CRUS Stock Overview
Cirrus Logic, Inc., a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally.
Cirrus Logic Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$71.69|
|52 Week High||US$95.84|
|52 Week Low||US$67.03|
|1 Month Change||-0.80%|
|3 Month Change||-0.49%|
|1 Year Change||-11.89%|
|3 Year Change||32.10%|
|5 Year Change||31.40%|
|Change since IPO||1,120.26%|
Recent News & Updates
What Is Cirrus Logic, Inc.'s (NASDAQ:CRUS) Share Price Doing?
While Cirrus Logic, Inc. ( NASDAQ:CRUS ) might not be the most widely known stock at the moment, it saw significant...
Tick-Tooock Tiiick-Tock: Cirrus Logic's Clock Chimed Growth
Although Cirrus Logic posted good numbers recently, the real story chime is coming: measured and ordered revenue growth. Cirrus' history firmly supports the company's confidence. The growth won't be small, appearing to reach near double of today's number. Buying Cirrus on weakness might be a very lucrative long-term investment. Never in the 30 years of covering Cirrus have ordered signs of growth been chimed with more evidence, more certainty. When conservative management such as Cirrus Logic, Inc.'s (CRUS) place themselves on the clock, wise investors must heed the chimes. Although to some it was too quiet, Cirrus' management grabbed the key, wound the clock and declared a path of growth unparalleled. Clocks, in past times, played critical roles in communities where often few, if any, possessed time pieces. That center of town meeting house time piece united its citizens with common synergy, a purpose we so hope to accomplish. The Quarter The company reported its quarterly results (Q1 2023), in our view secondary in significance, on August 2nd. The company reported a record revenue at almost $400 million, with non-GAAP earnings equaling $1.12. Cash increased slightly to $450 million. Interestingly, the company added $500 million to its already $135 million for repurchasing stock. Guidance for September, at the mid-point, increased year-over-year by a few percent. The solid results and guidance add intrigue, but certainly were not the real story. Three Major Chimes It was within the news and conference call that management proclaimed that they are now on-the-clock with three very real chimes. The company discussed quarter-hour and mid-day chimes also. First Chime It begins with this from the shareholder letter, "During the quarter, we started development of a next-generation 22-nanometer smart codec." In the past, Cirrus hasn't advanced this type of venture without first hooking a big fish. Three big catches come to mind. First, Apple (AAPL) replacing all of its codecs within phones and tablets with a new more powerful and lower power product. The second might be Samsung adding back a Cirrus codec in its high-end phones. Third, it might be a high-powered codec shoring up Cirrus' greenfield laptop business. Winning in all three is also possible. Looking backward helps determine ASP and timing. Cirrus first developed a 28nm DSP with the purpose of enabling voice biometrics. Within a year or so, a 22nm full mixed signal product appeared. Cirrus developed the hardware, but then stopped before adding the required intricate software functions. The targeted ASP for the DSP was $2. Not one fish bit. At the call, when asked about ASP growth, Forsyth stated: "That's really the logic that drives you down from -- in this case from 55-nanometer to 20-nanometer and that increased processing represents more features and capabilities and so you do typically expect to see some ASP accretion on. . ." In our view, it represents a $1-$1.5 ASP increase with the primary target being Apple, a codec increase from $2 to $3+. With Cirrus' business model, major efforts require a year of development and a year for the customer to test before the real revenue ramp. This chime could sound in two years. A table shown next summaries revenue possibilities. Revenue ASP Adder Units (Million) Revenue (Million) Apple $1.25 *300 $400 Samsung $3.5 75 $250 Laptop NA NN Included within the Category below * iPhone plus tablet We can't fathom Cirrus undertaking this kind of resource intensive task without Apple demanding it. Samsung hasn't been a reliable customer over time, adding and dropping Cirrus' codecs. Second Chime Next chime rings with a deeper understanding of Cirrus' movement into the laptop market. From the shareholder letter, "With ongoing engagements with numerous leading OEMs, in FY23 we expect to see over 40 new laptop models come to market featuring our high-voltage boosted amplifiers and codecs." During the call, Cirrus' CEO, John Forsyth, adds, "In terms of the overall size, I am not going to predict what we can do, but from a SAM perspective, we see this within our strategic planning horizon as getting to a $1 billion SAM or higher across audio haptics and power." The parts for the three categories include: Codec: Audio, 1, $2-$3 ASP Amplifiers: Audio, 2-4, $1-$2 ASP Haptics: HPMS, 1-2, $0.60-$1.20 Power Charging: HPMS, 1-2, $1-$2 Battery Sensor: HPMS, 1-2, $0.50-$1.0 Power Management: HPMS, 1, $1.0 (Question Mark) Total ASP Between $5.5 - $10.0 Half ASP Audio, Half ASP HPMS In the past, Cirrus' penetration history results in achieving 60%-70% of its SAM. In our view, the likely wins over the next few years chime in at $600 million. This chime rang a few months ago and will continue gaining velocity. Again, as stated above, we aren't sure the full purpose for the 22 nm codec, but if its primary purpose is for laptops, then the revenue falls within this chime. We doubt. Third Chime Management discussed a future market, battery charging, management plus sensor. From the last quarter's conference, it appears that the future sensor will use 22 nm technology. Our interest in this development arises from two posted openings at Cirrus plus a statement made by Forsyth in the Q&A. 1st Opening: "You will play a fundamental role in bringing to market next-generation devices for our growing power and battery management business." Location: Cupertino. 2nd Opening: Product Marketing Engineer - Battery and Power, "Working with multi-functional teams across the organization, you will assist with and/or lead initiatives for a strategic customer within a leading consumer electronics company." Answering a question concerning Lion charging technology, Forsyth added, "That's a big focus of our R&D efforts over the past year and in the coming years. So that will - I will leave it there given the custom nature of those products." Cirrus has never produced fully custom products except with one customer, Apple.
|CRUS||US Semiconductor||US Market|
Return vs Industry: CRUS exceeded the US Semiconductor industry which returned -22.5% over the past year.
Return vs Market: CRUS exceeded the US Market which returned -18.8% over the past year.
|CRUS Average Weekly Movement||4.7%|
|Semiconductor Industry Average Movement||7.8%|
|Market Average Movement||6.9%|
|10% most volatile stocks in US Market||15.6%|
|10% least volatile stocks in US Market||2.9%|
Stable Share Price: CRUS is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: CRUS's weekly volatility (5%) has been stable over the past year.
About the Company
Cirrus Logic, Inc., a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation. The company’s audio products are used in smartphones, tablets, wireless headsets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.
Cirrus Logic Fundamentals Summary
|CRUS fundamental statistics|
Is CRUS overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|CRUS income statement (TTM)|
|Cost of Revenue||US$911.52m|
Last Reported Earnings
Jun 25, 2022
Next Earnings Date
|Earnings per share (EPS)||6.24|
|Net Profit Margin||18.38%|
How did CRUS perform over the long term?See historical performance and comparison
Is CRUS undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 4/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for CRUS?
Other financial metrics that can be useful for relative valuation.
|What is CRUS's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does CRUS's PE Ratio compare to its peers?
|CRUS PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
MTSI MACOM Technology Solutions Holdings
OLED Universal Display
POWI Power Integrations
CRUS Cirrus Logic
Price-To-Earnings vs Peers: CRUS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (20.9x).
Price to Earnings Ratio vs Industry
How does CRUS's PE Ratio compare vs other companies in the US Semiconductor Industry?
Price-To-Earnings vs Industry: CRUS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the US Semiconductor industry average (16.3x)
Price to Earnings Ratio vs Fair Ratio
What is CRUS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||11.5x|
|Fair PE Ratio||16.3x|
Price-To-Earnings vs Fair Ratio: CRUS is good value based on its Price-To-Earnings Ratio (11.5x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).
Share Price vs Fair Value
What is the Fair Price of CRUS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: CRUS ($71.69) is trading above our estimate of fair value ($32.59)
Significantly Below Fair Value: CRUS is trading above our estimate of fair value.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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How is Cirrus Logic forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?
Future Growth Score1/6
Future Growth Score 1/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CRUS's forecast earnings growth (5.7% per year) is above the savings rate (1.9%).
Earnings vs Market: CRUS's earnings (5.7% per year) are forecast to grow slower than the US market (14.8% per year).
High Growth Earnings: CRUS's earnings are forecast to grow, but not significantly.
Revenue vs Market: CRUS's revenue (2.7% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: CRUS's revenue (2.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if CRUS's Return on Equity is forecast to be high in 3 years time
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How has Cirrus Logic performed over the past 5 years?
Past Performance Score6/6
Past Performance Score 6/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CRUS has high quality earnings.
Growing Profit Margin: CRUS's current net profit margins (18.4%) are higher than last year (15.4%).
Past Earnings Growth Analysis
Earnings Trend: CRUS's earnings have grown by 11.6% per year over the past 5 years.
Accelerating Growth: CRUS's earnings growth over the past year (61.2%) exceeds its 5-year average (11.6% per year).
Earnings vs Industry: CRUS earnings growth over the past year (61.2%) exceeded the Semiconductor industry 49.2%.
Return on Equity
High ROE: CRUS's Return on Equity (21.8%) is considered high.
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How is Cirrus Logic's financial position?
Financial Health Score6/6
Financial Health Score 6/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: CRUS's short term assets ($861.0M) exceed its short term liabilities ($252.6M).
Long Term Liabilities: CRUS's short term assets ($861.0M) exceed its long term liabilities ($254.1M).
Debt to Equity History and Analysis
Debt Level: CRUS is debt free.
Reducing Debt: CRUS had no debt 5 years ago.
Debt Coverage: CRUS has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: CRUS has no debt, therefore coverage of interest payments is not a concern.
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What is Cirrus Logic current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Cirrus Logic Dividend Yield vs Market|
|Company (Cirrus Logic)||n/a|
|Market Bottom 25% (US)||1.6%|
|Market Top 25% (US)||4.6%|
|Industry Average (Semiconductor)||2.0%|
|Analyst forecast in 3 Years (Cirrus Logic)||0%|
Notable Dividend: Unable to evaluate CRUS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate CRUS's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if CRUS's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if CRUS's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as CRUS has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
John Forsyth (48 yo)
Mr. John M. Forsyth serves as President of Cirrus Logic, Inc. since January 27, 2020 and has been its Chief Executive Officer and Director since January 1, 2021. Mr. Forsyth served as Chief Strategy Office...
CEO Compensation Analysis
|John Forsyth's Compensation vs Cirrus Logic Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 25 2022||n/a||n/a|
|Mar 26 2022||US$7m||US$613k|
|Dec 25 2021||n/a||n/a|
|Sep 25 2021||n/a||n/a|
|Jun 26 2021||n/a||n/a|
|Mar 27 2021||US$4m||US$443k|
|Dec 26 2020||n/a||n/a|
|Sep 26 2020||n/a||n/a|
|Jun 27 2020||n/a||n/a|
|Mar 28 2020||US$3m||US$325k|
Compensation vs Market: John's total compensation ($USD6.62M) is about average for companies of similar size in the US market ($USD6.78M).
Compensation vs Earnings: John's compensation has increased by more than 20% in the past year.
Experienced Management: CRUS's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.
Experienced Board: CRUS's board of directors are considered experienced (5.5 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CRUS insiders have only sold shares in the past 3 months.
Recent Insider Transactions
|08 Aug 22||SellUS$84,740||Alexander Davern||Individual||1,000||US$84.74|
|17 May 22||SellUS$326,918||Justin Dougherty||Individual||4,039||US$80.94|
|06 May 22||SellUS$79,990||Alexander Davern||Individual||1,000||US$79.99|
|18 Feb 22||SellUS$142,843||Carl Alberty||Individual||1,666||US$85.74|
|Owner Type||Number of Shares||Ownership Percentage|
|State or Government||25,386||0.05%|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Cirrus Logic, Inc.'s employee growth, exchange listings and data sources
- Name: Cirrus Logic, Inc.
- Ticker: CRUS
- Exchange: NasdaqGS
- Founded: 1984
- Industry: Semiconductors
- Sector: Semiconductors
- Implied Market Cap: US$4.010b
- Shares outstanding: 55.94m
- Website: https://www.cirrus.com
Number of Employees
- Cirrus Logic, Inc.
- 800 West 6th Street
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|CRUS||NasdaqGS (Nasdaq Global Select)||Yes||Common Stock||US||USD||Jun 1989|
|CRU||DB (Deutsche Boerse AG)||Yes||Common Stock||DE||EUR||Jun 1989|
|0HYI||LSE (London Stock Exchange)||Yes||Common Stock||GB||USD||Jun 1989|
|CRUS *||BMV (Bolsa Mexicana de Valores)||Yes||Common Stock||MX||MXN||Jun 1989|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/06 00:00|
|End of Day Share Price||2022/10/06 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.