NVE (NVEC)
Market Price (7/6/2026): $98.29 | Market Cap: $475.4 MilSector: Information Technology | Industry: Semiconductors
NVE (NVEC)
Market Price (7/6/2026): $98.29Market Cap: $475.4 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 60% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 55% Megatrend and thematic driversMegatrends include Automation & Robotics, Electric Vehicles & Autonomous Driving, and Datacenter Power. Themes include Industrial Robotics, Show more. | Weak multi-year price returns3Y Excs Rtn is -48% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% Key risksNVEC key risks include [1] high vulnerability from its customer concentration and [2] recent revenue declines impacting profitability. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 4.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 60% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 55% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Electric Vehicles & Autonomous Driving, and Datacenter Power. Themes include Industrial Robotics, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -48% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 63% |
| Key risksNVEC key risks include [1] high vulnerability from its customer concentration and [2] recent revenue declines impacting profitability. |
Qualitative Assessment
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NVE (NVEC) stock has gained about 50% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Financial Performance and Optimistic Outlook.
NVE Corporation, whose fiscal year ends March 31, reported robust results for its fiscal Q4 2026 (ending March 31, 2026) on May 6, 2026, after the market closed. The company announced a 5% year-over-year increase in revenue to $7.65 million and a significant 27% year-over-year jump in net income to $4.93 million, or $1.02 per diluted share. For the full fiscal year 2026, total revenue reached $26.33 million, up 1.8%, with net income at $15.20 million, a 0.89% increase from the prior year. Management further bolstered investor confidence by projecting steady earnings per share and revenue growth, specifically anticipating a significant increase in defense sales and contract research and development (R&D) in fiscal 2027.
2. Successful Manufacturing Expansion and Strong Product Sales Growth.
A key driver for the stock's appreciation was the company's completion of a major manufacturing expansion. This initiative effectively doubled NVE's production capacity, positioning it for growth in critical markets such as medical devices and robotics. In fiscal Q4 2026, non-defense product sales notably surged by 34% year-over-year, which helped offset a decline in defense sales during the period. Product sales constituted a substantial 96.7% of the company's revenue in fiscal Q2 2026, demonstrating the importance of this segment. Additionally, NVE had plans for further production expansion, earmarking an additional $1.0 million to $1.5 million by the end of fiscal year 2026.
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NVE (NVEC) stock has gained about 50% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Financial Performance and Optimistic Outlook.
NVE Corporation, whose fiscal year ends March 31, reported robust results for its fiscal Q4 2026 (ending March 31, 2026) on May 6, 2026, after the market closed. The company announced a 5% year-over-year increase in revenue to $7.65 million and a significant 27% year-over-year jump in net income to $4.93 million, or $1.02 per diluted share. For the full fiscal year 2026, total revenue reached $26.33 million, up 1.8%, with net income at $15.20 million, a 0.89% increase from the prior year. Management further bolstered investor confidence by projecting steady earnings per share and revenue growth, specifically anticipating a significant increase in defense sales and contract research and development (R&D) in fiscal 2027.
2. Successful Manufacturing Expansion and Strong Product Sales Growth.
A key driver for the stock's appreciation was the company's completion of a major manufacturing expansion. This initiative effectively doubled NVE's production capacity, positioning it for growth in critical markets such as medical devices and robotics. In fiscal Q4 2026, non-defense product sales notably surged by 34% year-over-year, which helped offset a decline in defense sales during the period. Product sales constituted a substantial 96.7% of the company's revenue in fiscal Q2 2026, demonstrating the importance of this segment. Additionally, NVE had plans for further production expansion, earmarking an additional $1.0 million to $1.5 million by the end of fiscal year 2026.
3. Analyst Upgrade Reflecting Improving Business Fundamentals.
The stock received a significant boost from an analyst upgrade during the period. Zacks Equity Research upgraded NVEC to an "Outperform" rating on June 11, 2026. The upgrade was attributed to "improving business fundamentals, growing exposure to attractive end markets and the successful completion of a multi-year manufacturing expansion that positions the company for stronger growth in fiscal 2027 and beyond." This positive sentiment from analysts likely contributed to increased investor interest and confidence in the company's future prospects.
4. Strategic CEO Transition and Board Expansion.
On June 22, 2026, NVE Corporation announced a planned leadership transition. Daniel A. Baker, the President and CEO, is set to retire at the Annual Shareholders' Meeting on August 6, 2026. He will be succeeded by Peter G. Eames, currently the Vice President of Advanced Technology, who will assume the roles of President and CEO and join an expanded seven-member board. This orderly and strategic transition, bringing in a leader from within the company's advanced technology division, was likely perceived positively by the market as a move towards continuity and future innovation.
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Stock Movement Drivers
Fundamental Drivers
The 51.6% change in NVEC stock from 3/31/2026 to 7/5/2026 was primarily driven by a 41.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.77 | 98.22 | 51.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 26 | 1.5% |
| Net Income Margin (%) | 54.6% | 57.7% | 5.7% |
| P/E Multiple | 22.1 | 31.3 | 41.3% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | 51.6% |
Market Drivers
3/31/2026 to 7/5/2026| Return | Correlation | |
|---|---|---|
| NVEC | 51.6% | |
| Market (SPY) | 14.5% | 55.4% |
| Sector (XLK) | 35.9% | 65.7% |
Fundamental Drivers
The 69.9% change in NVEC stock from 12/31/2025 to 7/5/2026 was primarily driven by a 54.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.80 | 98.22 | 69.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 26 | 6.2% |
| Net Income Margin (%) | 55.8% | 57.7% | 3.5% |
| P/E Multiple | 20.2 | 31.3 | 54.6% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | 69.9% |
Market Drivers
12/31/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| NVEC | 69.9% | |
| Market (SPY) | 9.5% | 48.9% |
| Sector (XLK) | 25.6% | 59.6% |
Fundamental Drivers
The 41.3% change in NVEC stock from 6/30/2025 to 7/5/2026 was primarily driven by a 40.1% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.51 | 98.22 | 41.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 26 | 1.8% |
| Net Income Margin (%) | 58.2% | 57.7% | -0.9% |
| P/E Multiple | 22.3 | 31.3 | 40.1% |
| Shares Outstanding (Mil) | 5 | 5 | 0.0% |
| Cumulative Contribution | 41.3% |
Market Drivers
6/30/2025 to 7/5/2026| Return | Correlation | |
|---|---|---|
| NVEC | 41.3% | |
| Market (SPY) | 21.6% | 46.4% |
| Sector (XLK) | 43.2% | 50.6% |
Fundamental Drivers
The 18.7% change in NVEC stock from 6/30/2023 to 7/5/2026 was primarily driven by a 77.4% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7052026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.76 | 98.22 | 18.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 38 | 26 | -31.2% |
| Net Income Margin (%) | 59.3% | 57.7% | -2.7% |
| P/E Multiple | 17.6 | 31.3 | 77.4% |
| Shares Outstanding (Mil) | 5 | 5 | -0.1% |
| Cumulative Contribution | 18.7% |
Market Drivers
6/30/2023 to 7/5/2026| Return | Correlation | |
|---|---|---|
| NVEC | 18.7% | |
| Market (SPY) | 74.0% | 46.3% |
| Sector (XLK) | 111.6% | 48.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NVEC Return | 29% | 2% | 28% | 9% | -23% | 83% | 159% |
| Peers Return | 47% | -23% | 17% | -12% | 23% | 88% | 169% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| NVEC Win Rate | 58% | 42% | 67% | 50% | 42% | 86% | |
| Peers Win Rate | 62% | 40% | 55% | 43% | 53% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| NVEC Max Drawdown | -19% | -34% | -32% | -20% | -37% | -22% | |
| Peers Max Drawdown | -21% | -39% | -32% | -32% | -36% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRAM, ALGM, ADI, TXN, ST.
[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 7/2/2026 (YTD)
How Low Can It Go
| Event | NVEC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.4% | -18.8% |
| % Gain to Breakeven | 41.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.6% | -9.5% |
| % Gain to Breakeven | 25.9% | 10.5% |
| Time to Breakeven | 98 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.1% | -24.5% |
| % Gain to Breakeven | 51.7% | 32.4% |
| Time to Breakeven | 131 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.3% | -33.7% |
| % Gain to Breakeven | 64.8% | 50.9% |
| Time to Breakeven | 304 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.9% | -19.2% |
| % Gain to Breakeven | 20.3% | 23.8% |
| Time to Breakeven | 98 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.3% | -12.2% |
| % Gain to Breakeven | 19.5% | 13.9% |
| Time to Breakeven | 24 days | 62 days |
In The Past
NVE's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.6% gain to breakeven.
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Asset Allocation
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| Event | NVEC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.4% | -18.8% |
| % Gain to Breakeven | 41.6% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.6% | -9.5% |
| % Gain to Breakeven | 25.9% | 10.5% |
| Time to Breakeven | 98 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.1% | -24.5% |
| % Gain to Breakeven | 51.7% | 32.4% |
| Time to Breakeven | 131 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.3% | -33.7% |
| % Gain to Breakeven | 64.8% | 50.9% |
| Time to Breakeven | 304 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.5% | -6.8% |
| % Gain to Breakeven | 37.9% | 7.3% |
| Time to Breakeven | 409 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -31.8% | -53.4% |
| % Gain to Breakeven | 46.6% | 114.4% |
| Time to Breakeven | 18 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.0% | -8.6% |
| % Gain to Breakeven | 35.2% | 9.5% |
| Time to Breakeven | 665 days | 47 days |
In The Past
NVE's stock fell -29.4% during the 2025 US Tariff Shock. Such a loss loss requires a 41.6% 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 NVE (NVEC)
NVE Corporation (NVEC) is a technology company specializing in spintronics, a nanotechnology that leverages electron spin for advanced information acquisition, storage, and transmission. This core technology enables NVE to develop innovative devices critical for various data-driven applications across multiple industries.
The company's primary product offerings include spintronic sensors and couplers. Their standard sensors are designed to detect magnetic or metallic materials, enabling precise determination of position or speed, while custom and medical sensors are integrated into medical devices to replace traditional electromechanical switches. NVE's spintronic couplers are developed specifically for robust data transmission, catering to the growing industrial Internet of Things (IIoT) market.
NVE serves a diverse customer base, with its standard sensors predominantly utilized in the factory automation market and custom/medical sensors finding application in medical devices. The company's couplers are integral to the industrial Internet of Things sector, facilitating efficient data exchange. Additionally, NVE actively engages in the research, development, and licensing of spintronic magnetoresistive random access memory (MRAM) technology, underscoring its focus on future innovations in data storage.
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- Like a highly specialized Texas Instruments or Analog Devices, but exclusively focused on advanced spintronics sensors and couplers for industrial and medical applications.
- Intel for the niche world of spintronics-based magnetic sensors and data couplers.
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- Standard Sensors: These spintronic devices detect magnetic or metallic materials to determine position or speed, primarily serving the factory automation market.
- Custom and Medical Sensors: These spintronic sensors are designed for medical devices to replace traditional electromechanical magnetic switches.
- Spintronic Couplers: These components are used for acquiring and transmitting data, particularly for the industrial Internet of Things (IoT) market.
- Spintronic Magnetoresistive Random Access Memory (MRAM) Technology Licensing: NVE engages in the research, development, and licensing of this advanced memory technology.
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Major Customers of NVE Corporation (NVEC)
NVE Corporation (NVEC) primarily sells its spintronic products and technology to other businesses, making it a business-to-business (B2B) company. Based on the provided background information, specific names of its customer companies are not publicly disclosed.
However, NVE's major customers are Original Equipment Manufacturers (OEMs) and technology companies operating in the following key markets:
- Companies in the **factory automation market** that use NVE's standard sensors to detect magnetic or metallic materials for position or speed determination in their equipment.
- **Medical device manufacturers** that incorporate NVE's custom and medical sensors into their products, often replacing electromechanical magnetic switches.
- Companies focused on the **industrial Internet of Things (IIoT) market** that utilize NVE's spintronic couplers for data transmission within industrial applications.
- Potentially, other technology or semiconductor companies interested in licensing NVE's **spintronic magnetoresistive random access memory (MRAM) technology** for research, development, or production.
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Daniel A. Baker, Ph.D. President and Chief Executive Officer; Director
Dr. Baker has served as a director and NVE's President and CEO since January 2001. He possesses more than 45 years of executive and engineering experience. Before joining NVE, he was President and CEO of Printware, Inc., a manufacturer and marketer of high-speed imaging systems, from 1993. Prior to that, he held the position of Printware's Vice President of Sales, Marketing, and Product Development, and was a director from 1993 to 2000. Printware became publicly traded through its initial public stock offering in 1996 during his tenure. Dr. Baker also held roles as Director of Electronic Development for Minntech Corporation (now Cantel Medical Corp.) and Director of Engineering for Percom Data Corporation. He holds a Ph.D. in Biomedical Engineering and an MBA from the University of Minnesota, and a B.S. in Biomedical Engineering from Case Western Reserve University.
Joseph R. Schmitz Chief Financial Officer
Mr. Schmitz was appointed Chief Financial Officer of NVE Corporation effective January 20, 2022. He brings many years of experience as a finance leader, including various management positions at Trane Technologies. Mr. Schmitz earned an MBA from Indiana University and a B.S.B. in Accounting from the University of Minnesota. He is also a Certified Public Accountant (inactive) and a Certified Management Accountant.
Daniel Nelson Principal Financial Officer and Controller
Daniel Nelson oversees the company's financial reporting and controls. He is regularly involved in NVE's earnings calls, presenting financial results.
Peter G. Eames, Ph.D. Vice President of Advanced Technology
Dr. Eames is responsible for NVE's core research and development and product innovation efforts, particularly in the sensor and coupler product lines. He participates in earnings calls, providing updates on new equipment and R&D.
Terrence W. Glarner Chairman of the Board
Mr. Glarner has served as a director of NVE since 1999 and as Chairman of the Board since January 2001. Since 1993, he has been President of West Concord Ventures, Inc., a venture capital company. He has also served as a director for several other publicly traded companies. Mr. Glarner holds a B.A. in English from the University of St. Thomas, a J.D. from the University of Minnesota School of Law, and is a Chartered Financial Analyst.
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Key Business Risks for NVE Corporation (NVEC)
- Revenue Volatility and Concentration Risk: NVE Corporation faces significant revenue volatility due to its specialized product lines and reliance on specific market segments and customers. The company experienced a 13% decrease in total revenue in fiscal year 2025. More specifically, defense sector sales plummeted by 64% in the second quarter of fiscal year 2026, creating substantial instability in its revenue streams. Additionally, government research contracts, a key historical revenue source, are inherently volatile. The company's revenue is often dependent on a small number of customers and key products, meaning the loss of a major design win or customer could disproportionately impact its financial results.
- Dividend Sustainability Concerns: NVE Corporation has a history of distributing more in dividends than it earns, funding the gap by selling marketable securities. In the nine months ending December 2025, the dividend payout ratio was 141%, indicating that the company paid out significantly more than its net income. While the company possesses sufficient marketable securities to fund this deficit for several years, this practice is unsustainable in the long term. A potential reduction or discontinuance of cash dividends in the future could adversely affect the market price of its common stock.
- Intense Competition and Limited Growth Potential: NVE Corporation operates in a highly competitive segment of the semiconductor industry, contending with numerous competitors, many of whom possess greater financial, technical, and marketing resources. The company's niche focus on proprietary spintronic technology, while enabling high profit margins, inherently limits its overall growth potential and can lead to stagnant revenue growth. NVE is perceived by some as lacking the technological moat of its leading peers and the commercial apparatus necessary to secure new design wins in a crowded market where it offers what can be seen as standardized, commodity-like products.
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NVE Corporation (NVEC) operates in several addressable markets with substantial global valuations.
For its **spintronic sensors**, the broader industrial sensors market provides context. The global industrial sensors market was valued at approximately USD 30.56 billion in 2024 and is projected to grow to USD 57.14 billion by 2033, at a CAGR of 7.2% globally. Another estimate places the global industrial sensor market at USD 53.7 billion in 2025, with a projected growth to USD 98.1 billion by 2035. The U.S. industrial sensors market alone was valued at USD 16.2 billion in 2025. More specifically, the global current sensor market, where NVE is a market challenger, was valued at USD 3.29 billion in 2024 and is expected to reach USD 8.62 billion by 2034, exhibiting a CAGR of 10.3% globally. The overall spintronic sensors market, a subsegment of the broader spintronics market, is gaining momentum, with some reports indicating the global magnetic sensor industry is expected to exceed USD 6 billion by 2025.
NVE's **spintronic couplers** are primarily used in the industrial Internet of Things (IIoT) market. The global industrial IoT market was valued at USD 276.6 billion in 2025 and is projected to reach USD 964.16 billion by 2035, growing at a CAGR of 13.3% globally. North America is a significant region within this market, anticipated to capture a 36.7% share by 2035. Looking at the broader couplings market, which includes various types of couplings, the global market size was estimated at USD 1.31 billion in 2023 and is expected to reach USD 1.74 billion by 2032, with a CAGR of 3.2% globally. The industrial couplings market specifically is projected to reach USD 21.3 billion by 2032, exhibiting a CAGR of 3.75% globally. North America currently holds the largest share of the global couplings market, at approximately 40%.
For its **spintronic magnetoresistive random access memory (MRAM) technology**, the global MRAM market was valued at approximately USD 4.49 billion in 2025. This market is projected to experience substantial growth, reaching an estimated USD 86.78 billion by 2034, with a compound annual growth rate of 38.97% globally. Other estimates for the global MRAM market include USD 4.43 billion in 2026, expanding to USD 18.24 billion by 2031 at a 32.72% CAGR, or USD 6.63 billion in 2026, projected to reach USD 203.55 billion by 2035 at a 45.28% CAGR globally. North America is a leading region in the MRAM market, accounting for approximately 34% to 36% of the global market share. MRAM is also a dominant segment within the broader spintronics market, projected to account for 45% of the overall market share in 2024.
Overall, the entire **spintronics market**, encompassing sensors, couplers, and MRAM, demonstrates significant growth. The global spintronics market was valued at USD 4.8 billion in 2024 and is projected to reach USD 9.6 billion by 2030, with a CAGR of 10.5% globally. Another assessment places the global spintronics market size at USD 2.20 billion in 2025, with a prediction to increase to USD 49.33 billion by 2035, expanding at a CAGR of 36.48% globally. North America held a dominant position in the spintronics market in 2023, capturing over a 35.4% share.
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- Expansion into Medical and Industrial Markets with New Products: NVE Corporation is actively developing and sampling wafer-level chip scale sensors, receiving positive initial feedback from both medical and industrial end-markets. These new sensor technologies are specifically designed for miniaturized implantable medical devices, such as catheters requiring precise position sensing, and for broader industrial control applications.
- Recovery and Growth in Non-Defense and Distributor Sales: After a period of industry downturn, non-defense sales and distributor channels have shown signs of stabilization and recovery. Management anticipates continued growth in these areas, which bodes well for future revenue.
- Increased Defense Sector Revenue: Despite past volatility, management projects a sequential increase in military order revenue for Q2 FY2026 and Q3 FY2026.
- Leveraging Research and Development Investments and Enhanced Manufacturing Capabilities: The company has seen significant growth in contract R&D revenue in recent quarters and expects future sales to stem from these investments. Additionally, NVE Corporation is focusing capital expenditure on expanding manufacturing capacity and deploying new advanced fabrication equipment, which is anticipated to enhance operational capabilities and contribute to revenue growth.
- Strategic Partnerships and Price Escalations: NVE Corporation secured a two-year supplier extension with Abbott Laboratories, which includes price escalations through 2027. This partnership reinforces the company's position in the medical device market and provides a stable source of future revenue with built-in growth.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- NVE Corporation did not repurchase any shares in fiscal year 2025 or fiscal year 2024.
- In fiscal year 2022, the company repurchased $163,521 of its common stock.
- The company's stock repurchase program may be modified, but there is no specific dollar amount of future authorized repurchases reported for the last 3-5 years.
Share Issuance
- In fiscal year 2025, NVE Corporation issued shares valued at $114,162 primarily due to the exercise of stock options.
- In fiscal year 2024, the company issued shares valued at $117,463, mainly from the exercise of stock options.
Inbound Investments
- No significant inbound investments from third-parties (e.g., strategic partners or private equity firms) have been reported over the last 3-5 years.
- Historically, NVE has received over $50 million in government research contracts since its founding, which served as a non-dilutive source of capital for product development and intellectual property building.
Outbound Investments
- No significant outbound investments, such as acquisitions of other companies, have been reported over the last 3-5 years.
Capital Expenditures
- The investing cash flow for NVE Corporation was approximately $2.67 million in fiscal year 2025, $9.58 million in fiscal year 2024, $8.53 million in fiscal year 2021, and $7.02 million in fiscal year 2022. (Note: Investing cash flow can include more than just capital expenditures, such as purchases or sales of marketable securities or other investments).
- NVE has focused its capital expenditures on increasing its wafer-level chip-scale package (WLCSP) capacity.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Is NVE Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.85 |
| Mkt Cap | 8.4 |
| Rev LTM | 2,309 |
| Op Inc LTM | 278 |
| FCF LTM | 317 |
| FCF 3Y Avg | 234 |
| CFO LTM | 394 |
| CFO 3Y Avg | 344 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.4% |
| Rev Chg 3Y Avg | -0.9% |
| Rev Chg Q | 15.9% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 21.7% |
| Op Inc Chg 3Y Avg | -6.3% |
| Op Mgn LTM | 23.6% |
| Op Mgn 3Y Avg | 20.2% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 29.2% |
| CFO/Rev 3Y Avg | 28.5% |
| FCF/Rev LTM | 17.1% |
| FCF/Rev 3Y Avg | 11.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 26 | 30 | |||
| Contract research and development | 1 | 1 | 1 | ||
| Product sales | 37 | 26 | 21 | ||
| Total | 26 | 30 | 38 | 27 | 21 |
| $ Mil | 1999 |
|---|---|
| Canadian Operaions | 1 |
| Domestic operations | -1 |
| Total | 0 |
| $ Mil | 1999 |
|---|---|
| Domestic operations | 3 |
| Canadian Operaions | 0 |
| Total | 3 |
Price Behavior
| Market Price | $98.22 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 09/11/1996 | |
| Distance from 52W High | -16.0% | |
| 50 Days | 200 Days | |
| DMA Price | $95.32 | $73.53 |
| DMA Trend | up | up |
| Distance from DMA | 3.0% | 33.6% |
| 3M | 1YR | |
| Volatility | 71.2% | 51.8% |
| Downside Capture | 510.34 | 229.37 |
| Upside Capture | 412.08 | 217.28 |
| Correlation (SPY) | 56.1% | 46.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.19 | 3.07 | 2.43 | 1.96 | 1.90 | 1.36 |
| Up Beta | -1.19 | -1.28 | -0.47 | 0.10 | 1.26 | 1.19 |
| Down Beta | 2.03 | 1.75 | 1.87 | 1.35 | 1.76 | 1.18 |
| Up Capture | 678% | 725% | 615% | 608% | 392% | 343% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 23 | 39 | 71 | 131 | 376 |
| Down Capture | 358% | 377% | 374% | 191% | 159% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 18 | 24 | 54 | 121 | 374 |
[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 NVEC | |
|---|---|---|---|---|
| NVEC | 40.7% | 51.7% | 0.84 | - |
| Sector ETF (XLK) | 44.7% | 24.0% | 1.48 | 50.6% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 46.4% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 21.9% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | 0.5% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 9.8% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 19.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVEC | |
|---|---|---|---|---|
| NVEC | 12.5% | 41.8% | 0.40 | - |
| Sector ETF (XLK) | 20.9% | 25.4% | 0.73 | 44.6% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 42.0% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 10.8% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 7.3% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 23.7% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 18.0% |
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 NVEC | |
|---|---|---|---|---|
| NVEC | 11.7% | 41.8% | 0.40 | - |
| Sector ETF (XLK) | 24.9% | 24.8% | 0.91 | 44.5% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 44.8% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 9.6% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 14.0% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 30.0% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
NVE — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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