Detailed financial statements for Cirrus Logic, Inc. (CRUS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Cirrus Logic, Inc. (CRUS) is a semiconductor design firm that doesn't operate its own manufacturing plants. It specializes in crafting energy-efficient and highly accurate mixed-signal processing solutions for a worldwide customer base.
Analysis Summary
Cirrus Logic, Inc. reported revenue of $2.00B in the most recent fiscal year, growing at a 5-year CAGR of 7.8%. Net income reached $414.4M, with a 13.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.8%, operating margin 23.0%, net margin 21.0%. Free cash flow grew at 14.0% CAGR over 5 years.
At $112.32 (closing price, November 3, 2026), CRUS trades at a P/E of 13.75 and an ROE of 20.35%. Market capitalisation stands at $5.6B.
Balance sheet quality for CRUS: debt-to-equity ratio of 0.08, current ratio of 7.58 over the last 12 months, net cash position of $753.6M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $636.6M represents 154% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.53B | $1.19B | $1.28B | $1.37B | $1.78B | $1.90B | $1.79B | $1.90B | $2.00B |
| Cost of Revenue | $781.1M | $771.5M | $588.0M | $607.0M | $661.9M | $857.8M | $940.6M | $872.8M | $900.0M | $943.2M |
| Gross Profit | $757.8M | $760.7M | $597.5M | $674.2M | $707.3M | $923.6M | $957.0M | $916.1M | $996.0M | $1.05B |
| Research & Development | $303.7M | $366.4M | $375.1M | $347.6M | $342.8M | $406.3M | $458.4M | $426.5M | $434.7M | $434.0M |
| Selling, General & Admin | $127.3M | $131.8M | $126.5M | $131.1M | $127.0M | $151.0M | $153.1M | $144.2M | $151.0M | $159.8M |
| Operating Expenses | $440.8M | $498.3M | $496.7M | $500.7M | $470.1M | $557.3M | $707.9M | $572.6M | $585.7M | $593.8M |
| Operating Income | $317.1M | $262.5M | $100.8M | $173.5M | $237.2M | $366.3M | $249.0M | $343.5M | $410.4M | $460.4M |
| EBITDA | $382.1M | $347.7M | $175.7M | $250.6M | $285.7M | $431.7M | $326.8M | $413.1M | $496.8M | $549.9M |
| Interest Expense | $3.6M | $1.2M | $1.1M | $1.1M | $1.1M | $948,000 | $898,000 | $915,000 | $898,000 | $679,000 |
| Pre-tax Income | $315.0M | $265.1M | $93.7M | $181.3M | $245.2M | $368.7M | $254.7M | $363.9M | $444.9M | $496.7M |
| Income Tax | $53.8M | $103.1M | $3.8M | $21.8M | $27.9M | $42.3M | $78.0M | $89.4M | $113.4M | $82.3M |
| Net Income | $261.2M | $162.0M | $90.0M | $159.5M | $217.3M | $326.4M | $176.7M | $274.6M | $331.5M | $414.4M |
| EPS | $4.12 | $2.55 | $1.50 | $2.74 | $3.74 | $5.70 | $3.18 | $5.06 | $6.24 | $8.10 |
| EPS (Diluted) | $3.92 | $2.46 | $1.46 | $2.64 | $3.62 | $5.52 | $3.09 | $4.90 | $6.00 | $7.84 |
| Shares Outstanding (Diluted) | 66.6 M | 66.0 M | 61.6 M | 60.5 M | 60.1 M | 59.1 M | 57.2 M | 56.0 M | 55.2 M | 52.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $561.0M | $580.6M | $448.5M | $459.7M |
| Gross Profit | $294.4M | $308.1M | $237.6M | $241.9M |
| Operating Income | $144.8M | $152.9M | $90.3M | $84.4M |
| EBITDA | $166.3M | $175.7M | $113.8M | $98.0M |
| Net Income | $131.6M | $140.3M | $81.8M | $76.9M |
| EPS | $2.57 | $2.75 | $1.61 | $1.52 |
| EPS (Diluted) | $2.48 | $2.66 | $1.56 | $1.47 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $351.2M | $235.6M | $216.2M | $292.1M | $442.2M | $369.8M | $445.8M | $502.8M | $539.6M | $800.9M |
| Short-term Investments | $99.8M | $26.4M | $70.2M | $22.0M | $55.7M | $10.6M | $35.0M | $23.8M | $56.2M | $86.7M |
| Receivables | $120.0M | $100.8M | $120.7M | $154.0M | $108.7M | $240.3M | $150.5M | $162.5M | $216.0M | $220.1M |
| Inventory | $167.9M | $205.8M | $164.7M | $146.7M | $173.3M | $138.4M | $233.4M | $227.2M | $299.1M | $240.9M |
| Total Current Assets | $775.9M | $613.7M | $625.0M | $650.2M | $842.5M | $840.0M | $1.02B | $1.11B | $1.24B | $1.43B |
| Property, Plant & Equipment | $168.1M | $191.2M | $186.2M | $299.5M | $288.5M | $328.1M | $291.1M | $308.5M | $286.6M | $264.7M |
| Goodwill | $286.8M | $288.7M | $286.2M | $287.1M | $287.5M | $435.8M | $435.9M | $435.9M | $435.9M | $435.9M |
| Intangible Assets | $135.2M | $111.5M | $67.8M | $34.4M | $22.0M | $158.1M | $38.9M | $29.6M | $27.5M | $20.7M |
| Total Assets | $1.41B | $1.43B | $1.35B | $1.59B | $1.83B | $2.12B | $2.06B | $2.23B | $2.33B | $2.49B |
| Accounts Payable | $73.8M | $69.8M | $48.4M | $78.4M | $102.7M | $115.4M | $81.5M | $55.5M | $63.2M | $80.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $21.8M | $19.9M |
| Total Current Liabilities | $144.1M | $140.2M | $115.5M | $158.6M | $213.6M | $264.8M | $216.3M | $186.4M | $195.2M | $194.7M |
| Long-term Debt | $60.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $261.8M | $268.4M | $212.4M | $362.9M | $441.6M | $523.6M | $405.7M | $414.6M | $377.6M | $361.4M |
| Retained Earnings | -$107.0M | -$139.3M | -$222.4M | -$201.7M | -$112.7M | $23.4M | -$9.3M | $58.9M | $90.4M | $184.9M |
| Total Equity | $1.15B | $1.16B | $1.14B | $1.23B | $1.39B | $1.60B | $1.66B | $1.82B | $1.95B | $2.13B |
| Total Debt | $60.0M | 0 | 0 | $142.9M | $142.5M | $177.8M | $141.1M | $155.2M | $143.7M | $134.0M |
| Net Debt | -$391.0M | -$262.0M | -$286.4M | -$171.2M | -$355.4M | -$202.6M | -$339.7M | -$371.3M | -$452.1M | -$753.6M |
| Working Capital | $631.9M | $473.5M | $509.4M | $491.6M | $628.9M | $575.2M | $801.5M | $919.8M | $1.04B | $1.24B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $593.5M | $778.1M | $800.9M | $810.7M |
| Total Assets | $2.43B | $2.46B | $2.49B | $2.56B |
| Total Liabilities | $387.2M | $353.3M | $361.4M | $371.1M |
| Total Equity | $2.04B | $2.10B | $2.13B | $2.19B |
| Total Debt | $140.5M | $254.9M | $134.0M | $172.4M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $261.2M | $162.0M | $90.0M | $159.5M | $217.3M | $326.4M | $176.7M | $274.6M | $331.5M | $414.4M |
| Depreciation & Amortization | $63.4M | $81.4M | $79.8M | $68.2M | $39.4M | $62.1M | $71.2M | $48.3M | $51.0M | $52.3M |
| Stock-based Compensation | $39.6M | $48.7M | $49.7M | $53.8M | $56.8M | $66.4M | $81.6M | $89.3M | $84.1M | $81.8M |
| Change in Working Capital | -$24.9M | $29.1M | -$23.4M | -$2.8M | $33.2M | -$316.1M | -$55.6M | $18.4M | -$23.4M | $103.4M |
| Operating Cash Flow | $369.8M | $318.7M | $206.7M | $295.8M | $348.9M | $124.8M | $339.6M | $421.7M | $444.4M | $650.6M |
| Capital Expenditure | -$51.3M | -$84.5M | -$35.8M | -$15.7M | -$18.3M | -$30.0M | -$36.7M | -$37.6M | -$28.8M | -$14.0M |
| Acquisitions | $9.4M | $29.3M | -$4.1M | 0 | 0 | -$276.9M | $1.6M | 0 | 0 | 0 |
| Stock Repurchased | -$29.5M | -$193.6M | -$173.1M | -$138.3M | -$128.4M | -$190.2M | -$209.5M | -$205.0M | -$298.7M | -$318.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $318.5M | $234.2M | $170.9M | $280.2M | $330.7M | $94.7M | $302.9M | $384.0M | $415.6M | $636.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $92.2M | $290.8M | $151.4M | $64.1M |
| Capital Expenditure | -$3.9M | -$5.1M | -$2.4M | -$15.1M |
| Free Cash Flow | $88.3M | $285.7M | $149.0M | $49.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $20.6M | $20.6M | $19.8M | $20.6M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.4% | -22.6% | +8.1% | +6.9% | +30.1% | +6.5% | -5.7% | +6.0% | +5.3% | |
| Net Income Growth (YoY) | -38.0% | -44.4% | +77.2% | +36.3% | +50.2% | -45.9% | +55.4% | +20.7% | +25.0% | |
| EPS Growth (YoY) | -38.1% | -41.2% | +82.7% | +36.5% | +52.4% | -44.2% | +59.1% | +23.3% | +29.8% | |
| Shares Change (YoY) | -0.9% | -6.6% | -1.8% | -0.7% | -1.5% | -3.2% | -2.1% | -1.4% | -5.2% | |
| FCF Growth (YoY) | -26.5% | -27.0% | +63.9% | +18.0% | -71.4% | +219.7% | +26.8% | +8.2% | +53.2% | |
| Gross Margin | 49.2% | 49.6% | 50.4% | 52.6% | 51.7% | 51.8% | 50.4% | 51.2% | 52.5% | 52.8% |
| Operating Margin | 20.6% | 17.1% | 8.5% | 13.5% | 17.3% | 20.6% | 13.1% | 19.2% | 21.6% | 23.0% |
| EBITDA Margin | 24.8% | 22.7% | 14.8% | 19.6% | 20.9% | 24.2% | 17.2% | 23.1% | 26.2% | 27.5% |
| Net Margin | 17.0% | 10.6% | 7.6% | 12.4% | 15.9% | 18.3% | 9.3% | 15.3% | 17.5% | 20.7% |
| FCF Margin | 20.7% | 15.3% | 14.4% | 21.9% | 24.2% | 5.3% | 16.0% | 21.5% | 21.9% | 31.9% |
| Effective Tax Rate | 17.1% | 38.9% | 4.0% | 12.0% | 11.4% | 11.5% | 30.6% | 24.6% | 25.5% | 16.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.78 | $3.55 | $2.78 | $4.63 | $5.51 | $1.60 | $5.29 | $6.86 | $7.52 | $12.16 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 63.3 M | 63.4 M | 60.1 M | 58.3 M | 58.1 M | 57.3 M | 55.6 M | 54.3 M | 53.1 M | 50.8 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 20.35% |
| Return on Invested Capital | 16.55% |
| Return on Assets | 16.82% |
| Gross Margin | 52.78% |
| Operating Margin | 23.05% |
| Net Margin | 21.00% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 7.58 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 14.21 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.73 | 15.93 | 27.02 | 23.95 | 22.67 | 14.88 | 34.40 | 18.16 | 15.95 | 17.70 |
| P/B | 3.34 | 2.22 | 2.14 | 3.11 | 3.55 | 3.04 | 3.67 | 2.74 | 2.71 | 3.42 |
| P/S | 2.50 | 1.68 | 2.06 | 2.99 | 3.60 | 2.73 | 3.21 | 2.79 | 2.79 | 3.65 |
| Gross Margin | 49.2% | 49.6% | 50.4% | 52.6% | 51.7% | 51.8% | 50.4% | 51.2% | 52.5% | 52.8% |
| Operating Margin | 20.6% | 17.1% | 8.5% | 13.5% | 17.3% | 20.6% | 13.1% | 19.2% | 21.6% | 23.0% |
| Net Margin | 17.0% | 10.6% | 7.6% | 12.4% | 15.9% | 18.3% | 9.3% | 15.3% | 17.5% | 20.7% |
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