Credo Technology (CRDO)
Market Price (11/5/2026): $131.5 | Market Cap: $24.7 BilSector: Information Technology | Industry: Semiconductors
Credo Technology (CRDO)
Market Price (11/5/2026): $131.5Market Cap: $24.7 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 165% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Telecom Infrastructure, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 51x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% Key risksCRDO key risks include [1] extreme customer concentration, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 165% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include Data Centers & Infrastructure, Telecom Infrastructure, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 51x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% |
| Key risksCRDO key risks include [1] extreme customer concentration, Show more. |
Qualitative Assessment
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Credo Technology (CRDO) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Significant Stock Decline Post-Earnings Despite Beats. Credo Technology's stock price plunged by approximately 26.96% in the 48-hour period following its fiscal Q1 2027 earnings release on September 1, 2026, dropping from $226.19 on August 31, 2026, to $165.22 on September 2, 2026. This occurred despite the company reporting fiscal Q1 2027 (ended August 1, 2026) diluted EPS of $1.20, beating analysts' consensus estimates of $1.17 by 2.56%, and revenue of $479.0 million, which surpassed estimates of $473.3 million and represented a 114.7% year-over-year increase.
2. Multiple Analyst Downgrades and Price Target Reductions. Several investment firms lowered their price targets for CRDO during the specified period, reflecting increased caution. For example, Stifel reduced its price target from $350 to $310 on October 5, 2026, while Bank of America dropped its target from $340 to $275 on September 2, 2026. J.P. Morgan and Evercore ISI Group also lowered their price targets, from $335 to $310 and $325 to $292, respectively.
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Credo Technology (CRDO) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Significant Stock Decline Post-Earnings Despite Beats. Credo Technology's stock price plunged by approximately 26.96% in the 48-hour period following its fiscal Q1 2027 earnings release on September 1, 2026, dropping from $226.19 on August 31, 2026, to $165.22 on September 2, 2026. This occurred despite the company reporting fiscal Q1 2027 (ended August 1, 2026) diluted EPS of $1.20, beating analysts' consensus estimates of $1.17 by 2.56%, and revenue of $479.0 million, which surpassed estimates of $473.3 million and represented a 114.7% year-over-year increase.
2. Multiple Analyst Downgrades and Price Target Reductions. Several investment firms lowered their price targets for CRDO during the specified period, reflecting increased caution. For example, Stifel reduced its price target from $350 to $310 on October 5, 2026, while Bank of America dropped its target from $340 to $275 on September 2, 2026. J.P. Morgan and Evercore ISI Group also lowered their price targets, from $335 to $310 and $325 to $292, respectively.
3. Intensifying Competition and Slower Optical Transition. Credo Technology faces rising competition in its core 1.6T Active Electrical Cable (AEC) business, with Marvell and Broadcom entering the market with competing solutions. Concurrently, the company's strategic pivot towards optical offerings, such as its ZeroFlap transceivers, is perceived as a premium product with a relatively modest near-term revenue forecast of low hundreds of millions of dollars for fiscal year 2027, potentially limiting immediate earnings leverage.
4. Macroeconomic and Political Headwinds Threatening Data Center Growth. Concerns over the future expansion of AI data center infrastructure emerged following the November 2026 midterm elections. Specifically, a Democratic victory in the Texas gubernatorial race, coupled with promises of an immediate data center moratorium in the state, created uncertainty. Texas accounts for 25% to 30% of data center capacity, and such a moratorium could significantly impact Credo's projected fiscal year 2028 revenue, given that active electrical cables, integral to data centers, accounted for over 99% of its fiscal 2026 revenue growth.
5. Significant Insider Selling Activity. On July 15, 2026, just prior to the specified period, Chief Operating Officer Yat Tung Lam sold 50,000 shares of CRDO stock for a transaction value of $11.3 million. This substantial insider selling, conducted under a Rule 10b5-1 trading plan, likely contributed to negative market sentiment or created a supply overhang for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -34.1% change in CRDO stock from 7/31/2026 to 11/4/2026 was primarily driven by a -41.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 206.99 | 136.50 | -34.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,335 | 1,591 | 19.2% |
| Net Income Margin (%) | 35.4% | 33.8% | -4.4% |
| P/E Multiple | 80.9 | 47.2 | -41.7% |
| Shares Outstanding (Mil) | 185 | 186 | -0.7% |
| Cumulative Contribution | -34.1% |
Market Drivers
7/31/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CRDO | -34.1% | |
| Market (SPY) | 2.6% | 46.1% |
| Sector (XLK) | 0.7% | 70.9% |
Fundamental Drivers
The -21.6% change in CRDO stock from 4/30/2026 to 11/4/2026 was primarily driven by a -49.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 174.01 | 136.50 | -21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,068 | 1,591 | 49.0% |
| Net Income Margin (%) | 31.8% | 33.8% | 6.4% |
| P/E Multiple | 93.3 | 47.2 | -49.5% |
| Shares Outstanding (Mil) | 182 | 186 | -2.0% |
| Cumulative Contribution | -21.6% |
Market Drivers
4/30/2026 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CRDO | -21.6% | |
| Market (SPY) | 7.0% | 46.8% |
| Sector (XLK) | 10.8% | 68.2% |
Fundamental Drivers
The -27.2% change in CRDO stock from 10/31/2025 to 11/4/2026 was primarily driven by a -81.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.62 | 136.50 | -27.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 600 | 1,591 | 165.1% |
| Net Income Margin (%) | 20.8% | 33.8% | 62.3% |
| P/E Multiple | 257.8 | 47.2 | -81.7% |
| Shares Outstanding (Mil) | 172 | 186 | -7.6% |
| Cumulative Contribution | -27.2% |
Market Drivers
10/31/2025 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CRDO | -27.2% | |
| Market (SPY) | 13.4% | 44.6% |
| Sector (XLK) | 17.9% | 63.7% |
Fundamental Drivers
The 859.9% change in CRDO stock from 10/31/2023 to 11/4/2026 was primarily driven by a 820.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11042026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.22 | 136.50 | 859.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 173 | 1,591 | 820.6% |
| P/S Multiple | 12.3 | 16.0 | 29.9% |
| Shares Outstanding (Mil) | 149 | 186 | -19.7% |
| Cumulative Contribution | 859.9% |
Market Drivers
10/31/2023 to 11/4/2026| Return | Correlation | |
|---|---|---|
| CRDO | 859.9% | |
| Market (SPY) | 89.7% | 48.8% |
| Sector (XLK) | 119.1% | 61.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRDO Return | - | 14% | 46% | 245% | 114% | -5% | 1072% |
| Peers Return | 65% | -48% | 29% | 95% | 12% | 79% | 329% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CRDO Win Rate | - | 50% | 42% | 67% | 67% | 36% | |
| Peers Win Rate | 71% | 35% | 60% | 62% | 55% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| CRDO Max Drawdown | - | - | -62% | -33% | -61% | -55% | |
| Peers Max Drawdown | -24% | -57% | -42% | -37% | -59% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRVL, AVGO, ALAB, SMTC, MXL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)
How Low Can It Go
| Event | CRDO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.6% | -18.8% |
| % Gain to Breakeven | 115.5% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.2% | -7.8% |
| % Gain to Breakeven | 26.9% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.0% | -9.5% |
| % Gain to Breakeven | 23.5% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -61.9% | -6.7% |
| % Gain to Breakeven | 162.6% | 7.1% |
| Time to Breakeven | 207 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.5% | -24.5% |
| % Gain to Breakeven | 32.4% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
In The Past
Credo Technology's stock fell -53.6% during the 2025 US Tariff Shock. Such a loss loss requires a 115.5% gain to breakeven.
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Asset Allocation
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| Event | CRDO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -53.6% | -18.8% |
| % Gain to Breakeven | 115.5% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -21.2% | -7.8% |
| % Gain to Breakeven | 26.9% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -61.9% | -6.7% |
| % Gain to Breakeven | 162.6% | 7.1% |
| Time to Breakeven | 207 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.5% | -24.5% |
| % Gain to Breakeven | 32.4% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
In The Past
Credo Technology's stock fell -53.6% during the 2025 US Tariff Shock. Such a loss loss requires a 115.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Credo Technology (CRDO)
Credo Technology Group Holding Ltd (CRDO) is a semiconductor company that provides high-speed connectivity solutions crucial for modern data infrastructure. The company specializes in developing technologies that enable rapid and reliable data transfer over both optical and electrical Ethernet networks, which are fundamental components of data centers, cloud computing, and advanced networking systems.
Credo's core offerings include a range of hardware products such as integrated circuits (ICs), active electrical cables (AECs), and SerDes chiplets. These products are all built upon Credo's proprietary serializer/deserializer (SerDes) and digital signal processor (DSP) technologies, which are essential for converting parallel data into serial streams for high-speed transmission and vice-versa. Additionally, the company provides SerDes intellectual property (IP) licensing, allowing other technology companies to integrate Credo's foundational high-speed data transfer capabilities into their own products.
Credo primarily serves the global market for high-speed data transmission, addressing the needs of industries and customers that require robust and efficient data flow over Ethernet. While specific end-customers are not listed, the company's solutions are vital for equipment manufacturers and operators in sectors like data centers, cloud providers, enterprise networking, and telecommunications. Credo operates internationally, with a significant presence in the United States, Mexico, Malaysia, and Hong Kong, alongside other global markets.
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1. Credo is like a specialized Broadcom or Marvell, focusing purely on building the essential 'data highways' for ultra-high-speed connectivity within data centers and advanced networks.
2. Think of Credo as the Intel for high-speed data movement, creating the fundamental chips and cables that allow advanced computing and networking systems to communicate at peak performance.
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- Integrated circuits: Components providing high-speed connectivity solutions for optical and electrical Ethernet applications.
- Active electrical cables (AEC): Cables designed for high-speed data transmission in Ethernet applications.
- SerDes chiplets: Small integrated circuit components utilizing serializer/deserializer and digital signal processor technologies.
- SerDes IP licensing: Offering its proprietary SerDes (Serializer/Deserializer) intellectual property for license.
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Credo Technology (CRDO) primarily sells its high-speed connectivity solutions, including integrated circuits, active electrical cables, SerDes chiplets, and SerDes IP licensing, to other companies.
Its major customers that accounted for 10% or more of its total revenue in recent fiscal years include:
- Arista Networks, Inc. (Symbol: ANET)
- Amazon.com, Inc. (Symbol: AMZN)
- Microsoft Corporation (Symbol: MSFT)
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TSMC (NYSE: TSM)
ASE Technology Holding Co., Ltd. (NYSE: ASX)
Siliconware Precision Industries Co., Ltd.
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Bill Brennan, President and CEO and Chairman
Bill Brennan has served as Credo Technology's Chief Executive Officer and as a member of its Board since September 2014, and previously as the CEO of its predecessor entity from December 2013 to September 2014. He has over 25 years of leadership experience in the semiconductor and connectivity industries and guided Credo from a startup to a publicly traded company, leading its IPO in January 2022. Prior to joining Credo, Mr. Brennan was Executive Vice President of Vital Connect, Inc., a biosensor technology company, from August 2011 to November 2013, where he was responsible for business strategy and partner development. He also served as Vice President in the storage business unit of Marvell from May 2000 to August 2011.
Dan Fleming, Chief Financial Officer
Dan Fleming has over 20 years of financial leadership experience in the semiconductor and solar industries and has served as Credo Technology's Chief Financial Officer since August 2015. Before Credo, he served as VP of Finance at Siva Power, where he was responsible for Siva Power's Finance, Accounting and Administration functions. He also held various financial management positions at SunPower, Marvell Semiconductor, Xilinx, and Prism Solutions.
Lawrence Cheng, CTO, Founder, and Board Member
Lawrence Cheng is a co-founder of Credo Technology and has served as its Chief Technology Officer and a member of its Board since September 2014, and for the predecessor entity from September 2008 to September 2014. Prior to co-founding Credo, Mr. Cheng served as an Engineering Director of analog design for Marvell from November 1997 to August 2008. He also served as Staff Engineer at Actel Corporation from 1994 to 1997.
Job Lam (Yat Tung Lam), COO, Founder, and Board Member
Job Lam is a co-founder of Credo Technology and has served as its Chief Operating Officer and a member of its Board. Prior to founding Credo, Mr. Lam served in various roles for Marvell, from Senior Design Engineer when he started in June 1997 to Senior Design Engineering Director by the time he left in August 2008. He also served as a member of the technical staff at Amlogic, Inc. from May 1996 to June 1997, and as a Senior Design Engineer at Integrated Device Technology, Inc. from May 1993 to June 1996.
Jim Laufman, Chief Legal Officer and Secretary
Jim Laufman leads the legal and compliance functions and serves as Corporate Secretary for Credo Technology Group. He has led legal departments for several decades and served as general counsel for several public companies, including Integrated Device Technology, Marvell Technology, and Infinera Corporation. Most recently, he served as Chief Legal Officer and Corporate Secretary for Automation Anywhere.
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The key risks to Credo Technology (CRDO) are:
- Customer Concentration: Credo Technology faces a significant risk due to its heavy reliance on a limited number of hyperscale customers for a substantial portion of its revenue. Historically, a single customer has accounted for as much as 67% of total annual revenue, and in some quarters, two customers have contributed approximately 80% of revenue. This concentration makes the company vulnerable to fluctuations in these customers' capital expenditures, changes in their demand forecasts, or decisions to develop components in-house, which could materially impact Credo's financial performance.
- Intense Competition and Rapid Technological Advancements: Credo operates in a highly competitive and dynamic semiconductor market. The company must continuously innovate and invest heavily in research and development to maintain its market position against established players like Broadcom and Marvell Technology, as well as newer entrants such as Astera Labs. Failure to keep pace with rapid technological changes or successfully commercialize new products could lead to a loss of market share and reduced profitability.
- Macroeconomic Uncertainties: Credo's business is susceptible to broader macroeconomic factors, including market volatility, rising interest rates, and potential economic downturns. These conditions can lead to reduced IT spending by data centers and cloud providers, impacting the demand for Credo's high-speed connectivity solutions and subsequently affecting its revenue and operating results.
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Credo Technology Group Holding Ltd (CRDO) operates in several high-growth addressable markets for its high-speed connectivity solutions.
- Total Addressable Market (TAM) for Credo's New Product Pillars: Credo's management projects that new product categories, including Zero Flap optics, Active LED Cables (ALCs), and OmniConnect gearboxes, could expand the company's total addressable market beyond $10 billion globally.
- Active Electrical Cables (AECs): The global Active Electrical Cables (AEC) market size was valued at approximately USD 15 billion in 2023 and is projected to reach around USD 25 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6%. Another estimate for the global AEC market size was USD 33.3 billion in 2024, projected to reach USD 53.6 billion by 2032, with a CAGR of 6.9% from 2026 to 2032. Credo's total addressable market (TAM) for AECs alone is estimated to be between $5 billion and $10 billion. North America and Asia-Pacific are identified as key regions for AEC growth, particularly with the shift towards 400G and 800G Ethernet architectures.
- High-Speed Interconnects: The global High-Speed Interconnects market, a broader category encompassing various high-speed connectivity solutions, was valued at over USD 41.6 billion in 2025 and is anticipated to exceed USD 104.99 billion by 2035, demonstrating a CAGR of more than 9.7% between 2026 and 2035. In 2026, the industry size for high-speed interconnects is assessed at USD 45.23 billion. The U.S. market for high-speed interconnects is projected to reach USD 25.5 billion by 2032, growing at a CAGR of 10.1% from an estimated USD 11.81 billion in 2024. Asia Pacific is noted as the largest and fastest-growing region for high-speed interconnects, expected to hold a 30% share by 2035.
- Serializer/Deserializer (SerDes) and SerDes IP/Chiplets: The global SerDes market size was valued at USD 956 million in 2025 and is projected to grow to USD 2999.7 million by 2034, exhibiting a CAGR of 13.60% during the forecast period. The SerDes IP Cores segment alone holds a global market size of USD 3.6 million. North America dominated the global SerDes market with a 41.60% share in 2025, and the U.S. SerDes market is predicted to grow to an estimated USD 644.89 million by 2032. Asia-Pacific accounts for 42% of global SerDes deployments.
- Integrated Circuits (ICs): The global Integrated Circuits market size was recorded at $736.2 billion by the end of 2025 and is projected to reach $1,935.77 billion by 2033, with a CAGR of 12.845% during the period of 2025 to 2033. Another projection indicates the global integrated circuit market size will reach USD 1,248.6 billion by 2030, with a CAGR of approximately 9.2% over the forecast period. The Asia Pacific region is expected to experience the highest growth rate in the Integrated Circuits market.
- Optical Interconnects (including Active Optical Cables - AOCs): The global optical interconnect market size is valued at USD 15.38 billion in 2025 and is projected to grow to USD 43.14 billion by 2034, exhibiting a CAGR of 12.20% during the forecast period. The Active Optical Cable market alone reached USD 4.74 billion in 2025 and is projected to grow to USD 15.95 billion by 2035, at a CAGR of 12.9% between 2026 and 2035. Asia Pacific is the leading region in the global optical interconnect market. North America held a 34.40% market share in the optical interconnect market in 2025, with the U.S. market specifically expected to reach USD 3.65 billion in 2026.
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Expected Drivers of Future Revenue Growth for Credo Technology (CRDO)
Credo Technology (CRDO) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:
- Increased Adoption and Penetration of Active Electrical Cables (AECs): Credo's Active Electrical Cables (AECs) are a primary growth engine, experiencing significant demand from hyperscale data centers, particularly for Artificial Intelligence (AI) applications. The company has seen robust AEC product growth, which has been a major contributor to its product revenue segment. AECs offer superior reliability and power efficiency compared to traditional optical solutions, driving their increased deployment in rack-to-rack applications.
- Expansion and Diversification of Hyperscale Customer Base: Credo is actively broadening its customer base beyond its current major clients. The company has observed deployments of its products by top cloud hyperscalers, including partnerships with major cloud providers such as Microsoft and Amazon. Management expects to increase the number of major customers, reducing reliance on a single customer and enhancing market stability and long-term growth potential.
- Launch and Ramp-up of New Product Lines: Credo is strategically expanding its market reach through the introduction and ramp-up of new product lines. These include advanced optical solutions like ZeroFlap optics, Active LED Cables (ALCs), and OmniConnect gearboxes, which are projected to create substantial market opportunities. Additionally, recently launched PCIe retimer solutions are gaining traction, with design wins expected in fiscal year 2025 and production revenues in fiscal year 2026. These new products are designed to address the industry's shift to higher data rates, such as 1.6T AECs and 200-gig per lane scale-up solutions.
- Accelerated Investment in AI Infrastructure: The rapid expansion of AI infrastructure and hyperscale data centers is a fundamental driver for Credo's high-speed connectivity solutions. The company's products are critical for building massive AI training and inference clusters, where reliability, power efficiency, latency, and reach are paramount. This overarching market trend, coupled with rising AI and cloud data traffic, is expected to continue fueling demand for Credo's energy-efficient connectivity products.
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Share Repurchases
- Credo Technology has not engaged in significant share repurchases over the last 3-5 years; a 5-Year Share Buyback Ratio of -3.60% indicates potential share issuance rather than repurchases.
- The company does not pay dividends and has a "Lowest" buyback yield.
Share Issuance
- Credo Technology's shares outstanding have consistently increased over the last few years, reaching 184.45 million as of March 11, 2026.
- Annual increases in shares outstanding include 65.79% in 2023, 5.82% in 2024, and 16.81% in 2025.
- Net common equity issued/repurchased for the twelve months ending January 31, 2026, was $1.121 billion, reflecting a substantial increase in equity through issuance.
Inbound Investments
- During its Initial Public Offering (IPO) in January 2022, cornerstone investors including BlackRock, Capital Research Global Investors, and GIC Private Limited expressed interest in purchasing up to an aggregate of $120.0 million in ordinary shares.
- As of March 12, 2026, Credo Technology had 886 institutional owners holding a total of 148,964,507 shares, indicating ongoing significant institutional investment.
Capital Expenditures
- Historical capital expenditures were $18 million in 2022, $22 million in 2023, $16 million in 2024, and $36 million in 2025.
- Projected capital expenditures are $51 million for 2026, $69 million for 2027, and $97 million for 2028, reflecting increasing investment.
- Capital expenditures are primarily aimed at funding long-term assets, infrastructure, and scaling production capabilities to support high-speed connectivity solutions for AI-driven applications and cloud computing.
Peer Outperformance in Semiconductors
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 17.2% | 109.4% | 187.6% | FLEX 488% · TTMI 419% · JBL 311% |
| Technology Distributors | 9 | 52.3% | 67.5% | 72.9% | AVT 148% · SNX 123% · CNXN 99% |
| Electronic Components | 24 | 16.4% | 69.6% | 35.2% | CLS 2134% · BELFA 1016% · APH 318% |
| Communications Equipment | 36 | 8.7% | 75.7% | 31.6% | LITE 609% · AAOI 586% · ANET 445% |
| Semiconductor Materials & Equipment | 28 | 42.7% | 55.4% | 31.5% | AXTI 418% · LRCX 289% · KLAC 284% |
| Electronic Equipment & Instruments | 27 | -2.2% | 28.0% | 4.3% | PI 130% · OSIS 116% · CXT 71% |
| Semiconductors ← | 55 | 2.3% | 45.5% | 1.3% | MU 1027% · NVDA 575% · AVGO 548% |
| Technology Hardware, Storage & Peripherals | 21 | 7.9% | 85.9% | -14.2% | WDC 691% · DELL 652% · STX 574% |
| Internet Services & Infrastructure | 6 | 3.5% | 45.5% | -20.9% | GDDY 58% · VRSN 40% · DOCN -20% |
| IT Consulting & Other Services | 30 | -18.2% | 1.2% | -26.5% | APLD 303% · IBM 155% · GIB -8% |
| Application Software | 126 | -9.9% | -6.3% | -50.0% | PLTR 549% · AGYS 157% · FROG 144% |
| Systems Software | 70 | -8.4% | 24.1% | -51.9% | ZETA 255% · CRWD 245% · CVLT 146% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 145.25 |
| Mkt Cap | 31.5 |
| Rev LTM | 1,574 |
| Op Inc LTM | 451 |
| FCF LTM | 392 |
| FCF 3Y Avg | 197 |
| CFO LTM | 469 |
| CFO 3Y Avg | 240 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 52.4% |
| Rev Chg 3Y Avg | 20.5% |
| Rev Chg Q | 79.0% |
| QoQ Delta Rev Chg LTM | 17.1% |
| Op Inc Chg LTM | 180.3% |
| Op Inc Chg 3Y Avg | 45.6% |
| Op Mgn LTM | 21.2% |
| Op Mgn 3Y Avg | 4.6% |
| QoQ Delta Op Mgn LTM | 2.2% |
| CFO/Rev LTM | 25.7% |
| CFO/Rev 3Y Avg | 22.3% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 17.0% |
Price Behavior
| Market Price | $136.50 | |
| Market Cap ($ Bil) | 25.4 | |
| First Trading Date | 01/27/2022 | |
| Distance from 52W High | -54.9% | |
| 50 Days | 200 Days | |
| DMA Price | $183.35 | $180.94 |
| DMA Trend | down | up |
| Distance from DMA | -25.6% | -24.6% |
| 3M | 1YR | |
| Volatility | 97.2% | 96.4% |
| Downside Capture | 618.80 | 371.05 |
| Upside Capture | 427.54 | 309.70 |
| Correlation (S&P 500) | 51.2% | 46.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.53 | 4.71 | 4.81 | 4.09 | 3.48 | 2.87 |
| Up Beta | -1.56 | 2.57 | 3.71 | 4.69 | 3.99 | 2.47 |
| Down Beta | 3.84 | 7.04 | 6.46 | 2.96 | 3.24 | 2.79 |
| Up Capture | 759% | 338% | 481% | 731% | 933% | 56783% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 22 | 31 | 63 | 125 | 405 |
| Down Capture | 713% | 434% | 406% | 276% | 181% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 21 | 33 | 63 | 126 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRDO | |
|---|---|---|---|---|
| CRDO | -24.5% | 96.4% | 0.14 | - |
| Sector ETF (XLK) | 17.5% | 27.3% | 0.56 | 63.8% |
| Equity (SPY) | 13.2% | 12.9% | 0.68 | 44.7% |
| Gold (GLD) | 1.0% | 28.8% | 0.03 | 17.5% |
| Commodities (DBC) | 35.9% | 21.2% | 1.34 | -3.5% |
| Real Estate (VNQ) | 14.3% | 14.1% | 0.70 | -10.5% |
| Bitcoin (BTCUSD) | -28.2% | 43.4% | -0.65 | 29.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRDO | |
|---|---|---|---|---|
| CRDO | 62.5% | 83.4% | 0.99 | - |
| Sector ETF (XLK) | 18.1% | 26.2% | 0.62 | 54.8% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 44.9% |
| Gold (GLD) | 17.3% | 19.1% | 0.73 | 11.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 11.7% |
| Real Estate (VNQ) | 1.8% | 18.9% | -0.01 | 15.3% |
| Bitcoin (BTCUSD) | 5.5% | 51.5% | 0.29 | 21.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRDO | |
|---|---|---|---|---|
| CRDO | 27.4% | 83.4% | 0.99 | - |
| Sector ETF (XLK) | 23.4% | 25.2% | 0.85 | 54.8% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 44.9% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.2% |
| Commodities (DBC) | 7.4% | 18.1% | 0.33 | 11.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 15.3% |
| Bitcoin (BTCUSD) | 61.0% | 66.2% | 1.01 | 21.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/1/2026 | -20.0% | -18.7% | 1.7% |
| 6/1/2026 | 1.3% | -1.7% | 14.6% |
| 3/2/2026 | 1.7% | -2.2% | -21.8% |
| 9/3/2025 | 7.4% | 31.4% | 19.9% |
| 6/2/2025 | 14.8% | 13.5% | 42.6% |
| 3/4/2025 | 7.7% | -21.8% | -17.3% |
| 12/2/2024 | -2.4% | 51.6% | 37.3% |
| 9/4/2024 | -14.9% | -14.9% | -1.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 9 |
| # Negative | 6 | 9 | 8 |
| Median Positive | 5.2% | 16.7% | 19.9% |
| Median Negative | -4.1% | -7.5% | -12.6% |
| Max Positive | 27.1% | 51.6% | 58.0% |
| Max Negative | -20.0% | -21.8% | -21.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/1/2026 | -20.0% | -18.7% | 1.7% |
| 6/1/2026 | 1.3% | -1.7% | 14.6% |
| 3/2/2026 | 1.7% | -2.2% | -21.8% |
| 9/3/2025 | 7.4% | 31.4% | 19.9% |
| 6/2/2025 | 14.8% | 13.5% | 42.6% |
| 3/4/2025 | 7.7% | -21.8% | -17.3% |
| 12/2/2024 | -2.4% | 51.6% | 37.3% |
| 9/4/2024 | -14.9% | -14.9% | -1.3% |
| 5/29/2024 | 27.1% | 31.1% | 58.0% |
| 2/27/2024 | -1.3% | -3.5% | -2.9% |
| 11/29/2023 | 3.9% | 0.9% | 7.3% |
| 8/24/2023 | 5.2% | 10.6% | 0.0% |
| 5/31/2023 | 23.2% | 19.9% | 29.2% |
| 3/1/2023 | -0.3% | -7.2% | -14.5% |
| 11/30/2022 | 0.3% | 5.8% | -5.2% |
| 8/31/2022 | -5.9% | -7.5% | -20.2% |
| 3/9/2022 | 4.5% | -9.1% | -10.7% |
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 9 |
| # Negative | 6 | 9 | 8 |
| Median Positive | 5.2% | 16.7% | 19.9% |
| Median Negative | -4.1% | -7.5% | -12.6% |
| Max Positive | 27.1% | 51.6% | 58.0% |
| Max Negative | -20.0% | -21.8% | -21.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/15/2026 | 10-K |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 12/02/2025 | 10-Q |
| 07/31/2025 | 09/04/2025 | 10-Q |
| 04/30/2025 | 07/02/2025 | 10-K |
| 01/31/2025 | 03/10/2025 | 10-Q |
| 10/31/2024 | 12/03/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 06/24/2024 | 10-K |
| 01/31/2024 | 02/28/2024 | 10-Q |
| 10/31/2023 | 11/30/2023 | 10-Q |
| 07/31/2023 | 08/29/2023 | 10-Q |
| 04/30/2023 | 06/23/2023 | 10-K |
| 01/31/2023 | 03/02/2023 | 10-Q |
| 10/31/2022 | 12/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/15/2026 | 10-K |
| 01/31/2026 | 03/03/2026 | 10-Q |
| 10/31/2025 | 12/02/2025 | 10-Q |
| 07/31/2025 | 09/04/2025 | 10-Q |
| 04/30/2025 | 07/02/2025 | 10-K |
| 01/31/2025 | 03/10/2025 | 10-Q |
| 10/31/2024 | 12/03/2024 | 10-Q |
| 07/31/2024 | 09/05/2024 | 10-Q |
| 04/30/2024 | 06/24/2024 | 10-K |
| 01/31/2024 | 02/28/2024 | 10-Q |
| 10/31/2023 | 11/30/2023 | 10-Q |
| 07/31/2023 | 08/29/2023 | 10-Q |
| 04/30/2023 | 06/23/2023 | 10-K |
| 01/31/2023 | 03/02/2023 | 10-Q |
| 10/31/2022 | 12/01/2022 | 10-Q |
| 07/31/2022 | 09/01/2022 | 10-Q |
| 04/30/2022 | 06/08/2022 | 10-K |
| 01/31/2022 | 03/10/2022 | 10-Q |
| 10/31/2021 | 01/27/2022 | 424B4 |
Recent Forward Guidance
Updated 10/4/2026Latest: Q1 2027 Earnings Reported 9/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | Reported | 525.00 Mil | 530.00 Mil | 535.00 Mil | 12.8% | Higher New | Guidance: 470.00 Mil for Q1 2027 | |
| Q2 2027 Gross Profit | Calculated | 351.75 Mil | 360.40 Mil | 369.15 Mil | Rev x Gross Margin | |||
| Q2 2027 GAAP Gross Margin | Reported | 62.9% | 63.9% | 64.9% | -4.0% | Lower New | Guidance: 67.9% for Q1 2027 | |
| Q2 2027 Non-GAAP Gross Margin | Reported | 67.0% | 68.0% | 69.0% | 0.0% | Same New | Guidance: 68.0% for Q1 2027 | |
| Q2 2027 GAAP Operating Expenses | Reported | 199.00 Mil | 201.50 Mil | 204.00 Mil | 18.8% | Higher New | Guidance: 169.60 Mil for Q1 2027 | |
| Q2 2027 Non-GAAP Operating Expenses | Reported | 100.00 Mil | 102.50 Mil | 105.00 Mil | 16.5% | Higher New | Guidance: 88.00 Mil for Q1 2027 | |
| Q2 2027 Operating Income | Calculated | 246.75 Mil | 257.90 Mil | 269.15 Mil | Rev x Gross Margin - Opex | |||
| Q2 2027 Operating Margin | Calculated | 47.0% | 48.66% | 50.31% | Implied by guided Rev/GM/Opex | |||
Prior: Q4 2026 Earnings Reported 6/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 465.00 Mil | 470.00 Mil | 475.00 Mil | 9.3% | Higher New | Guidance: 430.00 Mil for Q4 2026 | |
| Q1 2027 Gross Profit | Calculated | 311.55 Mil | 319.60 Mil | 327.75 Mil | Rev x Gross Margin | |||
| Q1 2027 GAAP Gross Margin | Reported | 66.9% | 67.9% | 68.9% | 3.0% | Higher New | Guidance: 64.9% for Q4 2026 | |
| Q1 2027 Non-GAAP Gross Margin | Reported | 67.0% | 68.0% | 69.0% | 3.0% | Higher New | Guidance: 65.0% for Q4 2026 | |
| Q1 2027 GAAP Operating Expenses | Reported | 167.60 Mil | 169.60 Mil | 171.60 Mil | 33.0% | Higher New | Guidance: 127.50 Mil for Q4 2026 | |
| Q1 2027 Non-GAAP Operating Expenses | Reported | 86.00 Mil | 88.00 Mil | 90.00 Mil | 12.8% | Higher New | Guidance: 78.00 Mil for Q4 2026 | |
| Q1 2027 Operating Income | Calculated | 221.55 Mil | 231.60 Mil | 241.75 Mil | Rev x Gross Margin - Opex | |||
| Q1 2027 Operating Margin | Calculated | 47.65% | 49.28% | 50.89% | Implied by guided Rev/GM/Opex | |||
Q3 2026 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 425.00 Mil | 430.00 Mil | 435.00 Mil | 83.0% | Higher New | Guidance: 235.00 Mil for Q2 2026 | |
| Q4 2026 Gross Profit | Calculated | 272.00 Mil | 279.50 Mil | 287.10 Mil | Rev x Gross Margin | |||
| Q4 2026 GAAP Gross Margin | Reported | 63.9% | 64.9% | 65.9% | 0.4% | Higher New | Guidance: 64.5% for Q2 2026 | |
| Q4 2026 Non-GAAP Gross Margin | Reported | 64.0% | 65.0% | 66.0% | 0.0% | Same New | Guidance: 65.0% for Q2 2026 | |
| Q4 2026 GAAP Operating Expenses | Reported | 125.50 Mil | 127.50 Mil | 129.50 Mil | 31.4% | Higher New | Guidance: 97.00 Mil for Q2 2026 | |
| Q4 2026 Non-GAAP Operating Expenses | Reported | 76.00 Mil | 78.00 Mil | 80.00 Mil | 36.8% | Higher New | Guidance: 57.00 Mil for Q2 2026 | |
| Q4 2026 Operating Income | Calculated | 192.00 Mil | 201.50 Mil | 211.10 Mil | Rev x Gross Margin - Opex | |||
| Q4 2026 Operating Margin | Calculated | 45.18% | 46.86% | 48.53% | Implied by guided Rev/GM/Opex | |||
Insider Activity
Updated 10/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10292026 | 164.12 | 27,500 | 4,513,369 | 911,273,326 | Form |
| 2 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10222026 | 172.62 | 27,500 | 4,747,114 | 963,214,810 | Form |
| 3 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 10212026 | 174.87 | 16,666 | 2,914,306 | 277,015,389 | Form |
| 4 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10142026 | 192.99 | 27,500 | 5,307,353 | 1,082,197,709 | Form |
| 5 | Sutardja,, Pantas | Direct | Sell | 10142026 | 212.22 | 1,540 | 326,819 | 1,250,080,637 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10292026 | 164.12 | 27,500 | 4,513,369 | 911,273,326 | Form |
| 2 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10222026 | 172.62 | 27,500 | 4,747,114 | 963,214,810 | Form |
| 3 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 10212026 | 174.87 | 16,666 | 2,914,306 | 277,015,389 | Form |
| 4 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10142026 | 192.99 | 27,500 | 5,307,353 | 1,082,197,709 | Form |
| 5 | Sutardja,, Pantas | Direct | Sell | 10142026 | 212.22 | 1,540 | 326,819 | 1,250,080,637 | Form | |
| 6 | Cheng, Chi Fung | Chief Technology Officer | Direct | Sell | 10142026 | 201.84 | 3,790 | 764,955 | 26,302,734 | Form |
| 7 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 10132026 | 212.91 | 7,580 | 1,613,831 | 104,794,276 | Form |
| 8 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10072026 | 221.48 | 27,500 | 6,090,654 | 1,248,007,568 | Form |
| 9 | Laufman, James | Chief Legal Officer, Secretary | Direct | Sell | 10052026 | 205.00 | 5,000 | 1,025,000 | 33,665,715 | Form |
| 10 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 10022026 | 205.22 | 50,000 | 10,260,875 | 462,594,927 | Form |
| 11 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10012026 | 193.93 | 27,500 | 5,333,158 | 1,098,125,771 | Form |
| 12 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 9292026 | 206.30 | 50,000 | 10,314,883 | 511,446,751 | Form |
| 13 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 9292026 | 206.29 | 50,000 | 10,314,537 | 51,572,686 | Form |
| 14 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 9252026 | 193.12 | 27,500 | 5,310,760 | 1,098,824,630 | Form |
| 15 | Laufman, James | Chief Legal Officer, Secretary | Direct | Sell | 9232026 | 185.00 | 5,000 | 925,000 | 31,306,255 | Form |
| 16 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 9212026 | 166.38 | 27,500 | 4,575,581 | 951,287,693 | Form |
| 17 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 9162026 | 151.88 | 16,672 | 2,532,209 | 243,140,350 | Form |
| 18 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 9152026 | 162.73 | 27,500 | 4,475,185 | 934,890,093 | Form |
| 19 | Cheng, Chi Fung | Chief Technology Officer | Direct | Sell | 9092026 | 170.00 | 3,790 | 644,300 | 23,216,560 | Form |
| 20 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 8042026 | 213.33 | 50,000 | 10,666,591 | 63,999,544 | Form |
| 21 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 8042026 | 213.02 | 55,441 | 11,810,055 | 538,764,199 | Form |
| 22 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 8042026 | 209.53 | 27,473 | 5,756,395 | 1,209,485,568 | Form |
| 23 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 7292026 | 205.54 | 27,500 | 5,652,225 | 1,192,078,812 | Form |
| 24 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 7232026 | 222.34 | 27,500 | 6,114,360 | 1,295,659,509 | Form |
| 25 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 7162026 | 225.45 | 50,000 | 11,272,535 | 78,907,745 | Form |
| 26 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 7162026 | 225.44 | 55,998 | 12,624,400 | 582,684,201 | Form |
| 27 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 7162026 | 240.21 | 27,500 | 6,605,779 | 1,406,399,111 | Form |
| 28 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 7132026 | 245.88 | 7,580 | 1,863,772 | 124,097,696 | Form |
| 29 | Cheng, Chi Fung | Chief Technology Officer | Direct | Sell | 7092026 | 258.71 | 3,790 | 980,511 | 36,312,018 | Form |
| 30 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 7092026 | 243.06 | 27,500 | 6,684,260 | 1,429,792,350 | Form |
| 31 | Hosein, Clyde | Direct | Sell | 7022026 | 262.32 | 3,451 | 905,284 | 4,420,176 | Form | |
| 32 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 7022026 | 269.84 | 27,500 | 7,420,535 | 1,594,705,360 | Form |
| 33 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 6252026 | 270.94 | 27,500 | 7,450,979 | 1,608,698,842 | Form |
| 34 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 6182026 | 246.69 | 27,500 | 6,783,985 | 1,471,476,042 | Form |
| 35 | Laufman, James | Chief Legal Officer, Secretary | Direct | Sell | 6152026 | 264.49 | 5,000 | 1,322,425 | 47,932,617 | Form |
| 36 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 6152026 | 249.48 | 40,000 | 9,979,282 | 125,208,304 | Form |
| 37 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 6112026 | 259.53 | 27,500 | 7,136,962 | 1,555,175,132 | Form |
| 38 | Danesh, Fariba | Direct | Sell | 6112026 | 236.34 | 1,100 | 259,980 | 1,658,433 | Form | |
| 39 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 6092026 | 218.57 | 54,984 | 12,017,877 | 80,286,821 | Form |
| 40 | Acevedo, Sylvia | Direct | Sell | 6092026 | 211.00 | 2,208 | 465,888 | 3,447,107 | Form | |
| 41 | Laufman, James | Chief Legal Officer, Secretary | Direct | Sell | 6082026 | 222.81 | 5,000 | 1,114,050 | 41,493,906 | Form |
| 42 | Cheng, Chi Fung | Chief Technology Officer | Direct | Sell | 6052026 | 212.31 | 7,259 | 1,541,155 | 32,170,637 | Form |
| 43 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 5052026 | 178.99 | 27,500 | 4,922,112 | 1,078,366,680 | Form |
| 44 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4292026 | 179.33 | 27,500 | 4,931,442 | 1,085,342,332 | Form |
| 45 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4242026 | 188.02 | 27,500 | 5,170,522 | 1,143,131,040 | Form |
| 46 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4202026 | 157.58 | 27,500 | 4,333,425 | 962,393,791 | Form |
| 47 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 4162026 | 152.63 | 7,580 | 1,156,951 | 66,193,185 | Form |
| 48 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4142026 | 118.25 | 27,500 | 3,251,835 | 725,439,420 | Form |
| 49 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4082026 | 103.19 | 27,500 | 2,837,844 | 635,921,605 | Form |
| 50 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 4062026 | 101.45 | 6,149 | 623,816 | 22,553,451 | Form |
| 51 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 4062026 | 101.45 | 2,460 | 249,567 | 44,765,624 | Form |
| 52 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 4062026 | 101.45 | 3,180 | 322,611 | 264,817,877 | Form |
| 53 | Cheng, Chi Fung | Chief Technology Officer | Direct | Sell | 4062026 | 101.45 | 2,434 | 246,929 | 11,036,340 | Form |
| 54 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 4062026 | 101.45 | 6,149 | 623,816 | 23,177,267 | Form |
| 55 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 4062026 | 101.45 | 2,460 | 249,567 | 45,015,191 | Form |
| 56 | Lam, Yat Tung | Chief Operating Officer | Direct | Sell | 4062026 | 101.45 | 3,180 | 322,611 | 265,140,488 | Form |
| 57 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 4022026 | 91.28 | 27,500 | 2,510,205 | 565,012,426 | Form |
| 58 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 3262026 | 100.67 | 27,500 | 2,768,339 | 625,883,111 | Form |
| 59 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 3192026 | 107.90 | 27,500 | 2,967,311 | 673,835,425 | Form |
| 60 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 3132026 | 117.60 | 27,500 | 3,233,981 | 737,626,300 | Form |
| 61 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 3132026 | 117.68 | 18,016 | 2,120,038 | 27,607,686 | Form |
| 62 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 3132026 | 117.68 | 50,000 | 5,883,763 | 209,756,404 | Form |
| 63 | Sutardja,, Pantas | Direct | Sell | 2022026 | 128.67 | 1,875 | 241,256 | 758,128,015 | Form | |
| 64 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 2022026 | 127.37 | 27,500 | 3,502,660 | 802,410,967 | Form |
| 65 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 2022026 | 127.69 | 18,016 | 2,300,449 | 32,257,483 | Form |
| 66 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 2022026 | 127.69 | 50,000 | 6,384,461 | 233,990,741 | Form |
| 67 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 1262026 | 136.33 | 30,000 | 4,089,941 | 862,619,080 | Form |
| 68 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 1202026 | 155.47 | 30,000 | 4,664,053 | 988,370,358 | Form |
| 69 | Acevedo, Sylvia | Direct | Sell | 1152026 | 159.18 | 2,200 | 350,196 | 2,951,993 | Form | |
| 70 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 1092026 | 139.54 | 9,476 | 1,322,311 | 37,766,100 | Form |
| 71 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 1092026 | 140.15 | 3,902 | 546,867 | 62,532,070 | Form |
| 72 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 1092026 | 135.03 | 10,456 | 1,411,923 | 37,825,515 | Form |
| 73 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 1092026 | 128.20 | 4,660 | 597,402 | 57,699,332 | Form |
| 74 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 1062026 | 143.61 | 30,000 | 4,308,415 | 921,851,661 | Form |
| 75 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 12302025 | 143.41 | 55,000 | 7,887,321 | 924,818,647 | Form |
| 76 | Laufman, James | Chief Legal Officer, Secretary | Direct | Sell | 12292025 | 150.00 | 10,000 | 1,500,000 | 32,235,750 | Form |
| 77 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 12232025 | 150.77 | 55,000 | 8,292,178 | 980,581,803 | Form |
| 78 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 12172025 | 143.94 | 55,000 | 7,916,719 | 944,099,127 | Form |
| 79 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 12152025 | 153.19 | 370,000 | 56,678,550 | 61,274,108 | Form |
| 80 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 12152025 | 153.16 | 50,000 | 7,658,142 | 289,860,987 | Form |
| 81 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 12152025 | 153.16 | 18,016 | 2,759,381 | 46,238,470 | Form |
| 82 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 12102025 | 174.70 | 55,000 | 9,608,235 | 1,155,427,100 | Form |
| 83 | Khaira, Manpreet | Direct | Sell | 12102025 | 175.00 | 2,000 | 350,000 | 10,169,950 | Form | |
| 84 | Acevedo, Sylvia | Direct | Sell | 12092025 | 185.17 | 1,875 | 347,194 | 3,906,717 | Form | |
| 85 | Sutardja,, Pantas | Direct | Sell | 11052025 | 189.35 | 1,875 | 355,031 | 1,116,011,669 | Form | |
| 86 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 11032025 | 171.23 | 18,016 | 3,084,960 | 54,779,107 | Form |
| 87 | Brennan, William Joseph | Pres & Chief Executive Officer | The Brennan Family Trust, DTD 09/06/2002 | Sell | 11032025 | 171.23 | 50,000 | 8,561,438 | 332,612,208 | Form |
| 88 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 10312025 | 169.27 | 80,000 | 13,541,968 | 130,341,438 | Form |
| 89 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10292025 | 156.32 | 55,000 | 8,597,418 | 1,042,469,892 | Form |
| 90 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 10242025 | 137.49 | 70,000 | 9,624,043 | 116,863,379 | Form |
| 91 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10222025 | 150.34 | 55,000 | 8,268,889 | 1,010,903,453 | Form |
| 92 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10152025 | 148.08 | 55,000 | 8,144,612 | 1,003,854,735 | Form |
| 93 | Sutardja,, Pantas | Direct | Sell | 10152025 | 147.41 | 4,408 | 649,761 | 868,841,037 | Form | |
| 94 | Khaira, Manpreet | Direct | Sell | 10152025 | 149.67 | 5,000 | 748,362 | 8,766,905 | Form | |
| 95 | Fleming, Daniel W | Chief Financial Officer | Direct | Sell | 10102025 | 138.20 | 112,580 | 15,558,280 | 63,388,174 | Form |
| 96 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 10092025 | 143.12 | 9,476 | 1,356,211 | 48,363,739 | Form |
| 97 | Brennan, William Joseph | Pres & Chief Executive Officer | Direct | Sell | 10092025 | 140.06 | 9,476 | 1,327,207 | 48,656,656 | Form |
| 98 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10072025 | 148.35 | 55,000 | 8,159,203 | 1,013,812,231 | Form |
| 99 | Lam, Yat Tung | Chief Operating Officer | Zhan BVI Co Ltd | Sell | 10032025 | 143.53 | 80,000 | 11,482,770 | 132,051,855 | Form |
| 100 | Cheng, Chi Fung | Chief Technology Officer | Cheng Huang Family Trust | Sell | 10012025 | 148.87 | 55,000 | 8,187,686 | 1,025,539,058 | Form |
Investor Activity (13F)
Updated Nov 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Estuary Capital Management LP | $38.7 Mil | 6.5% | 22 | ADD +87.4% | 13F |
| Incline Global Management LLC | $13.6 Mil | 5.3% | 24 | New | 13F |
| Spyglass Capital Management LLC | $55.6 Mil | 3.9% | 25 | ADD +52.2% | 13F |
| SRS Investment Management, LLC | $235.2 Mil | 2.5% | 29 | ADD +2143.8% | 13F |
| Scge Management, L.P. | $62.3 Mil | 1.9% | 21 | ADD +16.5% | 13F |
| Talos Eurisko Asset Management LP | $8.0 Mil | 1.4% | 23 | ADD +9.1% | 13F |
| Broad Peak Investment Advisers Pte Ltd | $6.3 Mil | 1.3% | 23 | TRIM -8.8% | 13F |
| FengHe Fund Management Pte. Ltd. | $9.0 Mil | 1.2% | 31 | TRIM -40.8% | 13F |
| Ithaka Group LLC | $5.0 Mil | 1.0% | 38 | ADD +6.2% | 13F |
| Valiant Capital Management, L.P. | $8.8 Mil | 0.7% | 28 | TRIM -8.3% | 13F |
| H&H International Investment, LLC | $70.5 Mil | 0.4% | 19 | ADD +431.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Incline Global Management LLC | $13.6 Mil | 5.3% | 24 | New | 13F |
| SRS Investment Management, LLC | $235.2 Mil | 2.5% | 29 | ADD +2143.8% | 13F |
| H&H International Investment, LLC | $70.5 Mil | 0.4% | 19 | ADD +431.6% | 13F |
| Estuary Capital Management LP | $38.7 Mil | 6.5% | 22 | ADD +87.4% | 13F |
| Spyglass Capital Management LLC | $55.6 Mil | 3.9% | 25 | ADD +52.2% | 13F |
| Scge Management, L.P. | $62.3 Mil | 1.9% | 21 | ADD +16.5% | 13F |
| Talos Eurisko Asset Management LP | $8.0 Mil | 1.4% | 23 | ADD +9.1% | 13F |
| Ithaka Group LLC | $5.0 Mil | 1.0% | 38 | ADD +6.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Oxbow Capital Management (HK) Ltd | $54.7 Mil | 15.2% | 8 | Exited | Dec 31, 2025 | 13F |
| WT Asset Management Ltd | $25.1 Mil | 1.0% | 42 | Exited | Dec 31, 2025 | 13F |
| Shannon River Fund Management LLC | $21.6 Mil | 3.4% | 26 | Exited | Dec 31, 2025 | 13F |
| Alta Park Capital, LP | $9.8 Mil | 1.2% | 34 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $8.6 Mil | 3.3% | 42 | Exited | Dec 31, 2025 | 13F |
| FengHe Fund Management Pte. Ltd. | $9.0 Mil | 1.2% | 31 | TRIM -40.8% | Mar 31, 2026 | 13F |
| Broad Peak Investment Advisers Pte Ltd | $6.3 Mil | 1.3% | 23 | TRIM -8.8% | Mar 31, 2026 | 13F |
| Valiant Capital Management, L.P. | $8.8 Mil | 0.7% | 28 | TRIM -8.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| SRS Investment Management, LLC | $235.2 Mil | 2.5% | 29 | ADD +2143.8% | 13F |
| H&H International Investment, LLC | $70.5 Mil | 0.4% | 19 | ADD +431.6% | 13F |
| Scge Management, L.P. | $62.3 Mil | 1.9% | 21 | ADD +16.5% | 13F |
| Spyglass Capital Management LLC | $55.6 Mil | 3.9% | 25 | ADD +52.2% | 13F |
| Estuary Capital Management LP | $38.7 Mil | 6.5% | 22 | ADD +87.4% | 13F |
| Incline Global Management LLC | $13.6 Mil | 5.3% | 24 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $9.0 Mil | 1.2% | 31 | TRIM -40.8% | 13F |
| Valiant Capital Management, L.P. | $8.8 Mil | 0.7% | 28 | TRIM -8.3% | 13F |
| Talos Eurisko Asset Management LP | $8.0 Mil | 1.4% | 23 | ADD +9.1% | 13F |
| Broad Peak Investment Advisers Pte Ltd | $6.3 Mil | 1.3% | 23 | TRIM -8.8% | 13F |
| Ithaka Group LLC | $5.0 Mil | 1.0% | 38 | ADD +6.2% | 13F |
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