texas Instruments + Analog Devices + Onsemi + Qorvo + Apple in-house silicon competitive displacement + Apple iPhone unit shipment cycle considerations + Apple insourcing considerations (Audio Codec + PMIC + Camera in-house design risk) + Asia Pacific (China + Taiwan + Japan + Korea) production cycle considerations + Federal Reserve interest rate cycle considerations + post-April 2022 John Forsyth CEO transition continuity considerations.
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Anchored by Bloomberg's confirmation of Apple's foldable iPhone for September 2026, this analysis ranks six suppliers—AVGO, MU, COHR, QCOM, JBL, CRUS—by conviction to capture innovation spillover. Leaders like Broadcom and Micron offer explosive growth from custom chips and memory demands.
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Cirrus Logic, Inc. company profile
Overview
Cirrus Logic, Inc. (NASDAQ:CRUS) is a fabless semiconductor company founded in 1984 and headquartered in Austin, Texas. The company went public in 1989 and has established itself as a leading provider of low-power, high-precision mixed-signal processing solutions. Cirrus Logic operates as a fabless manufacturer, meaning it designs chips but outsources the actual fabrication to third-party foundries. The company has built a strong market position primarily in smartphone audio components while expanding into adjacent markets including laptops, automotive systems, and industrial applications.
Business
Cirrus Logic operates in the semiconductor industry, specifically focusing on mixed-signal processing solutions that bridge the gap between analog and digital worlds. The company's core expertise lies in converting real-world analog signals (like sound waves) into digital data that electronic devices can process, and vice versa. The company's primary products include audio codecs, which are integrated circuits that combine analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single chip. These components are essential for any device that needs to record, process, or play audio. Cirrus Logic also produces smart codecs that incorporate digital signal processors for enhanced audio processing capabilities, boosted amplifiers that improve audio output power and quality, and SoundClear technology - a portfolio of software algorithms that enhance audio experiences with features like noise cancellation and voice clarity. Beyond audio, the company has developed a growing High-Performance Mixed-Signal (HPMS) portfolio that includes camera controllers for smartphone imaging systems, haptic drivers that enable tactile feedback in devices, power conversion and control integrated circuits, and fast-charging solutions. These products serve applications in smartphones, tablets, laptops, wireless headsets, automotive entertainment systems, and industrial equipment. The business is heavily concentrated in smartphone audio, which represents approximately 89% of total revenue, with the remaining revenue coming from emerging segments including PC/laptop applications, automotive systems, professional audio equipment, and industrial applications.
Revenue model
Cirrus Logic generates revenue primarily through the sale of semiconductor chips to original equipment manufacturers (OEMs) and their contract manufacturers. The company operates on a traditional product sales model, designing and selling integrated circuits that are then incorporated into end-user devices like smartphones, laptops, and other electronic products. The company's revenue is heavily dependent on smartphone manufacturers, with one customer (widely understood to be Apple based on the 89% concentration) representing the vast majority of sales. This customer relationship provides substantial volume but also creates concentration risk. Revenue fluctuates based on product launch cycles, inventory management by customers, and seasonal demand patterns typical in consumer electronics. Cirrus Logic's gross margins, which have ranged between 49-54% in recent quarters, are influenced by several factors. Product mix significantly impacts profitability, with newer, more sophisticated products typically commanding higher margins than commodity components. Manufacturing scale and yield improvements at foundry partners help reduce per-unit costs. Competitive dynamics in the smartphone audio market can pressure pricing, while the company's technological leadership and patent portfolio provide some pricing power. The company faces margin pressure from commodity pricing in mature product categories, supply chain cost fluctuations, and the need for continuous R&D investment to maintain technological leadership. Conversely, margins benefit from the introduction of higher-value products, increased content per device as smartphones become more sophisticated, and expansion into less commoditized markets like automotive and industrial applications where customers prioritize performance over cost.
Competitive moat
Cirrus Logic's competitive moat is moderately strong but faces ongoing challenges. The company's primary moat stems from its technological expertise in mixed-signal processing and deep integration with key customers, particularly in the smartphone ecosystem. The company has built specialized knowledge in audio signal processing, low-power design, and miniaturization that creates switching costs for customers who would need to redesign their products around alternative solutions. The company's customer relationships, especially its dominant relationship with Apple, provide significant barriers to entry. These relationships involve multi-year design cycles, extensive technical collaboration, and custom product development that creates switching costs. However, this concentration also represents a vulnerability, as losing a major customer could severely impact the business. Cirrus Logic's intellectual property portfolio and engineering talent provide additional defensive advantages, particularly in specialized areas like audio processing algorithms and power management. The company's ability to deliver highly integrated solutions that meet strict power, size, and performance requirements creates value that competitors struggle to replicate quickly. However, the moat faces several threats. The semiconductor industry is highly competitive with well-funded rivals including Qualcomm, Broadcom, and specialized audio chip companies. The risk of customer concentration means that strategic decisions by major customers could significantly impact Cirrus Logic's market position. Additionally, the trend toward system-on-chip integration could potentially allow larger semiconductor companies to incorporate audio processing capabilities into broader chip solutions, reducing demand for specialized audio components.
Risks & safety
Cirrus Logic demonstrates a strong financial position with significant margin of safety characteristics: **Cash Position and Solvency:** - Cash and short-term investments of $540 million provides substantial liquidity buffer - Minimal debt with debt-to-equity ratio of only 0.074, indicating very low financial leverage - Current ratio of 6.35 shows strong ability to meet short-term obligations - Free cash flow generation of $127 million in the most recent quarter demonstrates operational cash generation capability **Valuation Metrics:** - Price-to-earnings ratio of 18.4 appears reasonable for a technology company with growth prospects - EV/EBITDA of 12.2 suggests moderate valuation relative to earnings power - Graham number of $33.51 compared to current price around $100 indicates potential overvaluation by traditional value metrics - Price-to-book ratio of 2.69 reflects premium to tangible assets but reasonable for asset-light business model **Other Considerations:** - High customer concentration (89% from largest customer) creates significant business risk despite strong financials - Cyclical nature of semiconductor industry and consumer electronics creates earnings volatility - Strong return on equity of 17% indicates efficient capital allocation - Consistent share repurchase program demonstrates management's confidence and capital return discipline
Recent development
Over the past few years, Cirrus Logic has executed a strategic diversification beyond its core smartphone audio business while continuing to innovate within that dominant segment. The company has successfully launched next-generation products including a new 22-nanometer smart codec and a custom boosted amplifier with innovative architecture that improves system performance and power efficiency. A key strategic initiative has been the expansion into the PC and laptop market, where the company has achieved design wins across the top six original equipment manufacturers. Revenue from this segment reached low tens of millions in fiscal 2025 and is expected to double in fiscal 2026, with management targeting over 150 stock keeping units (SKUs) across laptop OEMs. The company is addressing this market with audio codecs, haptic solutions, and power converter products. The company has also been investing heavily in power and battery management technologies, developing high-precision sensing and monitoring solutions that could address growing demand for power efficiency in mobile devices. This represents a potential expansion of the company's addressable market beyond traditional audio applications. In the High-Performance Mixed-Signal (HPMS) segment, Cirrus Logic has increased content through camera controller products, which have seen growing attach rates and expanded functionality. The company has also been exploring opportunities in automotive applications, professional audio markets, and industrial segments, though these remain early-stage initiatives. Management has indicated expectations that HPMS revenue could eventually reach parity with the audio business, though this timeline extends beyond the next one to two years.
CRUS company profile · for informational purposes only — not investment advice.
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