CRDO vs. ON: Credo vs. ON Semiconductor Stock Comparison

November 11, 2026

How do Credo (CRDO) and ON Semiconductor (ON) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Credo (CRDO) and ON Semiconductor (ON) are both classified in the Semiconductors sub-industry within the broader Semiconductors & Semiconductor Equipment industry, placing them in the closest GICS peer bucket.

ON Semiconductor (ON) has more than two decades of public-market history since May 2, 2000, whereas Credo (CRDO) listed on January 27, 2022 and has a much shorter record to draw on.

Company profile comparison for Credo (CRDO) and ON Semiconductor (ON)
Profile Item	CRDO	ON
Name	Credo Technology Group Holding Ltd	ON Semiconductor Corporation
Country/Region	Cayman Islands	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors	Semiconductors
Market Capitalization	22.65 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	January 27, 2022	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CRDO

GSPC

Credo (CRDO) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Credo (CRDO) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Credo (CRDO) and ON Semiconductor (ON). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Total Return (1Y)	-17.42%	43.93%
Total Return (3Y, Annualized)	107.84%	2.27%
Total Return (5Y, Annualized)	--	3.42%

Risk Profile

Drawdown History

CRDO

GSPC

Credo (CRDO) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Credo (CRDO) and ON Semiconductor (ON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Volatility (1Y, Annualized)	98.54%	64.26%
Beta (5Y)	3.31	2.14
Max Drawdown (5Y)	-62.87%	-70.44%
Avg. Volume (3M)	8.02M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

CRDO and ON are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Sharpe Ratio (1Y)	-0.22	0.62
Sortino Ratio (1Y)	-0.32	0.88

Profitability

ROE (TTM)

Credo (CRDO) at 30.67% sits in the top ROE quartile, while ON Semiconductor (ON) at 8.91% is closer to the peer norm — stronger capital efficiency for CRDO.

CRDO

Semiconductors & Semiconductor Equipment industry group

30.67%

Max: 52.82%
CRDO: 30.67%
Q3: 22.26%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

ON

Semiconductors & Semiconductor Equipment industry group

8.91%

Max: 52.82%
Q3: 22.26%
Median: 10.58%
ON: 8.91%
Q1: 1.29%
Min: -16.89%

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

Credo (CRDO) at 33.83% retains a top-quartile share of revenue as profit, ahead of ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

CRDO

Semiconductors & Semiconductor Equipment industry group

33.83%

Max: 63.80%
CRDO: 33.83%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

ON

Semiconductors & Semiconductor Equipment industry group

10.82%

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ON: 10.82%
Q1: 0.90%
Min: -37.77%

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

Both Credo (CRDO) at 25.20% and ON Semiconductor (ON) at 22.23% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

CRDO

Semiconductors & Semiconductor Equipment industry group

25.20%

Max: 58.66%
Q3: 30.23%
CRDO: 25.20%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

ON

Semiconductors & Semiconductor Equipment industry group

22.23%

Max: 58.66%
Q3: 30.23%
ON: 22.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
ROE (TTM)	30.67%	8.91%
ROA (TTM)	16.11%	6.03%
Net Margin (TTM)	33.83%	10.82%
Operating Margin (TTM)	25.20%	22.23%
Gross Margin (TTM)	67.07%	39.90%

Growth

Revenue Growth

Credo (CRDO) at 205.68% delivers above-range revenue growth, while ON Semiconductor (ON) at -15.35% falls into the bottom quartile — a wide split in revenue momentum.

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Credo (CRDO) at 765.52% delivers above-range EPS growth, while ON Semiconductor (ON) at -92.01% falls into the bottom quartile — a wide split in earnings momentum.

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Revenue Growth (YoY)	205.68%	-15.35%
Revenue Growth (3Y CAGR)	93.53%	-10.37%
EPS Growth (YoY)	765.52%	-92.01%
EPS Growth (3Y CAGR)	--	-59.10%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) at 3.55 keeps current ratio within its industry’s typical mid-range, while Credo (CRDO) at 7.40 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

CRDO

Semiconductors & Semiconductor Equipment industry group

7.40

Max: 10.33
CRDO: 7.40
Q3: 5.62
Median: 3.33
Q1: 2.35
Min: 1.03

ON

Semiconductors & Semiconductor Equipment industry group

3.55

Max: 10.33
Q3: 5.62
ON: 3.55
Median: 3.33
Q1: 2.35
Min: 1.03

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

Credo (CRDO) at 0.01 keeps leverage in the lower industry quartile, while ON Semiconductor (ON) at 0.62 runs a more typical debt-to-equity mix.

CRDO

Semiconductors & Semiconductor Equipment industry group

0.01

Max: 1.46
Q3: 0.65
Median: 0.27
Q1: 0.04
CRDO: 0.01
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

0.62

Max: 1.46
Q3: 0.65
ON: 0.62
Median: 0.27
Q1: 0.04
Min: 0.00

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their debt-to-equity ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Current Ratio (MRQ)	7.40	3.55
Debt / Equity (MRQ)	0.01	0.62
Net Debt / EBITDA	-1.36	0.18

Dividends

Dividend Yield (TTM)

Neither Credo (CRDO) nor ON Semiconductor (ON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

CRDO

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
CRDO: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Credo (CRDO) nor ON Semiconductor (ON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

CRDO

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
CRDO: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Both Credo (CRDO) at 42.73 and ON Semiconductor (ON) at 37.02 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

CRDO

Semiconductors & Semiconductor Equipment industry group

42.73

Max: 110.34
Q3: 66.81
CRDO: 42.73
Median: 37.02
Q1: 23.96
Min: 8.12

ON

Semiconductors & Semiconductor Equipment industry group

37.02

Max: 110.34
Q3: 66.81
ON: 37.02
Median: 37.02
Q1: 23.96
Min: 8.12

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their P/E ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/S Ratio (TTM)

ON Semiconductor (ON) at 3.87 is priced about in line with its industry on P/S ratio, while Credo (CRDO) at 14.24 sits in the pricier quartile — CRDO costs more per dollar of sales.

CRDO

Semiconductors & Semiconductor Equipment industry group

14.24

Max: 21.42
CRDO: 14.24
Q3: 12.27
Median: 5.76
Q1: 2.73
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

3.87

Max: 21.42
Q3: 12.27
Median: 5.76
ON: 3.87
Q1: 2.73
Min: 0.00

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

ON Semiconductor (ON) at 3.26 is valued about in line with its industry on P/B ratio, while Credo (CRDO) at 8.29 carries an above-peer premium to book — CRDO is pricier on assets.

CRDO

Semiconductors & Semiconductor Equipment industry group

8.29

Max: 14.06
CRDO: 8.29
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

ON

Semiconductors & Semiconductor Equipment industry group

3.26

Max: 14.06
Q3: 7.44
Median: 4.29
ON: 3.26
Q1: 2.30
Min: 0.20

Credo (CRDO) vs. ON Semiconductor (ON): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Credo (CRDO) and ON Semiconductor (ON)
Metric	CRDO	ON
P/E Ratio (TTM)	42.73	37.02
P/S Ratio (TTM)	14.24	3.87
P/B Ratio (MRQ)	8.29	3.26
Free Cash Flow Yield (TTM)	1.10%	6.55%