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Everspin Technologies
(NASDAQ:MRAM)
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Rating:57Neutral
Price Target:
$13.00
▼(-26.26% Downside)
Action:Reiterated
Date:10/15/26
MRAM scores in the mid-range primarily due to mixed financial performance: solid gross margins and a low-debt balance sheet are offset by current losses and negative free cash flow. Technicals are a notable drag with the stock trading below key moving averages and negative MACD, despite oversold readings. The earnings call adds support via strong YoY growth and non-GAAP profitability, but litigation-driven cost pressure and GAAP-loss guidance temper the outlook. Valuation remains challenged due to the negative P/E and lack of dividend yield data.
Positive Factors
Strong revenue growth
Record quarterly revenue and significant year-over-year growth indicate stronger demand for Everspin’s MRAM products and expanding customer activity. If sustained, this scale can improve operating leverage, support continued product investment, and strengthen the company’s position in industrial, aerospace, and other high-reliability markets.
Negative Factors
Weak GAAP profitability and cash conversion
Revenue growth has not yet translated into sustainable GAAP earnings or positive free cash flow. Continued losses and investment or working-capital demands could consume cash reserves, limit internally funded expansion, and make results more sensitive to changes in customer timing and operating expenses over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Record quarterly revenue and significant year-over-year growth indicate stronger demand for Everspin’s MRAM products and expanding customer activity. If sustained, this scale can improve operating leverage, support continued product investment, and strengthen the company’s position in industrial, aerospace, and other high-reliability markets.
Read all positive factors
Everspin Technologies (MRAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$306.57M
Dividend YieldN/A
Average Volume (3M)804.60K
Price to Earnings (P/E)―
Beta (1Y)2.08
Revenue Growth20.89%
EPS Growth-240.91%
CountryUS
Employees85
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.11
Shares Outstanding24,350,010
10 Day Avg. Volume695,622
30 Day Avg. Volume804,596
Financial Highlights & Ratios
PEG Ratio2.07
Price to Book (P/B)3.04
Price to Sales (P/S)3.79
P/FCF Ratio67.08
Enterprise Value/Market Cap1.75
Enterprise Value/Revenue8.61
Enterprise Value/Gross Profit16.46
Enterprise Value/Ebitda1.29K
Forecast
1Y Price Target
$22.00Price Target Upside24.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$74.55M
Everspin Technologies Business Overview & Revenue Model
Company Description
Everspin Technologies, Inc. is a global provider specializing in the development and distribution of advanced magnetoresistive random access memory (MRAM) products. The company's market reach extends across various international regions, including...
How the Company Makes Money
Everspin makes money primarily by selling MRAM devices and related products to customers and through engagements that help customers integrate MRAM into their systems.
Key revenue streams include:
1) Product revenue (MRAM device sales): The compa...
Everspin Technologies Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call highlighted strong execution: record revenue (+42% YoY), robust product growth (+38% YoY), non-GAAP EPS and net income beats, expanded product availability, strategic partnerships (Microchip, MaxLinear, CXL controller partner) and a notable GEO space win. Offsetting these positives are material near-term headwinds — elevated operating expenses driven by litigation and NRE, backend cost pressure on product gross margins, winding down of a prior DoD contract (reducing other income), and non-linear recognition risk on the $40M subcontract. Management provided constructive product and go-to-market milestones (UNISYST roadmap, CXL demos), and cash remains positive and debt-free. On balance, the strong revenue growth, product and partnership momentum and profitability on a non-GAAP basis meaningfully outweigh the cost and timing challenges described.Positive Updates
Record Quarterly Revenue and Strong Top-line Beat
Total revenue of $18.7 million in Q2 2026 — the highest revenue quarter in company history — up 42% year-over-year and above guidance ($15.5M–$16.5M).
Negative Updates
Nonproduct Revenue Recognition Uncertainty
Revenue recognition from the $40M subcontract began in Q2 but is not expected to scale linearly quarter-to-quarter (company described a possible bell-curve pattern), adding near-term predictability risk to nonproduct revenue cadence.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Top-line Beat
Total revenue of $18.7 million in Q2 2026 — the highest revenue quarter in company history — up 42% year-over-year and above guidance ($15.5M–$16.5M).
Read all positive updates
Company Guidance
For Q3 2026, Everspin guided total revenue of $19.5 million to $20.5 million, GAAP results of a net loss of $0.05 to $0.10 per fully diluted share, and non‑GAAP earnings of $0.10 to $0.15 per fully diluted share (non‑GAAP excludes litigation costs, NRE for the Microchip MRAM line and stock‑based compensation); management said a similar level of litigation expense as Q2 (~$4.0 million) is baked into Q3 and that nonproduct revenue recognition from the $40 million subcontract won’t scale linearly but is expected to be in a similar area from Q2 to Q3 (Q2 actuals: revenue $18.7M, MRAM product sales $15.3M, licensing/other $3.4M, non‑GAAP EPS $0.11 on 25.9M diluted shares; cash & equivalents $43.9M; operating cash flow $0.2M).Everspin Technologies Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
78
Positive
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.47M | 55.20M | 50.40M | 63.77M | 59.98M | 55.15M |
| Gross Profit | 32.66M | 28.24M | 26.13M | 37.24M | 33.95M | 33.07M |
| EBITDA | 417.00K | 2.75M | 2.47M | 10.30M | 7.40M | 6.35M |
| Net Income | -2.63M | -586.00K | 781.00K | 9.05M | 6.13M | 4.34M |
Balance Sheet | ||||||
| Total Assets | 89.39M | 84.61M | 77.79M | 67.30M | 55.33M | 39.38M |
| Cash, Cash Equivalents and Short-Term Investments | 43.90M | 44.45M | 42.10M | 36.95M | 26.80M | 21.41M |
| Total Debt | 2.83M | 3.34M | 4.64M | 5.58M | 9.30M | 5.69M |
| Total Liabilities | 16.29M | 15.69M | 15.20M | 13.38M | 16.67M | 12.14M |
| Stockholders Equity | 73.11M | 68.92M | 62.59M | 53.92M | 38.66M | 27.24M |
Cash Flow | ||||||
| Free Cash Flow | -5.38M | 3.12M | 4.05M | 11.72M | 6.71M | 8.33M |
| Operating Cash Flow | 4.23M | 9.96M | 7.10M | 13.13M | 9.49M | 9.36M |
| Investing Cash Flow | -11.45M | -8.67M | -3.06M | -1.39M | -2.59M | -1.03M |
| Financing Cash Flow | 6.15M | 1.07M | 1.11M | -1.59M | -1.52M | -1.52M |
Everspin Technologies Technical Analysis
Negative
17.63
Price Trends
16.34
Negative
17.93
Negative
16.71
Negative
Market Momentum
-1.14
Positive
32.39
Neutral
12.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAM, the sentiment is Negative. The current price of 17.63 is above the 20-day moving average (MA) of 15.76, above the 50-day MA of 16.34, and above the 200-day MA of 16.71, indicating a bearish trend. The MACD of -1.14 indicates Positive momentum. The RSI at 32.39 is Neutral, neither overbought nor oversold. The STOCH value of 12.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRAM.
Everspin Technologies Risk Analysis
Everspin Technologies disclosed 11 risk factors in its most recent earnings report. Everspin Technologies reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Everspin Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $351.87M | 19.63 | 30.52% | 5.51% | 24.06% | 29.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $252.64M | -7.39 | -7.84% | 1.27% | -3.87% | -946.99% | |
57 Neutral | $306.57M | -116.36 | -3.79% | ― | 20.89% | -240.91% | |
54 Neutral | $3.42B | 2,179.08 | 1.00% | ― | 45.81% | ― | |
49 Neutral | $133.47M | -13.22 | -20.50% | ― | -4.37% | -118.50% | |
47 Neutral | $114.73M | -4.45 | -77.91% | ― | 369.39% | 1.34% |
* Technology Sector Average
MRAM
Everspin Technologies
12.59
1.98
18.66%
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ALMU
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6.91
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Everspin Technologies Corporate Events
Business Operations and StrategyExecutive/Board Changes
Everspin Technologies Appoints Veteran Executive to Board
Positive
Aug 12, 2026
On August 9, 2026, Everspin Technologies appointed Vikas Choudhary, a veteran semiconductor executive with more than 30 years of experience across mixed-signal design, connectivity and storage, to its board of directors to serve until the 2027 ann...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.