Cirrus Logic, Inc. CRUS
Cirrus Logic trades at 13.2x earnings and 9.0x EV/EBITDA — roughly 79% and 93% below peer medians — despite FY2026 (ended 2026-03-28) delivering $7.84 diluted EPS (up 30.7% YoY), a 23.1% operating margin, and $637M in free cash flow against just $134M of total debt. The stock has fallen to $111.64 from ~$129 in early August, pushing RSI to 22.9 — deeply oversold — on near-term concerns about cautious Q2 guidance, PC weakness, and supply-chain delays, while BlackRock just disclosed an $840M position (11.22% ownership) and the HPMS pipeline potentially adds $1.2B in annual revenue.
The call is buy because the fundamental trajectory and valuation disconnect have widened further even as the technical tape capitulates.
What could go wrong
- Customer concentration. Heavy Apple dependence means any reduction in content share or ASP pressure at a single customer materially impacts revenue and margins.
- Near-term guidance weakness. Q2 revenue guidance came in cautious with PC delays and supply-chain constraints affecting smartphone and PC business ramps.
- Insider net selling. Over 24 months insiders net sold $28.7M in value despite net positive share count, and the most recent open-market transaction was an EVP R&D sale at $117.89 on 2026-08-20.
- Technical breakdown. Stock trades well below both MA50 ($138.43) and MA200 ($140.37) with MACD histogram still negative, indicating sustained downward momentum.
What would change my mind
Where this comes from: FMP fundamentals FY2026 + derived_metrics · peer_relative · peer_relative · FMP fundamentals FY2026. Orin's read on CRUS; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All CRUS filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $508.0M | 0.0% of fund |
| Vanguard Capital Management | $340.4M | 0.0% of fund |
| State Street | $321.9M | 0.0% of fund |
| Geode Capital Management | $225.4M | 0.0% of fund |
| Earnest Partners | $188.2M | 0.7% of fund |
| Bank Of America /De/ | $168.3M | 0.0% of fund |
69 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 269 Form 4 filings, net −$27.5M. Of the 50 on hand, 0 were open-market purchases and 10 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about CRUS
Orin answers questions about CRUS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 14.1× | — | 53.3× |
| EV/EBITDA | 9.7× | — | — |
| P/S | 2.92× | — | — |
| P/B | 2.7× | — | — |
-2.7%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.6B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$160
$130 – $190 · +33% against today's price
- 15 buy or overweight
- 5 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| CRUSCirrus Logic, Inc. | $6B | 14.1× | 9.7× | 52.8% | 21.0% | 20% |
| CAMTCamtek Ltd. | $7B | 181.4× | 236.6× | 50.1% | 7.4% | 6% |
| KDKyndryl Holdings, Inc. | $3B | 7.9× | 2.4× | 21.9% | 1.3% | 29% |
| OLEDUniversal Display Corporation | $3B | 17.7× | 12.7× | 75.3% | 32.2% | 11% |
| ONTOOnto Innovation Inc. | $14B | 104.4× | 53.4× | 50.4% | 11.8% | 7% |
| SITMSiTime Corporation | $17B | — | 316.5× | 58.7% | 3.0% | 1% |
| SMTCSemtech Corporation | $16B | 105.3× | 140.1× | 52.0% | 13.1% | 25% |
The median is of the 5 peers listed above and nothing else — check it against the column. This company trades 86.5% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.