Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 10.5x · ROE 20.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.1B | $7.5B | $5.5B | $5.2B | $6.3B | $5.0B | $5.1B | $4.0B | $2.6B | $2.7B | $4.0B |
| Enterprise Value | $5.4B | $6.8B | $5.1B | $4.8B | $6.0B | $4.8B | $4.8B | $3.8B | $2.4B | $2.4B | $3.7B |
| P/E Ratio → | 15.35 | 18.29 | 16.59 | 18.89 | 35.40 | 15.36 | 23.42 | 24.86 | 28.82 | 16.52 | 15.48 |
| P/S Ratio | 3.04 | 3.76 | 2.90 | 2.90 | 3.30 | 2.81 | 3.72 | 3.10 | 2.19 | 1.75 | 2.62 |
| P/B Ratio | 2.96 | 3.53 | 2.82 | 2.85 | 3.77 | 3.13 | 3.67 | 3.23 | 2.27 | 2.31 | 3.51 |
| P/FCF | 9.54 | 11.80 | 13.23 | 13.50 | 20.67 | 52.93 | 15.40 | 14.16 | 15.16 | 11.44 | 12.68 |
| P/OCF | 9.34 | 11.54 | 12.37 | 12.30 | 18.43 | 40.20 | 14.59 | 13.41 | 12.53 | 8.41 | 10.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.43 | 2.69 | 2.70 | 3.14 | 2.71 | 3.50 | 2.98 | 2.00 | 1.60 | 2.44 |
| EV / EBITDA | 10.55 | 13.35 | 11.06 | 12.35 | 19.22 | 11.26 | 17.33 | 16.34 | 13.15 | 7.11 | 9.85 |
| EV / EBIT | 11.74 | 13.75 | 11.47 | 13.26 | 23.29 | 13.05 | 19.46 | 20.95 | 24.77 | 9.18 | 11.76 |
| EV / FCF | — | 10.75 | 12.27 | 12.60 | 19.66 | 50.90 | 14.49 | 13.63 | 13.89 | 10.44 | 11.77 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.8% | 52.8% | 52.5% | 51.2% | 50.4% | 51.8% | 51.7% | 52.6% | 50.4% | 49.6% | 49.2% |
| Operating Margin | 23.0% | 23.0% | 21.6% | 19.2% | 13.1% | 20.6% | 17.3% | 13.5% | 8.5% | 17.1% | 20.6% |
| Net Profit Margin | 20.7% | 20.7% | 17.5% | 15.3% | 9.3% | 18.3% | 15.9% | 12.4% | 7.6% | 10.6% | 17.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.3% | 20.3% | 17.6% | 15.8% | 10.8% | 21.8% | 16.6% | 13.5% | 7.8% | 14.0% | 26.0% |
| ROA | 17.2% | 17.2% | 14.5% | 12.8% | 8.4% | 16.5% | 12.7% | 10.8% | 6.5% | 11.4% | 20.1% |
| ROIC | 22.9% | 22.9% | 20.4% | 18.2% | 13.5% | 22.0% | 16.4% | 13.0% | 8.2% | 22.0% | 27.8% |
| ROCE | 20.8% | 20.8% | 19.6% | 17.6% | 13.4% | 21.1% | 15.5% | 13.0% | 8.0% | 20.5% | 27.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.07 | 0.09 | 0.09 | 0.11 | 0.10 | 0.12 | — | — | 0.05 |
| Debt / EBITDA | 0.26 | 0.26 | 0.31 | 0.40 | 0.46 | 0.42 | 0.52 | 0.61 | — | — | 0.16 |
| Net Debt / Equity | — | -0.31 | -0.20 | -0.19 | -0.18 | -0.12 | -0.22 | -0.12 | -0.19 | -0.20 | -0.25 |
| Net Debt / EBITDA | -1.30 | -1.30 | -0.86 | -0.89 | -0.98 | -0.45 | -1.08 | -0.64 | -1.20 | -0.69 | -0.77 |
| Debt / FCF | — | -1.05 | -0.95 | -0.91 | -1.01 | -2.03 | -0.91 | -0.53 | -1.26 | -1.01 | -0.91 |
| Interest Coverage | 732.89 | 732.89 | 495.45 | 398.74 | 284.67 | 389.89 | 233.02 | 172.49 | 90.69 | 230.92 | 88.51 |
Net cash position: cash ($801M) exceeds total debt ($134M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.37 | 7.37 | 6.35 | 5.93 | 4.70 | 3.17 | 3.94 | 4.10 | 5.41 | 4.38 | 5.39 |
| Quick Ratio | 6.13 | 6.13 | 4.82 | 4.72 | 3.63 | 2.65 | 3.13 | 3.17 | 3.98 | 2.91 | 4.22 |
| Cash Ratio | 4.56 | 4.56 | 3.05 | 2.82 | 2.22 | 1.44 | 2.33 | 1.98 | 2.48 | 1.87 | 3.13 |
| Asset Turnover | — | 0.80 | 0.81 | 0.80 | 0.92 | 0.84 | 0.75 | 0.80 | 0.88 | 1.07 | 1.09 |
| Inventory Turnover | 3.92 | 3.92 | 3.01 | 3.84 | 4.03 | 6.20 | 3.82 | 4.14 | 3.57 | 3.75 | 4.65 |
| Days Sales Outstanding | — | 40.23 | 41.58 | 33.15 | 28.94 | 49.23 | 28.98 | 43.88 | 37.15 | 24.01 | 28.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 5.5% | 6.0% | 5.3% | 2.8% | 6.5% | 4.3% | 4.0% | 3.5% | 6.1% | 6.5% |
| FCF Yield | 10.5% | 8.5% | 7.6% | 7.4% | 4.8% | 1.9% | 6.5% | 7.1% | 6.6% | 8.7% | 7.9% |
| Buyback Yield | 5.2% | 4.2% | 5.4% | 4.0% | 3.3% | 3.8% | 2.5% | 3.5% | 6.7% | 7.2% | 0.7% |
| Total Shareholder Yield | 5.2% | 4.2% | 5.4% | 4.0% | 3.3% | 3.8% | 2.5% | 3.5% | 6.7% | 7.2% | 0.7% |
| Shares Outstanding | — | $52M | $55M | $56M | $57M | $59M | $60M | $60M | $62M | $66M | $67M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CRUS stock.
Cirrus Logic, Inc.'s current P/E ratio is 15.4x. The historical average is 21.4x. This places it at the 30th percentile of its historical range.
Cirrus Logic, Inc.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Cirrus Logic, Inc.'s return on equity (ROE) is 20.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 3.7%.
Based on historical data, Cirrus Logic, Inc. is trading at a P/E of 15.4x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cirrus Logic, Inc. has 52.8% gross margin and 23.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cirrus Logic, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Customer concentration and roadmap shifts
Metrics are mathematically derived from official filings.
Discount for Single-Customer Risk
CRUS trades at 15.6x trailing earnings and 10.7x EV/EBITDA, a notable discount to diversified analog peers, reflecting market pricing for its narrow revenue base, per recent filings.
The forward P/E of 13.45 and PEG of 0.93 suggest the market is pricing in modest growth, yet the company's recent revenue acceleration and margin stability may warrant a higher multiple. The EV/EBITDA of 10.69 is below the broader semiconductor peer average, implying a concentration discount that could narrow if diversification efforts succeed. Investors should monitor whether the discount persists as the company expands beyond its primary customer.
Stable Margins Mask Operating Leverage
Gross margin held near 53% over ten quarters, while operating margin swung from 12.5% to 26.3%, indicating high operating leverage tied to seasonal smartphone launches, as reported in financial statements.
The stability of gross margin at approximately 53% reflects the company's specialized IP and fabless model, but the wide range in operating margin (12.5% to 26.3%) underscores the impact of fixed R&D and SG&A costs on a lumpy revenue base. Net margin in 2027Q1 was 16.7%, up from 11.3% in 2025Q1, showing that recent revenue growth is flowing through to the bottom line. This suggests that profitability is highly sensitive to unit volumes from the primary customer, and any push-out could compress margins.
Returns Cyclical but Trending Higher
ROIC ranged from 2.4% to 7.2% over ten quarters, with 2027Q1 at 4.2%, reflecting the cyclicality of the mobile market, yet the trend shows improvement from 2024Q4 levels, per reported data.
ROE and ROIC are volatile, peaking in the December quarters (2026Q3: ROIC 7.2%) and troughing in the March quarters (2027Q1: ROIC 4.2%), aligning with the smartphone product cycle. The improvement from 2.7% in 2024Q4 to 4.2% in 2027Q1 suggests that the company is generating higher returns on its invested capital as revenue grows. However, the absolute level remains modest, indicating that the asset-light model does not require heavy capital but also limits the compounding effect.
Working Capital Swings Reflect Customer Power
Cash conversion cycle averaged 122 days over ten quarters, with DIO spiking to 135 days in 2025Q4, indicating inventory build-ups ahead of launches, as per reported quarterly data.
The CCC has ranged from 96 to 154 days, driven primarily by DIO, which reflects the company's practice of building inventory ahead of customer orders. DSO has remained relatively stable around 47 days, while DPO has been consistent near 30 days, suggesting limited supplier leverage. The wide swings in CCC highlight the company's dependence on the primary customer's order timing, and investors should monitor inventory levels as a leading indicator of demand.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stands at 0.08 with interest coverage above 260x, indicating negligible leverage and ample capacity to weather demand downturns, based on the latest balance sheet figures.
The company's D/E ratio has remained below 0.12 over the past ten quarters, and D/EBITDA has stayed under 2.6x, reflecting a conservative capital structure. Interest coverage of 261.7x in 2027Q1 is exceptionally high, meaning debt service is not a concern. This financial flexibility could support continued buybacks or strategic investments, but it also suggests management is not aggressively leveraging to pursue growth.
Fortress Liquidity Buffers Seasonal Dips
Current ratio improved to 7.58 in 2027Q1 from 5.93 in 2024Q4, with cash at $810.7M, providing a strong cushion against order volatility, as reported in financial statements.
The current ratio and quick ratio (6.23) are exceptionally high, indicating that the company holds far more current assets than needed to cover short-term obligations. This liquidity is partly a result of cash accumulation and low inventory dependence, as the quick ratio remains above 6.0 even after excluding inventory. Such a buffer suggests the company can absorb a significant demand shock without financial distress, though it also implies an opportunity cost of holding excess cash.
Premium Margins, Discounted Multiple
CRUS's 52.6% gross margin and 16.7% net margin far exceed peers like SYNA and DIOD, yet its P/E of 15.55 is lower than DIOD's 74.85, per peer comparison data.
Compared to the peer set, Cirrus Logic stands out with superior profitability metrics: net margin of 16.7% versus negative margins for SYNA and SLAB, and ROE of 3.6% versus negative for SYNA. However, its valuation multiple is not correspondingly higher, suggesting the market applies a discount for customer concentration. The gap in EV/EBITDA (10.69 vs. MTSI's 125.08) is stark, but MTSI's negative earnings make that comparison less meaningful. This divergence indicates that investors are pricing in the risk of a single-customer dependency, which could be a mispricing if the company successfully diversifies.
Misapplied P/E on Cyclical Revenue
The trailing P/E of 15.55 is often used to gauge value, but it fails to capture the lumpy order patterns from the primary customer, which distort quarterly earnings, per reported data.
The most commonly misapplied ratio for Cirrus Logic is the P/E, because earnings are highly cyclical and subject to order push-outs and pull-ins from the dominant customer. A single quarter's earnings can be artificially depressed or inflated, making the P/E misleading. Instead, investors should use EV/EBITDA or a normalized earnings figure that smooths over the product cycle, or focus on P/FCF (9.66) which better reflects cash generation. This adjustment provides a clearer picture of the company's underlying earning power.