Everspin Technologies (MRAM) AI Stock Analysis

• Market Cap: $240.22M
• Dividend Yield: N/A
• Average Volume (3M): 904.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: -0.41%
• EPS Growth: -134.49%
• Country: US
• Employees: 86
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.00
• Shares Outstanding: 22,856,514
• 10 Day Avg. Volume: 1,783,988
• 30 Day Avg. Volume: 904,123
• PEG Ratio: -1.93
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 2.74
• P/FCF Ratio: 34.15
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 3.47
• Enterprise Value/Gross Profit: 6.77
• Enterprise Value/Ebitda: 546.31
• 1Y Price Target: $10.50
• Price Target Upside: 5.32% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $11.50 ▲(15.35% Upside)

The score is held back primarily by ongoing profitability challenges in the financials and a negative-P/E valuation signal, with additional uncertainty from the new patent litigation. These are partly offset by a strong balance sheet with low leverage, healthy gross margins, and a solid recent earnings/guidance update showing improving operating momentum.

Positive Factors

Gross margin strength

An improving gross margin (51.3% from 49.2%) reflects better yields on STT products and manufacturing efficiency. Durable margin expansion supports reinvestment in R&D and commercialization, provides pricing flexibility and helps buffer profitability during revenue cyclicality as MRAM adoption grows.

Low leverage and cash buffer

A low debt-to-equity ratio and ~$45.3M cash balance give Everspin flexibility to fund product development, absorb near-term shocks, and pursue strategic collaborations without immediate external financing. This capital structure reduces solvency risk and supports multi-quarter investments in MRAM commercialization.

Focused product sales momentum

Sustained double-digit growth in MRAM product sales and overall revenue indicates durable demand across data center, automotive and industrial end-markets. Growth in both Toggle and STT product lines points to diversified adoption, which supports longer-term scaling and improved operating leverage as volumes rise.

Negative Factors

Weak profitability metrics

Negative GAAP net profit and EBIT margins along with negative ROE show Everspin has not yet converted revenue growth into sustained bottom-line returns. Continued profitability weakness constrains capital allocation, hampers accrual of retained earnings, and increases dependence on margin improvement or external funding for long-term growth.

Negative free cash flow growth

While operating cash conversion is healthy, declining free cash flow growth limits the company's ability to self-fund R&D, capacity expansion or absorb shocks. Persistent negative FCF growth may force trade-offs between investment and liquidity, or require external capital that could dilute strategic flexibility.

Patent litigation risk on STT-MRAM

A new patent infringement lawsuit and ITC complaint targeting STT-MRAM creates material structural risk: potential injunctions, import bans or damages could curtail a core product line, disrupt customer adoption and raise legal and compliance costs, undermining revenue streams and product roadmaps over multiple quarters.

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

Mixed fundamentals: modest TTM revenue growth (3.8%) and healthy gross margin (~51%) support the business, and low leverage (debt-to-equity 0.056) strengthens stability. However, negative net profit/EBIT margins and negative ROE indicate profitability remains a key weakness, and free cash flow growth is declining.

Income Statement

Everspin Technologies shows a modest revenue growth rate of 3.8% in the TTM, indicating some positive momentum. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin remains healthy at over 51%, suggesting efficient production processes, but the overall profitability needs improvement.

Balance Sheet

The company's balance sheet is relatively strong with a low debt-to-equity ratio of 0.056, indicating low leverage and financial stability. However, the return on equity is negative, reflecting challenges in generating returns for shareholders. The equity ratio is solid, suggesting a strong capital structure.

Cash Flow

Everspin Technologies has a robust operating cash flow to net income ratio, indicating efficient cash generation from operations. However, the free cash flow growth rate is negative, which is a concern for future investments and liquidity. The free cash flow to net income ratio is healthy, showing good cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	53.64M	50.40M	63.77M	59.98M	55.15M	42.03M
Gross Profit	27.52M	26.13M	37.24M	33.95M	33.07M	18.09M
EBITDA	341.00K	2.47M	10.30M	7.40M	6.35M	-5.61M
Net Income	-508.00K	781.00K	9.05M	6.13M	4.34M	-8.51M
Balance Sheet
Total Assets	80.27M	77.79M	67.30M	55.33M	39.38M	32.53M
Cash, Cash Equivalents and Short-Term Investments	45.26M	42.10M	36.95M	26.80M	21.41M	14.60M
Total Debt	3.67M	4.64M	5.58M	9.30M	5.69M	10.40M
Total Liabilities	14.45M	15.20M	13.38M	16.67M	12.14M	15.12M
Stockholders Equity	65.82M	62.59M	53.92M	38.66M	27.24M	17.41M
Cash Flow
Free Cash Flow	4.15M	4.05M	11.72M	6.71M	8.33M	-3.24M
Operating Cash Flow	9.13M	7.10M	13.13M	9.49M	9.36M	-2.92M
Investing Cash Flow	-6.49M	-3.06M	-1.39M	-2.59M	-1.03M	-320.00K
Financing Cash Flow	3.02M	1.11M	-1.59M	-1.52M	-1.52M	3.35M

Everspin Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.97
• 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 9.97 is below the 20-day moving average (MA) of 12.79, below the 50-day MA of 10.60, and above the 200-day MA of 8.13, indicating a neutral trend. The MACD of 0.18 indicates Positive momentum. The RSI at 39.42 is Neutral, neither overbought nor oversold. The STOCH value of 6.61 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	$312.29M	22.06	23.36%	6.28%	-9.48%	-14.28%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MRAM	57 Neutral	$240.22M	-398.80	-0.91%	―	-0.41%	-134.49%
ATOM	54 Neutral	$78.89M	-3.43	-116.86%	―	-94.26%	3.20%
AXTI	52 Neutral	$1.04B	-38.75	-12.00%	―	-4.54%	-119.39%
ALMU	52 Neutral	$263.58M	-50.73	-17.77%	―	307.44%	14.77%
XPER	49 Neutral	$251.14M	33.91	1.74%	―	-10.74%	―

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.