CRDO
Credo Technology Group Holding Ltd
CRDO has the edge over NET overall, supported by stronger fundamentals and stronger valuation.
NET
Cloudflare, Inc.
NET's outlook is improving, though it still trails on the overall score.
CRDO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CRDO's revenue, profitability, cash flow and balance sheet are all currently healthy.
NET Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Strong | |
| Unavailable |
NET's revenue and cash flow are currently strong, but its profitability is weak. There isn't enough data to rate its balance sheet.
CRDO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $140 | — |
| Current | 49x | $140 | — |
| Cheap | 75x | $212 | +52% |
| Fair | 124x | $353 | +152% |
| Expensive | 395x | $1,122 | +703% |
Historical ranges are pointers, not guarantees.
CRDO's PE is in its cheap range at 49x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
NET PE Valuation
NET has no meaningful PE right now: it lost money over the past year.
CRDO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for CRDO, with profitability improving.
NET Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for NET, with profitability improving. However, they disagree widely on these estimates.
CRDO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.35 | +194% |
| Q3 2026 | $2.84 | +312% |
| Q2 2026 | $2.51 | +766% |
| Q1 2026 | $1.82 | +18100% |
| Q4 2025 | $1.16 | +$1.31 |
| Q3 2025 | $0.69 | +$0.85 |
| Q2 2025 | $0.29 | +$0.47 |
| Q1 2025 | $0.01 | +$0.24 |
| Q4 2024 | -$0.15 | +$0.06 |
CRDO has the edge over NET on earnings quality, reporting a profit while its opponent remains loss making.
NET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.75 | — |
| Q3 2026 | -$0.68 | -$0.37 |
| Q2 2026 | -$0.58 | -$0.23 |
| Q1 2026 | -$0.25 | -$0.01 |
| Q4 2025 | -$0.29 | -$0.06 |
| Q3 2025 | -$0.31 | -$0.05 |
| Q2 2025 | -$0.35 | -$0.06 |
| Q1 2025 | -$0.24 | +$0.29 |
| Q4 2024 | -$0.23 | +$0.32 |
NET is still losing money, but less than at its worst: $0.68 per share over the past year, against $0.91 at its worst in mid-2022.
CRDO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $479M | +115% |
| Q2 2026 | $437M | +157% |
| Q1 2026 | $407M | +201% |
| Q4 2025 | $268M | +272% |
| Q3 2025 | $223.1M | +274% |
| Q2 2025 | $170M | +180% |
| Q1 2025 | $135M | +154% |
| Q4 2024 | $72M | +64% |
CRDO has the edge over NET on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -2 points |
| Q2 2026 | 36% | +16 points |
| Q1 2026 | 37% | +17 points |
| Q4 2025 | 29% | +41 points |
| Q3 2025 | 27% | +51 points |
| Q2 2025 | 20% | +33 points |
| Q1 2025 | 19% | +31 points |
| Q4 2024 | -12% | +8.5 points |
CRDO has the edge over NET on profitability, with a higher operating margin.
NET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $782.5M | +39% |
| Q2 2026 | $696.1M | +36% |
| Q1 2026 | $639.8M | +34% |
| Q4 2025 | $614.5M | +34% |
| Q3 2025 | $562M | +31% |
| Q2 2025 | $512.3M | +28% |
| Q1 2025 | $479.1M | +27% |
| Q4 2024 | $459.9M | +27% |
NET's revenue has grown year over year every quarter since late 2020: $783M last quarter, up 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8.7% | -2 points |
| Q2 2026 | -30% | -16 points |
| Q1 2026 | -9.7% | +1.4 points |
| Q4 2025 | -8% | -0.5 points |
| Q3 2025 | -6.7% | +0.5 points |
| Q2 2025 | -13% | -4.5 points |
| Q1 2025 | -11% | +3.3 points |
| Q4 2024 | -7.5% | +4.3 points |
NET's operating margin was −8.7% last quarter, down 2 points from the same quarter a year ago.
CRDO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $82.9M | +62% |
| Q2 2026 | $177.5M | +228% |
| Q1 2026 | $139.7M | +$140.1M |
| Q4 2025 | $38.5M | +$50.1M |
| Q3 2025 | $51.3M | +$64.4M |
| Q2 2025 | $54.2M | +5531% |
| Q1 2025 | -$383K | +$5.8M |
| Q4 2024 | -$11.7M | -494% |
CRDO has the edge over NET on cash flow, with more consistent year-over-year improvement.
NET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.6M | +13% |
| Q2 2026 | $67.6M | +69% |
| Q1 2026 | $93.1M | +55% |
| Q4 2025 | $105.2M | +94% |
| Q3 2025 | $82.5M | +51% |
| Q2 2025 | $39.9M | -12% |
| Q1 2025 | $59.9M | +44% |
| Q4 2024 | $54.2M | -0.9% |
NET generated $359M in free cash flow over the past year, up 52% from the year before.
CRDO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.3% | +6.1M shares |
| 1 year | +5.3% | +9.8M shares |
| 3 years | +30% | +45.1M shares |
| 5 years | +39% | +54.4M shares |
CRDO has 194M diluted shares, up 5.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | $22.9M |
| Q3 2020 | — |
NET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +2.8M shares |
| 1 year | +2.2% | +7.8M shares |
| 3 years | +6.7% | +22.5M shares |
| 5 years | +14% | +42.6M shares |
| Available history | +144% | +211M shares |
NET has the edge over CRDO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $34,000 |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
CRDO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.9x | Net Cash |
| Q2 2026 | -2.4x | Net Cash |
| Q1 2026 | -3.5x | Net Cash |
| Q4 2025 | -2.5x | Net Cash |
| Q3 2025 | -1.6x | Net Cash |
| Q2 2025 | -4.0x | Net Cash |
| Q1 2025 | -22.2x | Net Cash |
CRDO has more cash than debt.
NET Net Leverage
NET's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
CRDO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 9.2 | Oversold |
CRDO's weekly RSI is 42 (neutral) and its Stochastic is 9 (oversold).
NET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 37.6 | Neutral |
NET's weekly RSI is 56 (neutral) and its Stochastic is 38 (neutral).
CRDO PE vs Technology Sector
| Metric | CRDO | Sector median | Relative |
|---|---|---|---|
| PE | 49x | 28x | 77% above |
| PE % | 1 | 48 | 47 pts below |
CRDO is trading at 49x earnings, a 77% premium to the Technology sector's median of 28x.
NET PE vs Technology Sector
NET has no meaningful PE right now: it lost money over the past year.
CRDO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $171.8 | 19% below |
| 20 week MA | $199.0 | 30% below |
| 50 week MA | $174.7 | 20% below |
| 100 week MA | $134.3 | 4.1% above |
| 200 week MA | $78.2 | 79% above |
CRDO has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 79% above its 200-week average.
NET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $318.6 | 0% below |
| 20 week MA | $299.8 | 6.2% above |
| 50 week MA | $241.0 | 32% above |
| 100 week MA | $204.9 | 55% above |
| 200 week MA | $139.8 | 128% above |
NET has the edge over CRDO on trend strength, trading above more of its moving averages.
CRDO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $11.2 | $13.0 | +16% |
| 2023 | $13.0 | $19.5 | +50% |
| 2024 | $19.5 | $69.3 | +256% |
| 2025 | $69.3 | $144.8 | +109% |
| 2026 YTD | $144.8 | $139.8 | -3.5% |
CRDO has finished every year since 2022 higher, and it's down 3.5% so far in 2026.
NET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.7 | $85.0 | +409% |
| 2021 | $85.0 | $137.3 | +62% |
| 2022 | $137.3 | $43.8 | -68% |
| 2023 | $43.8 | $83.3 | +90% |
| 2024 | $83.3 | $110.6 | +33% |
| 2025 | $110.6 | $202.4 | +83% |
| 2026 YTD | $202.4 | $318.5 | +57% |
NET has the edge over CRDO on returns for 2026, with the stronger performance.