Everspin Technologies, Inc. (MRAM) | Investment Case

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on MRAM

Everspin Technologies' recent performance was driven by strong revenue growth, with MRAM delivering 16% year-over-year revenue growth to $14.1M, and product sales increasing by 22%. The company's GAAP gross margins rose to 51.3%, indicating improved operational efficiency. Additionally, Everspin's strong balance sheet, with a cash position of $45.3M, provides a cushion against potential downturns. The company's leadership in high-reliability memory for LEO satellites, automotive, and industrial automation also positions it for continued growth.

1.c. Company Highlights

Last Price	9.45
Change Percentage	1.18%
Open	9.14
Previous Close	9.34
Market Cap ( Millions)	218
Volume	196985
Year High	17.24
Year Low	4.33
M A 50	11.39
M A 200	8.77

FCF Yield	1.43%
Dividend Yield	0.00%
ROE	-0.80%
Debt / Equity	9.57%
Net Debt / EBIDTA	2226.88%
Price To Book	3.14
Price Earnings Ratio	-411.44
Price To FCF	69.98
Price To sales	3.96
EV / EBITDA	-106.25

2. Everspin's Earnings Report: A Closer Look at Revenue Growth

The company's revenue growth is expected to continue, with analysts estimating a 7.1% increase in revenues for the next year. The actual EPS reported was $0.11, slightly below the estimated $0.115. The strategic RAD-Hard project with their partner is expected to be a major contributor to revenue growth in 2026, with a significant increase in revenue anticipated this year.

Publication Date: Mar -09

                                    📋 Highlights
                                    Strategic RAD-Hard Project::
                                                Expected significant revenue growth in 2026, becoming a major contributor.
LEO Satellite Market::
                                                Strong design wins and high-volume shipments of xSPI STT-MRAM products, driving demand in low Earth orbit satellites.
NOR Flash Replacement Partnerships::
                                                Collaborations with Lattice and Microchip, with PIC64 targeting aerospace/defense markets.
$100M Revenue Target::
                                                Aiming for $100 million in 3–5 years, led by PERSYST products and supported by UNISYST and licensing by 2027.
High-Reliability Product Boost::
                                                STT-MRAM and ST-DDR products to accelerate revenue growth, with UNISYST scaling in 2027.

                                

Revenue Streams and Growth Drivers

Everspin is seeing significant demand for its high-reliability xSPI STT-MRAM products, particularly in the LEO satellite market, where they've experienced strong design wins and are shipping products to support high-volume production. The company's PERSYST products, including Toggle MRAM market products, xSPI STT products, and ST-DDR products, are expected to be major contributors to revenue, with UNISYST and licensing also expected to play a significant role in reaching the $100 million revenue goal in 3-5 years.

Partnerships and Product Development

The company's partnerships, such as those with Lattice and Microchip, are also expected to drive growth, particularly in the aerospace and defense markets. As Sanjeev Aggarwal noted, the PIC64 product targeting the aerospace and defense market aligns well with Everspin's offerings, highlighting the potential for increased revenue from this application.

Valuation Metrics

With a P/S Ratio of 3.63 and an EV/EBITDA ratio of -49.26, the company's valuation appears to be based on high growth expectations. The current ROE is -0.9%, and the ROIC is -8.59%, indicating that the company still faces challenges in terms of profitability. However, the anticipated growth in revenue and the expected contributions from various product lines and partnerships may help to improve these metrics in the future.

3. NewsRoom

Everspin Technologies, Inc. (MRAM) Q4 2025 Earnings Call Transcript

Mar -05

Source: seekingalpha.com

Everspin Announces Date of Fourth Quarter and Full Year 2025 Financial Results Conference Call

Feb -18

Source: businesswire.com

Everspin Tech (NASDAQ:MRAM) vs. Victory Square Technologies (OTCMKTS:VSQTF) Critical Analysis

Feb -17

Source: defenseworld.net

Everspin Tech (NASDAQ:MRAM) Shares Cross Below 50 Day Moving Average – Should You Sell?

Feb -07

Source: defenseworld.net

Everspin Technologies to Present at the Needham Growth Conference

Jan -05

Source: businesswire.com

Everspin Technologies: A Niche Leader With A Strong Balance Sheet

Dec -06

Source: seekingalpha.com

Everspin Expands PERSYST MRAM Family With High-Reliability Devices for Aerospace, Defense, Automotive and Industrial Applications

Nov -18

Source: businesswire.com

Everspin Tech $MRAM Shares Sold by Acadian Asset Management LLC

Nov -14

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (28.02%)

6. Segments

Magnetoresistive Random Access Memory Technology

Expected Growth: 30.4%

Growing demand for low-power, high-performance memory solutions, increasing adoption in IoT, automotive, and industrial applications, and advancements in MRAM technology are driving the market growth.

Licensing

Expected Growth: 15.4%

Growing demand for high-performance and low-power memory solutions, increasing adoption of MRAM in IoT, automotive, and industrial applications, and Everspin's leadership in STT-MRAM technology drive market growth.

Other

Expected Growth: 15.4%

Growing demand for high-reliability memory solutions in aerospace and defense, increasing adoption of MRAM in specialty storage, and advancements in MRAM technology driving growth in Everspin's 'Other' segment.

Royalties

Expected Growth: 15.4%

Growing demand for MRAM in IoT, automotive, and industrial applications, coupled with increasing adoption of artificial intelligence and machine learning, drives the growth of Everspin Technologies' royalty-based business model.

7. Detailed Products

ST-MRAM

Spin-Transfer Torque Magnetoresistive Random Access Memory, a type of non-volatile memory that provides high performance and low power consumption

Toggle MRAM

A type of magnetoresistive random access memory that uses a toggle switching mechanism to store data

EMRAM

Embedded Magnetoresistive Random Access Memory, a type of non-volatile memory that integrates MRAM technology into system-on-chip (SoC) designs

Custom MRAM Solutions

Custom-designed MRAM solutions for specific customer applications, providing optimized performance, power, and area (PPA)

8. Everspin Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Everspin Technologies, Inc. is medium due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Everspin Technologies, Inc. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Everspin Technologies, Inc. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Everspin Technologies, Inc. is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for Everspin Technologies, Inc. is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	9.38%
Debt Cost	3.95%
Equity Weight	90.62%
Equity Cost	8.87%
WACC	8.41%
Leverage	10.35%

11. Quality Control: Everspin Technologies, Inc. passed 7 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Everspin Technologies

A-Score: 4.0/10

Value: 3.3

Growth: 4.2

Quality: 4.8

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

QuickLogic

A-Score: 3.4/10

Value: 6.6

Growth: 5.9

Quality: 4.1

Yield: 0.0

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

Transphorm

A-Score: 3.4/10

Value: 6.0

Growth: 3.3

Quality: 3.1

Yield: 0.0

Momentum: 6.0

Volatility: 1.7

1-Year Total Return ->

Alpha Omega Semi

A-Score: 2.8/10

Value: 8.4

Growth: 1.8

Quality: 3.8

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

Semtech

A-Score: 2.7/10

Value: 0.2

Growth: 2.0

Quality: 4.9

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

1-Year Total Return ->

Applied Optoelectronics

A-Score: 2.5/10

Value: 6.8

Growth: 0.8

Quality: 4.4

Yield: 0.0

Momentum: 2.5

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

20.51%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.41%

Everspin Technologies, Inc. - US30041T1043

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MRAM

1.c. Company Highlights

Better Quality

Average Growth

Stable Momentum

Earnings Miss

Revenues Beats

Weak Momentum

Expensive

Fairly Valued

Earnings Beats

Revenues Miss

Average Yield

Average Quality

Medium Volatility

Strong Momentum

2. Everspin's Earnings Report: A Closer Look at Revenue Growth

Revenue Streams and Growth Drivers

Partnerships and Product Development

Valuation Metrics

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (28.02%)

6. Segments

Magnetoresistive Random Access Memory Technology

Expected Growth: 30.4%

Licensing

Expected Growth: 15.4%

Other

Expected Growth: 15.4%

Royalties

Expected Growth: 15.4%

7. Detailed Products

ST-MRAM

Toggle MRAM

EMRAM

Custom MRAM Solutions

8. Everspin Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Everspin Technologies, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.45$

Current Price

9.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA