EVERSPIN TECH (MRAM) vs NVE Corporation (NVEC)

EVERSPIN TECH and NVE Corporation are both Semiconductors companies. NVE Corporation is the larger, with a market value of $515.9M against $442.0M — 1.2× the size. EVERSPIN TECH has negative trailing earnings, so its P/E is not meaningful; NVE Corporation trades at 29.3×. NVE Corporation grew revenue faster over the last twelve months: 24.1% against 20.9%. NVE Corporation has the higher net margin (57.6% vs −4.22%) and the higher return on invested capital (31.9% vs −20.8%). Across the 18 metrics below, NVE Corporation leads on 14 and EVERSPIN TECH on 4.

Valuation

Metric MRAM NVEC Semiconductors median
P/E n/m 29.34 49.41
P/S 7.06 16.89 8.58
P/B 6.03 8.83 5.49
Price to free cash flow n/m 33.87 47.02
EV/EBITDA n/m 25.61 30.78
EV/Sales 6.45 16.19 8.79
Earnings yield (0.58%) 3.41% 0.62%
Free cash flow yield (1.64%) 2.95% 0.59%

Profitability

Metric MRAM NVEC Semiconductors median
Gross margin 52.28% 79.26% 52.25%
Operating margin (15.55%) 62.07% 4.85%
Net margin (4.22%) 57.64% 4.77%
Free cash flow margin (11.55%) 49.86% 8.65%
Return on equity (3.84%) 29.81% 3.11%
Return on assets (3.13%) 28.67% 1.91%
Return on invested capital (20.78%) 31.91% 2.46%

Growth

Metric MRAM NVEC Semiconductors median
Revenue growth (TTM) 20.89% 24.07% 16.66%
EPS growth (last fiscal year) (175.00%) 0.96% —
Revenue growth, 5-year CAGR 5.60% 4.27% 5.60%
Net income growth, 5-year CAGR 0.00% 5.38% 0.00%

Health

Metric MRAM NVEC Semiconductors median
Debt to equity 0.00 0.00 0.05
Current ratio 4.74 23.72 3.35
Net debt to EBITDA 13.49 (1.24) 0.58

Dividend

Metric MRAM NVEC Semiconductors median
Dividend yield — 4.95% 1.93%
Payout ratio 0.00 0.84 0.00

Size

Metric MRAM NVEC Semiconductors median
Market cap 441.95m 515.88m 5.67b

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