Credo Technology
ConvictionWeak
Fabless semiconductor + IP. Sells AECs (copper cables with integrated retimer/DSP), standalone ICs (optical DSPs, line-card PHYs, PCIe retimers), SerDes chiplets, and licenses SerDes IP. ~97% product/engineering, small high-margin IP-licensing tail. Outsources wafer fab; capital-light.
Revenue
$1.335B FY26fact, FY ended May 2 2026Rev growthfact
+205.7% YoY FY26Q4 FY26 +157% YoY (factGross marginfact
68.0% GAAP / 68.1% non-GAAPFY26Op marginfact
33.3% GAAP / 47.8% non-GAAPFY26Capex intensity
<1% of revenue — fablessFY26 capex de minimis ex production mask sets (fact, ~$26.5M Q3 mask purchaseMarket cap
~$50Bfact, ~$269/sh, Jun 25 2026; P/E ~107Price · 1-year trend
real · weekly$259+165% 1yUSD
52-week range
$88 – $303
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityWeak
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-06-15. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’22
$106M
FY’23
$184M+73%
FY’24
$193M+5%
FY’25
$437M+126%
FY’26
$1.3B+206%
Margins & balance sheet — FY’26
Gross margin68.0%
Operating margin33.3%
Net margin35.4%
Net cash$1.2B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence