Cirrus Logic Inc
CRUSWithin bandExpectations · fairHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2026-03-28Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +5.3%
- Net margin
- 20.7%
- ROE
- 19.5%
- FCF margin
- 31.9%
Valuation · value band
In fair-value range
Zero-growth floor
$63
Central IV
$106
Optimistic top
$138
Cirrus Logic Inc (CRUS): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $63–$138 / sh. Today’s price sits inside both (price $111 as of 2026-08-25).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 6% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $63
Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $66.64 – $129.85 · Greenwald $96.31 – $137.51 (neutral $116.67) · zero-growth base $90.47 · reproduction $51.63
Moat Franchise (moat) · terminal value 23% of present value · owner-earnings yield 6% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$76.84 – $90.47 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-27, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 260% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$62.94 – $76.93 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-27, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 260% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $1.73B + capitalized R&D $969.16M（FY 2026, 2024, 2023, 2022） = $51.63 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value: if the moat holds for 20 yr at ROIIC ≈ 24%, $5.84–$47.04 / sh (neutral $26.20). Conservative, not a forecast.
Window TTM 2026-06-27, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 6% · OE FY TTM 2026-06-27, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 9%.
Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 6.3% a year in owner-earnings for the next few years. Revenue actually grew 5.9% a year.
About its own track record.
Roughly, the price needs its historical revenue growth to run about 17 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $44.5M combined · this quarter +0 opened / -1 exited
- Value$38.5MWeight (prev→now)0.1% → 0.1% ▼
- Value$6.1MWeight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Cirrus Logic Inc (CRUS) is held by 2 of the superinvestors tracked on Compounder, with a combined $44.5M in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.1% of the portfolio.
Other notable holders by value include Ray Dalio (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in CRUS, 2 added to existing ones, 0 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Cirrus Logic Inc (CRUS) also commonly hold →
- Ss Spdr S&P 500 Etf Trust-UsSPY2 holders
- Microsoft CorpMSFT2 holders
- Lam Research CorpLRCX2 holders
- Alphabet Inc-Cl AGOOGL2 holders
- Apple IncAAPL2 holders
- Meta Platforms Inc-Class AMETA2 holders
CRUS's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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