Not many investors likely know about Cirrus Logic (CRUS) — the fabless semiconductor supplier has a market cap of less than $10 billion — minuscule in an industry dominated by Nvidia (NVDA), Apple (AAPL), and some of the other biggest tech stocks in the world.
However, Cirrus Logic plays an important role, particularly in supporting Apple’s facial ID technology. That kind of exposure has helped Cirrus Logic stock jump more than 60% this year — and why analysts are starting to take notice.
Let’s look closer at this small tech company that has big ambitions.
About Cirrus Logic Stock
Cirrus Logic, which is based in Austin, Texas, makes analog, mixed-signal, and audio DSP integrated circuits (ICs). Its products have many applications, including with media players, smartphones, tablets, home theaters, automotive entertainment systems, and televisions. The company’s tech is also usable in wearable technology, including smartwatches and VR headsets. It currently has a market cap of around $8.7 billion.
Shares are up 69% over the last year, fueled by a 43% year-to-date gain, helping Cirrus Logic to more than double the gain of the S&P 500 in the last 12 months. But that’s also pushed the forward price-to-earnings ratio to 19x, which is close to its all-time high.
Cirrus Logic Beats on Earnings
Cirrus reported its fiscal 2026 fourth-quarter and full-year earnings on May 6. Quarterly revenue was $448.5 million, up 6% year-over-year. Net income was $81.8 million, up from $71.2 million in the same period of 2025. Cirrus Logic’s earnings per share came in at $1.56, soundly beating analysts' estimates of $1.42 per share and better than the $1.31 per share the company posted a year ago.
For the full year, revenue was $2 billion, up from $1.9 billion in fiscal 2025. Net income was $414.4 million, up from $331.5 million in 2025, and EPS of $7.85 topped 2025 EPS of $6.
But perhaps the company’s biggest boost happened in March, when Apple announced that it was including Cirrus Logic and other companies in its American Manufacturing Program, which is an effort to add manufacturing and component production in the U.S. Apple announced it would work with Cirrus Logic and GlobalFoundries (GFS) to create new semiconductor process technologies at GlobalFoundries’ facility in Malta, New York.
The effort will make GlobalFoundries’ newest silicon process available in the U.S. for Apple products and, in turn, will enable Cirrus Logic to develop mixed-signal solutions for several Apple applications, including advanced integrated circuits to power Face ID systems.
“Participation in this program was one of several important steps we took over the past year to advance both process and geographic diversification across our supply chain,” Cirrus Logic said in its letter to shareholders.
What Do Analysts Expect for CRUS Stock?
Analysts have been relatively bullish about Cirrus Logic, with seven who cover the stock giving a consensus “Moderate Buy” rating. The mean price target of $164, however, represents slight downside from current levels, and the high target of $200 represents potential upside of only 17%.
However, KeyBanc analyst John Vinh says that the Apple partnership is worthy of attention. He increased his price target on CRUS stock from $175 to $200. “Notably, CRUS provided additional color on its Face ID power (integrated circuit) design win at AAPL, indicating it represents a new incremental socket and is expected to ramp in a couple of years (iPhone 20),” he wrote in a note to clients. Apple revenue accounts for roughly 90% of Cirrus Logic’s total revenue.
Cirrus appears to be a solid long-term play as it generates more Apple revenue. But it will be important for the company to begin winning contracts with other customers and diversifying its revenue stream before I would be comfortable making an investment in CRUS stock.
On the date of publication, Patrick Sanders had a position in: NVDA . All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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