Complete CRUS Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
CRUS DCF Analysis
CRUS (Cirrus Logic, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2023 (Historical) | 2024 (Historical) | 2025 (Historical) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) | 2030 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $1.8B | $1.9B | $2.0B | $2.1B | $2.2B | $2.2B | $2.3B |
| Revenue Growth % | - | -5.7% | 6.0% | 5.0% | 4.5% | 4.0% | 3.6% | 3.3% |
| EBIT | $249.0M | $343.5M | $410.4M | $358.1M | $376.3M | $393.7M | $410.2M | $426.0M |
| EBIT Margin % | 13.1% | 19.2% | 21.6% | 18.0% | 18.1% | 18.2% | 18.3% | 18.4% |
| Tax Rate % | 30.6% | 24.6% | 25.5% | 20.7% | 21.1% | 21.6% | 22.0% | 22.4% |
| NOPAT | $172.7M | $259.1M | $305.8M | $284.0M | $296.7M | $308.8M | $320.0M | $330.5M |
| NOPAT Margin % | 9.1% | 14.5% | 16.1% | 14.3% | 14.3% | 14.3% | 14.3% | 14.3% |
| Capex | $30.0M | $36.7M | $38.3M | $33.4M | $33.1M | $32.7M | $32.2M | $31.6M |
| Capex / Revenue % | 1.6% | 2.1% | 2.0% | 1.7% | 1.6% | 1.5% | 1.4% | 1.4% |
| Depreciation | $62.1M | $71.2M | $48.3M | $65.0M | $67.9M | $70.7M | $73.3M | $75.7M |
| D&A / Revenue % | 3.3% | 4.0% | 2.5% | 3.3% | 3.3% | 3.3% | 3.3% | 3.3% |
| Change in NWC | $226.3M | $118.3M | $124.7M | $50.7M | $42.3M | $35.2M | $29.2M | $24.1M |
| NWC Change / Revenue % | 11.9% | 6.6% | 6.6% | 2.5% | 2.0% | 1.6% | 1.3% | 1.0% |
| Unlevered FCF | $-21.5M | $175.3M | $191.0M | $264.9M | $289.2M | $311.5M | $331.8M | $350.3M |
| UFCF % Chg. | - | 915.9% | 8.9% | 38.7% | 9.2% | 7.7% | 6.5% | 5.6% |
| FCF / Revenue % | -1.1% | 9.8% | 10.1% | 13.3% | 13.9% | 14.4% | 14.8% | 15.1% |
| Discount Factor | - | - | - | 0.922 | 0.850 | 0.784 | 0.723 | 0.667 |
| Present Value of FCF | - | - | - | $244.3M | $246.0M | $244.3M | $240.0M | $233.7M |
| Sum of PV of UFCF | - | - | - | $244.3M | $490.3M | $734.6M | $974.6M | $1.2B |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.0% |
| Tax Rate | 20.7% |
| After Tax Cost of Debt | 4.7% |
| Risk Free Rate | 4.46% |
| Market Risk Premium | 4.3% |
| Beta | 0.94 |
| Cost of Equity | 8.5% |
| Total Debt | $143.7M |
| Market Cap | $5.1B |
| Total Capital | $5.3B |
| Debt Weighting | 2.7% |
| Equity Weighting | 97.3% |
| WACC | 8.4% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $350.3M |
| Terminal Value | $6.1B |
| PV of Terminal Value | $4.0B |
| Cumulative PV of UFCF | $1.2B |
| Net Debt | $-395.9M |
| Equity Value | $5.6B |
| Shares Outstanding | 55.2M |
| Implied Share Price | $102 |
| Current Share Price | $100 |
| Implied Upside/(Downside) | +2.3% |
Valuation Summary
$102.10
Implied Price
$99.84
Current Price
+2.3%
Upside/Downside
8.4%
WACC
CRUS Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$189.76
+90.1%
Peer Median: 31.1x
EV/EBITDA
$234.51
+134.9%
Peer Median: 26.0x
P/S Ratio
$366.61
+267.2%
Peer Median: 10.0x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for CRUS's business model and current situation.
Multiple Comparison
| Multiple | CRUS Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 16.4x | 31.1x | 37.5x | -47.4% | Undervalued |
| EV/EBITDA | 10.2x | 26.0x | 25.2x | -60.7% | Undervalued |
| P/S Ratio | 2.7x | 10.0x | 7.9x | -72.8% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $9.42B | 670.0x | 108.8x | 11.1x | |
| $7.36B | 135.7x | 21.7x | 2.0x | |
| $7.12B | 31.1x | 26.0x | 11.0x | |
| $6.38B | 125.0x | 93.6x | 13.1x | |
| $6.04B | 29.5x | 22.0x | 10.0x | |
| $5.15B | 16.4x | 10.2x | 2.7x | |
| $4.97B | 62.8x | 31.1x | 6.8x | |
| $4.86B | 0.0x | 0.0x | 21.1x | |
| $3.53B | 844.7x | 0.0x | 383.7x | |
| $4.06B | 0.0x | 318.8x | 6.2x | |
| $3450.04B | 47.9x | 40.1x | 26.4x |
CRUS Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $6.10 | Latest 10-K |
| Book Value per Share | $35.29 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$69.61
Intrinsic Value
$99.84
Current Price
-30.3%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 6.10 = 137.30
Step 2: Multiply by Book Value per Share
137.30 × 35.29 = 4845.45
Step 3: Take square root
√4845.45 = 69.61
Graham Number Result:
$69.61
CRUS Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
6.10 × (8.5 + 2 × 3.1%)
Input Data & Growth Assumptions
Current EPS (TTM)$6.10
Latest 10-K • 2025-03-31T00:00:00
Historical 3Y3.1%
Financial statements
Historical 5Y17.9%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$89.26
Intrinsic Value
$99.84
Current Price
-10.6%
Upside/Downside
Base Formula
Growth: 3.1%
CRUS Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$6.10
Latest 10-K • 2025-03-31T00:00:00
Historical 3Y3.1%
3-year earnings growth
Historical 5Y17.9%
5-year earnings growth
3.1%
1%50%
Fair Value Formula: EPS × Growth Rate
$6.10 × 3.1% = $18.69
$18.69
Fair Value
$99.84
Current Price
-81.3%
Upside/Downside
PEG Analysis
16.4x
Current P/E
3.1%
Growth Rate
5.34
PEG Ratio (P/E ÷ Growth Rate)
Significantly Overvalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
CRUS Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.3 | Base earnings from financial statements |
| Normalized Earnings | 0.3 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$66.11
EPV per Share
$99.84
Current Price
-33.8%
Upside/Downside
9.1%
WACC: 9.1% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.3B |
| Cost of Capital | 9.1% |
| Enterprise Value | $3.7B |
Per Share Value
| Enterprise Value | $3.7B |
| Shares Outstanding | 0.1B |
| EPV per Share | $66.11 |
WACC Components
| Cost of Equity | 9.2% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 97.5% |
| Debt Weight | 2.5% |
| WACC | 9.1% |