Credo Technology Group Holding Ltd
CRDO Nasdaq Semiconductors & Related Devices Financials FY2020–FY2026
Revenue
Total sales reported in the income statement.
$1.3B
205.7%
vs prior year
Operating margin
Operating income as a share of revenue.
33.3%
24.8 pts
Net income
Profit after all expenses, interest and tax.
$472M
805.0%
Free cash flow
Cash from operations minus capital spending.
$407M
1,302.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.84 EPS (TTM)
What Credo Technology Group Holding Ltd does
No business description yet.
- Legal name
- Credo Technology Group Holding Ltd
- Fiscal year ends
- May 2, 2026
- Latest annual report
- 10-K · Jun 15, 2026
- Accession · CIK
- 0001628280-26-043303
0001807794
Revenue and margins
Credo Technology Group Holding Ltd had $1.3B of revenue in fiscal 2026, up 205.7% on the year before.
FY20
Revenue $53.8M
FY21
Revenue $58.7M
FY22
Revenue $106M
FY23
Revenue $184M
FY24
Revenue $193M
FY25
Revenue $437M
FY26
Revenue $1.3B
Q2 '24
Revenue $44.0M
Q3 '24
Revenue $53.1M
Q4 '24
Revenue $60.8M
Q1 '25
Revenue $59.7M
Q2 '25
Revenue $72.0M
Q3 '25
Revenue $135M
Q4 '25
Revenue $170M
Q1 '26
Revenue $223M
Q2 '26
Revenue $268M
Q3 '26
Revenue $407M
Q4 '26
Revenue $437M
Q1 '27
Revenue $479M
FY20
Gross 85.6%
Operating 3.8%
Net 2.5%
FCF −35.5%
FY21
Gross 65.2%
Operating −43.0%
Net −46.9%
FCF −82.5%
FY22
Gross 60.1%
Operating −20.6%
Net −20.8%
FCF −45.5%
FY23
Gross 57.7%
Operating −11.5%
Net −9.0%
FCF −25.2%
FY24
Gross 61.9%
Operating −19.2%
Net −14.7%
FCF 8.9%
FY25
Gross 64.8%
Operating 8.5%
Net 11.9%
FCF 6.6%
FY26
Gross 68.0%
Operating 33.3%
Net 35.4%
FCF 30.5%
Gross
Operating
Net
FCF
Q2 '24
Gross 59.3%
Operating −20.2%
Net −15.0%
FCF 6.7%
Q3 '24
Gross 61.4%
Operating −11.1%
Net 0.8%
FCF −11.6%
Q4 '24
Gross 65.8%
Operating −13.0%
Net −17.2%
FCF 1.6%
Q1 '25
Gross 62.4%
Operating −24.2%
Net −16.0%
FCF −21.9%
Q2 '25
Gross 63.2%
Operating −11.7%
Net −5.9%
FCF −16.2%
Q3 '25
Gross 63.6%
Operating 19.4%
Net 21.7%
FCF −0.3%
Q4 '25
Gross 67.2%
Operating 19.9%
Net 21.5%
FCF 31.9%
Q1 '26
Gross 67.4%
Operating 27.2%
Net 28.4%
FCF 23.0%
Q2 '26
Gross 67.5%
Operating 29.4%
Net 30.8%
FCF 14.4%
Q3 '26
Gross 68.5%
Operating 36.8%
Net 38.6%
FCF 34.3%
Q4 '26
Gross 68.2%
Operating 35.7%
Net 38.7%
FCF 40.6%
Q1 '27
Gross 64.5%
Operating 25.2%
Net 27.0%
FCF 17.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income $1.3M
FY21
Net income −$27.5M
FY22
Net income −$22.2M
FY23
Net income −$16.5M
FY24
Net income −$28.4M
FY25
Net income $52.2M
FY26
Net income $472M
Q2 '24
Net income −$6.6M
Q3 '24
Net income $0.4M
Q4 '24
Net income −$10.5M
Q1 '25
Net income −$9.5M
Q2 '25
Net income −$4.2M
Q3 '25
Net income $29.4M
Q4 '25
Net income $36.6M
Q1 '26
Net income $63.4M
Q2 '26
Net income $82.6M
Q3 '26
Net income $157M
Q4 '26
Net income $169M
Q1 '27
Net income $129M
FY20
Diluted EPS $0.00
FY21
Diluted EPS −$0.40
FY22
Diluted EPS −$0.25
FY23
Diluted EPS −$0.11
FY24
Diluted EPS −$0.18
FY25
Diluted EPS $0.29
FY26
Diluted EPS $2.51
Q2 '24
Diluted EPS −$0.04
Q3 '24
Diluted EPS $0.00
Q4 '24
Diluted EPS −$0.06
Q1 '25
Diluted EPS −$0.06
Q2 '25
Diluted EPS −$0.03
Q3 '25
Diluted EPS $0.16
Q4 '25
Diluted EPS $0.22
Q1 '26
Diluted EPS $0.34
Q2 '26
Diluted EPS $0.44
Q3 '26
Diluted EPS $0.82
Q4 '26
Diluted EPS $0.91
Q1 '27
Diluted EPS $0.67
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital —
Return on equity —
Return on assets −17.7%
FY22
Return on capital —
Return on equity −15.9%
Return on assets −8.3%
FY23
Return on capital —
Return on equity −4.9%
Return on assets −4.3%
FY24
Return on capital —
Return on equity −6.4%
Return on assets −5.7%
FY25
Return on capital —
Return on equity 8.5%
Return on assets 7.4%
FY26
Return on capital —
Return on equity 34.4%
Return on assets 30.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $407M in fiscal 2026, 30.5% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$19.1M
FY21
Free cash flow −$48.4M
FY22
Free cash flow −$48.4M
FY23
Free cash flow −$46.3M
FY24
Free cash flow $17.1M
FY25
Free cash flow $29.0M
FY26
Free cash flow $407M
Q2 '24
Free cash flow $3.0M
Q3 '24
Free cash flow −$6.1M
Q4 '24
Free cash flow $1.0M
Q1 '25
Free cash flow −$13.1M
Q2 '25
Free cash flow −$11.7M
Q3 '25
Free cash flow −$0.4M
Q4 '25
Free cash flow $54.2M
Q1 '26
Free cash flow $51.3M
Q2 '26
Free cash flow $38.5M
Q3 '26
Free cash flow $140M
Q4 '26
Free cash flow $177M
Q1 '27
Free cash flow $82.9M
FY20
Cash from operations −$10.3M
Capital spending $8.8M
FY21
Cash from operations −$42.4M
Capital spending $6.1M
FY22
Cash from operations −$30.8M
Capital spending $17.6M
FY23
Cash from operations −$24.6M
Capital spending $21.7M
FY24
Cash from operations $32.7M
Capital spending $15.7M
FY25
Cash from operations $65.1M
Capital spending $36.1M
FY26
Cash from operations $464M
Capital spending $57.3M
Cash from operations
Capital spending
Q2 '24
Cash from operations $5.0M
Capital spending $2.0M
Q3 '24
Cash from operations −$1.0M
Capital spending $5.1M
Q4 '24
Cash from operations $4.2M
Capital spending $3.2M
Q1 '25
Cash from operations −$7.2M
Capital spending $5.9M
Q2 '25
Cash from operations $10.3M
Capital spending $21.9M
Q3 '25
Cash from operations $4.2M
Capital spending $4.6M
Q4 '25
Cash from operations $57.8M
Capital spending $3.7M
Q1 '26
Cash from operations $54.2M
Capital spending $2.8M
Q2 '26
Cash from operations $61.7M
Capital spending $23.2M
Q3 '26
Cash from operations $166M
Capital spending $26.5M
Q4 '26
Cash from operations $182M
Capital spending $4.8M
Q1 '27
Cash from operations $90.2M
Capital spending $7.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Credo Technology Group Holding Ltd returned — to shareholders in fiscal 2026. The diluted share count rose 3.9%.
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $22.9M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.07B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.16B
FY25
Diluted shares 0.18B
FY26
Diluted shares 0.19B
Balance sheet
Cash, debt and the ratios that show how comfortably Credo Technology Group Holding Ltd can carry it.
FY20
Cash $73.9M
Debt —
FY21
Cash $104M
Debt —
FY22
Cash $259M
Debt —
FY23
Cash $218M
Debt —
FY24
Cash $410M
Debt —
FY25
Cash $431M
Debt —
FY26
Cash $1.4B
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $259M | $218M | $410M | $431M | $1.4B |
| Current ratio | 12.5x | 10.6x | 11.9x | 6.6x | 10.2x |
| Quick ratio | 11.5x | 9.1x | 11.3x | 5.8x | 8.9x |
| Total assets | $376M | $397M | $602M | $809M | $2.3B |
| Total liabilities | $41.5M | $49.7M | $61.7M | $128M | $232M |
| Shareholders' equity | $334M | $348M | $540M | $682M | $2.1B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 2 / 8 | 2 / 8 | 4 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | — | 9.6% | 3.3% | 2.1% | −12.2% | −1.8% | 0.5% |
| Altman Z'' | — | −1.73 | 12.61 | 11.02 | 13.33 | 10.49 | 16.35 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $53.8M | $58.7M | $106M | $184M | $193M | $437M | $1.3B |
| Gross profit | $46.1M | $38.3M | $64.0M | $106M | $119M | $283M | $908M |
| Research and development | $27.6M | $34.8M | $47.9M | $76.8M | $96.3M | $147M | $279M |
| Operating income | $2.1M | −$25.2M | −$22.0M | −$21.2M | −$37.1M | $37.1M | $445M |
| Pretax income | $2.1M | −$25.3M | −$22.2M | −$17.9M | −$22.7M | $54.9M | $475M |
| Income tax | $0.8M | $2.2M | −$0.0M | −$1.4M | $5.6M | $2.7M | $3.2M |
| Net income | $1.3M | −$27.5M | −$22.2M | −$16.5M | −$28.4M | $52.2M | $472M |
| Net income to common | $0.0M | −$27.5M | −$22.2M | — | — | — | — |
| Diluted EPS | $0.00 | −$0.40 | −$0.25 | −$0.11 | −$0.18 | $0.29 | $2.51 |
| Diluted shares | 0.07B | 0.07B | 0.09B | 0.15B | 0.16B | 0.18B | 0.19B |
| Cash flow | |||||||
| Cash from operations | −$10.3M | −$42.4M | −$30.8M | −$24.6M | $32.7M | $65.1M | $464M |
| Capital expenditure | $8.8M | $6.1M | $17.6M | $21.7M | $15.7M | $36.1M | $57.3M |
| Free cash flow | −$19.1M | −$48.4M | −$48.4M | −$46.3M | $17.1M | $29.0M | $407M |
| Depreciation and amortization | $1.8M | $2.2M | $4.8M | $9.5M | $13.8M | $21.9M | $34.6M |
| Stock-based compensation | $1.2M | $2.6M | $9.2M | $23.5M | $39.0M | $77.4M | $183M |
| Acquisitions | — | — | — | — | $0.0M | $0.0M | $113M |
| Share buybacks | $0.0M | $22.9M | $0.0M | $0.0M | — | — | — |
| Dividends and buybacks | $0.0M | $22.9M | $0.0M | $0.0M | — | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $73.9M | $104M | $259M | $218M | $410M | $431M | $1.4B |
| Current assets | — | $138M | $332M | $328M | $530M | $714M | $2.0B |
| Current liabilities | — | $12.5M | $26.5M | $31.0M | $44.6M | $108M | $197M |
| Inventory | — | $7.1M | $27.3M | $46.0M | $25.9M | $90.0M | $251M |
| Property and equipment, net | — | $14.2M | $21.8M | $40.2M | $43.7M | $63.6M | $102M |
| Goodwill | — | — | — | — | — | $0.0M | $92.8M |
| Intangible assets | — | — | — | — | — | $0.0M | $29.3M |
| Total assets | — | $155M | $376M | $397M | $602M | $809M | $2.3B |
| Total liabilities | — | $13.0M | $41.5M | $49.7M | $61.7M | $128M | $232M |
| Shareholders' equity | −$9.4M | −$55.4M | $334M | $348M | $540M | $682M | $2.1B |
| Margins | |||||||
| Gross margin | 85.6% | 65.2% | 60.1% | 57.7% | 61.9% | 64.8% | 68.0% |
| Operating margin | 3.8% | −43.0% | −20.6% | −11.5% | −19.2% | 8.5% | 33.3% |
| EBITDA margin | 7.2% | −39.2% | −16.1% | −6.4% | −12.1% | 13.5% | 35.9% |
| Net margin | 2.5% | −46.9% | −20.8% | −9.0% | −14.7% | 11.9% | 35.4% |
| FCF margin | −35.5% | −82.5% | −45.5% | −25.2% | 8.9% | 6.6% | 30.5% |
| Returns | |||||||
| Return on capital employed | — | −17.7% | −6.3% | −5.8% | −6.6% | 5.3% | 21.2% |
| Return on equity | — | — | −15.9% | −4.9% | −6.4% | 8.5% | 34.4% |
| Return on assets | — | −17.7% | −8.3% | −4.3% | −5.7% | 7.4% | 30.4% |
| Return on tangible equity | — | — | −6.6% | −4.8% | −5.3% | 7.7% | 24.3% |
| Growth | |||||||
| Revenue growth | — | 9.0% | 81.4% | 73.0% | 4.8% | 126.3% | 205.7% |
| Net income growth | — | −2,170.1% | — | — | — | — | 805.0% |
| EPS growth | — | — | — | — | — | — | 765.5% |
| FCF growth | — | — | — | — | — | 69.9% | 1,302.4% |
| Share count change | — | −3.7% | 27.9% | 65.8% | 5.8% | 16.8% | 3.9% |
| Financial health | |||||||
| Current ratio | — | 11.0x | 12.5x | 10.6x | 11.9x | 6.6x | 10.2x |
| Quick ratio | — | 10.4x | 11.5x | 9.1x | 11.3x | 5.8x | 8.9x |
| Capital allocation | |||||||
| Capex / revenue | 16.4% | 10.3% | 16.5% | 11.8% | 8.1% | 8.3% | 4.3% |
| Stock comp / revenue | 2.3% | 4.4% | 8.6% | 12.8% | 20.2% | 17.7% | 13.7% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 2.0 | 2.0 | 4.0 | 6.0 | 6.0 |
| Altman Z'' | — | −1.7 | 12.6 | 11.0 | 13.3 | 10.5 | 16.3 |
| Accruals ratio | — | 9.6% | 3.3% | 2.1% | −12.2% | −1.8% | 0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001807794). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.