Credo Technology Group Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Credo Technology Group Holding Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	53.8	58.7	106	184	193	437	1,335
Cost of revenue	7.73	20.4	42.5	78	73.5	154	427
Gross profit	46.1	38.3	64	106	119	283	908
Research and development	27.6	34.8	47.9	76.8	96.3	147	279
Selling, general and administrative	16.5	28.7	34.9	48.2	60.2	98.9	184
Operating expenses	44	63.5	86	127	156	246	463
Operating income	2.07	-25.2	-22	-21.2	-37.1	37.1	445
Other non-operating income	0.02	-0.06	-0.25	3.32	14.3	17.7	30.4
Pre-tax income	2.1	-25.3	-22.2	-17.9	-22.7	54.9	475
Income tax	0.77	2.22	-0.04	-1.37	5.62	2.69	3.16
Net income	1.33	-27.5	-22.2	-16.5	-28.4	52.2	472
EBITDA	3.88	-23	-17.2	-11.7	-23.3	59.1	480
EPS, basic	0.00	-0.40	-0.25	-0.11	-0.18	0.31	2.65
EPS, diluted	0.00	-0.40	-0.25	-0.11	-0.18	0.29	2.51
Shares, basic (weighted)	71.7	69.1	88.4	147	155	168	179
Shares, diluted (weighted)	71.7	69.1	88.4	147	155	181	188

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	73.9	104	259	109	66.9	236	1,165
Short-term investments			0	109	343	195	278
Receivables		13.6	29.5	49.5	59.7	162	233
Inventory		7.1	27.3	46	25.9	90	251
Other current assets		1.14	1.26	5.41	34.7	30	73.6
Total current assets		138	332	328	530	714	2,001
Property, plant and equipment		14.2	21.8	40.2	43.7	63.6	102
Lease right-of-use assets		0	17	14.9	13.1	15.2	24.6
Goodwill						0	92.8
Intangible assets						0	29.3
Other non-current assets		3.46	4.71	14	14.9	16.9	46.2
Total assets		155	376	397	602	809	2,296
Accounts payable		3.59	8.49	6.07	13.4	56.2	107
Accrued liabilities		2.65	8.37	7.56	8.83	12.2	21.6
Deferred revenue		4.12	1.23	4.04	3.9
Total current liabilities		12.5	26.5	31	44.6	108	197
Lease liabilities		0	14.8	12.9	11.1	12.7	20.6
Other non-current liabilities		0.42	0.22	5.75	5.98	7.27	8.55
Total liabilities		13	41.5	49.7	61.7	128	232
Paid-in capital		12.6	425	455	676	765	1,672
Retained earnings		-68.3	-90.4	-107	-135	-83.2	389
Other comprehensive income		0.23	0.02	-0.19	-0.52	-0.44	2.43
Shareholders' equity	-9.41	-55.4	334	348	540	682	2,064
Total equity	-9.41	-55.4	334	348	540	682	2,064
Total liabilities and equity		155	376	397	602	809	2,296
Shares outstanding		68.3	145	149	164	171	185

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1.33	-27.5	-22.2	-16.5	-28.4	52.2	472
Depreciation and amortization	1.81	2.22	4.79	9.51	13.8	21.9	34.6
Stock-based compensation	1.25	2.57	9.19	23.5	39	77.4	183
Deferred income tax	-0.28	1.37	-1.53	-2.11	4.14	0.42	-3.1
Change in receivables	-10.5	0.68	-15.9	-20	-10.1	-102	-70.8
Change in inventory	1.3	-6.5	-21.7	-24.4	15.8	-70.5	-174
Change in payables	1.01	1.34	4.75	-3.84	8.81	41.9	48.8
Cash from operations	-10.3	-42.4	-30.8	-24.6	32.7	65.1	464
Capital expenditures	-8.83	-6.06	-17.6	-21.7	-15.7	-36.1	-57.3
Acquisitions					0	0	-113
Purchases of investments		0	0	-159	-404	-259	-393
Cash from investing	-8.83	-6.06	-17.6	-131	-249	112	-254
Stock issued	0.72	1.45	2.73	5.5	7.06	7.83
Share buybacks	0	-22.9	0	0
Cash from financing	61.2	77.9	204	4.89	175	-7.73	718
Exchange rate effect	0.03	0.38	-0.2	-0.07	-0.17	0.04	0.23
Net change in cash	42.2	29.8	156	-151	-41.6	169	929
Free cash flow	-19.1	-48.4	-48.4	-46.3	17.1	29	407
Income taxes paid	0.6	1.22	0.43	1.2	1.05	1.45	2.47

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $210.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.1%	Gross profit / revenue.
Operating margin	31.7%	Operating income / revenue.
EBITDA margin	34.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.9%	Pre-tax income / revenue.
Net margin	33.8%	Net income / revenue.
FCF margin	27.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.4%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.9%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.5%	Research and development expense / revenue.
SG&A / revenue	13.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	14.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	205.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	93.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	86.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	221.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	104.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	88.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,099.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	712.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	805.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	765.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	613.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	1,302.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	202.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	81.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	183.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	79.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	71.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	7.40x	Current assets / current liabilities.
Quick ratio	5.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.86x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.4%	Total liabilities / total assets.
Working capital	$1.27B	Current assets - current liabilities.
Goodwill and intangibles / assets	45.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.36B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	13.9x	Revenue / average property, plant and equipment.
Inventory turnover	1.67x	Cost of revenue / average inventory.
Days inventory	218 days	365 x average inventory / cost of revenue.
Receivables turnover	5.51x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	213 days	Days inventory + days sales outstanding - days payables.
FCF conversion	81.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.19	Revenue / diluted weighted shares.
FCF per share	$2.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.57	Cash from operations / diluted weighted shares.
Book value per share	$14.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.26	Tangible book value / shares outstanding.
Cash per share	$4.07	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$39.34B	Share price x shares outstanding.
Enterprise value	$38.58B	Market cap + total debt - cash - short-term investments.
P/E	73.1x	Market cap / net income. Only when net income is positive.
P/S	24.7x	Market cap / revenue.
P/B	14.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	28.9x	Market cap / tangible book value, when positive.
P/FCF	89.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	78.6x	Market cap / cash from operations, when positive.
EV/Sales	24.2x	Enterprise value / revenue.
EV/EBIT	76.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	71.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	88.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).

What was Credo Technology Group Holding Ltd's revenue in fiscal 2026?

Credo Technology Group Holding Ltd reported revenue of $1.34B for fiscal 2026, 205.7% higher than the year before.

Was Credo Technology Group Holding Ltd profitable in fiscal 2026?

Yes. Net income was $472.3M, a net margin of 35.4%.

How much free cash flow did Credo Technology Group Holding Ltd generate in fiscal 2026?

Cash from operations of $464.3M minus capital expenditures of $57.3M left free cash flow of $407.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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