Cirrus Logic

CRUS · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

CRUS · Last close · October 26, 2026

$113.00

Cirrus Logic's revenue rose 5.3% to $2.0 billion in fiscal 2026. Its operating margin was 23.1%, up from 21.6% a year earlier. Free cash flow was $637 million, up 51.0%. It paid out $280 million in dividends and buybacks, 44% of free cash flow. The diluted share count fell 4.4%.

CIRRUS LOGIC, INC. Latest fiscal year ended March 28, 2026 10-K filed May 21, 2026 · 0000772406-26-000018 Updated October 16, 2026

Revenue

$2.0B

5.3%

Operating margin

23.1%

1.4 pts

Net income

$414M

25.0%

Free cash flow

$637M

51.0%

Return on capital

29.6%

6.5 pts

Market cap

$5.9B

Oct 26 close

P/E

13.8x

On $8.19 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Cirrus Logic's only borrowing was on its credit line (US$60 million at the end of fiscal 2017, repaid in fiscal 2018); it has had none since, so debt is zero from fiscal 2018.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 8.0% a year and net income 5.3% a year, as buybacks cut the share count by 21%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cirrus Logic yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cirrus Logic's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Cirrus Logic's fiscal 2026 free cash flow of $637M, net cash of $888M at March 28, 2026 and 53 million diluted shares, from its filings. The scenarios are fitted to Cirrus Logic: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Semiconductors), plus 1 point as a smaller company, worth $5.9B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 28, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Cirrus Logic's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 13% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $113.00
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Cirrus Logic's earnings per share of $8.19 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 23.9×, the average of the Information Technology median and Cirrus Logic's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 27, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Monolithic Power Systems.

Earnings growth in the years ahead (% a year) Starts at Cirrus Logic's revenue growth over the last 3 years, 1.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $113.00
Value at this multiple, against the last close: —
Cirrus Logic's P/E at the last close: 13.8×

Company	Last close	Earnings per share	P/E today
Monolithic Power SystemsMPWR	$1,167.27	$16.37	71.3×
Cirrus LogicCRUS	$113.00	$8.19	13.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	380	481	526	596	888
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−380	−481	−526	−596	−888
Net debt to EBITDA	−0.9x	−1.5x	−1.3x	−1.3x	−1.7x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	386.4x	277.3x	375.4x	457.0x	512.7x
Current ratio	3.2x	4.7x	5.9x	6.3x	7.4x
Quick ratio	2.6x	3.6x	4.7x	4.8x	6.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Cirrus Logic shares on the open market, and 7 insiders sold $13.6 million, $12.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,166	$107.75	$125,636	Form 4
Sep 21, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,166	$119.00	$138,754	Form 4
Aug 20, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,166	$117.89	$137,460	Form 4
Jul 20, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,166	$138.57	$161,573	Form 4
Jul 1, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,458	$145.97	$212,824	Form 4
Jun 29, 2026	Andrew BrannanEVP, Worldwide Sales	Sold plan	6,464	$144.71	$935,405	Form 4
Jun 22, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	1,170	$168.23	$196,829	Form 4
Jun 3, 2026	Scott ThomasEVP, General Counsel	Sold plan	1,300	$180.04	$234,052	Form 4
Jun 2, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	3,907	$168.54	$658,486	Form 4
May 29, 2026	Jeffrey W BaumgartnerEVP, R&D	Sold plan	11,171	$171.65	$1.9 million	Form 4
May 29, 2026	Andrew BrannanEVP, Worldwide Sales	Sold plan	1,645	$175.75	$289,109	Form 4
May 21, 2026	Justin E DoughertyEVP, Global Operations	Sold	2,000	$166.50	$333,000	Form 4

The latest 12 of 22 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	7 of 9	8 of 9
Accruals ratio	−6.8%	−5.0%	−9.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cirrus Logic side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cirrus Logic	FY26	5.3%	23.1%	31.9%	29.6%	−1.7x	8
Tower Semiconductor	FY25	9.1%	12.4%	−3.1%	9.9%	−1.9x	7	Compare
Monolithic Power Systems	FY25	26.4%	26.1%	23.9%	27.1%	−1.6x	5	Compare
Synaptics	FY26	11.4%	−5.6%	8.5%	−3.4%	—	5	Compare
Semtech	FY26	15.5%	3.1%	16.3%	2.9%	4.7x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,539	1,532	1,186	1,281	1,369	1,782	1,898	1,789	1,896	1,997
Revenue growth	31.6%	−0.4%	−22.6%	8.1%	6.9%	30.1%	6.5%	−5.7%	6.0%	5.3%
Gross profit	758	761	598	674	707	924	957	916	996	1,054
Research and development	304	366	375	348	343	406	458	426	435	434
Operating income	317	262	101	174	237	366	249	344	410	460
Net income	261	162	90	160	217	326	177	275	332	414
Diluted EPS (US$)	3.92	2.46	1.46	2.64	3.62	5.52	3.09	4.90	6.00	7.85
Diluted shares (millions)	67	66	62	60	60	59	57	56	55	53
Cash flow
Cash from operations	370	319	207	296	349	125	340	422	444	651
Capital expenditure	42	55	32	16	18	26	35	38	23	14
Free cash flow	328	264	175	280	331	99	304	384	422	637
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	15	176	160	120	110	168	191	186	261	280
Acquisitions	0	0	0	0	0	277	0	0	0	0
Stock-based compensation	40	49	50	54	57	66	82	89	84	82
Balance sheet at fiscal year end
Cash and short-term investments	451	262	286	314	498	380	481	526	596	888
Debt incl. finance leases	60	0	0	0	0	0	0	0	0	0
Total assets	1,414	1,430	1,353	1,593	1,831	2,123	2,064	2,232	2,327	2,489
Total liabilities	262	268	212	363	442	524	406	415	378	361
Shareholders' equity	1,152	1,162	1,140	1,230	1,389	1,600	1,658	1,817	1,949	2,128
Margins and ratios
Gross margin	49.2%	49.6%	50.4%	52.6%	51.7%	51.9%	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%	23.1%
Net margin	17.0%	10.6%	7.6%	12.4%	15.9%	18.3%	9.3%	15.3%	17.5%	20.8%
Free cash flow margin	21.3%	17.2%	14.8%	21.9%	24.1%	5.5%	16.1%	21.5%	22.2%	31.9%
Return on capital	33.9%	19.3%	11.0%	17.2%	23.3%	30.7%	14.4%	21.0%	23.1%	29.6%
Return on equity	26.0%	14.0%	7.8%	13.5%	16.6%	21.8%	10.8%	15.8%	17.6%	20.3%
Return on assets	20.1%	11.4%	6.5%	10.8%	12.7%	16.5%	8.4%	12.8%	14.5%	17.2%
Net debt to EBITDA	−1.0x	−0.8x	−1.6x	−1.3x	−1.8x	−0.9x	−1.5x	−1.3x	−1.3x	−1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cirrus Logic's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cirrus Logic.