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Everspin Technologies (MRAM)

Market Price (5/24/2026): $33.33 | Market Cap: $771.2 Mil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Everspin Technologies (MRAM)

Market Price (5/24/2026): $33.33
Market Cap: $771.2 Mil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Automation & Robotics. Themes include Edge AI, AI Chips, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -7.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 86x, P/EPrice/Earnings or Price/(Net Income) is 2,744x

Stock price has recently run up significantly
6M Rtn6 month market price return is 349%, 12M Rtn12 month market price return is 448%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 255%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%

High stock price volatility
Vol 12M is 102%

Key risks
MRAM key risks include [1] slow market adoption of its premium-priced MRAM technology due to intense competition and [2] challenges in scaling to high-volume manufacturing, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Automation & Robotics. Themes include Edge AI, AI Chips, Show more.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -7.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 86x, P/EPrice/Earnings or Price/(Net Income) is 2,744x
4 Stock price has recently run up significantly
6M Rtn6 month market price return is 349%, 12M Rtn12 month market price return is 448%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 255%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1%
9 High stock price volatility
Vol 12M is 102%
10 Key risks
MRAM key risks include [1] slow market adoption of its premium-priced MRAM technology due to intense competition and [2] challenges in scaling to high-volume manufacturing, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Everspin Technologies (MRAM) stock has gained about 160% since 1/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance Exceeding Expectations: Everspin Technologies reported robust unaudited financial results for the first quarter ended March 31, 2026, with total revenue of $14.9 million, a 13% increase from $13.1 million in Q1 2025. MRAM product sales notably climbed to $14.1 million from $11.0 million year-over-year. The company delivered a significant non-GAAP net income of $2.6 million, or $0.11 per diluted share, a substantial rise from $0.4 million, or $0.02 per diluted share, in Q1 2025. The reported EPS of $0.40 dramatically surpassed the forecasted $0.01, representing a 3900% surprise. This strong performance was driven by increased demand across industrial automation, transportation, and data center applications, coupled with a recovery in customer demand, particularly in Japan.

2. Award of a $40 Million U.S. Defense Contract: Everspin announced a new $40 million contract with a U.S. prime contractor on April 29, 2026, to supply State-of-the-Art (SOTA) MRAM process technology and engineering services for the United States Defense Industrial Base. This 2.5-year agreement provides significant revenue visibility and strengthens the company's backlog in specialized MRAM applications.

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Stock Movement Drivers

Fundamental Drivers

The 159.3% change in MRAM stock from 1/31/2026 to 5/23/2026 was primarily driven by a 149.3% change in the company's P/S Multiple.
(LTM values as of)13120265232026Change
Stock Price ($)12.9933.68159.3%
Change Contribution By: 
Total Revenues ($ Mil)54576.1%
P/S Multiple5.513.7149.3%
Shares Outstanding (Mil)2323-2.0%
Cumulative Contribution159.3%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/23/2026
ReturnCorrelation
MRAM159.3% 
Market (SPY)8.1%43.0%
Sector (XLK)25.5%47.7%

Fundamental Drivers

The 217.7% change in MRAM stock from 10/31/2025 to 5/23/2026 was primarily driven by a 1796.8% change in the company's P/E Multiple.
(LTM values as of)103120255232026Change
Stock Price ($)10.6033.68217.7%
Change Contribution By: 
Total Revenues ($ Mil)525710.2%
Net Income Margin (%)3.2%0.5%-84.4%
P/E Multiple144.72,743.91796.8%
Shares Outstanding (Mil)2323-2.7%
Cumulative Contribution217.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/23/2026
ReturnCorrelation
MRAM217.7% 
Market (SPY)9.9%40.4%
Sector (XLK)20.3%45.8%

Fundamental Drivers

The 535.5% change in MRAM stock from 4/30/2025 to 5/23/2026 was primarily driven by a 471.6% change in the company's P/S Multiple.
(LTM values as of)43020255232026Change
Stock Price ($)5.3033.68535.5%
Change Contribution By: 
Total Revenues ($ Mil)495715.9%
P/S Multiple2.413.7471.6%
Shares Outstanding (Mil)2223-4.1%
Cumulative Contribution535.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/23/2026
ReturnCorrelation
MRAM535.5% 
Market (SPY)36.0%38.4%
Sector (XLK)72.8%44.9%

Fundamental Drivers

The 441.5% change in MRAM stock from 4/30/2023 to 5/23/2026 was primarily driven by a 13189.7% change in the company's P/E Multiple.
(LTM values as of)43020235232026Change
Stock Price ($)6.2233.68441.5%
Change Contribution By: 
Total Revenues ($ Mil)6057-5.1%
Net Income Margin (%)10.2%0.5%-95.1%
P/E Multiple20.62,743.913189.7%
Shares Outstanding (Mil)2023-12.1%
Cumulative Contribution441.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/23/2026
ReturnCorrelation
MRAM441.5% 
Market (SPY)86.3%33.4%
Sector (XLK)144.2%39.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MRAM Return146%-51%63%-29%45%250%605%
Peers Return39%-17%58%-18%81%117%486%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
MRAM Win Rate58%33%50%42%58%60% 
Peers Win Rate60%42%65%48%53%68% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
MRAM Max Drawdown-32%-62%-20%-45%-37%-49% 
Peers Max Drawdown-24%-44%-28%-45%-39%-25% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NVEC, MU, INTC, LSCC, RMBS.
[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 5/22/2026 (YTD)

How Low Can It Go

EventMRAMS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.3%23.1%
  Time to Breakeven35 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.1%-7.8%
  % Gain to Breakeven26.7%8.5%
  Time to Breakeven59 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.0%-9.5%
  % Gain to Breakeven13.6%10.5%
  Time to Breakeven699 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.3%-6.7%
  % Gain to Breakeven15.3%7.1%
  Time to Breakeven50 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.8%-24.5%
  % Gain to Breakeven161.5%32.4%
  Time to Breakeven1290 days427 days
2020 COVID-19 Crash
  % Loss-48.0%-33.7%
  % Gain to Breakeven92.2%50.9%
  Time to Breakeven46 days140 days

Compare to NVEC, MU, INTC, LSCC, RMBS

In The Past

Everspin Technologies's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.3% 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.

EventMRAMS&P 500
2025 US Tariff Shock
  % Loss-28.2%-18.8%
  % Gain to Breakeven39.3%23.1%
  Time to Breakeven35 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.1%-7.8%
  % Gain to Breakeven26.7%8.5%
  Time to Breakeven59 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-61.8%-24.5%
  % Gain to Breakeven161.5%32.4%
  Time to Breakeven1290 days427 days
2020 COVID-19 Crash
  % Loss-48.0%-33.7%
  % Gain to Breakeven92.2%50.9%
  Time to Breakeven46 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.5%-19.2%
  % Gain to Breakeven36.1%23.8%
  Time to Breakeven62 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-21.1%-3.7%
  % Gain to Breakeven26.7%3.9%
  Time to Breakeven66 days6 days

Compare to NVEC, MU, INTC, LSCC, RMBS

In The Past

Everspin Technologies's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.3% 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 Everspin Technologies (MRAM)

Everspin Technologies, Inc. manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM. The company provides its products for applications, including data center, industrial, medical, automotive/transportation, and aerospace markets. It serves original equipment manufacturers and original design manufacturers through a direct sales channel and a network of representatives and distributors. Everspin Technologies, Inc. was incorporated in 2008 and is headquartered in Chandler, Arizona.

AI Analysis | Feedback

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Here are 1-3 brief analogies for Everspin Technologies (MRAM):

  1. They're like a specialized Micron or Samsung, but exclusively manufacturing MRAM, a unique and robust memory technology.
  2. Imagine a semiconductor company like Intel or Qualcomm, but instead of CPUs or mobile chips, they create a cutting-edge, non-volatile memory called MRAM.
  3. They are a niche component supplier, much like Texas Instruments or Analog Devices, but their specialty is advanced MRAM chips for high-reliability applications.
```

AI Analysis | Feedback

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  • Toggle MRAM: A type of magnetoresistive random access memory product.
  • Spin-Transfer Torque MRAM (STT-MRAM): An advanced form of magnetoresistive random access memory.
  • Tunnel Magneto Resistance Sensor Products: Products that utilize the tunnel magnetoresistance effect for sensing applications.
  • Foundry Services for Embedded MRAM: Services that involve manufacturing embedded MRAM components for other companies.
```

AI Analysis | Feedback

Everspin Technologies (MRAM) primarily sells its products to other companies, specifically Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs).

These customers integrate Everspin's magnetoresistive random access memory (MRAM) products, spin-transfer torque MRAM, and tunnel magneto resistance sensors into their own systems and products. The company serves customers across several key markets, including:

  • Data Center
  • Industrial
  • Medical
  • Automotive/Transportation
  • Aerospace

While Everspin Technologies' financial filings (e.g., 10-K) indicate a high customer concentration, with a few major customers accounting for a significant portion of its revenue, the company does not publicly disclose the specific names of these major customers. This is common practice for component suppliers due to competitive and proprietary reasons.

AI Analysis | Feedback

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Sanjeev Aggarwal President and Chief Executive Officer

Dr. Sanjeev Aggarwal has been instrumental in shaping Everspin Technologies since its inception in 2008, holding various leadership positions including Chief Technology Officer, Vice President of Technology R&D, and Vice President of Operations. With over 25 years of expertise in the non-volatile memory and semiconductor industry, he joined Everspin from Freescale Semiconductor, where he was part of the team that spun out to form Everspin Technologies. Prior to Freescale, Dr. Aggarwal played a lead role in the development and commercialization of ferroelectric memories at Texas Instruments, for which he received a Technical Excellence Award. He holds a doctorate in Materials Science and Engineering from Cornell University.

William Cooper Chief Financial Officer

William "Bill" Cooper was appointed Chief Financial Officer of Everspin Technologies effective January 6, 2025. He brings over 20 years of semiconductor finance leadership experience. Prior to Everspin, Mr. Cooper held various executive finance positions at Advanced Micro Devices (AMD) from 2004 to 2024, including Director of Financial Planning and Analysis. At AMD, he was also involved in operations finance, supporting the spin-off of AMD's manufacturing facilities to GlobalFoundries. He served as Chief Financial Officer for the Data Division of Volex plc from 2015 to 2016. Earlier in his career, he spent a decade in finance management roles within the medical device industry and over five years in public accounting with PricewaterhouseCoopers LLP. Mr. Cooper is a Certified Public Accountant and holds a Bachelor of Business Administration in Accounting from the University of Texas at Austin.

Amit Shah Vice President of Operations

Amit Shah leads the Operations team at Everspin, overseeing year-over-year growth in shipments, product cost, quality, and customer commitments. He has over 25 years of leadership experience in supply chain, New Product Introduction (NPI), product and test engineering, operations, assembly, and package engineering. Mr. Shah joined Everspin in 2014 to manage MRAM product and test engineering activities.

Yong Kim Vice President, Engineering

Yong Kim is responsible for product development at Everspin, including design engineering. He is a 27-year veteran of the semiconductor industry, having joined Everspin in 2019 from Cypress Semiconductor, where he was Vice President of Design for NOR and 3D NAND products. Mr. Kim also held positions at Spansion and AMD before Spansion's acquisition by Cypress. He earned a Master of Science in Electrical Engineering from Santa Clara University and a Bachelor of Science in Electrical Engineering from Oregon State University.

David Schrenk Vice President, Business Development

David Schrenk focuses on acquiring new MRAM applications and users, developing manufacturing strategies, essential services, and strategic partnerships. He has been with Everspin since 2018, previously serving as Vice President of Sales and Business Development and Senior Director of Business Development and Business Marketing. His background includes over 18 years in sales and marketing roles at Intel Corporation, where he most recently managed the team responsible for mobile segment product pricing.

AI Analysis | Feedback

The key risks to Everspin Technologies' business include challenges in scaling manufacturing and achieving consistent profitability, as well as an ongoing patent infringement lawsuit.

  1. Challenges in High-Volume Manufacturing and Operational Efficiency: Everspin Technologies faces the significant challenge of transitioning from a niche technology leader to a high-volume manufacturer. The company must consistently improve product yields, especially for its newer spin-transfer torque MRAM (STT-MRAM) products, to maintain its gross margin. This includes execution risk related to new product ramps.
  2. Pressure on Profitability and Operating Leverage: Despite maintaining strong gross margins, Everspin's operational overhead consumes most of its profit, resulting in a net profit margin significantly below the semiconductor industry average. The company reported a slim GAAP net income in Q3 2025 and a GAAP net loss for the full year 2025, with non-GAAP net income also declining compared to 2024. Additionally, licensing and royalty revenue, which traditionally carried high margins, has become less predictable and declined in 2025, contributing to overall margin pressure.
  3. Patent Infringement Lawsuit: In January 2026, Avalanche Technology filed a patent infringement lawsuit against Everspin Technologies in the United States District Court for the District of Delaware. The lawsuit specifically targets Everspin's Spin-transfer Torque MRAM product line. This legal action presents a significant risk, potentially leading to substantial costs, diversion of resources, and possible impacts on product sales or market access.

AI Analysis | Feedback

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AI Analysis | Feedback

Everspin Technologies (symbol: MRAM) operates in several addressable markets for its magnetoresistive random access memory (MRAM) products and tunnel magnetoresistance (TMR) sensor products.

The overall global MRAM market, which includes both Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM), was valued at approximately USD 3.19 billion to USD 4.22 billion in 2024. This market is projected for substantial growth, with estimates ranging from USD 21.14 billion by 2030 to USD 91.29 billion by 2034. North America is a significant region within the global MRAM market, contributing 36.9% to 48% of the global revenue in 2024. Specifically, the U.S. MRAM market was valued at USD 1.42 billion in 2024 and is predicted to reach around USD 28.98 billion by 2034.

For Everspin's key product categories:

  • Spin-Transfer Torque MRAM (STT-MRAM): This segment is a dominant force within the global MRAM market. It held between 64% and 69.7% of the global MRAM market share in 2024. The STT-MRAM market was valued at USD 1.4 billion globally in 2025. STT-MRAM is recognized for its superior performance, including faster read/write speeds, lower power consumption, and higher density compared to traditional memory technologies.
  • Toggle MRAM: While Everspin offers Toggle MRAM, specific standalone market sizing for this product type is not readily available in the provided data. Toggle MRAM is encompassed within the broader MRAM market.
  • Tunnel Magneto Resistance (TMR) Sensor Products: The global TMR sensors market was valued at approximately USD 227.63 million to USD 535.00 million in 2024. This market is anticipated to expand, with projections estimating a value between USD 505.97 million by 2032 and USD 1.055.11 billion by 2032. North America held the largest market share for TMR sensors, accounting for 38% in 2024.
  • Foundry Services for Embedded MRAM: Although a specific market size for "foundry services" is not explicitly provided, the embedded MRAM segment constituted 62.00% of the overall MRAM market share in 2025, indicating a substantial addressable market for these services globally.

AI Analysis | Feedback

Everspin Technologies (NASDAQ: MRAM) anticipates several key drivers to fuel its revenue growth over the next two to three years:

  1. Ramp-up of High-Density STT-MRAM Applications: A significant driver is the continued ramp-up of high-density Spin-Transfer Torque MRAM (STT-MRAM) products, particularly the 1-gigabit PERSYST STT-MRAM in applications such as the IBM FlashCore Module 4 (FCM4) for data centers. This strategic win and its ongoing production are expected to contribute significantly to product revenue.
  2. Conversion of Design Wins into Production: Everspin has demonstrated a strong momentum in securing design wins, with 238 wins reported in 2025, an increase from 178 in the prior year. These design wins span various markets including industrial, energy management, data centers, automotive/transportation, gaming, and aerospace, and are projected to transition into production and contribute to revenue in 2026 and 2027.
  3. Expansion of High-Reliability PERSYST MRAM Products: The company is expanding its PERSYST high-reliability MRAM product portfolio, including the ramp of its 64Mb xSPI STT-MRAM to full production with shipments to low Earth orbit (LEO) satellite customers. Furthermore, Everspin is qualifying larger 128Mb and 256Mb high-reliability parts and plans a monolithic 256Mb tape-out on TSMC 16nm, aiming to launch a new Unified Memory family which will cater to high-value programs.
  4. Growth in Strategic Partnerships and New Market Penetration: Everspin is actively engaging in strategic partnerships and qualifications to expand MRAM applications. Examples include collaborations with Microchip for its PIC64 HPSC, and engagements with Lattice and the Fraunhofer Chiplet Center for advancements in industrial automation and automotive use cases. These partnerships are crucial for broadening the MRAM ecosystem and securing new opportunities in diverse end markets.

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Share Issuance

  • Everspin Technologies' shares outstanding increased from 19.51 million in 2021 to 22.66 million in 2025, reflecting ongoing share issuances.
  • The number of shares outstanding increased by approximately 3.57% in 2022, 3.18% in 2023, 4.41% in 2024, and 4.15% in 2025.

Inbound Investments

  • Everspin Technologies received a strategic $14.55 million project from the Department of Defense (DoD) in August 2024 to provide stable MRAM manufacturing for aerospace and defense applications.
  • In August 2024, the company secured a contract with Frontgrade Technologies for up to $9.25 million, with an initial phase valued at approximately $1.25 million, to provide MRAM technology for Strategic Radiation Hardened eMRAM macro development.
  • A strategic award of up to $10.5 million over four years was granted to Everspin in March 2025 by a consortium led by Purdue University, with the current phase valued at approximately $4 million, to utilize Everspin MRAM for an in-memory compute project.

Capital Expenditures

  • Capital expenditures were approximately $1.03 million in 2021, $1.404 million in 2023, and $3.06 million in 2024.
  • The company reported $3.6 million in capital expenditures in Q4 2025, and total capital expenditures were about $4.99 million over the twelve months leading up to November 2025.
  • Expected capital expenditures for 2026 are approximately $2.6 million, primarily focused on investing in MRAM technology, manufacturing capabilities, and developing products in advanced technology nodes (22nm and 16nm FinFet) with access to 300mm wafers.

Better Bets vs. Everspin Technologies (MRAM)

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Peer Comparisons

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Financials

MRAMNVECMUINTCLSCCRMBSMedian
NameEverspin.NVE Micron T.Intel Lattice .Rambus  
Mkt Price33.6891.25751.00119.84143.22142.98131.41
Mkt Cap0.80.4845.6609.119.615.417.5
Rev LTM572658,11953,763574721648
Op Inc LTM-71628,1331,05635259147
FCF LTM-31410,281-3,11912833571
FCF 3Y Avg4152,526-9,40915124983
CFO LTM91730,6539,980193366280
CFO 3Y Avg101615,54010,779197277237

Growth & Margins

MRAMNVECMUINTCLSCCRMBSMedian
NameEverspin.NVE Micron T.Intel Lattice .Rambus  
Rev Chg LTM15.9%1.8%85.5%1.4%17.4%19.1%16.7%
Rev Chg 3Y Avg-0.6%-11.2%45.3%-1.6%-4.1%16.1%-1.1%
Rev Chg Q13.2%5.3%196.3%7.2%42.2%8.1%10.7%
QoQ Delta Rev Chg LTM3.1%1.5%37.4%1.7%9.7%1.9%2.5%
Op Inc Chg LTM13.4%-0.5%354.6%125.6%-30.0%22.4%17.9%
Op Inc Chg 3Y Avg-92.1%-14.0%108.3%-140.2%-39.8%50.6%-26.9%
Op Mgn LTM-12.8%60.5%48.4%2.0%6.1%35.9%21.0%
Op Mgn 3Y Avg-7.6%61.5%15.6%-1.5%13.7%31.7%14.7%
QoQ Delta Op Mgn LTM-1.0%1.0%15.9%2.0%3.1%-0.9%1.5%
CFO/Rev LTM16.0%63.3%52.7%18.6%33.7%50.7%42.2%
CFO/Rev 3Y Avg17.6%59.9%36.8%19.9%33.2%45.8%35.0%
FCF/Rev LTM-5.3%54.9%17.7%-5.8%22.3%46.5%20.0%
FCF/Rev 3Y Avg7.5%55.5%0.5%-17.4%25.1%41.1%16.3%

Valuation

MRAMNVECMUINTCLSCCRMBSMedian
NameEverspin.NVE Micron T.Intel Lattice .Rambus  
Mkt Cap0.80.4845.6609.119.615.417.5
P/S13.716.814.511.334.121.415.7
P/Op Inc-106.927.730.1576.8564.259.744.9
P/EBIT-106.927.729.9-815.5564.254.328.8
P/E2,743.929.035.1-191.9985.767.251.1
P/CFO85.726.527.661.0101.342.251.6
Total Yield0.0%7.8%2.9%-0.5%0.1%1.5%0.8%
Dividend Yield0.0%4.4%0.1%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg3.2%4.3%0.1%-7.0%1.5%3.5%2.4%
D/E0.00.00.00.10.00.00.0
Net D/E-0.0-0.0-0.00.0-0.0-0.0-0.0

Returns

MRAMNVECMUINTCLSCCRMBSMedian
NameEverspin.NVE Micron T.Intel Lattice .Rambus  
1M Rtn166.9%17.8%55.9%79.5%21.4%3.2%38.6%
3M Rtn206.5%40.0%75.5%171.7%46.5%39.3%61.0%
6M Rtn349.1%56.9%262.5%247.4%112.9%62.2%180.1%
12M Rtn447.6%34.7%706.3%497.7%207.1%167.4%327.4%
3Y Rtn348.5%25.3%1,043.4%321.7%88.3%149.4%235.5%
1M Excs Rtn161.7%12.7%50.8%74.3%16.2%-1.9%33.5%
3M Excs Rtn204.0%28.7%69.2%165.4%37.4%40.8%55.0%
6M Excs Rtn311.7%48.3%220.2%228.8%106.8%46.0%163.5%
12M Excs Rtn438.2%7.6%657.6%451.3%179.9%133.9%309.0%
3Y Excs Rtn255.2%-58.5%992.1%243.9%-4.4%87.3%165.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment5064   
Licensing, royalty, patent, and other revenue  5112
Product sales  554440
Total5064605542


Price Behavior

Price Behavior
Market Price$33.68 
Market Cap ($ Bil)0.8 
First Trading Date10/07/2016 
Distance from 52W High-23.5% 
   50 Days200 Days
DMA Price$17.20$11.43
DMA Trendupup
Distance from DMA95.8%194.6%
 3M1YR
Volatility161.4%102.1%
Downside Capture487.80366.03
Upside Capture778.29459.32
Correlation (SPY)40.2%40.1%
MRAM Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.263.133.483.142.631.38
Up Beta2.111.792.432.681.471.04
Down Beta1.082.302.372.242.731.31
Up Capture471%589%622%745%1154%585%
Bmk +ve Days15223166141428
Stock +ve Days18293869134375
Down Capture-7%321%321%237%187%110%
Bmk -ve Days4183056108321
Stock -ve Days4132555110357

[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 MRAM
MRAM493.0%101.9%2.18-
Sector ETF (XLK)58.5%20.5%2.1345.6%
Equity (SPY)29.5%12.0%1.8639.7%
Gold (GLD)35.5%26.8%1.1115.8%
Commodities (DBC)42.9%18.7%1.770.2%
Real Estate (VNQ)15.2%13.1%0.8217.6%
Bitcoin (BTCUSD)-31.3%41.8%-0.7830.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MRAM
MRAM47.1%75.6%0.81-
Sector ETF (XLK)22.7%24.8%0.8041.3%
Equity (SPY)14.0%17.0%0.6437.2%
Gold (GLD)18.8%18.0%0.859.4%
Commodities (DBC)10.4%19.4%0.425.6%
Real Estate (VNQ)3.8%18.8%0.1019.6%
Bitcoin (BTCUSD)11.6%55.3%0.4121.1%

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 MRAM
MRAM15.9%78.1%0.53-
Sector ETF (XLK)25.3%24.4%0.9332.9%
Equity (SPY)15.7%17.9%0.7530.2%
Gold (GLD)13.0%16.0%0.673.7%
Commodities (DBC)7.8%17.9%0.3511.0%
Real Estate (VNQ)5.5%20.7%0.2317.1%
Bitcoin (BTCUSD)66.7%66.9%1.068.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity0.9 Mil
Short Interest: % Change Since 41520260.5%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity23.1 Mil
Short % of Basic Shares3.9%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/2025-17.2%-14.6%-12.9%
8/6/20251.5%6.9%9.6%
2/26/2025-1.4%-4.0%-9.8%
10/30/2024-9.4%-8.9%-10.0%
7/31/2024-2.9%-15.9%-11.1%
2/28/2024-11.4%-10.1%-13.3%
11/1/2023-11.3%-9.8%-4.9%
8/2/20237.5%7.5%12.8%
...
SUMMARY STATS   
# Positive767
# Negative121312
Median Positive7.4%7.2%10.1%
Median Negative-10.4%-9.8%-10.6%
Max Positive39.7%22.5%33.5%
Max Negative-25.7%-38.7%-38.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/29/202610-Q
12/31/202503/04/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202504/30/202510-Q
12/31/202402/27/202510-K
09/30/202411/05/202410-Q
06/30/202408/02/202410-Q
03/31/202405/02/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202203/02/202310-K
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q

Recent Forward Guidance [BETA]

Latest: Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Revenue14.00 Mil14.50 Mil15.00 Mil3.6% RaisedGuidance: 14.00 Mil for Q3 2025
Q4 2025 GAAP Net Income per Diluted Share0.020.040.07 7.0%RaisedGuidance: -0.03 for Q3 2025
Q4 2025 Non-GAAP Net Income per Diluted Share0.080.10.13133.3%6.0%RaisedGuidance: 0.04 for Q3 2025

Prior: Q2 2025 Earnings Reported 8/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2025 Revenue13.50 Mil14.00 Mil14.50 Mil7.7% RaisedGuidance: 13.00 Mil for Q2 2025
Q3 2025 GAAP EPS-0.05-0.0300 AffirmedGuidance: -0.03 for Q2 2025
Q3 2025 Non-GAAP EPS0.020.040.0780.0% RaisedGuidance: 0.03 for Q2 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Ribar, Geoffrey G DirectSell521202628.8727,488793,5792,715,599Form
2Cooper, William EarlChief Financial OfficerDirectSell521202629.1310,000291,3004,399,504Form
3Aggarwal, SanjeevPresident and CEODirectSell519202632.62102,1923,333,17126,726,885Form
4Aggarwal, SanjeevPresident and CEODirectSell519202640.008,784351,36032,776,880Form
5Hawk, Glen DirectSell515202637.9548,5631,843,1091,501,077Form

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