Everspin Technologies (MRAM) AI Stock Analysis

• Market Cap: $259.88M
• Dividend Yield: N/A
• Average Volume (3M): 261.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• 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: 480,966
• 30 Day Avg. Volume: 261,413
• 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: 0.65
• Enterprise Value/Revenue: 3.16
• Enterprise Value/Gross Profit: 6.16
• Enterprise Value/Ebitda: 496.97
• 1Y Price Target: $10.50
• Price Target Upside: -13.58% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: $13.00 ▲(7.00% Upside)

The score is driven primarily by mixed financial performance (healthy margins and low leverage but weak profitability and declining free-cash-flow growth) and strong technical momentum (price above major moving averages with positive MACD, though overbought readings add risk). Valuation is a drag due to the negative P/E, while the latest earnings call was supportive with solid results versus guidance and improving gross margin.

Positive Factors

High Gross Margin

Sustained gross margin above 50% reflects structural manufacturing efficiency and improved STT yields. High cost-to-revenue leverage supports reinvestment in product development and pricing power, helping margins absorb cost inflation as volumes scale over the next several quarters.

Strong Balance Sheet

A debt-free position and meaningful cash reserves provide financial resilience, funding R&D and partnerships without refinancing risk. This balance sheet strength supports multi-quarter product commercialization, strategic collaborations, and buffers semiconductor cyclicality for durable execution.

Growing MRAM Product Sales

Consistent double-digit product sales growth signals accelerating end-market adoption across data center, automotive and industrial segments. Rising product revenue improves revenue mix, reduces dependence on one-off sources, and strengthens Everspin's competitive position in non-volatile memory markets.

Negative Factors

Negative Profitability

Despite healthy gross margins, persistent negative net profit and EBIT margins show operating costs and other items are eroding returns. Until operating leverage or higher-margin revenue materially improve, the firm may struggle to deliver sustainable GAAP profitability and shareholder returns.

Negative Free Cash Flow Growth

A declining free cash flow growth rate limits internal funding for capex, R&D, and commercial expansion. Continued negative FCF growth can force external financing, constrain strategic flexibility, and slow the pace at which the company can scale MRAM production and pursue longer-term market opportunities.

Earnings Volatility from DoD Contracts

Reliance on variable DoD contract services introduces recurring lumpiness to other income and reported earnings, complicating forecasting and margin stability. This pattern undermines revenue predictability and makes it harder to demonstrate consistent operating performance to customers and investors.

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

Everspin Technologies shows modest revenue growth and a strong balance sheet with low leverage. However, profitability remains a challenge with negative net profit margins, and declining free cash flow growth could impact future financial flexibility.

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: Positive
• Last Price: 12.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 12.15 is above the 20-day moving average (MA) of 10.06, above the 50-day MA of 9.28, and above the 200-day MA of 7.48, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 69.96 is Neutral, neither overbought nor oversold. The STOCH value of 70.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MRAM.

Everspin Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVEC	68 Neutral	$308.85M	22.30	22.20%	6.28%	-9.48%	-14.28%
MRAM	65 Neutral	$259.88M	-486.00	-0.91%	―	-0.41%	-134.49%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ALMU	59 Neutral	$405.37M	-82.72	-17.77%	―	307.44%	14.77%
AXTI	50 Neutral	$1.23B	-40.80	-12.00%	―	-4.54%	-119.39%
XPER	49 Neutral	$279.87M	40.01	1.74%	―	-10.74%	―
ATOM	46 Neutral	$73.82M	-3.39	-116.86%	―	-94.26%	3.20%