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Credo Technology Group Holding

CRDO
78
Semiconductors · Technology
Price
$169.70
-8.80 (-4.93%)
Market Cap
$31.90B
Exchange
NASDAQ
Winston Score
78
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
20/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Good
8/15
Dividends
Not counted
n/a

74 of 95 counted points = Winston Score 78. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+29.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 145.0M (2022) → 188.2M (2026)

§Winston Score History

The full picture

Credo Technology makes specialized chips and hardware that help data centers move information faster while using less power. Its core products include high-speed connectivity chips, active electrical cables (AECs), and line card solutions designed for hyperscale data centers — the massive server farms run by companies like Amazon, Microsoft, and Google. Credo operates in the semiconductor industry, focused specifically on the fast-growing market for high-bandwidth networking inside data centers.

Credo earns money by selling its chips and cable products directly to large cloud companies and networking equipment makers. It is headquartered in San Jose, California, with engineering operations in Hong Kong and Taiwan, and generates most of its revenue from a small number of very large customers. Its competitive edge comes from purpose-built chip designs that deliver high energy efficiency at extreme data speeds, but heavy customer concentration — where losing even one major hyperscaler relationship — is a meaningful risk to its revenue.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+114.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+89.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$279M/ year

↑ Rising (+91% vs prior year)

20.9% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

10.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$764M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Credo Technology Group Holding is growing revenue at 115% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
64.5%
Premium pricing power — 64.5% gross margin
Profit after running costs
Operating Margin
25.2%
Excellent — 25.2% operating margin
Return on the money invested
ROCE
18.4%
Strong — 18.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+165.1%
Fast-growing sales (+165.1% YoY)
Profit growth
EPS YoY
+307.1%
Earnings growing fast (+307.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
93%
Modest — 93% of profit becomes cash
Spare cash per sale
FCF Margin
27.6%
Converts sales into free cash efficiently (27.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
57.5x
Expensive — P/E 57.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+42.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (57.5 → 15.3)

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Dividends

Not applicable for this business.
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