Rankings Semiconductors Everspin Technologies
Everspin Technologies
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history and peers−10
- Patent case and ITC−7
- Margin−5
Strengths
- Net cash+3
- Guidance beaten and raised+3
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 13.07 USD
- Median analyst target
- 22.50 USD
- Upside to median
- +72.1%
- Analysts
- 4
- Target range
- 19.00 – 38.00 USD
- 52-week change
- +23%
- P/E (trailing)
- n/a
- Forward P/E
- 24.0
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−14 of −30
- −5MarginGross margin of 52-54% is decent, but operating margin is -15.6% TTM (operating profit -9.7m USD) and FCF -5.4m due to capex of 9.6m. Non-GAAP profit of 2.9m in Q2 requires litigation and share costs to be excluded. The deficit is counted only here.
- −4Quality of growthRevenue was flat from 2021 (55.2m) to 2025 (55.2m) with a 21% decline in 2024. The record quarter in Q2 2026 (18.7m) is partly driven by non-product revenue from a 40m contract with a defense contractor, which is lumpy and not necessarily repeatable.
- −3Segment of the future and scaleMRAM is a niche (industrial, energy management, aerospace/defence). Foundries such as TSMC and Samsung offer embedded MRAM, and the ambition to replace NOR flash depends on new products only in 2027. With 85 employees and 62m in revenue, the scale is small.
- −2Capital allocationCapex rose from 1.4m (2023) to 9.6m TTM, and FCF has gone from +11.7m (2023) to -5.4m. Share count rose 2.3% over a year via stock-based compensation; no buybacks.
Price
Today's multiples against the company's own history and its peers. · 1 finding−10 of −35
- −10Multiples vs own history and peersEV/Sales 5.75 versus 1.66–3.88 in 2021–2025 and P/S 6.4 versus 1.9–4.0 – the highest in five years. Forward P/E 34 (non-GAAP) versus 18–28 in 2022–2025. SkyWater trades at EV/Sales 3.35. Analysts' price targets are not used here.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −7Patent case and ITCAvalanche Technology has sued Everspin in Delaware and got the ITC to open investigation 337-TA-1487 (27/2-2026) over four STT-MRAM patents, seeking an exclusion order. Litigation costs were 4.0m USD in Q2 alone, and a ruling is expected 14-16 months after initiation.
- −2Insider tradingInsiders have only sold in recent years (including CEO Sanjeev Aggarwal for 176,000 USD and a director for 58,000 USD), and there are no insider purchases. Insiders own 3.5%.
- −2
- −2Contract and customer concentrationA large part of the growth in 2026 comes from one contract with a US defence contractor and from distributors in Singapore and Hong Kong (about 36% of revenue in 2025), which makes earnings vulnerable to delays and inventory adjustments.
Plus
Only documented strengths. · 2 findings+6 of +15
- +3Net cashCash 43.9m USD and no loans as of 30 Jun 2026 (net cash approx. 41m incl. leases), current ratio 4.7.
- +3Guidance beaten and raisedQ2 revenue (18.7m) was above the top of guidance (15.5-16.5m), and Q3 guidance has been raised to 19.5-20.5m with non-GAAP EPS of USD 0.10-0.15.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price of DKK 108.30 is far above DKK 3; not a classic penny company, but a small semiconductor company with real sales). A price of USD 16.45 and 24.35m shares (stockanalysis 9/10-2026) give a market cap of about USD 401m; Nordnet showed DKK 2,847m. The company is non-GAAP profitable, but the GAAP loss is due partly to litigation costs (5.6m in H1 2026) and share-based compensation. The USD 40m contract with a US defense contractor is not described in detail. Cyclical = yes, because revenue followed the industry's inventory cycle (-21% in 2024), even though MRAM is not commodity memory. There is an old USD 100m shelf from 2023; an active ATM has not been found. Insider trades in 2026 have not been reviewed.
Also in Semiconductors
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