Loading institutional data...
Loading institutional data...
Held by 556 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FORM | $11.7B | 216.2× | 122.1× | 14.8× | 2.8% | 39.3% | 6.9% | 5.3% | 5.2% | -1.0× | 484 |
| VIAV | $11.6B | — | 77.1× | 7.7× | 40.0% | 57.7% | -2.0% | -2.1% | -1.8% | -2.8× | 540 |
| QRVO | $10.1B | 31.5× | 18.5× | 2.7× | -1.1% | 45.9% | 9.2% | 10.1% | 6.9% | 0.6× | 525 |
| AAOI | $9.8B | — | — | 21.5× | 82.8% | 30.0% | -8.4% | -5.2% | -4.8% | — | 468 |
| MXL | $9.6B | — | — | 20.5× | 29.7% | 56.8% | -29.2% | -30.2% | -23.7% | — | 414 |
| SIMO | $9.5B | 308.2× | 75.6× | 10.7× | 10.2% | 48.3% | 13.8% | 14.8% | 14.8% | -1.6× | 372 |
| SLAB | $7.4B | — | — | 9.5× | 34.3% | 58.2% | -8.3% | -5.9% | -5.9% | — | 349 |
| ALGM | $7.4B | — | 87.0× | 8.3× | 22.8% | 46.3% | -1.7% | -1.6% | -1.2% | 1.4× | 361 |
| CRUS | $6.1B | 15.4× | 10.3× | 3.0× | 5.3% | 52.8% | 20.7% | 19.5% | 19.5% | -1.6× | 556 |
| AXTI | $5.6B | — | — | 63.8× | -11.1% | 12.7% | -24.1% | -7.8% | -6.4% | — | 256 |
| KLIC | $5.3B | — | — | 8.1× | -7.4% | 42.5% | 0.0% | 0.0% | 0.0% | -14.6× | 437 |
| SYNA | $4.8B | — | — | 4.0× | 11.4% | 44.7% | -41.0% | -52.8% | -27.8% | — | 361 |
| DIOD | $4.8B | 72.6× | 28.3× | 3.2× | 13.0% | 31.2% | 4.5% | 3.5% | 3.5% | -2.2× | 371 |
| ENPH | $4.4B | 25.9× | 21.6× | 3.0× | 10.7% | 46.6% | 11.7% | 15.8% | 7.5% | 3.1× | 536 |
| IPGP | $3.6B | 115.1× | 39.7× | 3.6× | 2.7% | 38.0% | 3.1% | 1.5% | 1.5% | -5.0× | 349 |
| UCTT | $3.3B | — | — | 1.6× | -2.1% | 15.7% | -8.8% | -25.5% | -15.3% | — | 419 |
| NVTS | $3.3B | — | — | 70.9× | -44.9% | 31.0% | -255% | -26.4% | -26.4% | — | 347 |
| PENG | $3.1B | 219.1× | 27.6× | 2.3× | 16.9% | 28.8% | 1.9% | 6.4% | 3.0% | 0.1× | 345 |
| OSIS | $3.1B | 22.0× | 14.4× | 1.8× | 4.3% | 33.2% | 8.7% | 18.6% | 8.4% | 2.5× | 359 |
| POWI | $3.0B | 139.6× | 79.8× | 6.9× | 5.9% | 54.5% | 5.0% | 3.3% | 3.3% | -1.6× | 353 |
Peers = companies sharing CRUS's sector (Semiconductors & Related Devices) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $121.35 today, the market must believe free cash flow compounds 0.3%/yr for a decade (off $480.7M on the 3-yr avg basis).
On the basis ($395.7M) the requirement is 3.0%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.3% is more conservative than its 9-yr track record.
Default is 10.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.05B shares (market data) · net debt -$800.9M
mean 27.8% · volatility σ 79% · implied rate exceeded in 6/9 yrs
Central path = implied 0.3%/yr growth; shaded band = ±1σ (79%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $280.0M buybacks = $280.0M returned on $636.6M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 19%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-05
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 19% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 49.6 | 47.4 | 48.3 | 48.2 | 49.6 | 48.8 | 47.5 | 47.2 |
| Gross Profit | 50.4 | 52.6 | 51.7 | 51.8 | 50.4 | 51.2 | 52.5 | 52.8 |
| R&D | 31.6 | 27.1 | 25.0 | 22.8 | 24.2 | 23.8 | 22.9 | 21.7 |
| SG&A | 10.7 | 10.2 | 9.3 | 8.5 | 8.1 | 8.1 | 8.0 | 8.0 |
| Operating Income | 8.5 | 13.5 | 17.3 | 20.6 | 13.1 | 19.2 | 21.6 | 23.0 |
| Income Tax | 0.3 | 1.7 | 2.0 | 2.4 | 4.1 | 5.0 | 6.0 | 4.1 |
| Net Income | 7.6 | 12.4 | 15.9 | 18.3 | 9.3 | 15.3 | 17.5 | 20.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CRUS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.00B 100.0% | $1.90B 100.0% | $1.79B 100.0% | $1.90B 100.0% | $1.78B 100.0% | $1.37B 100.0% | $1.28B 100.0% | $1.19B 100.0% | $1.53B 100.0% | $1.54B 100.0% |
| Cost of Revenue | $943.2M 47.2% | $900.0M 47.5% | $872.8M 48.8% | $940.6M 49.6% | $857.8M 48.2% | $661.9M 48.3% | $607.0M 47.4% | $588.0M 49.6% | $771.5M 50.4% | $781.1M 50.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $771.5M 50.4% | $781.1M 50.8% |
| Gross Profit | $1.05B 52.8% | $996.0M 52.5% | $916.1M 51.2% | $957.0M 50.4% | $923.6M 51.8% | $707.3M 51.7% | $674.2M 52.6% | $597.5M 50.4% | $760.7M 49.6% | $757.8M 49.2% |
| Research & Development | $434.0M 21.7% | $434.7M 22.9% | $426.5M 23.8% | $458.4M 24.2% | $406.3M 22.8% | $342.8M 25.0% | $347.6M 27.1% | $375.1M 31.6% | $366.4M 23.9% | $303.7M 19.7% |
| Selling, General & Admin | $159.8M 8.0% | $151.0M 8.0% | $144.2M 8.1% | $153.1M 8.1% | $151.0M 8.5% | $127.0M 9.3% | $131.1M 10.2% | $126.5M 10.7% | $131.8M 8.6% | $127.3M 8.3% |
| Total Operating Expenses | $593.8M 29.7% | $585.7M 30.9% | $572.6M 32.0% | $707.9M 37.3% | $557.3M 31.3% | $470.1M 34.3% | $500.7M 39.1% | $496.7M 41.9% | $498.3M 32.5% | $440.8M 28.6% |
| Operating Income | $460.4M 23.0% | $410.4M 21.6% | $343.5M 19.2% | $249.0M 13.1% | $366.3M 20.6% | $237.2M 17.3% | $173.5M 13.5% | $100.8M 8.5% | $262.5M 17.1% | $317.1M 20.6% |
| Interest Expense | $898K 0.0% | $898K 0.0% | $915K 0.1% | $898K 0.0% | $948K 0.1% | $1.1M 0.1% | $1.1M 0.1% | $1.1M 0.1% | $1.2M 0.1% | $3.6M 0.2% |
| Other Income (Expense), net | -$487K -0.0% | $1.5M 0.1% | -$108K -0.0% | -$3.4M -0.2% | $1.7M 0.1% | $2.8M 0.2% | -$1.6M -0.1% | -$217K -0.0% | -$971K -0.1% | -$79K -0.0% |
| Pretax Income | $496.7M 24.9% | $444.9M 23.5% | $363.9M 20.3% | $254.7M 13.4% | $368.7M 20.7% | $245.2M 17.9% | $181.3M 14.1% | $93.7M 7.9% | $265.1M 17.3% | $315.0M 20.5% |
| Income Tax Expense | $82.3M 4.1% | $113.4M 6.0% | $89.4M 5.0% | $78.0M 4.1% | $42.3M 2.4% | $27.9M 2.0% | $21.8M 1.7% | $3.8M 0.3% | $103.1M 6.7% | $53.8M 3.5% |
| Net Income | $414.4M 20.7% | $331.5M 17.5% | $274.6M 15.3% | $176.7M 9.3% | $326.4M 18.3% | $217.3M 15.9% | $159.5M 12.4% | $90.0M 7.6% | $162.0M 10.6% | $261.2M 17.0% |
| Per Share | ||||||||||
| EPS (Basic) | $8.10 | $6.24 | $5.06 | $3.18 | $5.70 | $3.74 | $2.74 | $1.50 | $2.55 | $4.12 |
| EPS (Diluted) | $7.85 | $6.00 | $4.90 | $3.09 | $5.52 | $3.62 | $2.64 | $1.46 | $2.46 | $3.92 |
| Weighted Avg Shares (Basic) | 51.1M | 53.1M | 54.3M | 55.6M | 57.3M | 58.1M | 58.3M | 60.1M | 63.4M | 63.3M |
| Weighted Avg Shares (Diluted) | 52.8M | 55.2M | 56.0M | 57.2M | 59.1M | 60.1M | 60.5M | 61.6M | 66.0M | 66.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns 12.66pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 12.2% | 10.5% (today's — no rate published for this year) | 1.7pts |
| FY2021 | 16.5% | 10.5% (today's — no rate published for this year) | 6.1pts |
| FY2022 | 19.7% | 7.1% | 12.6pts |
| FY2023 | 13.9% | 7.7% | 6.3pts |
| FY2024 | 17.8% | 8.9% | 8.8pts |
| FY2025 | 20.1% | 10.8% | 9.3pts |
| FY2026 | 23.9% | 10.7% | 13.2pts |
| Now | 19.5% | 10.5% | 9.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 49.2% | 20.6% | 17.0% |
| FY2018 | 49.6% | 17.1% | 10.6% |
| FY2019 | 50.4% | 8.5% | 7.6% |
| FY2020 | 52.6% | 13.5% | 12.4% |
| FY2021 | 51.7% | 17.3% | 15.9% |
| FY2022 | 51.8% | 20.6% | 18.3% |
| FY2023 | 50.4% | 13.1% | 9.3% |
| FY2024 | 51.2% | 19.2% | 15.3% |
| FY2025 | 52.5% | 21.6% | 17.5% |
| FY2026 | 52.8% | 23.0% | 20.7% |
Return on equity (19%) and return on invested capital (19%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$436M of goodwill — 28% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 32.18% against 23.12% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.25x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $637M; after share-based compensation it is $555M. The difference is a real cost that the cash flow statement adds back.
Covers interest 358.9x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 512.67x |
| 5% | 487.04x |
| 10% | 461.41x |
| 15% | 435.77x |
| 20% | 410.14x |
| 25% | 384.50x |
| 30% | 358.87x |
| 35% | 333.24x |
| 40% | 307.60x |
| 45% | 281.97x |
| 50% | 256.34x |
| 55% | 230.70x |
| 60% | 205.07x |
Balance sheet at 2026-03-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $133,977,000 of the $133,977,000 total — a fixed obligation that does not appear in a headline debt figure.
At $121.17, free cash flow must compound 0.59%/yr for 10 years. It has done 14.66%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 18.0% | 0.6% |
| FY2022 | −70.2% | 0.6% |
| FY2023 | 208.8% | 0.6% |
| FY2024 | 26.1% | 0.6% |
| FY2025 | 9.8% | 0.6% |
| FY2026 | 51.0% | 0.6% |
The implied rate has been matched or beaten in 5 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $414M | $414M |
| Share-based comp | $82M | $496M |
| Other non-cash & working capital | $154M | $651M |
| Operating cash flow | $651M | $651M |
| Capex | −$14M | $637M |
| Free cash flow | $637M | $637M |
| FCF after SBC | $555M | $555M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 6.9% | -29.4% | -36.3 points |
| FY2022 | 30.1% | 121.0% | 90.9 points |
| FY2023 | 6.5% | -37.4% | -43.9 points |
| FY2024 | -5.7% | 8.0% | 13.7 points |
| FY2025 | 6.0% | 33.0% | 27.0 points |
| FY2026 | 5.3% | 1.9% | -3.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | 43.9 days | 88.2 days | 47.2 days | 85 days |
| FY2021 | 29 days | 95.5 days | 56.7 days | 67.9 days |
| FY2022 | 49.2 days | 58.9 days | 49.1 days | 59 days |
| FY2023 | 28.9 days | 90.6 days | 31.6 days | 87.9 days |
| FY2024 | 33.2 days | 95 days | 23.2 days | 105 days |
| FY2025 | 41.6 days | 121.3 days | 25.6 days | 137.3 days |
| FY2026 | 40.2 days | 93.2 days | 31.2 days | 102.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -8.6 percent |
| FY2021 | -7.2 percent |
| FY2022 | 9.5 percent |
| FY2023 | -7.9 percent |
| FY2024 | -6.6 percent |
| FY2025 | -4.8 percent |
| FY2026 | -9.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.