Everspin Technologies (MRAM) AI Stock Analysis

• Market Cap: $209.47M
• Dividend Yield: N/A
• Average Volume (3M): 617.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.53
• Revenue Growth: -0.41%
• EPS Growth: -134.49%
• Country: US
• Employees: 86
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.05
• Shares Outstanding: 23,120,289
• 10 Day Avg. Volume: 617,005
• 30 Day Avg. Volume: 617,195
• PEG Ratio: 2.08
• Price to Book (P/B): 3.04
• Price to Sales (P/S): 3.79
• P/FCF Ratio: 67.08
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 3.21
• Enterprise Value/Gross Profit: 6.27
• Enterprise Value/Ebitda: -104.21
• 1Y Price Target: $14.00
• Price Target Upside: 58.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): $59.98M

• Rating: 60 Neutral
• Price Target: $9.50 ▲(7.71% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is primarily supported by a strong balance sheet and positive cash generation, reinforced by generally constructive earnings-call momentum and stable guidance. These positives are tempered by a weak technical trend and profitability/valuation headwinds, with earnings still pressured versus prior years.

Positive Factors

Balance sheet strength

Low leverage, growing equity and a ~$44.5M cash position provide durable financial flexibility to fund multi-quarter product development, customer qualification and strategic partnerships. A strong balance sheet reduces refinancing risk and supports investments needed for MRAM production ramps and ecosystem expansion.

Positive cash generation

Consistent operating and free cash flow, including improved Q4 cash flow, supports ongoing R&D, qualification and capital spending without immediate reliance on dilutive financing. Reliable cash generation underpins the firm's ability to execute product ramps and sustain operations through multi-quarter commercialization cycles.

Design-win & product roadmap momentum

Meaningful increase in design wins and successful production ramps (e.g., PERSYST 64Mb) validate MRAM adoption across industrial, aerospace and satellite markets. Progress on higher-density parts, monolithic 256Mb tape-out and UNISYST roadmap creates structural pathways for embedded MRAM and NOR-replacement revenue over multiple quarters and years.

Negative Factors

Profitability deterioration

Operating profitability has weakened materially since 2023, with EBITDA negative and margins near breakeven in 2025. Persistent margin pressure reduces internal reinvestment capacity, weakens return metrics and could constrain scaling of commercial programs unless operating leverage is restored over coming quarters.

Revenue timing & concentration risk

Declines in licensing/project income and reliance on long qualification cycles create lumpy revenue. Large upside from NOR-replacement is contingent on customer approvals and long lead times, so execution/timing risk can delay scale benefits from design wins and strain near-term operating leverage and cash conversion.

Patent litigation / IP risk

Active patent litigation and an ITC complaint introduce material legal and strategic risk to the STT product line. Potential defense costs, damages or import restrictions could disrupt sales, slow customer qualifications and create lasting uncertainty around product adoption and licensing prospects if not favorably resolved.

Everspin Technologies Business Overview & Revenue Model

Company Description

Everspin Technologies, Inc. manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM. The company provides its products for applications, including data center, industrial, medical, automotive/transportation, and aerospace markets. It serves original equipment manufacturers and original design manufacturers through a direct sales channel and a network of representatives and distributors. Everspin Technologies, Inc. was incorporated in 2008 and is headquartered in Chandler, Arizona.

How the Company Makes Money

Everspin Technologies generates revenue through the sale of its MRAM products, including standalone chips and integrated memory solutions. The company's revenue model is primarily based on direct sales to original equipment manufacturers (OEMs) and distributors in various industries such as automotive, industrial, and communications. Key revenue streams include royalties from technology licensing agreements, where Everspin partners with other companies to incorporate its MRAM technology into their products. Additionally, Everspin benefits from strategic partnerships with industry leaders that enhance its market presence and expand its customer base, contributing to its overall earnings.

Everspin Technologies Financial Statement Overview

Summary

Balance sheet strength (low and improving leverage, growing equity base) and continued positive operating/free cash flow support resilience. Offsetting this, profitability has deteriorated since 2023 with margins near breakeven and EBITDA turning negative in 2025.

Income Statement

Revenue has been broadly stable to modestly higher over time, with 2025 showing growth versus 2024. Profitability, however, has weakened meaningfully from the strong 2022–2023 period: net margin moved from solidly positive in 2023 to near breakeven/slightly negative in 2025, and EBITDA turned negative in 2025. Gross margin remains healthy and fairly steady around the low-50% range recently, but the swing back to operating losses suggests higher operating costs and/or weaker operating leverage.

Balance Sheet

The balance sheet is a clear strength. Debt levels are low and improving, with debt-to-equity down to ~0.05 in 2025 from higher levels earlier in the cycle, and equity has grown substantially over the last several years. The main weakness is returns: return on equity fell sharply from strong positives in 2022–2023 to slightly negative in 2025, reflecting the earnings compression rather than financial leverage risk.

Cash Flow

Cash generation is solid despite pressured earnings. Operating cash flow remains positive in 2024–2025 and free cash flow stayed positive, which supports liquidity and flexibility. That said, free cash flow declined in 2025 versus 2024, and cash conversion is less robust than during the 2022–2023 period when free cash flow tracked net income more closely.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	55.20M	50.40M	63.77M	59.98M	55.15M
Gross Profit	28.24M	26.13M	37.24M	33.95M	33.07M
EBITDA	-3.30M	2.47M	10.30M	7.40M	6.35M
Net Income	-586.00K	781.00K	9.05M	6.13M	4.34M
Balance Sheet
Total Assets	84.61M	77.79M	67.30M	55.33M	39.38M
Cash, Cash Equivalents and Short-Term Investments	44.45M	42.10M	36.95M	26.80M	21.41M
Total Debt	6.59M	4.64M	5.58M	9.30M	5.69M
Total Liabilities	15.69M	15.20M	13.38M	16.67M	12.14M
Stockholders Equity	68.92M	62.59M	53.92M	38.66M	27.24M
Cash Flow
Free Cash Flow	3.12M	4.05M	11.72M	6.71M	8.33M
Operating Cash Flow	9.96M	7.10M	13.13M	9.49M	9.36M
Investing Cash Flow	-8.67M	-3.06M	-1.39M	-2.59M	-1.03M
Financing Cash Flow	1.07M	1.11M	-1.59M	-1.52M	-1.52M

Everspin Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.82
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 8.82 is below the 20-day moving average (MA) of 10.21, below the 50-day MA of 11.43, and above the 200-day MA of 8.73, indicating a neutral trend. The MACD of -0.68 indicates Positive momentum. The RSI at 37.90 is Neutral, neither overbought nor oversold. The STOCH value of 19.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MRAM.

Everspin Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVEC	81 Outperform	$335.84M	21.20	23.47%	6.28%	-9.48%	-14.28%
XPER	66 Neutral	$271.02M	-11.32	1.74%	―	-10.74%	―
AXTI	62 Neutral	$2.67B	-33.79	-10.41%	―	-4.54%	-119.39%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MRAM	60 Neutral	$209.47M	-357.39	-0.80%	―	-0.41%	-134.49%
ATOM	55 Neutral	$184.58M	-3.38	-116.86%	―	-94.26%	3.20%
ALMU	49 Neutral	$269.48M	-41.41	-9.33%	―	307.44%	14.77%

Everspin Technologies Corporate Events

Everspin Faces New Patent Infringement Claims on MRAM

On January 28, 2026, Everspin Technologies, Inc. disclosed that Avalanche Technology, Inc. had filed both a patent infringement lawsuit in the U.S. District Court for the District of Delaware and a related complaint with the U.S. International Trade Commission, alleging that Everspin’s Spin-transfer Torque MRAM products infringe four Avalanche U.S. patents. The claims focus specifically on Everspin’s Spin-transfer Torque MRAM line and do not affect its Toggle MRAM products or sensor devices, and Everspin said it believes it has strong defenses and plans to contest the allegations vigorously, setting up a potentially significant legal battle over intellectual property in the MRAM memory market.

The most recent analyst rating on (MRAM) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Everspin Technologies stock, see the MRAM Stock Forecast page.