The company has beaten consensus earnings estimates in all four reported quarters with an average upside surprise near 22%, backed by free cash flow conversion of 122% of net income, but shares sit just 6.6% below near-term resistance with a reward-to-risk ratio below 1.0 — meaning the potential downside outweighs the potential upside at today's price.
Thesis pillars
- Earnings Beat Streak→Stable
- Customer Concentration Risk↑Improving
- Free Cash Flow Quality→Stable
- +1 more pillar — see the Why tab for full reasoning
Cirrus Logic, Inc. (CRUS) Stock Analysis
Technology · Semiconductors
Wait — supporting gate not met yet. Price is at or below entry $117.10 but recent C-suite change still blocks BUY_NOW. Key risks: Concentration risk — Customer: Apple Inc. (91.0%); Concentration risk — Customer: top ten end customers (96.0%).
Cirrus Logic develops low-power, high-precision mixed-signal semiconductors — Audio products (amplifiers, codecs, DSPs) and HPMS products (camera controllers, haptics, battery ICs) — almost entirely for smartphones. Apple Inc. accounted for approximately 91% of the company's net... Read more
Wait — supporting gate not met yet. Price is at or below entry $117.10 but recent C-suite change still blocks BUY_NOW. Key risks: Concentration risk — Customer: Apple Inc. (91.0%); Concentration risk — Customer: top ten end customers (96.0%). Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Score 6.8/10, moderate confidence.
Passes 8/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, positive momentum, news events none recent, earnings proximity 58d clear, semi cycle peak clear, materials cycle peak clear). Suitability: moderate.
About Cirrus Logic, Inc.
About Cirrus Logic, Inc.
Apple Inc. represented approximately 91% of Cirrus Logic's total net sales for the twelve months ended March 28, 2026, rising from 89% in fiscal 2025 and 87% in fiscal 2024, while the ten largest end customers collectively accounted for 96% of net sales. Cirrus Logic had 1,668 employees at March 28, 2026, with 71% engaged in research and product development. The company operates as a fabless semiconductor supplier with primary wafer fabrication from GlobalFoundries and TSMC.
Cirrus Logic earns revenue through direct and indirect sales of Audio products and HPMS products — both lines targeting smartphone applications, with design wins dependent on deep engineering relationships at the customer's product-team level. The company contracts wafer fabrication to third parties, primarily GlobalFoundries (under a Capacity Reservation and Wafer Supply Commitment Agreement through calendar year 2026, amended in February 2025 to define remaining quarterly wafer quantities) and TSMC; assembly and test is performed by Advanced Semiconductor Engineering, Amkor Technology, and STATS ChipPAC, among others. The 10-K discloses that the company does not typically manufacture the majority of individual products at more than one foundry, making transfer to a backup supplier costly and time-consuming. Named competitors include Analog Devices, QUALCOMM, Realtek Semiconductor, Skyworks Solutions, and Texas Instruments.
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The 91% Apple concentration is the defining structural feature of Cirrus Logic's revenue base: Apple may stop incorporating Cirrus Logic products with limited notice and no significant penalty, minimum purchase volumes are not contractually required, and Apple retains in-house capability to develop competing semiconductor components. The 10-K also discloses that many products are architecturally specific to Apple's system design and frequently cannot be sold to other customers, concentrating customer and product-level risk simultaneously. The GlobalFoundries capacity agreement expires at end of calendar 2026, with post-2026 wafer supply terms subject to renegotiation.
See also: Technology · Semiconductors
From Cirrus Logic, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated 2026-09-06Recent Developments — Cirrus Logic, Inc.
Latest news
- NEWS Cirrus Logic (CRUS) Earnings Expected to Grow: Should You Buy? - Yahoo Finance — Yahoo Finance positive
- NEWS Cirrus Logic (CRUS) Earnings Expected to Grow: Should You Buy? - finance.yahoo.com — finance.yahoo.com positive
- NEWS Cirrus Logic (CRUS) Earnings Expected to Grow: Should You Buy? - sg.finance.yahoo.com — sg.finance.yahoo.com positive
- NEWS Cirrus Logic (CRUS) Expected to Announce Quarterly Earnings on Wednesday - MarketBeat — MarketBeat neutral
- NEWS Renaissance Technologies LLC Buys 74,477 Shares of Cirrus Logic, Inc. $CRUS - MarketBeat — MarketBeat neutral
Generated 2026-09-06T14:07:03Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomerApple Inc.91%10-K Item 1A: 'one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 91 percent...of the Company's total net sales'
- HIGHCustomertop ten end customers96%10-K Item 1A: 'our ten largest end customers represented approximately 96 percent, 96 percent and 95 percent of our net sales, respectively'
Material Events(8-K, last 90d)
- 2026-03-31Item 5.02LOWEffective March 25, 2026, CFO Jeff Woolard assumed the additional role of Principal Accounting Officer. Ulf Habermann ceased as PAO but continues in a senior finance role. No disagreement with the Company on any matter cited.SEC filing →
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Rating Breakdown
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Price Targets
Position Sizing
Analyst Consensus
Earnings
Verdict History
Frequently Asked Questions
Wait — supporting gate not met yet. Price is at or below entry $117.10 but recent C-suite change still blocks BUY_NOW. Key risks: Concentration risk — Customer: Apple Inc. (91.0%); Concentration risk — Customer: top ten end customers (96.0%). Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Target $140.25 (+22.3%), stop $110.85 (−3.5%), A.R:R 3.9:1. Score 6.8/10, moderate confidence.
Take-profit target: $140.25 (+23.9% upside). Target $140.25 (+22.3%), stop $110.85 (−3.5%), A.R:R 3.9:1. Stop-loss: $110.85.
Concentration risk — Customer: Apple Inc. (91.0%); Concentration risk — Customer: top ten end customers (96.0%); Sector modifier (Technology): -0.8.
Cirrus Logic, Inc. trades at a P/E of 13.8 (forward 12.7). TrendMatrix value score: 8.3/10. Verdict: Buy (Wait for Entry).
12 analysts cover CRUS with a consensus score of 4.1/5. Average price target: $165.
What does Cirrus Logic, Inc. do?Cirrus Logic develops low-power, high-precision mixed-signal semiconductors — Audio products (amplifiers, codecs, DSPs)...
Cirrus Logic develops low-power, high-precision mixed-signal semiconductors — Audio products (amplifiers, codecs, DSPs) and HPMS products (camera controllers, haptics, battery ICs) — almost entirely for smartphones. Apple Inc. accounted for approximately 91% of the company's net sales in fiscal year 2026; Cirrus Logic is headquartered in Austin, Texas and had 1,668 employees as of March 28, 2026.