At a glance
Cirrus Logic Inc is worth $5.67B, about 14 times its fiscal 2026 earnings. Revenue grew 5.3% to $2.00B in fiscal 2026, with 20.7% kept as profit; over 5 years it has grown 7.8% a year. It pays no dividend; it spent $1.09B buying back its shares over FY2022–FY2026. The stock returned −16.2% over the past year with dividends reinvested and +6.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.4% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 4 months after the lows.
The business in plain English
Cirrus Logic designs low-power chips that handle sound and other signals in smartphones and other electronics. Its specialty is "mixed-signal" chips. These translate between real-world analog signals, such as sound, and the digital data a device works with. The company is based in Austin, Texas, and is fabless: it designs the chips and pays outside factories, mainly GlobalFoundries and TSMC, to make them.
Sales fall into two product lines. Audio products made up 58.1% of the $2.0 billion in revenue for fiscal 2026, the year ended March 28, 2026. They include amplifiers, codecs (chips that convert sound between analog and digital form) and digital signal processors. These go into phones, PCs, tablets, headsets, cars and home theater systems. High-performance mixed-signal (HPMS) products made up 41.9%. These are mainly smartphone parts: camera controllers for autofocus and image stabilization, haptics chips that create touch feedback, and battery and power chips.
The company builds both custom and general-market chips, working closely with customers' product teams. One customer dominates. Apple buys through several contract manufacturers and accounted for about 91% of net sales in fiscal 2026. The ten largest customers made up about 96%. By location, most sales were recorded in Asia: China 53.4%, India 15.7%, Hong Kong 11.2% and Vietnam 9.3%. The United States was 0.7%.
Price history
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CRUS -16.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Audio Products | $1.16B | 58.1% |
| HPMS Products | $837.4M | 41.9% |
By geography
| China | $1.07B | 53.4% |
| India | $313.8M | 15.7% |
| Hong Kong | $222.7M | 11.2% |
| Vietnam | $185.1M | 9.3% |
| South Korea | $120.0M | 6% |
| Rest of World | $74.1M | 3.7% |
| United States | $14.9M | 0.7% |
Latest results
- In Q1 FY2027 (ended Jun 27, 2026), revenue was $459.7M, up 12.9% from a year earlier, and net income was $76.9M (+26.6%).
- For fiscal 2026, revenue was $2.00B (+5.3% year over year; +7.8% a year from FY2021 to FY2026) with a 20.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +7.8% good |
|---|---|
| Operating margin | 23% good |
| Free cash flow margin | 31.9% good |
| Return on equity (FY2026) | 19.5% good |
| Return on assets (FY2026) | 16.6% good |
| Cash and investments | $810.7M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.37B | $217.3M | $330.7M |
| FY2022 | $1.78B | $326.4M | $98.6M |
| FY2023 | $1.90B | $176.7M | $304.5M |
| FY2024 | $1.79B | $274.6M | $384.0M |
| FY2025 | $1.90B | $331.5M | $421.6M |
| FY2026 | $2.00B | $414.4M | $636.6M |
Valuation snapshot
| Market value | $5.67B |
|---|---|
| P/E ratio | 14.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Cirrus Logic’s market value went from $3.60B at the end of 2016 to $5.67B on Oct 28, 2026, up 57%; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.67B | -6.3% |
| 2025 | $6.05B | +14.3% |
| 2024 | $5.29B | +18.0% |
| 2023 | $4.48B | +9.3% |
| 2022 | $4.10B | -22.0% |
| 2021 | $5.26B | +10.3% |
| 2020 | $4.76B | +0.0% |
| 2019 | $4.76B | +139.9% |
| 2018 | $1.99B | -39.9% |
| 2017 | $3.30B | -8.3% |
| 2016 | $3.60B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CRUS price data to Oct 28, 2026 | -4.6% | -16.2% | +19.5% | +6.6% | +7.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.6% |
| 2025 | +19.0% |
| 2024 | +19.7% |
| 2023 | +11.7% |
| 2022 | -19.1% |
| 2021 | +11.9% |
| 2020 | -0.3% |
| 2019 | +148.4% |
| 2018 | -36.0% |
| 2017 | -8.3% |
| 2016 | +91.5% |
| 2015 | +25.3% |
| 2014 | +15.4% |
| 2013 | -29.5% |
| 2012 | +82.8% |
| 2011 | -0.8% |
| 2010 | +134.3% |
| 2009 | +154.5% |
| 2008 | -49.2% |
| 2007 | -23.3% |
| 2006 | +3.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 52% over that stretch · deepest drop along the way 70.5%, back to its old high 11.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.3% over that stretch · deepest drop along the way 37.4%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32% over that stretch · deepest drop along the way 32.3%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($5.5M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 29, 2026 | Jeffrey W Baumgartner EVP, R&D | sell (plan) | $1.9M |
| Jun 29, 2026 | Andrew Brannan EVP, Worldwide Sales | sell (plan) | $935K |
| Jun 2, 2026 | Jeffrey W Baumgartner EVP, R&D | sell (plan) | $658K |
| May 21, 2026 | Justin E Dougherty EVP, Global Operations | sell | $333K |
| May 29, 2026 | Andrew Brannan EVP, Worldwide Sales | sell (plan) | $289K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.1% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.43% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| FMR LLC | 2.9% | Dec 31, 2024 |
ETFs with the most weight in CRUS
| SMHX VanEck Fabless Semiconductor ETF | 3.76% |
| XSD SPDR S&P Semiconductor ETF | 2.88% |
| PSI Invesco Semiconductors ETF | 2.78% |
| FSGS First Trust SMID Growth Strength ETF | 1.03% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.97% |
| PEXL Pacer US Export Leaders ETF | 0.94% |
| ROE Astoria US Equal Weight Quality Kings ETF | 0.86% |
| NIXT Research Affiliates Deletions ETF | 0.74% |
What could go wrong
- About 91% of sales come from Apple. Apple made up about 91% of sales in the year to March 28, 2026, up from 87% two years earlier. Customers can usually drop its chips on limited notice, with no minimum purchases required.
- Heavy reliance on the smartphone market. Its strategy centers on smartphone audio and other phone chips, so weaker phone sales hurt results. The company says its lack of diversification raises investment risk, and efforts to expand into new markets may fail.
- Losing a slot in a customer's design. It builds custom chips for specific system designs under joint development deals with some of its largest customers. If a customer changes its device architecture or a project fails, that revenue can be lost.
- Tariffs, export rules and China exposure. In fiscal 2026, 53.4% of sales were recorded in China, and the company relies on overseas subcontractors for key manufacturing steps. New tariffs, export restrictions or political tension could raise costs or cut sales.
- Outside factories and a wafer commitment. As a fabless company, it relies on outside foundries, mainly GlobalFoundries and TSMC. Disruptions could delay shipments. A GlobalFoundries agreement through calendar 2026 also commits it to wafer purchases, which could prove costly if demand weakens.
- Unpredictable orders and falling chip prices. Customers can cancel or reschedule orders on short notice without major penalties, making quarterly results hard to forecast. Prices for existing chips often fall over time, so the company must keep launching new products.
Recent events
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; Quarterly results released; New debt or financial obligation; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Cirrus Logic pays no dividend, so the stock produces no regular income. An investor who needs cash from it would have to sell shares. The company returns cash through buybacks instead. It spent about $1.09 billion on repurchases from fiscal 2022 through fiscal 2026. That included about $280 million in the year ended March 28, 2026, well below that year's $636.6 million of free cash flow (cash left after running the business and buying equipment). The share count fell 12.3%, from about 57.1 million on October 28, 2021 to about 50.1 million on August 3, 2026.
In past downturns the stock fell at least as much as the market. It dropped 70.5% in the 2008 financial crisis, versus 52% for the market, and regained its peak by January 2010. It fell 37.4% in the 2020 COVID crash and 32.3% in the 2022 bear market, recovering within 8.5 months both times. Single stocks carry more risk than diversified funds.
Questions investors ask
How much of Cirrus Logic's revenue comes from Apple?
About 91%. Apple buys through several contract manufacturers and accounted for roughly 91% of Cirrus Logic's net sales in fiscal 2026, the year ended March 28, 2026. That was up from 89% in fiscal 2025 and 87% in fiscal 2024. The ten largest customers together made up about 96%. Most customers can stop using its chips with limited notice. The company warns that losing a key customer would significantly reduce sales and profits.
How does Cirrus Logic make money?
Cirrus Logic makes money by designing and selling low-power chips for smartphones and other electronics. Audio chips, such as amplifiers and codecs, brought in 58.1% of its $2.0 billion revenue in fiscal 2026 (the year ended March 28, 2026). High-performance mixed-signal chips, including camera controllers, haptics and battery chips, brought in 41.9%. It owns no chip factories. Foundries such as GlobalFoundries and TSMC make its designs. After manufacturing costs, it kept 52.8% of fiscal 2026 revenue as gross profit, and net income was $414.4 million.
Does Cirrus Logic pay a dividend?
No. Cirrus Logic paid no dividends in fiscal 2022 through fiscal 2026, so the stock offers no regular income. Instead, it buys back its own shares. It spent about $1.09 billion on buybacks over those five years. The share count fell 12.3%, from about 57.1 million on October 28, 2021 to about 50.1 million on August 3, 2026. Buybacks raise each remaining share's slice of profits, but an investor who needs cash would have to sell shares to get it.
Is Cirrus Logic's revenue growing?
Yes, modestly. Revenue rose 5.3% to about $2.0 billion in fiscal 2026, the year ended March 28, 2026. It grew at an average of 7.8% a year over the five years since fiscal 2021. Profits grew faster: net income rose 25% to $414.4 million, and diluted earnings per share reached $7.85. In the quarter ended June 27, 2026, revenue rose 12.9% from a year earlier to $459.7 million. Growth has been uneven, though. Revenue dipped in fiscal 2024.
How has Cirrus Logic stock performed?
Mixed, with big swings. As of October 28, 2026, the stock had returned 7.4% a year over 10 years and 6.6% a year over five years. Over one year, though, it was down 16.2%, and over six months it was down 30.4%. Its deepest drop during that one-year span was 40.6%. Between 2006 and 2025, calendar-year returns ranged from a 49.2% loss in 2008 to a 154.5% gain in 2009. On October 28, 2026, the stock traded at 14.4 times fiscal 2026 earnings per share.