Everspin Technologies Inc (MRAM)
NASDAQ:MRAM
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Everspin Technologies
(NASDAQ:MRAM)
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Rating:70Outperform
Price Target:
$37.00
▲(199.11% Upside)
Action:Upgraded
Date:05/19/26
The score is driven primarily by strong technical momentum and a solid balance sheet, supported by an earnings-call outlook that highlights improving product sales and strategic contract/partnership wins. The main constraints are inconsistent profitability and mixed cash flow (including slightly negative free cash flow), along with limited valuation support due to negative P/E and no indicated dividend.
Positive Factors
Conservative Balance Sheet
Very low leverage and a meaningful equity cushion give Everspin durable financial flexibility to fund R&D, foundry ramp costs and defense programs without near-term solvency pressure. This structural strength reduces refinancing risk and supports strategic investments over the next 2–3 years.
Negative Factors
Inconsistent Profitability
Everspin's earnings have swung between profit and loss over recent cycles, reflecting reliance on episodic licensing and project revenue. Persistent negative operating margins constrain free cash generation and returns, making durable profitability contingent on sustained product volume growth and containment of operating costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and a meaningful equity cushion give Everspin durable financial flexibility to fund R&D, foundry ramp costs and defense programs without near-term solvency pressure. This structural strength reduces refinancing risk and supports strategic investments over the next 2–3 years.
Read all positive factors
Everspin Technologies (MRAM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$678.57M
Dividend YieldN/A
Average Volume (3M)4.24M
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth15.94%
EPS GrowthN/A
CountryUS
Employees86
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)<0.01
Shares Outstanding23,447,577
10 Day Avg. Volume9,160,776
30 Day Avg. Volume4,236,813
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 Cap0.94
Enterprise Value/Revenue11.26
Enterprise Value/Gross Profit21.86
Enterprise Value/Ebitda-243.66
Forecast
1Y Price Target
$18.00Price Target Upside45.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.08
Revenue Forecast (FY)$59.55M
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call highlights solid product-driven revenue growth (total revenue +14% YoY; MRAM product sales +28% YoY), strong gross margins (>50%), important strategic partnerships (Microchip foundry agreement) and a new $40M subcontract that adds defense revenue potential. However, near-term headwinds include meaningful litigation costs, reduced operating cash flow, a decline in licensing revenue, elevated CapEx for capacity expansion, and uncertainty around the timing and recognition of the new subcontract revenue. UNISYST provides meaningful long-term TAM expansion (~$3B) but will take time to contribute materially. On balance the call presents more material operational and strategic positives supported by improving product sales and margins, while calling out manageable but nontrivial near-term financial and timing risks.Positive Updates
Revenue Growth at High End of Guidance
Total revenue $14.9M, toward the high end of guidance and up 14% year-over-year.
Negative Updates
Decline in Licensing and Other Revenue
Licensing, royalty, patent and other revenue decreased to $0.8M from $2.1M in Q1'25, a drop of ~62%, due to fewer active projects.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth at High End of Guidance
Total revenue $14.9M, toward the high end of guidance and up 14% year-over-year.
Read all positive updates
Company Guidance
Guidance for Q2 (excluding any impact from the newly announced $40.0M, 2.5‑year subcontract) calls for total revenue of $15.5–$16.5 million, a GAAP net loss per fully diluted share of $0.12 to $0.07, and non‑GAAP net income of $0.00 to $0.03 per fully diluted share (non‑GAAP excludes patent litigation costs and stock‑based compensation). Management said the $40M agreement should be materially positive over the next 2.5 years but offered no revenue phasing yet; other timing/forward items noted include winding down the prior $14.6M DoD contract ( $12.8M recognized to date) by H1 2027, UNISYST engineering samples expected Q4 2026, and first products from the Microchip line shipping in H2 2027. For context, Q1 results were $14.9M revenue (MRAM product sales $14.1M, +28% y/y), non‑GAAP EPS $0.11 on 23.1M weighted average diluted shares, GAAP gross margin 52.7%, cash & equivalents $40.5M, and Q1 litigation expense of roughly $1.6M that is expected to persist at similar levels for a few quarters.Everspin Technologies Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
78
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.94M | 55.20M | 50.40M | 63.77M | 59.98M | 55.15M |
| Gross Profit | 29.33M | 28.24M | 26.13M | 37.24M | 33.95M | 33.07M |
| EBITDA | -2.63M | -3.30M | 2.47M | 10.30M | 7.40M | 6.35M |
| Net Income | 284.00K | -586.00K | 781.00K | 9.05M | 6.13M | 4.34M |
Balance Sheet | ||||||
| Total Assets | 83.19M | 84.61M | 77.79M | 67.30M | 55.33M | 39.38M |
| Cash, Cash Equivalents and Short-Term Investments | 40.49M | 44.45M | 42.10M | 36.95M | 26.80M | 21.41M |
| Total Debt | 3.00M | 3.34M | 4.64M | 5.58M | 9.30M | 5.69M |
| Total Liabilities | 12.95M | 15.69M | 15.20M | 13.38M | 16.67M | 12.14M |
| Stockholders Equity | 70.25M | 68.92M | 62.59M | 53.92M | 38.66M | 27.24M |
Cash Flow | ||||||
| Free Cash Flow | -1.19M | 3.12M | 4.05M | 11.72M | 6.71M | 8.33M |
| Operating Cash Flow | 9.09M | 9.96M | 7.10M | 13.13M | 9.49M | 9.36M |
| Investing Cash Flow | -12.12M | -8.67M | -3.06M | -1.39M | -2.59M | -1.03M |
| Financing Cash Flow | 1.36M | 1.07M | 1.11M | -1.59M | -1.52M | -1.52M |
Everspin Technologies Technical Analysis
Positive
12.37
Price Trends
16.24
Positive
13.85
Positive
11.16
Positive
Market Momentum
5.89
Negative
56.50
Neutral
35.34
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 12.37 is below the 20-day moving average (MA) of 25.58, below the 50-day MA of 16.24, and above the 200-day MA of 11.16, indicating a bullish trend. The MACD of 5.89 indicates Negative momentum. The RSI at 56.50 is Neutral, neither overbought nor oversold. The STOCH value of 35.34 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $406.32M | 20.85 | 25.61% | 6.28% | 1.76% | 0.85% | |
70 Outperform | $678.57M | -171.77 | 0.42% | ― | 15.94% | ― | |
67 Neutral | $362.52M | 6.73 | -3.41% | ― | -8.30% | -139.29% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $6.84B | -468.85 | -6.21% | ― | -0.14% | 25.60% | |
58 Neutral | $297.34M | -5.53 | -84.79% | ― | -40.50% | 1.62% | |
51 Neutral | $383.50M | -31.55 | -17.19% | ― | 43.23% | -34.14% |
* Technology Sector Average
MRAM
Everspin Technologies
28.94
22.99
386.39%
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Everspin Technologies Corporate Events
Business Operations and Strategy
Everspin Wins $40 Million Navy Microelectronics MRAM Contract
Positive
Apr 29, 2026
On April 24, 2026, Everspin Technologies entered into a $40 million Indefinite Delivery/Indefinite Quantity subcontract with Amentum Services to support the U.S. Navy’s Microelectronics Research, Development, Test, and Evaluation program aim...
Business Operations and Strategy
Everspin Signs Long-Term MRAM Foundry Deal With Microchip
Positive
Apr 10, 2026
On April 8, 2026, Everspin Technologies entered a 10‑year strategic foundry services agreement with Microchip Technology to manufacture 8‑inch MRAM, TMR sensor and STT‑MRAM wafers at Microchip’s Fab 4 in Gresham, Oregon, wi...
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.