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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.

12.96 1.11 −7.89%
Market cap
$342.6M
P/E
0.0×
Fwd P/E
946×
Dividend yield
—
F-score
3/9
Altman Z
6.87
Beneish M
−3.50
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 20.01
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 — 2 — — 4 8 — 6 — — 3
Insider Ownership 14.12%

Capital & Financial Ratios $m

Market Cap 342.60
Revenue 62.47
Net Income (2.63)
Free Cash Flow (7.21)
Net Debt (43.90)
Current Ratio 4.74 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 946.00 (above 35: high)
P/S ratio 4.95
P/B ratio 4.23
Past 5Y EPS Growth —
This Y EPS Growth (622.22%) (below 0%: weak)
Next Y EPS Growth 164.62% (at or above 15%: strong)
Next Y revenue growth 35.05% (at or above 10%: strong)
Next 5Y EPS Growth 20.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.3×, against a ten-year median of 2.4×; over the ten years it ranged from 0.6× in 2017 to 10.1× in 2026.
P/S against its own 10 years 90.24%
10-year low 10-year high
P/B against its own 10 years 46.20%
10-year low 10-year high
EV/Sales against its own 10 years 89.64%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 37 42 44 44
Receivables 12 12 8 11
Inventory 8 9 11 13
Other — — — —
58 64 65 69
2023 2024 2025 Q'26
Payables 3 2 5 2
ST’ Debt — — — —
Other — 4 3 1
9 10 13 15

Compound Annual Growth %

10y 5y 3y
Sales 7.60% 5.60% (2.73%)
Cash Flow 0.00% 0.00% 1.61%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 31.67% 21.25%

Revenue $m

Mar Jun Sep Dec Year
’26 15 19 — — —
’25 13 13 14 15 55
’24 14 11 12 13 50
’23 15 16 16 17 64
’22 14 15 15 16 60
’21 10 12 15 18 55
’20 10 12 10 10 42
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1 0 — — —
’25 1 5 1 3 10
’24 (1) 2 3 4 7
’23 1 6 4 2 13
’22 (1) 4 1 5 9
’21 2 (1) 2 6 9
’20 (3) (2) 1 1 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (2) — — —
’25 0 3 0 (1) 1
’24 (2) 2 3 2 4
’23 0 6 4 2 12
’22 (1) 4 1 4 7
’21 1 (1) 2 6 8
’20 (3) (2) 1 1 (3)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.01) (0.15) — — —
’25 (0.05) (0.03) 0.00 0.05 (0.03)
’24 (0.01) (0.12) 0.10 0.05 0.04
’23 0.04 0.18 0.11 0.09 0.42
’22 0.09 0.08 0.09 0.03 0.29
’21 (0.02) 0.01 0.04 0.19 0.22
’20 (0.10) (0.07) (0.21) (0.08) (0.45)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 6.15 6.69 5.30 4.90 1.75 4.65 4.71 5.38 4.89 4.34

Analyst estimates 2026–2028

Powerpack
High 9.99 25.39 11.48 9.83 9.01 14.36 13.29 10.50 9.39 12.27
People
People Employees 90 90 95 88 76 75 89 83 87 85
Revenue/emp, $m 0.30 0.40 0.52 0.43 0.55 0.74 0.67 0.77 0.58 0.65
Income, $m
Income, $m Revenue 27 36 49 38 42 55 60 64 50 55
Gross margin, % 54.25 59.79 51.27 48.88 43.04 59.97 56.59 58.41 51.84 51.16
EBT (17) (21) (18) (15) (8) 4 6 9 1 0
EBT margin, % (61.67) (58.72) (35.93) (39.11) (19.63) 7.88 10.24 14.17 1.47 (0.83)
Net income (17) (21) (18) (15) (9) 4 6 9 1 (1)
Depreciation 1 1 1 2 2 1 1 1 2 3
Per share, $
Per share, $ Revenue 5.72 2.88 3.02 2.17 2.24 2.84 2.98 3.07 2.33 2.45
Earnings (3.52) (1.69) (1.08) (0.85) (0.45) 0.22 0.30 0.44 0.04 (0.03)
Cash flow (3.91) (1.51) (0.90) (0.47) (0.16) 0.48 0.47 0.63 0.33 0.44
Capex (0.22) (0.25) (0.12) (0.05) (0.02) (0.05) (0.13) (0.07) (0.14) (0.38)
Free cash flow (4.13) (1.76) (1.01) (0.52) (0.17) 0.43 0.34 0.57 0.19 0.06
Book value 5.67 0.87 1.52 1.07 0.93 1.40 1.92 2.60 2.89 3.05
Shares, m 5 12 16 17 19 19 20 21 22 23
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 49.13 17.93 19.86 319.50 0.00
P/S 1.33 2.62 1.86 2.43 2.06 3.98 1.81 2.84 2.74 3.79
P/B 1.35 8.64 3.69 4.93 4.96 8.05 2.80 3.36 2.21 3.04
EV/Sales 0.54 2.59 1.64 2.25 1.90 3.68 1.42 2.32 1.98 3.05
EV/FCF (0.74) (4.25) (4.88) (9.40) (24.60) 24.34 12.31 12.60 24.63 131.05
Cash, $m
Cash, $m Operating cash flow (19) (19) (15) (8) (3) 9 9 13 7 10
Capex (1) (3) (2) (1) 0 (1) (3) (1) (3) (9)
Free cash flow (20) (22) (17) (9) (3) 8 7 12 4 1
Balance, $m
Balance, $m Working capital 29 15 27 21 18 26 34 49 54 52
Total debt 8 12 12 8 8 5 3 — — —
Net debt (22) (1) (11) (7) (7) (17) (24) (37) (42) (44)
Shareholders’ equity 27 11 25 18 17 27 39 54 63 69
Returns, %
Returns, % ROA (63.73) (57.88) (46.43) (36.48) (25.07) 12.08 12.94 14.76 1.08 (0.72)
ROIC (184.91) (125.06) (77.17) (76.20) (43.76) 29.33 26.91 21.67 (21.62) (16.62)
ROE 76.71 (111.77) (99.17) (67.58) (47.42) 19.45 18.60 19.55 1.34 (0.89)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

EVERSPIN TECH 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
AOSL Alpha and Omega Semiconductor Limited $707.3M — (loss-making) — (loss-making) −3.46% (below 0%: shrinking) n/m −45.84% (below 0%: shrinking) 23.09% (6.45%) Compare
NVEC NVE Corporation $501.6M 26.6× 17.7× +80.75% (above 0%: growing) +78.38% (above 0%: growing) +27.04% (above 0%: growing) 81.28% 65.85% Compare
INDI indie Semiconductor, Inc. $462.5M — (loss-making) — (loss-making) +23.97% (above 0%: growing) n/m −134.86% (below 0%: shrinking) 36.07% (54.81%) Compare
LAES SEALSQ Corp. $445.7M — — — — −417.61% (below 0%: shrinking) — — Compare
MRAM EVERSPIN TECH $342.6M — (loss-making) 946× +41.93% (above 0%: growing) n/m −165.66% (below 0%: shrinking) 53.89% (23.39%)
VLN Valens Semiconductor, Ltd. $181.9M — (loss-making) — (loss-making) +6.13% (above 0%: growing) n/m −1,024.55% (below 0%: shrinking) 61.52% (43.89%) Compare
QUIK QuickLogic Corporation $171.5M — (loss-making) — (loss-making) +48.68% (above 0%: growing) n/m +194.21% (above 0%: growing) 43.91% (31.32%) Compare
ALMU Aeluma, Inc. $170.9M — (loss-making) — (loss-making) −55.81% (below 0%: shrinking) n/m −1,197.87% (below 0%: shrinking) 25.60% (751.20%) Compare
GSIT GSI Technology, Inc. $165.3M — (loss-making) — (loss-making) +0.46% (above 0%: growing) n/m −143.28% (below 0%: shrinking) 53.37% (85.31%) Compare
Median of peers $313.8M — — +6.13% — −139.07% 43.91% (43.89%)

All 67 Semiconductors stocks →

EVERSPIN TECH (MRAM) key facts

  • Strength: EVERSPIN TECH’s revenue for fiscal 2025 (year ended December 2025) was $55.2 million, up 9.52% from fiscal 2024.
  • EVERSPIN TECH (MRAM) is a Semiconductors company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, MRAM traded at $12.96, a market capitalization of $342.6 million.
  • Return on equity was −0.89% and debt-to-equity 0.00.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 6.87 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

EVERSPIN TECH (MRAM) Latest News

30 Apr

Impact 5 ·
stockrow.com/MRAM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com