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Everspin Technologies
(NASDAQ:MRAM)
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Rating:55Neutral
Price Target:
$16.50
▲(9.34% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak profitability and negative free cash flow, plus an extremely elevated P/E. Offsetting factors include a strong, low-debt balance sheet and a constructive earnings update featuring record revenue and positive non-GAAP profitability, though technical signals remain mixed-to-weak with a negative MACD and the stock still below key medium-term moving averages.
Positive Factors
Balance sheet strength
Very low debt relative to equity and a strengthened cash position give the company financial flexibility to fund R&D, fabs transitions, and defense subcontract work without urgent refinancing. This durable capital structure reduces solvency risk across semiconductor cycles and supports execution on multi-quarter product ramps.
Negative Factors
Weak profitability
Despite improving revenue, trailing profitability remains negative and operating income is impaired, showing limited operating leverage. Persistent GAAP losses constrain return on equity and indicate the business must sustain revenue growth and control Opex to convert higher sales into durable, positive operating earnings over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low debt relative to equity and a strengthened cash position give the company financial flexibility to fund R&D, fabs transitions, and defense subcontract work without urgent refinancing. This durable capital structure reduces solvency risk across semiconductor cycles and supports execution on multi-quarter product ramps.
Read all positive factors
Everspin Technologies (MRAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$340.69M
Dividend YieldN/A
Average Volume (3M)1.63M
Price to Earnings (P/E)1210.8
Beta (1Y)1.90
Revenue Growth15.94%
EPS GrowthN/A
CountryUS
Employees85
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.11
Shares Outstanding23,447,577
10 Day Avg. Volume1,152,820
30 Day Avg. Volume1,631,673
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$28.50Price Target Upside88.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.01
Revenue Forecast (FY)$69.57M
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 primarily makes money by selling MRAM-based semiconductor memory products to customers that incorporate these devices into their systems and equipment. Its core revenue stream is product revenue from the shipment of MRAM components (inclu...
Everspin Technologies Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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 | -9.16M | 3.12M | 4.05M | 11.72M | 6.71M | 8.33M |
| Operating Cash Flow | 4.80M | 9.96M | 7.10M | 13.13M | 9.49M | 9.36M |
| Investing Cash Flow | -16.28M | -8.67M | -3.06M | -1.39M | -2.59M | -1.03M |
| Financing Cash Flow | 6.46M | 1.07M | 1.11M | -1.59M | -1.52M | -1.52M |
Everspin Technologies Technical Analysis
Positive
15.09
Price Trends
20.55
Negative
19.32
Negative
14.80
Positive
Market Momentum
-1.18
Negative
48.32
Neutral
60.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRAM, the sentiment is Positive. The current price of 15.09 is below the 20-day moving average (MA) of 15.52, below the 50-day MA of 20.55, and above the 200-day MA of 14.80, indicating a neutral trend. The MACD of -1.18 indicates Negative momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 60.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $562.42M | 31.26 | 30.53% | 3.40% | 24.07% | 23.86% | |
64 Neutral | $3.95B | 1,741.50 | 1.00% | ― | 45.81% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $372.17M | -7.79 | -3.17% | ― | -8.30% | -139.29% | |
55 Neutral | $340.69M | 1,210.83 | 0.42% | ― | 15.94% | ― | |
49 Neutral | $199.78M | -7.94 | -77.91% | ― | -40.50% | 1.62% | |
48 Neutral | $296.55M | -46.73 | -17.19% | ― | 43.23% | -34.14% |
* Technology Sector Average
MRAM
Everspin Technologies
16.64
10.70
180.13%
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88.58
86.40
3963.30%
NVEC
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125.94
67.41
115.18%
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5.48
1.88
52.22%
XPER
Xperi Inc
7.14
1.17
19.60%
ALMU
Aeluma, Inc.
18.30
-1.96
-9.67%
Everspin Technologies Corporate Events
Business Operations and StrategyExecutive/Board Changes
Everspin Technologies announces upcoming board leadership transition
Neutral
Jul 17, 2026
On July 14, 2026, Everspin Technologies, Inc. disclosed that Lawrence G. Finch had notified the company of his decision to resign from its board of directors, including his role on the audit committee, effective August 4, 2026. The company emphasi...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Everspin Shareholders Expand Equity Plan, Reaffirm Board Oversight
Positive
May 22, 2026
On May 21, 2026, Everspin Technologies, Inc. shareholders approved an amendment and restatement of the company’s 2016 Equity Incentive Plan, adding authorization for 1.8 million additional shares and expanding the ceiling for incentive stock...
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.