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Monday 2 November 2026
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Astera Labs, Inc.
ALAB Technology Semiconductors
Astera Labs, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $852.5 million, up 115.1% from fiscal 2024.
- Revenue
- +104.5%
- EPS
- +187.1%
- Free cash flow
- −49.6%
Quarter to June 2026, against a year earlier
230.28
28.42
−10.99%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 80 | 116 | 396 | 853 | 1,202 | +120.2% | 1,909 | 2,976 | 3,823 | +64.9% | |
| Gross margin, % | — | — | — | — | — | — | 73.47 | 68.94 | 76.38 | 75.69 | 75.13 | +2.2 pt | ||||||
| EBT | — | — | — | — | — | — | (58) | (23) | (82) | 218 | 322 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | (72.09) | (19.82) | (20.64) | 25.59 | 26.79 | +97.7 pt | ||||||
| Net income | — | — | — | — | — | — | (58) | (26) | (83) | 219 | 369 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 2.34 | 3.12 | 3.02 | 5.12 | 6.97 | +29.9% | |||||
| Earnings | — | — | — | — | — | — | (1.71) | (0.71) | (0.64) | 1.32 | 2.17 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | (1.05) | (0.34) | 1.04 | 1.92 | 1.95 | n/m | ||||||
| Capex | — | — | — | — | — | — | (0.11) | (0.07) | (0.26) | (0.23) | (0.34) | +25.8% | ||||||
| Free cash flow | — | — | — | — | — | — | (1.16) | (0.42) | 0.78 | 1.69 | 1.61 | n/m | ||||||
| Book value | — | — | — | — | — | — | (2.50) | (2.63) | 7.35 | 8.19 | 10.01 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 34 | 37 | 131 | 166 | 169 | +69.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 126.99 | 106.12 | 31.7 | |||||
| P/S | — | — | — | — | — | — | 19.89 | 19.89 | 43.87 | 32.47 | 33.03 | 29.0 | ||||||
| P/B | — | — | — | — | — | — | 0.00 | 0.00 | 18.02 | 20.30 | 23.00 | 9.6 | ||||||
| EV/Sales | — | — | — | — | — | — | 18.60 | 18.60 | 41.56 | 31.08 | 31.98 | 27.5 | ||||||
| EV/FCF | — | — | — | — | — | — | (139.17) | (139.17) | 160.80 | 94.03 | 138.94 | (5.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | (36) | (13) | 137 | 319 | 336 | n/m | |||||
| Capex | — | — | — | — | — | — | (4) | (3) | (34) | (38) | (59) | +113.2% | ||||||
| Free cash flow | — | — | — | — | — | — | (40) | (15) | 102 | 282 | 277 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 166 | 151 | 926 | 1,229 | 1,488 | +94.9% | |||||
| Net debt | — | — | — | — | — | — | (163) | (149) | (914) | (1,189) | (1,253) | +93.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | (85) | (98) | 965 | 1,364 | 1,726 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (12.87) | (13.34) | 16.95 | 23.07 | +17.0 pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | 0.00 | (143.65) | 62.00 | 36.15 | +62.0 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 28.70 | (19.24) | 18.82 | 25.83 | +18.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 267 | 440 | 756 | — | +68.3% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.43 | 0.90 | 1.13 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 853 | 100.00% |
|---|---|---|
| Gross margin | 75.69% | |
| Operating margin | 20.34% | |
| Pre-tax margin | 25.59% |
Astera Labs, Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NXPI NXP Semiconductors N.V. | $65.4B | 20.1× | 17.8× | +19.32% (above 0%: growing) | +42.63% (above 0%: growing) | +151.03% (above 0%: growing) | 57.82% | 32.44% | Compare |
| MPWR Monolithic Power Systems, Inc. | $59.5B | 68.6× | 56.0× | +63.11% (above 0%: growing) | +48.55% (above 0%: growing) | −61.46% (below 0%: shrinking) | 55.35% | 29.75% | Compare |
| ALAB Astera Labs, Inc. | $44.9B | 106× | 79.1× | +104.45% (above 0%: growing) | +187.10% (above 0%: growing) | −49.60% (below 0%: shrinking) | 73.28% | 22.74% | |
| MCHP Microchip Technology Incorporated | $42.0B | 114× | 35.7× | +38.05% (above 0%: growing) | n/m | +93.09% (above 0%: growing) | 63.24% | 22.68% | Compare |
| STM STMicroelectronics N.V. | $41.9B | 82.4× | 42.8× | +17.89% (above 0%: growing) | +16.07% (above 0%: growing) | +107.00% (above 0%: growing) | 37.29% | 9.77% | Compare |
| UMC United Microelectronics Corporation | $41.8B | 15.3× | 15.4× | +17.66% (above 0%: growing) | +2.90% (above 0%: growing) | +67.75% (above 0%: growing) | 33.95% | 25.11% | Compare |
| CRDO Credo Technology Group Holding Ltd. | $28.4B | 47.7× | 34.2× | +114.73% (above 0%: growing) | +89.19% (above 0%: growing) | +61.55% (above 0%: growing) | 64.53% | 25.20% | Compare |
| ON ON Semiconductor Corporation | $27.9B | 40.1× | 32.9× | +11.05% (above 0%: growing) | +28.57% (above 0%: growing) | +38.63% (above 0%: growing) | 41.40% | 21.96% | Compare |
| CBRS Cerebras Systems Inc. | $24.4B | — (loss-making) | — | — | n/m | — | 14.19% | (264.97%) | Compare |
| Median of peers | $41.9B | 47.7× | 34.2× | +19.32% | +35.60% | +67.75% | 48.38% | 23.90% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
72.95%
Held by the ten largest
43.43%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 24.85m | 14.32% | −684.52k |
| Vanguard | 15.94m | 9.19% | +1.08m |
| BlackRock | 13.68m | 7.89% | +2.23m |
| Invesco | 4.91m | 2.83% | +4.54m |
| State Street | 3.68m | 2.12% | +344.49k |
| T. Rowe Price | 3.28m | 1.89% | +2.66m |
| Geode Capital Management | 2.80m | 1.61% | +287.91k |
| VanEck | 2.24m | 1.29% | +373.55k |
| Bank of America | 2.20m | 1.27% | +410.00k |
| JPMorgan Chase | 1.78m | 1.02% | +1.35m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 23 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.22m | 27.88m | 268.19 |
| 2024 | 50.93m | 359.66m | 213.53 |
Ownership
Directors and executive officers, together
10.40%
Entities Affiliated with FMR LLC
13.70%
Entities Affiliated with The Vanguard Group
7.00%
Entities Affiliated with BlackRock, Inc.
6.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Astera Labs designs semiconductor-based connectivity products for cloud and artificial intelligence infrastructure. Its customers include large cloud operators, AI accelerator vendors and companies that design and build systems for data centers. Jitendra Mohan is its co-founder and chief executive officer.
The company’s products help move data among processors, memory, servers and network equipment. They come as integrated circuits, boards and modules, with software embedded in the products and integrated into customers’ systems. The software, called COSMOS, lets customers configure, monitor, troubleshoot and manage the devices.