Credo Technology Group Holding Ltd CRDO
At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. The Company's highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. The Company's product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company's PILOT diagnostic and analytics software platform. The Company's innovations enable our customers to connect the systems that connect the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.34B | $436.8M | $193.0M | $184.2M | $106.5M | $58.7M | $53.8M | — |
| Cost of revenue | $426.8M | $153.9M | $73.5M | $78.0M | $42.5M | $20.4M | $7.7M | — |
| Gross profit | $908.3M | $282.9M | $119.4M | $106.2M | $64.0M | $38.3M | $46.1M | — |
| R&D | $279.4M | $146.9M | $96.3M | $76.8M | $47.9M | $34.8M | $27.6M | — |
| SG&A | $184.0M | $98.9M | $60.2M | $48.2M | $34.9M | $28.7M | $16.5M | — |
| Total operating expenses | $463.3M | $245.8M | $156.5M | $127.4M | $86.0M | $63.5M | $44.0M | — |
| Operating income | $445.0M | $37.1M | -$37.1M | -$21.2M | -$22.0M | -$25.2M | $2.1M | — |
| Pre-tax income | $475.4M | $54.9M | -$22.7M | -$17.9M | -$22.2M | -$25.3M | $2.1M | — |
| Income tax | $3.2M | $2.7M | $5.6M | $1.4M | $37.0K | $2.2M | $766.0K | — |
| Net income | $472.3M | $52.2M | -$28.4M | -$16.5M | -$22.2M | -$27.5M | $1.3M | — |
| EPS, basic | 2.65 | 0.31 | -0.18 | -0.11 | -0.25 | -0.40 | 0.00 | — |
| EPS, diluted | 2.51 | 0.29 | -0.18 | -0.11 | -0.25 | -0.40 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $188.2M | $181.2M | $155.1M | $146.6M | $88.4M | $69.1M | $71.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.16B | $236.3M | $66.9M | $108.6M | $259.3M | $103.8M | $73.9M | $31.8M |
| Short-term investments | $278.3M | $195.0M | $343.1M | $109.2M | $0 | — | — | — |
| Receivables | $233.4M | $162.1M | $59.7M | $49.5M | $29.5M | $13.6M | — | — |
| Inventory | $250.8M | $90.0M | $25.9M | $46.0M | $27.3M | $7.1M | — | — |
| Total current assets | $2.00B | $713.5M | $530.3M | $328.2M | $332.2M | $137.8M | — | — |
| Property, plant and equipment | $101.6M | $63.6M | $43.7M | $40.2M | $21.8M | $14.2M | — | — |
| Goodwill | $92.8M | $0 | — | — | — | — | — | — |
| Other intangibles | $29.3M | $0 | — | — | — | — | — | — |
| Total assets | $2.30B | $809.3M | $601.9M | $397.3M | $375.7M | $155.5M | — | — |
| Accounts payable | $107.3M | $56.2M | $13.4M | $6.1M | $8.5M | $3.6M | — | — |
| Total current liabilities | $197.1M | $107.7M | $44.6M | $31.0M | $26.5M | $12.5M | — | — |
| Total liabilities | $232.0M | $127.7M | $61.7M | $49.7M | $41.5M | $13.0M | — | — |
| Retained earnings | $389.1M | -$83.2M | -$135.3M | -$107.0M | -$90.4M | -$68.3M | — | — |
| Total equity | $2.06B | $681.6M | $540.2M | $347.6M | $334.2M | -$55.4M | -$9.4M | -$12.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $464.3M | $65.1M | $32.7M | -$24.6M | -$30.8M | -$42.4M | -$10.3M | — |
| Depreciation and amortisation | $34.6M | $21.9M | $13.8M | $9.5M | $4.8M | $2.2M | $1.8M | — |
| Stock-based compensation | $182.6M | $77.4M | $39.0M | $23.5M | $9.2M | $2.6M | $1.2M | — |
| Capital expenditure | $57.3M | $36.1M | $15.7M | $21.7M | $17.6M | $6.1M | $8.8M | — |
| Investing cash flow | -$253.5M | $112.0M | -$249.5M | -$130.9M | -$17.6M | -$6.1M | -$8.8M | — |
| Financing cash flow | $717.6M | -$7.7M | $175.3M | $4.9M | $204.2M | $77.9M | $61.2M | — |
| Buybacks | — | — | — | $0 | $0 | $22.9M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-058936.
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