Cirrus Logic, Inc.
Information Technology · Semiconductors
Structural: Apple-concentration story (>80% of revenue) where socket stability + dollar-content-per-device drives the model - smart codec ASP step-up, boosted amp attach, and the Lion Semi power-IC leg (camera controller in iPhone 15 Pro Max, broader rollout in subsequent cycles) all compound dollar-content even when iPhone unit growth is flat.
- Apple power-IC content ramp (Lion Semi acquisition cashing in - camera controller wins, battery / charging follow-ons)
- Smart codec ASP creep + boosted amplifier attach across Apple line
- HEDT / laptop diversification (Apple silicon Macs add audio + power sockets)
- Android flagship traction (Samsung Galaxy, Pixel) re-validates non-Apple TAM
- Net cash balance sheet + consistent buyback cadence (high-teens %% of float retired over 5y)
- Single-customer risk: Apple concentration creates binary socket-loss exposure ($AAPL audio insourcing tail risk)
- iPhone unit-cycle beta - flat-to-down units compress even with content gains
- China smartphone demand drag on Android leg
- Gross margin mix pressure as power ICs ramp at structurally lower GM than legacy audio
- Limited operating leverage at current opex run-rate
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