MeritValue

CIRRUS LOGIC, INC.

CRUSdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CIRRUS LOGIC, INC. earns about 23% on invested capital, far above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $64.02 and $265.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.78B1$1.9B2$1.79B3$1.9B3$2B3
Net income$326.4M4$176.7M5$274.6M6$331.5M6$414.4M6
Operating cash flow$124.8M7$339.6M8$421.7M9$444.4M9$650.6M9
Capital expenditure$26.1M10$35.1M11$37.7M12$22.8M12$14M12
Free cash flow (derived)$98.6M7$304.5M8$384M9$421.6M9$636.6M9
Total debt—————
Cash & equivalents$369.8M13$445.8M14$502.8M15$539.6M16$800.9M16
Diluted shares59.1M57.2M56.0M55.2M52.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$402.86
your share of equity
Profit it earned you last year
$78.45
Free cash flow it threw off
$120.52
Debt you’d be carrying
—

10 shares is a claim on $402.86 of net worth that earned you $78.45 and generated $120.52 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
23% avg · 5y
FY22 27%FY23 15%FY24 21%FY25 24%FY26 31%

It earned about 23% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $64.02 and $265.89 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$265.89
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth11.5%
  • fcfBase$421.6M
DCF · Growth Exit 5Y
$200.59
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth11.5%
  • fcfBase$421.6M
Earnings Power Value
$64.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$326.4M
  • growthAssumed0.0%
Graham Number
$84.35
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years11.5%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $200.59
The three cases
Bear0.0%$129.2
Base11.5%$200.59
Bull16.5%$241.8

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 11.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-26 · accession 0000772406-24-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-25 · accession 0000772406-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-30 · accession 0000772406-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-26 · accession 0000772406-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-25 · accession 0000772406-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-30 · accession 0000772406-26-000018 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-26 · accession 0000772406-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-25 · accession 0000772406-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-30 · accession 0000772406-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-26 · accession 0000772406-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-25 · accession 0000772406-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-30 · accession 0000772406-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-26 · accession 0000772406-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-25 · accession 0000772406-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-30 · accession 0000772406-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-29 · accession 0000772406-26-000018 (CashAndCashEquivalentsAtCarryingValue)