CRUS

Research · Sep 3, 2026

[CRUS] Cirrus Logic Thesis 2026: Apple Audio Mixed-Signal Drives Smart Codec Capital Return

Cirrus Logic, Inc. (NASDAQ: CRUS) FY2025 (March year-end) revenue ~$1.85-1.95B (+0-3%) with adj. EPS ~$7.45-7.95 reflecting continued post-2024 ~$1.85-1.95B aggregate Mixed-Signal + Audio + Power Semiconductor revenue (~$1.55-1.65B aggregate Audio + Smart Codec + Boosted Amplifier + ~$0.30-0.35B aggregate High-Performance Mixed-Signal HPMS + selected primary post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty + post-2022 PMIC Power Management IC) under continued President + CEO John Forsyth since April 2022 (~3-year tenure as Cirrus Logic CEO; selected post-April 2022 succeeded Jason Rhode retirement). One of the largest US specialty Mixed-Signal + Audio + Power Semiconductor companies. Founded 1984 as Cirrus Logic by Suhas Patil in Tustin California (~41-year heritage; selected pioneer Mixed-Signal + Audio Codec + Boosted Amplifier semiconductor specialty); selected post-July 1989 NASDAQ IPO; selected post-1990s-2025 ~$2.5B+ aggregate cumulative tuck-in M&A platform expansion (Wolfson Microelectronics 2014 $467M+); selected post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty (~80-85%+ Apple revenue concentration); selected post-April 2022 John Forsyth CEO appointment. Headquartered in Austin Texas; ~1,500-2,000 employees globally with global Mixed-Signal + Audio + Power Semiconductor design + manufacturing footprint. One primary business: Specialty Mixed-Signal + Audio + Power Semiconductor ~100%. Structure: Audio ~83%+ ($1.55-1.65B), HPMS ~17% ($0.30-0.35B). End-market mix: Apple iPhone + iPad + AirPods + Mac + Watch ~80-85%+ + Samsung + Google Pixel + Android OEM ~10-15% + selected various aggregate ~3-5%. Geographic mix: Asia Pacific ~85%+ + Americas + Europe ~15%. Apple iPhone Audio + Smart Codec pipeline (~$1.55-1.65B): ~$1.55-1.65B aggregate Audio revenue (~83%+ revenue mix); selected primary post-2018 Apple iPhone Audio Codec + Boosted Amplifier specialty (~80-85%+ Apple revenue concentration); selected Apple iPhone + iPad + AirPods + Mac + Watch audio content; selected ~$1.50-2.00 Audio Codec content per Apple iPhone; selected ~$0.80-1.00 Boosted Amplifier content per Apple iPhone. High-Performance Mixed-Signal (HPMS) + PMIC + Camera pipeline: selected continued post-2022 HPMS pipeline (post-2018 Apple iPhone PMIC Power Management IC + post-2024 ~$0.30-0.35B annual HPMS revenue + post-2024 ~$0.50-0.85 PMIC content per Apple iPhone); selected ~$2-3B global HPMS + PMIC TAM; selected post-2024-2025 Camera-related controller HPMS expansion. President + CEO John Forsyth since April 2022 (~3-year tenure); CFO Venk Nathamuni. Capital position: ~$0 dividend (no dividend track post-1989 NASDAQ IPO); ~$300-450M aggregate FY2025 buybacks; aggregate capital return ~$300-450M FY2025; net leverage ~negligible (~debt-light + ~$0.7-0.9B aggregate cash + investments balance); investment-grade Baa1/BBB+ credit rating; ~52-54M diluted shares; weighted average debt maturity ~5-6 years. FY2026 thesis: Apple iPhone Audio + Smart Codec pipeline + HPMS + PMIC + Camera pipeline + ~$2-3B global HPMS + PMIC TAM + ~80-85% Apple concentration + Apple iPhone 17/18 launch cycle + post-2024-2025 Camera-related controller HPMS expansion. Risks: Skyworks Solutions + Broadcom + Qualcomm + MediaTek + Texas Instruments + Analog Devices + Onsemi + Qorvo + Apple in-house silicon competitive displacement + Apple iPhone unit shipment cycle considerations + Apple insourcing considerations (Audio Codec + PMIC + Camera in-house design risk) + Asia Pacific (China + Taiwan + Japan + Korea) production cycle considerations + Federal Reserve interest rate cycle considerations + post-April 2022 John Forsyth CEO transition continuity considerations.