Arteris (AIP)
Market Price (4/21/2026): $24.0 | Market Cap: $1.0 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Arteris (AIP)
Market Price (4/21/2026): $24.0Market Cap: $1.0 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Edge AI, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -47% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 153x Stock price has recently run up significantly12M Rtn12 month market price return is 304% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 26% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4% Key risksAIP key risks include [1] its high revenue concentration and dependence on the product launch success of a few key customers, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Edge AI, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -47% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 153x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 304% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.4% |
| Key risksAIP key risks include [1] its high revenue concentration and dependence on the product launch success of a few key customers, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Arteris (AIP) stock has gained about 50% since 12/31/2025 because of the following key factors:
1. Arteris reported strong financial results for the fourth quarter and full year 2025, coupled with an optimistic outlook for 2026. The company announced Q4 2025 EPS of -$0.05, significantly exceeding analysts' estimates of -$0.12 by 58.33%. Revenue for Q4 2025 also surpassed expectations, reaching $20.1 million, a 30% increase year-over-year. For the full year 2025, revenue increased by 22% year-over-year to $70.6 million. Furthermore, Arteris provided 2026 guidance anticipating Annual Contract Value (ACV) plus royalties between $100 million and $104 million, and revenue of $89 million to $93 million, with expectations to achieve non-GAAP operating profitability by Q4 2026.
2. The strategic acquisition of Cycuity in January 2026 bolstered Arteris' offerings in the critical semiconductor cybersecurity market. This acquisition, valued at up to $45 million, enhances Arteris' capabilities in securing data movement within chiplets and Systems-on-Chip (SoCs), addressing growing cybersecurity threats in AI data centers and edge devices. The integration of Cycuity's semiconductor cybersecurity assurance technology is expected to create cross-sell opportunities and position Arteris to capitalize on the rapidly expanding hardware security market.
Show more
1. Arteris reported strong financial results for the fourth quarter and full year 2025, coupled with an optimistic outlook for 2026. The company announced Q4 2025 EPS of -$0.05, significantly exceeding analysts' estimates of -$0.12 by 58.33%. Revenue for Q4 2025 also surpassed expectations, reaching $20.1 million, a 30% increase year-over-year. For the full year 2025, revenue increased by 22% year-over-year to $70.6 million. Furthermore, Arteris provided 2026 guidance anticipating Annual Contract Value (ACV) plus royalties between $100 million and $104 million, and revenue of $89 million to $93 million, with expectations to achieve non-GAAP operating profitability by Q4 2026.
2. The strategic acquisition of Cycuity in January 2026 bolstered Arteris' offerings in the critical semiconductor cybersecurity market. This acquisition, valued at up to $45 million, enhances Arteris' capabilities in securing data movement within chiplets and Systems-on-Chip (SoCs), addressing growing cybersecurity threats in AI data centers and edge devices. The integration of Cycuity's semiconductor cybersecurity assurance technology is expected to create cross-sell opportunities and position Arteris to capitalize on the rapidly expanding hardware security market.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 54.8% change in AIP stock from 12/31/2025 to 4/21/2026 was primarily driven by a 48.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.50 | 24.00 | 54.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 66 | 71 | 7.0% |
| P/S Multiple | 10.0 | 14.9 | 48.0% |
| Shares Outstanding (Mil) | 43 | 44 | -2.2% |
| Cumulative Contribution | 54.8% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| AIP | 52.1% | |
| Market (SPY) | -5.4% | 68.9% |
| Sector (XLK) | 7.4% | 74.2% |
Fundamental Drivers
The 137.6% change in AIP stock from 9/30/2025 to 4/21/2026 was primarily driven by a 122.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.10 | 24.00 | 137.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63 | 71 | 11.6% |
| P/S Multiple | 6.7 | 14.9 | 122.6% |
| Shares Outstanding (Mil) | 42 | 44 | -4.4% |
| Cumulative Contribution | 137.6% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| AIP | 133.5% | |
| Market (SPY) | -2.9% | 55.1% |
| Sector (XLK) | 9.9% | 61.2% |
Fundamental Drivers
The 247.3% change in AIP stock from 3/31/2025 to 4/21/2026 was primarily driven by a 209.2% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.91 | 24.00 | 247.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58 | 71 | 22.3% |
| P/S Multiple | 4.8 | 14.9 | 209.2% |
| Shares Outstanding (Mil) | 40 | 44 | -8.1% |
| Cumulative Contribution | 247.3% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| AIP | 241.2% | |
| Market (SPY) | 16.3% | 44.8% |
| Sector (XLK) | 50.5% | 51.5% |
Fundamental Drivers
The 467.4% change in AIP stock from 3/31/2023 to 4/21/2026 was primarily driven by a 426.6% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.23 | 24.00 | 467.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 71 | 40.1% |
| P/S Multiple | 2.8 | 14.9 | 426.6% |
| Shares Outstanding (Mil) | 34 | 44 | -23.1% |
| Cumulative Contribution | 467.4% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| AIP | 457.4% | |
| Market (SPY) | 63.3% | 45.7% |
| Sector (XLK) | 108.9% | 48.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AIP Return | 16% | -80% | 37% | 73% | 52% | 46% | 24% |
| Peers Return | 65% | -39% | 60% | 21% | 65% | 65% | 433% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| AIP Win Rate | 67% | 17% | 50% | 67% | 67% | 50% | |
| Peers Win Rate | 68% | 38% | 63% | 53% | 60% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AIP Max Drawdown | -1% | -84% | -14% | -15% | -45% | -12% | |
| Peers Max Drawdown | -6% | -52% | -4% | -9% | -30% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMAT, LRCX, KLAC, MRVL, TER.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
| Event | AIP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -87.6% | -25.4% |
| % Gain to Breakeven | 708.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to AMAT, LRCX, KLAC, MRVL, TER
In The Past
Arteris's stock fell -87.6% during the 2022 Inflation Shock from a high on 11/30/2021. A -87.6% loss requires a 708.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Arteris (AIP)
Arteris, Inc. provides semiconductor interconnect intellectual property (IP) and IP deployment solutions in the Americas, the Asia Pacific, Europe, and the Middle East. The company develops, licenses, and supports the on-chip interconnect fabric technology used in System-on-Chip (Soc) designs and Network-on-Chip (NoC) interconnect IP. Its products include FlexNoC, a silicon-proven interconnect IP product; FlexNoC Resilience Package, which provides on-chip data protection; Ncore, a silicon-proven and cache coherent interconnect IP product that provides scalable, configurable, and area efficient characteristics; CodaCache, a last-level cache semiconductor IP product; and Physical interconnect aware NoC optimizer, a software tool that estimates physical layout effects during the architecture and logic development stages of an SoC interconnect design; The company also offers FlexWay for IP subsystem interconnect; FlexPSI for All-digital inter chip link; and FlexNoC Physical for linking physical placement and routing tools. In addition, it provides IP deployment software solutions, including specification, design, documentation, artificial intelligence (AI) package, design data intelligence, and harmony trace. The company serves customers in the automotive, AI/machine learning, 5G and wireless communications, data centers, consumer electronics, and other markets. Arteris, Inc. was founded in 2003 and is headquartered in Campbell, California.
AI Analysis | Feedback
- Arteris is like ARM Holdings (whose designs power most smartphones and tablets) but for the crucial internal communication systems and data highways *within* complex semiconductor chips.
- Think of Arteris as providing the internal "traffic control system" or "data network" *inside* advanced computer chips, much like Cisco Systems builds and manages networks for computers and servers to communicate *with each other*.
AI Analysis | Feedback
- FlexNoC: A silicon-proven interconnect IP product used for System-on-Chip (SoC) designs.
- FlexNoC Resilience Package: An on-chip data protection package that complements FlexNoC interconnect IP.
- Ncore: A silicon-proven and cache coherent interconnect IP product offering scalable, configurable, and area-efficient characteristics.
- CodaCache: A last-level cache semiconductor IP product.
- Physical interconnect aware NoC optimizer: A software tool that estimates physical layout effects during the architecture and logic development stages of an SoC interconnect design.
- FlexWay: An IP product designed for IP subsystem interconnect.
- FlexPSI: An IP product for establishing all-digital inter-chip links.
- FlexNoC Physical: A product that facilitates linking physical placement and routing tools.
- IP deployment software solutions: A suite of software solutions including specification, design, documentation, AI package, design data intelligence, and harmony trace.
AI Analysis | Feedback
```htmlArteris (AIP) sells primarily to other companies. The provided background information does not explicitly list the names of its major customer companies. However, it does specify the markets in which its customers operate, indicating that its customers are companies involved in the following sectors:
- Automotive: Companies manufacturing vehicles or developing automotive electronics and systems.
- AI/Machine Learning: Companies creating hardware or software solutions for artificial intelligence and machine learning applications.
- 5G and Wireless Communications: Companies involved in developing and deploying 5G and other wireless communication technologies and devices.
- Data Centers: Companies providing infrastructure, hardware, or services for data centers.
- Consumer Electronics: Companies designing and manufacturing various consumer electronic devices.
AI Analysis | Feedback
nullAI Analysis | Feedback
K. Charles Janac, Chairman, President and Chief Executive Officer Mr. Janac has served as Chairman, President, and Chief Executive Officer of Arteris since July 2005. His career spans over 30 years across multiple industries including electronic design automation, semiconductor capital equipment, nano-technology, industrial polymers, and venture capital. Prior to Arteris, he co-founded SDA, Inc., a predecessor to Cadence Design Systems, Inc.. He also founded Smart Machines, a semiconductor automation equipment manufacturer, which he later sold to Brooks Automation (NASDAQ: BRKS). Mr. Janac served as president of HLD Systems and as president and CEO of Nanomix. He also held leadership roles at Giga Scale IC, Chips and Technologies, and VLSI Technology. He was an Entrepreneur-in-Residence at Infinity Capital, an early-stage Venture Capital firm. Nick Hawkins, EVP and Chief Financial Officer Mr. Hawkins serves as Executive Vice President and Chief Financial Officer at Arteris. With a career spanning over 30 years, he has worked in various sectors including Chemicals/Pharmaceuticals, Food, Consulting, Media, and Semiconductors. He has held CFO positions for over 20 years in a range of companies, from startups to multi-billion-dollar enterprises, including privately-owned, private equity-backed, and publicly traded companies. Most recently, he was the CFO of Corsair Gaming. He is a Fellow Chartered Accountant (FCA) with the Institute of Chartered Accountants in England & Wales. Dr. Laurent R. Moll, EVP Engineering and Chief Operating Officer Dr. Moll is the Executive Vice President of Engineering and Chief Operating Officer at Arteris. Paul L. Alpern, EVP, Chief Legal Officer and Corporate Secretary Mr. Alpern holds the titles of Executive Vice President, Chief Legal Officer, and Corporate Secretary at Arteris. He is also noted as Executive Vice President and General Counsel. Michal Siwinski, EVP, Chief Product Officer and Chief Marketing Officer Mr. Siwinski serves as Executive Vice President, Chief Product Officer, and Chief Marketing Officer for Arteris.AI Analysis | Feedback
```htmlArteris, Inc. (AIP) faces several key risks to its business, primarily stemming from its financial performance, its business model's reliance on customer success, and geopolitical factors.
Key Risks to Arteris (AIP)
- Challenges in Achieving and Sustaining Profitability: Arteris has consistently reported operating and net losses despite increasing revenues, driven by substantial investments in research and development to remain competitive. The company's financial health indicators, such as a negative operating margin and a low Altman Z-Score, highlight the challenge of transitioning to sustained profitability and managing its cash burn.
- Dependence on Customer Product Success and Royalty Revenue Lag: A significant portion of Arteris's potential revenue, particularly its highly profitable royalty streams, is directly tied to the success of its customers' products in the market and their subsequent volume sales. There is a considerable time delay between the initial licensing of its intellectual property (IP) and the realization of meaningful royalty income. Delays in customer product launches or their failure to achieve market adoption can significantly impact Arteris's revenue. Additionally, the company exhibits reliance on a limited number of key licensees.
- Geopolitical Risks and Exposure to the Chinese Market: Arteris operates globally, with a notable portion of its revenue originating from the Asia Pacific region, including China. This international exposure makes the company vulnerable to various geopolitical risks, such as military conflicts, changes in U.S. trade policies, tariffs, and export restrictions. Specifically, its significant reliance on the Chinese market, which constitutes a notable percentage of its revenues, makes it susceptible to trade disputes and regulatory changes that could adversely affect its revenue and market access.
AI Analysis | Feedback
null
AI Analysis | Feedback
Arteris (AIP) operates within several significant addressable markets related to semiconductor intellectual property (IP) and System-on-Chip (SoC) design.
-
Network-on-Chip (NoC) Interconnect IP: Arteris's core NoC interconnect IP products, such as FlexNoC, address the global Network-on-Chip market. This market was valued at approximately $3.73 billion globally in 2025 and is projected to grow to $7.89 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 10.5% from 2025 to 2033. Another estimate places the global NoC market at $5 billion in 2025, with a projection to reach $15 billion by 2033 at a CAGR of 15%. A third source indicates the market was valued at USD 1.2 billion in 2023 and is projected to reach USD 4.5 billion by 2031, growing at a CAGR of 18%. Arteris is recognized as a key player in this market. The increasing complexity of System-on-Chip (SoC) designs drives the adoption of NoC interconnects.
-
Semiconductor Interconnect Market (Broader Category): This market, which includes Arteris's interconnect solutions, was valued at approximately USD 12.3 billion globally in 2024 and is projected to reach USD 20.5 billion by 2030, growing at a CAGR of 8.5%. The Asia Pacific region holds the largest share, with North America also being a dominant player.
-
Semiconductor IP Market (Overall): Arteris's offerings fall under the broader semiconductor IP market. This global market was valued at approximately USD 5.9 billion in 2024 and is poised to grow to USD 11.56 billion by 2033, at a CAGR of 8.6%. Other reports indicate the global semiconductor IP market size was valued at USD 6.25 billion in 2025 and is estimated to increase to USD 12.60 billion by 2034, with a CAGR of 8.10%. Another projection values the market at approximately USD 8.8 billion in 2024 and forecasts it to reach around USD 35.7 billion by 2034, with a CAGR of 15.1%. The Asia Pacific region dominated this market with a 52.63% share in 2025.
-
System-on-Chip (SoC) Market: Arteris's IP products are crucial for the design and deployment of SoCs. The global System-on-Chip market was valued at USD 173.91 billion in 2026 and is expected to grow at a CAGR of 7.46% to reach USD 249.19 billion by 2031. Other analyses show the global SoC market size was valued at USD 228.06 billion in 2025 and is projected to reach nearly USD 391.61 billion by 2032, growing at a CAGR of 8.03%. The Asia Pacific SoC market held a 37.6% revenue share in 2024, while North America accounted for nearly 22% of the global revenue share in 2023.
-
Chiplet Market: Arteris's technologies, particularly FlexNoC and NCore, are positioned to address the complexity of chiplet architectures. The chiplet market is expected to reach $157 billion by 2030.
AI Analysis | Feedback
Arteris (AIP) is expected to drive future revenue growth over the next 2-3 years through several key factors:
- Accelerated adoption in AI-enabled systems and advanced computing: The increasing demand for high-performance computing in artificial intelligence (AI) applications, including data centers and edge computing, is a significant growth driver. Arteris's Network-on-Chip (NoC) interconnect technology is crucial for managing the complex data movement in these AI-driven chips and chiplets, leading to accelerating adoption and rising production volumes.
- Expansion into chiplet and multi-die architectures: The semiconductor industry's shift towards more complex, multi-die architectures and chiplet-based designs is creating a greater need for Arteris's interconnect solutions. Its technology is proven to address the associated interconnect challenges, leading to new design wins and volume deployments in this rapidly growing market segment.
- Strategic acquisition of Cycuity and expansion into semiconductor cybersecurity: The acquisition of Cycuity in January 2026 broadens Arteris's product portfolio to include semiconductor cybersecurity assurance technology. This addresses a critical and growing industry concern regarding silicon security vulnerabilities, enhancing Arteris's market reach and product value.
- Growth in variable royalty revenue and expanding customer base: Arteris anticipates continued growth in its variable royalty revenue stream, driven by increasing production volumes from its licensees across diverse markets such as automotive, enterprise computing, and consumer electronics. The company is also actively expanding its clientele and strengthening partnerships with major clients like AMD and NXP Semiconductors, translating into increased licensing activity and a broader customer base.
- Innovation and new product launches, particularly FlexGen and Armv9 solutions: Arteris continues to introduce innovative products and expand its solutions. The FlexGen AI-driven Smart NoC IP, which uses AI-driven heuristics to optimize chip design and reduce power consumption, has seen strong adoption. Additionally, expanded solutions tailored for the Armv9 architecture are accelerating the development of cutting-edge automotive technologies, supporting new possibilities in autonomous driving and advanced driver-assistance systems.
AI Analysis | Feedback
Share Issuance
- Arteris completed its Initial Public Offering (IPO) on October 27, 2021, selling 5,000,000 shares at $14.00 per share, which generated gross proceeds of $70.0 million. The underwriters were also granted a 30-day option to purchase up to an additional 750,000 shares.
- As of December 31, 2025, Arteris filed a Registration Statement on Form S-3 to offer up to $200 million in securities and entered into an Open Market Sales Agreement for the sale of common stock totaling up to $75 million, aimed at ensuring liquidity and financial flexibility.
- The number of issued and outstanding common shares has progressively increased, from 34,625,875 as of December 31, 2022, to 40,724,936 as of December 31, 2024, and further to 44,268,816 by December 31, 2025.
Outbound Investments
- In January 2023, Arteris acquired Semifore, Inc., a provider of hardware/software interface (HSI) development tools.
- Arteris entered into a definitive agreement on December 11, 2025, to acquire Cycuity, Inc. for $45 million, with the aim of enhancing its semiconductor cybersecurity assurance product portfolio.
- The acquisition of Cycuity officially closed on January 14, 2026, integrating semiconductor cybersecurity assurance technology into Arteris' product offerings.
Capital Expenditures
- Capital expenditures for the twelve months ending December 31, 2023, were approximately $1.310 million, primarily allocated to purchases of property and equipment.
- For the twelve months ending December 31, 2024, capital expenditures were approximately $1.326 million, also mainly for purchases of property and equipment.
- The company projects capital expenditures of approximately $1 million for 2025, increasing to an estimated $2 million for 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Arteris Earnings Notes | 12/16/2025 | |
| Arteris Stock On Fire: Up 56% With 14-Day Winning Streak | 12/12/2025 | |
| Arteris Stock 13-Day Winning Spree: Stock Climbs 55% | 12/11/2025 | |
| Arteris Stock 11-Day Winning Spree: Stock Climbs 44% | 12/09/2025 | |
| Arteris Stock 9-Day Winning Spree: Stock Climbs 32% | 12/05/2025 | |
| Arteris Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to AIP.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PANW | Palo Alto Networks | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03312026 | ALKT | Alkami Technology | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | DBX | Dropbox | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.6% | 2.6% | 0.0% |
| 03272026 | DLB | Dolby Laboratories | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 03272026 | PTC | PTC | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 321.75 |
| Mkt Cap | 183.4 |
| Rev LTM | 10,470 |
| Op Inc LTM | 3,345 |
| FCF LTM | 2,885 |
| FCF 3Y Avg | 2,451 |
| CFO LTM | 3,258 |
| CFO 3Y Avg | 2,782 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.9% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 22.1% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 26.9% |
| Op Inc Chg 3Y Avg | 6.5% |
| Op Mgn LTM | 25.7% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 26.1% |
| CFO/Rev 3Y Avg | 27.6% |
| FCF/Rev LTM | 19.5% |
| FCF/Rev 3Y Avg | 22.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 183.4 |
| P/S | 16.0 |
| P/Op Inc | 45.6 |
| P/EBIT | 41.5 |
| P/E | 50.4 |
| P/CFO | 62.2 |
| Total Yield | 2.2% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 25.6% |
| 3M Rtn | 34.1% |
| 6M Rtn | 78.5% |
| 12M Rtn | 260.4% |
| 3Y Rtn | 345.5% |
| 1M Excs Rtn | 17.0% |
| 3M Excs Rtn | 30.2% |
| 6M Excs Rtn | 74.9% |
| 12M Excs Rtn | 220.0% |
| 3Y Excs Rtn | 266.9% |
Price Behavior
Price Behavior
| Market Price | $23.58 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 10/27/2021 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $16.83 | $13.78 |
| DMA Trend | up | up |
| Distance from DMA | 40.1% | 71.1% |
| 3M | 1YR | |
| Volatility | 66.3% | 86.8% |
| Downside Capture | 0.25 | 0.91 |
| Upside Capture | 346.48 | 312.09 |
| Correlation (SPY) | 57.4% | 38.6% |
AIP Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.33 | 3.54 | 3.28 | 3.66 | 2.09 | 2.36 |
| Up Beta | 2.75 | 5.76 | 5.66 | 2.86 | 1.83 | 2.28 |
| Down Beta | 4.48 | 3.18 | 2.54 | 3.00 | 2.00 | 2.10 |
| Up Capture | 543% | 580% | 525% | 1202% | 786% | 6704% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 13 | 23 | 35 | 68 | 133 | 367 |
| Down Capture | 173% | 195% | 208% | 222% | 149% | 113% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 9 | 19 | 28 | 58 | 118 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIP | |
|---|---|---|---|---|
| AIP | 298.6% | 86.8% | 1.97 | - |
| Sector ETF (XLK) | 61.4% | 20.8% | 2.20 | 47.6% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 39.7% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | 8.4% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | 4.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 19.8% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 29.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIP | |
|---|---|---|---|---|
| AIP | 4.9% | 80.5% | 0.41 | - |
| Sector ETF (XLK) | 17.9% | 24.7% | 0.65 | 45.0% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 41.8% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 8.2% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 8.2% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 27.9% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AIP | |
|---|---|---|---|---|
| AIP | 2.4% | 80.5% | 0.41 | - |
| Sector ETF (XLK) | 22.8% | 24.3% | 0.85 | 45.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 41.8% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 8.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 8.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 27.9% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | -2.0% | -1.3% | 1.9% |
| 11/4/2025 | 26.1% | 25.9% | 42.5% |
| 8/5/2025 | -24.0% | -23.4% | -32.0% |
| 5/13/2025 | -10.1% | -11.7% | 1.4% |
| 2/18/2025 | -1.5% | -12.3% | -21.9% |
| 11/5/2024 | 18.7% | 16.2% | 23.9% |
| 8/1/2024 | -1.6% | -6.7% | 12.9% |
| 5/2/2024 | 38.4% | 42.0% | 30.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 8 |
| # Negative | 10 | 9 | 6 |
| Median Positive | 22.4% | 16.2% | 7.4% |
| Median Negative | -4.8% | -6.7% | -22.6% |
| Max Positive | 38.4% | 42.0% | 42.5% |
| Max Negative | -24.0% | -23.4% | -36.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 ACV + royalties | 85.00 Mil | 87.00 Mil | 89.00 Mil | 14.5% | Higher New | Guidance: 76.00 Mil for Q4 2025 | |
| Q1 2026 Revenue | 20.50 Mil | 21.00 Mil | 21.50 Mil | 12.9% | Higher New | Guidance: 18.60 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP operating loss | 2.50 Mil | 3.00 Mil | 3.50 Mil | 7.1% | Higher New | Guidance: 2.80 Mil for Q4 2025 | |
| Q1 2026 Free cash flow | -1.50 Mil | 0 | 1.50 Mil | -100.0% | Lower New | Guidance: 1.70 Mil for Q4 2025 | |
| 2026 ACV + royalties | 100.00 Mil | 102.00 Mil | 104.00 Mil | 34.2% | Higher New | Guidance: 76.00 Mil for 2025 | |
| 2026 Revenue | 89.00 Mil | 91.00 Mil | 93.00 Mil | 31.9% | Higher New | Guidance: 69.00 Mil for 2025 | |
| 2026 Non-GAAP operating loss | 5.00 Mil | 7.00 Mil | 9.00 Mil | -46.2% | Lower New | Guidance: 13.00 Mil for 2025 | |
| 2026 Free cash flow | 5.00 Mil | 7.00 Mil | 9.00 Mil | 75.0% | Higher New | Guidance: 4.00 Mil for 2025 | |
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 ACV + royalties | 74.00 Mil | 76.00 Mil | 78.00 Mil | ||||
| Q4 2025 Revenue | 18.40 Mil | 18.60 Mil | 18.80 Mil | ||||
| Q4 2025 Non-GAAP operating loss | 2.30 Mil | 2.80 Mil | 3.30 Mil | ||||
| Q4 2025 Free cash flow | 0.20 Mil | 1.70 Mil | 3.20 Mil | ||||
| 2025 ACV + royalties | 74.00 Mil | 76.00 Mil | 78.00 Mil | 1.3% | Raised | Guidance: 75.00 Mil for 2025 | |
| 2025 Revenue | 68.80 Mil | 69.00 Mil | 69.20 Mil | 1.5% | Raised | Guidance: 68.00 Mil for 2025 | |
| 2025 Non-GAAP operating loss | 12.50 Mil | 13.00 Mil | 13.50 Mil | 0.0% | Affirmed | Guidance: 13.00 Mil for 2025 | |
| 2025 Free cash flow | 2.50 Mil | 4.00 Mil | 5.50 Mil | 0.0% | Affirmed | Guidance: 4.00 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Janac, K Charles | President and CEO | Direct | Sell | 1062026 | 15.45 | 7,823 | 120,843 | 2,326,828 | Form |
| 2 | Moll, Laurent R | Chief Operating Officer | Direct | Sell | 1062026 | 15.45 | 5,373 | 82,997 | 3,892,561 | Form |
| 3 | Hawkins, Nicholas B | VP and Chief Financial Officer | Direct | Sell | 1062026 | 15.45 | 4,472 | 69,079 | 1,358,711 | Form |
| 4 | Alpern, Paul L | VP and General Counsel | Direct | Sell | 1062026 | 15.45 | 8,309 | 128,368 | 957,364 | Form |
| 5 | Moll, Laurent R | Chief Operating Officer | Direct | Sell | 12112025 | 18.96 | 17,937 | 340,112 | 4,877,315 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.