CRDO vs ON: Credo Technology Group Holding and ON Semiconductor compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Credo Technology Group Holding is the larger company, worth $36.3B, about 1.2 times ON Semiconductor.
- Credo Technology Group Holding grew revenue faster over the last year (+114.7% vs +9.2%).
- Credo Technology Group Holding keeps more of each dollar of revenue as operating profit (31.7% vs 10.8%).
- On earnings, ON Semiconductor is the cheaper stock (56.4x vs 107.6x).
- Credo Technology Group Holding's price assumes faster free cash flow growth: about 25% a year, against 6% for ON Semiconductor (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CRDO | ON |
|---|---|---|
| Market cap | $36.3B | $29.8B |
| Share price | $216.55 | $77.53 |
| Revenue (last fiscal year) | $1.3B | $6.0B |
| Free cash flow (last fiscal year) | $407M | $1.4B |
| Revenue growth, last year | +114.7% | +9.2% |
| Revenue growth per year, last 5 fiscal years | +88.2% | -2.9% |
| Operating margin | 31.7% | 10.8% |
| Net margin | 33.8% | 10.2% |
| Return on equity | 19.7% | 8.7% |
| P/E (trailing) | 107.6x | 56.4x |
| Price / free cash flow | 1251.3x | 21.0x |
| EV / EBITDA | 65.9x | 28.5x |
| FCF growth the price implies | 24.8% | 5.7% |
| Dividend yield | — | — |
| Debt / equity | 0.10x | 0.87x |
| Fundamental grade | B | C |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Credo Technology Group Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $106M | -$48M | -20.6% |
| 2023 | $184M | -$46M | -11.5% |
| 2024 | $193M | $17M | -19.2% |
| 2025 | $437M | $29M | 8.5% |
| 2026 | $1.3B | $407M | 33.3% |
ON Semiconductor
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.7B | $1.3B | 19.1% |
| 2022 | $8.3B | $1.6B | 28.3% |
| 2023 | $8.3B | $438M | 30.8% |
| 2024 | $7.1B | $1.2B | 25.0% |
| 2025 | $6.0B | $1.4B | 1.4% |
Where the revenue comes from
Credo Technology Group Holding · by products, 2025
Product sales$412M94%
IP license$12M3%
Product engineering services$12M3%
ON Semiconductor · by segments, 2025
PSG$2.8B47%
AMG$2.3B38%
ISG$928M15%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CRDO in InvestinglyQuestions
Which is bigger, Credo Technology Group Holding or ON Semiconductor?
Credo Technology Group Holding (CRDO), at $36.3B against $29.8B.
Is CRDO or ON cheaper?
By trailing P/E, ON Semiconductor (56.4x) is cheaper than Credo Technology Group Holding (107.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CRDO or ON?
Credo Technology Group Holding: revenue grew +114.7% over the last year, against +9.2%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.