CRDOCredo Technology Group Holding Ltd
Semiconductors & Related Devices
- Revenue
- $1.3B
- 206% YoY
- Operating margin
- 33.3%
- 292% YoY
- EBITDA
- $480M
- 712% YoY
- Market cap
- $28.4B
- Employees
- 807
- $2M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 14.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo98% of net incomeCash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo33% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$2M · 90th pctBottom quartile of its SIC industry
- Quiet on AINo14.4 per 10K words · 96th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$28.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$406M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $106M | $184M | $193M | $437M | $1.3B | 206% |
| Operating income | −$22M | −$21M | −$37M | $37M | $445M | 1099% |
| Net income | −$22M | −$17M | −$28M | $52M | $472M | 805% |
| Operating cash flow | −$31M | −$25M | $33M | $65M | $464M | 613% |
| Capex | $18M | $22M | $16M | $36M | $57M | 59% |
| Stock-based comp | $9M | $24M | $39M | $77M | $183M | 136% |
| Buybacks | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $406M · 660
- Net
- −$406M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $14M | $76M | 1583 | 327 |
| FY2025 | $6M | $14M | 414 | 136 |
| FY2024 | $6M | $8M | 159 | 146 |
| FY2023 | $4M | $2M | 70 | 92 |