Since a wave-pipelined circuit does not use a register, it is superior to a conventional pipelined circuit in view of speed and power dissipation. Although wave-pipelining is very promising technology for mobile computers, the usage of this technology was restricted to a part of those processors, that is, combinational circuits. Thus, we have exploited the wave-pipelining of sequential circuits. This paper focuses on the performance analysis of a wave-pipelined LFSR. The comparison of the waved LFSR with a regularly pipelined LFSR shows that, wave-pipelining is really effective for a sequential circuit. Finally, we show that LFSR widely used in processors is provided with additional feature by wave-pipelining.