Everspin Technologies Inc (MRAM)
NASDAQ:MRAM
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Everspin Technologies
(NASDAQ:MRAM)
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Rating:60Neutral
Price Target:
$10.00
▲(2.56% Upside)
Action:ReiteratedDate: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
A very low leverage profile and a debt-free position with ~$44.5M in cash provide durable financial flexibility. This supports continued R&D, qualification programs and strategic manufacturing expansions without urgent refinancing risk, improving resilience through industry cycles.
Negative Factors
Weakened profitability
The swing from solid profitability in 2022–23 to near-breakeven/negative EBITDA in 2025 signals reduced operating leverage and margin pressure. Persisting compressed returns could limit reinvestment capacity and slow progress toward management's $100M revenue target without structural cost or mix improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A very low leverage profile and a debt-free position with ~$44.5M in cash provide durable financial flexibility. This supports continued R&D, qualification programs and strategic manufacturing expansions without urgent refinancing risk, improving resilience through industry cycles.
Read all positive factors
Everspin Technologies (MRAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$234.67M
Dividend YieldN/A
Average Volume (3M)392.46K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue Growth-0.41%
EPS Growth-134.49%
CountryUS
Employees86
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.05
Shares Outstanding23,120,289
10 Day Avg. Volume229,102
30 Day Avg. Volume392,461
Financial Highlights & Ratios
PEG Ratio2.08
Price to Book (P/B)3.04
Price to Sales (P/S)3.79
P/FCF Ratio67.08
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue3.57
Enterprise Value/Gross Profit6.97
Enterprise Value/Ebitda-115.77
Forecast
1Y Price Target
$14.00Price Target Upside43.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)$59.98M
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 magne...
How the Company Makes Money
Everspin makes money primarily by selling MRAM memory products to customers and distributors, recognizing revenue when products are delivered under its sales arrangements. Its core revenue stream is product revenue from discrete MRAM devices (non-...
Everspin Technologies Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and commercial momentum: revenue and MRAM product sales grew (12% and 22% YoY), design wins increased substantially (~34%), new high-reliability products ramped to production and strategic partnerships expanded chiplet and embedded opportunities. The company maintained a strong balance sheet and provided stable guidance. Offsetting these positives are a meaningful decline in licensing/non-product revenue (≈-41%), modest margin and EPS pressure, timing risk from project milestones and the contingent nature of NOR flash replacement opportunities pending customer qualifications. Overall, progress on product ramps and design traction outweigh near-term revenue timing and non-product declines.Positive Updates
Revenue Growth and Guidance
Q4 revenue of $14.8M, up 12% year-over-year and toward the high end of guidance ($14M–$15M). Q1 guidance is consistent with Q4 at $14M–$15M.
Negative Updates
Decline in Licensing / Non‑Product Revenue
Licensing, royalty and other revenue fell to $1.3M in Q4 from $2.2M in Q4'24 (≈-41%), and management expects a sequential decline in non-product revenue in Q1 due to project completion.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Guidance
Q4 revenue of $14.8M, up 12% year-over-year and toward the high end of guidance ($14M–$15M). Q1 guidance is consistent with Q4 at $14M–$15M.
Read all positive updates
Company Guidance
Everspin guided Q1 2026 revenue to be consistent with Q4 ’25 at $14.0–$15.0 million (Q4 revenue was $14.8M), with GAAP net loss per fully diluted share between $(0.03) and $0.02 and non‑GAAP net income per fully diluted share of $0.07–$0.12; management expects gross margin to remain in the ~50% range despite a sequential decline in non‑product revenue from a completed project, will begin excluding patent defense costs (in addition to stock‑based compensation) from non‑GAAP results, and reiterated a longer‑term target of $100 million annual revenue in 3–5 years; balance sheet and operational metrics cited on the call included cash and cash equivalents of $44.5M (debt‑free), Q4 non‑GAAP EPS of $0.11 on 23.8M diluted shares, Q4 MRAM product sales of $13.5M, and Q4 operating cash flow of $2.8M.Everspin Technologies Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
82
Very Positive
Cash Flow
68
Positive
| 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
Positive
9.75
Price Trends
10.33
Negative
10.13
Negative
9.00
Positive
Market Momentum
-0.22
Negative
52.31
Neutral
79.51
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 9.75 is above the 20-day moving average (MA) of 9.15, below the 50-day MA of 10.33, and above the 200-day MA of 9.00, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 52.31 is Neutral, neither overbought nor oversold. The STOCH value of 79.51 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $367.96M | 21.20 | 23.47% | 6.28% | -9.48% | -14.28% | |
66 Neutral | $273.36M | -11.32 | 1.74% | ― | -10.74% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $234.67M | -357.39 | -0.80% | ― | -0.41% | -134.49% | |
58 Neutral | $3.51B | -33.79 | -10.41% | ― | -4.54% | -119.39% | |
49 Neutral | $193.17M | -41.41 | -9.33% | ― | 307.44% | 14.77% | |
48 Neutral | $175.42M | -3.38 | -116.86% | ― | -94.26% | 3.20% |
* Technology Sector Average
MRAM
Everspin Technologies
10.15
5.26
107.57%
AXTI
AXT
63.12
61.96
5341.38%
NVEC
NVE
76.07
22.40
41.74%
ATOM
Atomera
4.53
0.39
9.42%
XPER
Xperi Inc
5.82
-0.71
-10.87%
ALMU
Aeluma, Inc.
10.73
4.52
72.79%
Everspin Technologies Corporate Events
Business Operations and StrategyLegal Proceedings
Everspin Faces New Patent Infringement Claims on MRAM
Negative
Feb 2, 2026
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 Tra...
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.