Cirrus Logic (CRUS) concentration risks

The company's concentration profile is among the most acute in the semiconductor universe, defined almost entirely by dependence on a single end customer layered within an already-concentrated top-tier buyer group. The ten largest end customers represented approximately 96% of net sales in the most recent fiscal year, and this level has been consistent across prior periods, indicating the extreme customer concentration is structural to the business model rather than a one-year anomaly. Within that already-concentrated group, a single end customer — Apple Inc. — who purchased through multiple contract manufacturers represented approximately 91% of the company's total net sales. This is an exceptionally high-share dependency by disclosed size: nine-tenths of revenue is tied to the purchasing decisions, product roadmap, and supplier diversification strategy of one company. Any loss of design-win content, shift to internally developed semiconductors, or significant share loss within Apple's supply chain would have a direct and material effect on the top line. The two exposures are not additive in the traditional sense — they describe the same risk at different levels of granularity. The ten largest end customers figure establishes that nearly all revenue sits at the top of the book; the Apple figure reveals that one name within that group commands the overwhelming majority. Together, they leave the company with virtually no revenue diversification to buffer a demand or design-win change at its primary customer. The concentration is fully disclosed and represents the defining investment risk in the company's profile.

For the engine’s reasoning on CRUS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.