Product pipeline and R&Dmixed · 4 filings
“Our effective tax rate in fiscal year 2025 was higher than the U.S.”10-K · May 21, 2026 ↗
Cirrus Logic, Inc.
CRUS
Market read
Cirrus Logic, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
What changed
- Revenue increased 12.9% versus the comparable filing period.
Company+2.0% todayVolume comparison unavailable
Market group0 of 1 activeAudio Semiconductors · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Capacity Reservation and Wafer Supply Commitment with GLOBALFOUNDRIES reserves capacity and sets wafer pricing through calendar year 2026.
Invalidation: The isolated read changes if CRUS's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 12.9% versus the comparable filing period.
- Operating margin improved 0.6 percentage points.
- Net income increased 26.6% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Capacity Reservation and Wafer Supply Commitment with GLOBALFOUNDRIES reserves capacity and sets wafer pricing through calendar year 2026.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements70
Verified relationships10
Evidence supporting the case
- Latest annual revenue changed +5.3% year over year.
- Operating margin changed +1.4 percentage points in the latest annual period.
- Net margin changed +3.3 percentage points in the latest annual period.
- Operating cash flow covered net income at 1.57x in the latest annual period.
- Product pipeline and R&D has repeated favorable evidence across 4 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 83% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 62% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
118.796m-10.4%12m+5.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-03-26$1.8B+30.1%$5.52-1.5%
2023-03-25$1.9B+6.5%$3.09-3.2%
2024-03-30$1.8B-5.7%$4.90-2.1%
2025-03-29$1.9B+6.0%$6.00-1.4%
2026-03-28$2.0B+5.3%$7.85-4.4%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionspositive · 3 filings
“The increase was partially offset by the absence of non-recurring lease impairment costs incurred in the prior comparable period.”10-Q · Feb 3, 2026 ↗
Demand and volumepositive · 2 filings
“The increase in net sales also reflects a $78.5 million increase in HPMS product sales, or 10 percent, from fiscal year 2025 sales of $758.9 million, primarily due to demand for components shipping into smartphones.”10-K · May 21, 2026 ↗
Macroeconomic conditionsmixed · 2 filings
“Stockholders' Equity Share Repurchase Program Beginning in fiscal year 2024, the Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, included as a reduction to accumulated earnings in the Consolidated State…”10-K · May 21, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.1× · EV/sales 2.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
118.79+2.0% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CRUS. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
Fundamentals strengthened in the latest filing
10-Q filed 2026-08-05 against the comparable filing from 2025-08-05.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationdiscount
Capital and cash conversion
Investment load increased
Capital spending consumed more revenue while free-cash-flow margin declined.
- Capital spending YoY
- +474.0%
- Capital spending / revenue
- +3.3%
- Free-cash-flow margin
- +10.7%
- FCF margin change
- -17.2 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 12.9% versus the comparable filing period.
- Operating margin improved 0.6 percentage points.
- Net income increased 26.6% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Net sales from HPMS products increased $43.5 million for the quarter versus the first quarter of fiscal year 2026, primarily due to higher sales of components shipping in smartphones, partially offset by declines in ASPs due to previously anticipated pricing reductions.”
“Net sales from our audio products increased $9.0 million, primarily driven by higher sales of components shipping in smartphones, partially offset by declines in average sales prices ("ASPs") due to previously anticipated pricing reductions.”
“For more information, please see “ Part II, Item 1A - Risk Factors ” — “We depend on a limited number of customers and distributors for a substantial portion of our sales, and the loss of, or a significant reduction in orders from, or pricing on products sold to, any key customer or distributor could significantly reduce our sales and our profitability.” 19 Gross Margin Gross margin was 52.6 percent in the first quarter of fiscal years 2027 and 2026, remaining flat for the period, as a favorable product mix was partially offset by higher freight and supply chain costs.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind CRUS
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AAPL86.0% of CRUScustomerAug 5, 2025 ▾
“We had one end customer, Apple Inc., that purchased through multiple contract manufacturers and represented approximately 86 percent and 88 percent of the Company’s total net sales for the first quarter of fiscal years 2026 and 2025, respectively.”
GFSGLOBALFOUNDRIES Inc.supplierMay 21, 2026 ▾
“We use a variety of foundries in the production of wafers, primarily supplied by GLOBALFOUNDRIES Inc., ("GlobalFoundries") and Taiwan Semiconductor Manufacturing Company, Limited ("TSMC").”
TSMTaiwan Semiconductor Manufacturing Company LimitedsupplierMay 21, 2026 ▾
“We use a variety of foundries in the production of wafers, primarily supplied by GLOBALFOUNDRIES Inc., ("GlobalFoundries") and Taiwan Semiconductor Manufacturing Company, Limited ("TSMC").”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CRUS is currently a Leader in the organic co-movement group Audio Semiconductors. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for CRUS; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.