CREDO TECHNOLOGY GROUP HOLDING LTD
CRDO · Technology · $37.6B mkt cap · FY2026 filings · Narrow moat ·
On the watchlist
The four filters
Median gross margin 64.8% over 7y, stable.
Median ROIC -6.2%, above the 9% hurdle in 20% of years.
Net cash position — no leverage risk.
Owner earnings +166.1%/yr, share count n/a.
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $202.68
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
8 years of fundamentals
The business, in plain English
CREDO TECHNOLOGY GROUP HOLDING LTD booked $1.3B of revenue in FY2026 in the Technology sector and kept 68.0% of it as gross profit — a high-margin business by that measure. After every other cost, 35.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $53.8M (FY2020) to $1.3B (FY2026) — about 70.8% a year compounded over 6 years.
It earned 49.2% on invested capital in FY2026, with a median of −6.2% across 5 filed years. The Returns on Capital filter above scores it 7/100.
CRDO's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.
The share count rose 171.5% between FY2021 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.
Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (7/100), which is how CRDO lands at 64/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in CRDO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — CRDO has read Narrow moat for every logged capture since Jul 18, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How CREDO TECHNOLOGY GROUP HOLDING LTD’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored CRDO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, CRDO did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Technology context
#118 of 579 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #116SNPS SYNOPSYS INC65.0 out of 100, Narrow moatNarrow moat
- #117NXPI NXP Semiconductors N.V.64.8 out of 100, Narrow moatNarrow moat
- #119AMD ADVANCED MICRO DEVICES INC64.3 out of 100, Narrow moatNarrow moat
- #120RDDT Reddit, Inc.63.8 out of 100, Narrow moatNarrow moat
Compare CRDO with its nearest peers →All Technology companies on the Index →
Common questions about CRDO
- Does CREDO TECHNOLOGY GROUP HOLDING LTD have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores CREDO TECHNOLOGY GROUP HOLDING LTD (CRDO) 64.4 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 88, returns on capital 7, balance-sheet safety 100, capital discipline 80.
- How has CRDO's Moat Score changed over time?
- The record logs 1 reading since Jul 18, 2026; the latest reads 64.4 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.