EVERSPIN TECH
MRAM Technology Semiconductors
EVERSPIN TECH’s revenue for fiscal 2025 (year ended December 2025) was $55.2 million, up 9.52% from fiscal 2024. In the quarter to June 2026, revenue grew 41.9%, EPS fell 400.0% and free cash flow fell 165.7%, each against the same quarter a year earlier.
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EVERSPIN TECH (MRAM) Altman Z-score
EVERSPIN TECH's Altman Z-score for fiscal 2025 is 6.87, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.87 | 2.68 |
| FY2024 | 4.18 | (3.48) |
| FY2023 | 7.66 | 5.15 |
| FY2022 | 2.51 | (5.52) |
| FY2021 | 8.03 | 10.18 |
| FY2020 | −2.15 | 0.08 |
| FY2019 | −2.23 | (1.35) |
| FY2018 | −0.88 | 2.03 |
| FY2017 | −2.90 | (1.52) |
| FY2016 | −1.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.61 | — | 0.73 | |
| Retained earnings / total assets | (1.62) | — | −2.27 | |
| EBIT / total assets | (0.08) | — | −0.25 | |
| Market value of equity / total liabilities | 13.35 | — | 8.01 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Safe zone | 6.87 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.81 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NVEC NVE Corporation compare | 92.1× |
| ALMU Aeluma, Inc. compare | 62.7× |
| LAES SEALSQ Corp. compare | 7.8× |
| MRAM EVERSPIN TECH | 6.9× |
| AOSL Alpha and Omega Semiconductor Limited compare | 6.8× |
| GSIT GSI Technology, Inc. compare | 5.9× |
| VLN Valens Semiconductor, Ltd. compare | 0.9× |
| INDI indie Semiconductor, Inc. compare | −0.2× |
| QUIK QuickLogic Corporation compare | −8.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets