Credo Technology Group Holding Ltd (CRDO)
POSITIVE基本面
72
价格
$224.60
市值
$41.51B
第一部分 · 这家公司值多少
概览
Credo Technology designs semiconductors that move data at very high speed inside data centers — active electrical cables, optical DSPs and related chips that connect servers, switches and networking gear. Like most fabless chip designers, it owns no factories: it designs the silicon and licenses some of its underlying circuit technology, then has the chips manufactured by outside foundries, mainly TSMC. Its customers are the hyperscale cloud operators and newer AI-focused data center builders scaling out AI infrastructure.
盈利方式
Almost all revenue comes from selling physical chips and cables, recognized when a customer takes delivery, with a small additional stream from licensing its SerDes connectivity technology to other chipmakers and from engineering services. Because each generation of data center speed (100G, 400G, now moving to 800G and beyond) requires a new qualification cycle with customers, revenue can swing sharply between quarters as large buyers ramp or pause orders for a given product generation.
护城河
专利与许可 · 狭窄Credo's chips must pass lengthy qualification testing before a hyperscaler will deploy them at scale, which favors incumbents once they are designed in. But the moat is narrow: much larger, better-funded rivals such as Broadcom and Marvell compete for the same sockets, and a customer can qualify an alternative supplier for the next product generation if Credo's technology falls behind.
需求驱动因素
周期性Demand is driven almost entirely by how much a handful of hyperscale and AI cloud operators are spending on data center buildouts, capital budgets that can be cut or paused within a couple of quarters. The industry has a history of moving quickly between shortage and oversupply as those buildout cycles turn.
主要风险
- Extreme customer concentration — About 90% of fiscal 2026 revenue came from Credo's top ten customers, with two of them each above 10% individually; losing or scaling back with any one of them would materially reduce revenue.
- Single-foundry dependence — Credo used only TSMC to manufacture its wafers in fiscal 2026; any capacity shortfall, price increase or disruption at that one foundry would directly limit how much product Credo can ship.
- Much larger, better-capitalized competitors — Broadcom, Marvell and Astera Labs all compete for the same high-speed connectivity sockets, and each has far greater scale and engineering resources than Credo to out-invest it on the next product generation.
- Demand tied to hyperscaler capex cycles — Revenue depends on a small number of hyperscalers and AI-focused cloud providers continuing to expand data center capacity; any pause or slowdown in that spending would hit Credo's growth quickly.
客户集中度
主要客户占营收的90%
In fiscal 2026, Credo's top ten customers accounted for about 90% of revenue, with two individual customers each contributing at least 10%, so the loss or slowdown of just one relationship would be a significant event.
看多理由
Buyers argue that Credo's active electrical cables and optical DSPs are becoming the standard way hyperscalers connect AI servers at ever-higher speeds, and that revenue nearly tripling in fiscal 2026 shows real design-win momentum against much larger rivals.
看空理由
Sellers worry that revenue this concentrated in a handful of customers can reverse as quickly as it built, that Broadcom and Marvell have far more resources to compete for the same sockets, and that a single-foundry dependence on TSMC leaves little room for a manufacturing disruption.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$1.34B
最近12个月（截至2026/5/2）
净利润
$472M
最近12个月（截至2026/5/2）
自由现金流
$407M
股东权益合计
$2.06B
负债合计
$232M
流动比率
10.15
利息覆盖率
-
债务/EBITDA
0.05
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$140.00
当前价格
$224.60
安全边际
-60.4%
公允价值区间
$91.00 - $188.99
估算方法
估值指标
市盈率（P/E）
88.69
ROE
22.9%
市净率（P/B）
20.12
P/FCF
102.00
毛利率
68.0%
ROIC
16.8%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
16.8%
WACC
18.0%
ROIC − WACC
-1.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（19）
- EPS shows upward trend
- Price CAGR 104.01%
- ROIC 16.8%
- Gross Margin 68.0%
- Debt/Equity ratio
- Operating Margin 33.3%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 31.6%
- Revenue Growth 5Y 86.8%
- Analyst Consensus 93% Buy
- Earnings Surprise avg 23.6%
- Earnings Quality (OCF/NI) 0.98
- Net Margin Trend 35.4% vs 11.9%
- Piotroski F-Score 7/9
未通过（5）
- P/FCF 102.00
- P/B Ratio 20.12
- Price below Graham Number
- DCF valuation (Overvalued)
- Share Dilution 4.6%
不可用（3）
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
财务状况强健
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在发行新股，稀释所有权
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. William J. Brennan | President, CEO & Chairman | 61 |
| Mr. Chi Fung Cheng | Co-founder, CTO & Director | 56 |
| Mr. Yat Tung Lam | Co-founder, COO & Director | 58 |
| Mr. Daniel Fleming | Chief Financial Officer | 58 |
| Mr. James L. Laufman | Chief Legal Officer & Secretary | 60 |
| Mr. Daniel J. O'Neil | VP of Investor Relations & Treasurer | 54 |
| Mr. David Matukaitis | VP of Corporate Development and FP&A | - |
| Mr. Phillip Ralph Kumin | Senior Vice President of Global Sales | 59 |
| Ms. Diane Vanasse | Vice President of Marketing Communications | - |
| Ms. Kimberly Sullivan Cassady | Senior Vice President of People | - |
审计风险
3
董事会风险
6
薪酬风险
7
股东权利风险
7
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for CRDO, sourced from Markets Gazette.
- 6/1/2026NEUTRALCredo Technology Group Q4 2026 Earnings Call: Complete Transcript
Credo Technology Group's Q4 2026 earnings call transcript has been released. While the transcript provides a detailed overview of the company's performance and future outlook, it does not contain specific financial results or forward-looking guidance that would indicate a clear positive or negative market movement. Investors should review the transcript for qualitative insights into the company's strategic direction, operational achievements, and management commentary on market conditions and competitive landscape.
- 6/1/2026NEGATIVECredo Technology Group Stock Dives Despite Q4 Earnings Beat
Credo Technology Group's stock experienced a significant decline despite reporting a Q4 earnings beat for fiscal year 2026. The company announced its financial results after market close on Monday, June 1st, 2026. While specific figures for the earnings beat were not detailed in the provided snippet, the market's negative reaction suggests that other factors, such as forward guidance, revenue outlook, or broader market sentiment, overshadowed the positive earnings surprise. Investors will be closely scrutinizing the full earnings report for potential headwinds that led to the stock's dive.
- 6/1/2026NEUTRALCredo Technology to Report Fourth Quarter Results; These Most Accurate Analysts Maintain Ratings Ahead Of Earnings Call
Credo Technology Group Holding Ltd (CRDO) is set to announce its Q4 and full-year 2026 results on June 1. Analysts forecast Q4 EPS of $0.79 on revenue of $432.05 million, and full-year EPS of $2.40 on revenue of $1.33 billion. The company recently acquired DustPhotonics for $750 million. CRDO's stock closed Friday at $236.03, up 6.15%. Leading analysts from Goldman Sachs, Rosenblatt, and Needham have maintained 'Buy' or 'Neutral' ratings, with price targets between $170 and $220, indicating a mixed but generally stable outlook ahead of the earnings call.
- 4/20/2026POSITIVECredo Technology Shares Climb 6% After Key Trading Signal
Credo Technology Group Holding Limited (CRDO) shares experienced a significant upward movement, climbing 6% following the activation of a key trading signal. The stock reached a price of $164.56 before the surge. This technical indicator suggests a potential bullish trend for CRDO, attracting investor interest and driving up its market value. The positive price action indicates strong momentum and could signal further gains ahead for the semiconductor solutions provider.
- 4/14/2026POSITIVECredo’s stock surges. Here’s why its new acquisition ‘makes perfect sense.’
Credo Technology Group Holding Ltd's stock experienced a significant surge following the announcement of its acquisition of silicon photonics technology. This strategic move is expected to enhance the company's supply chain efficiency and improve its cost structure, according to industry analysts. The integration of this advanced technology is seen as a key driver for future growth and profitability, positioning Credo favorably within the competitive semiconductor market. Investors are likely to view this acquisition as a positive step towards strengthening Credo's market position and long-term value.
- 4/13/2026POSITIVECredo’s stock has had a rough year. Here’s why one analyst thinks now is the time to buy it.
Credo Technology's stock has faced headwinds this year due to market debate on copper vs. optical connectivity for AI infrastructure. However, an analyst views this concern as a "significant disconnect" from reality, suggesting a potential undervaluation. The company's focus on high-speed connectivity solutions for data centers and AI applications remains a key growth driver. Investors may find this an opportune moment to consider the stock, anticipating a re-evaluation of its market position as the AI build-out progresses and the company's technological advantages become clearer.
- 3/13/2026POSITIVECredo Tech (CRDO) Has 1 Problem. Here's Why I'm Buying Anyway.
Despite surface-level risks, Credo Technology (CRDO) is positioned as a critical infrastructure provider for the burgeoning AI sector. The company's technological edge in high-speed connectivity solutions for data centers and AI accelerators is highlighted as a key differentiator. While specific financial figures or market share data are not detailed, the narrative suggests that CRDO's innovation in this rapidly expanding market could outweigh potential concerns. Investors are advised to consider CRDO's strategic importance in enabling AI advancements as a primary driver for potential future growth.
- 3/3/2026NEGATIVECredo Tech's Strong Quarter Can't Lift Shares, Analysts Expect Rising AI Capex To Help
Credo Tech (CRDO) shares experienced a significant decline, despite the company reporting upbeat third-quarter earnings that surpassed expectations. This downward movement in the stock surprised investors given the context of positive financial results. Market analysts, however, maintain a predominantly optimistic outlook on the company's future. Rosenblatt confirmed its "Neutral" rating with a $125 price target, while Needham reiterated its "Buy" rating with a $220 price target. Positive expectations are fueled by the forecast of increased capital expenditure (capex) in the artificial intelligence sector, which is anticipated to benefit Credo Tech. Despite these long-term prospects, the market reacted negatively to the current data.
- 3/2/2026NEUTRALCredo Tech (CRDO) Q3 2026 Earnings Call Transcript
Investors in Credo Technology Group Corp. (CRDO) are currently awaiting the full details from the Q3 2026 earnings call transcript. While the announcement of the transcript's availability suggests the event has concluded, the specific content remains undisclosed, preventing an immediate assessment of the company's financial performance. The market is in a holding pattern, with participants closely monitoring for the release of key data points, such as revenues, margins, and future guidance, to evaluate Credo Tech's business trajectory in the high-speed connectivity solutions sector. Any impact on CRDO stock will be entirely contingent upon the figures and statements that emerge once the transcript is made public.
- 3/2/2026NEGATIVECredo Stock Slips After Q3 Results
Credo Technology Group (CRDO) shares experienced a notable decline in the markets following the release of its fourth-quarter earnings report. The company, a specialist in high-speed connectivity solutions, saw its stock slip, indicating a negative investor reaction to the financial data presented. While specific details of the report were not fully disclosed, the stock movement suggests that market expectations might not have been met, or that future outlook disappointed. Analysts will closely monitor upcoming communications to better understand the underlying dynamics of this performance and assess potential long-term implications for the technology and network infrastructure sector.
via Markets Gazette