Everspin Technologies, Inc. (MRAM) Stock

Everspin Technologies, Inc. (MRAM) is a Technology stock trading at $16.97 (as of 2026-08-20), with a market capitalization of $413.22M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Everspin Technologies, Inc. develops and sells magnetoresistive random access memory (MRAM) products, including Toggle MRAM and spin-transfer torque MRAM, along with tunnel magnetoresistance sensors, and offers foundry services for embedded MRAM. Its products target markets such as data center, industrial, medical, automotive/transportation, and aerospace, serving original equipment and original design manufacturers via direct sales and distributors.

Understand Everspin Technologies, Inc.: how it makes money

Everspin Technologies makes and sells MRAM memory products (including Toggle MRAM and STT MRAM) and provides embedded MRAM foundry services, selling through a direct channel to OEMs and to original design manufacturers.

The profit model is driven by converting MRAM engineering progress into volume production status and then scaling high-density STT MRAM shipments tied to revenue (with licensing and other IP transactions contributing zero in the latest reported period).

Business quality (Weak): Even with high gross margin (52.7%), the company reported a negative operating margin (-18.3%) in the latest quarter.

Valuation: At 2711× earnings, MRAM trades 5183% above the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

  • Customer production adoption: The company reported 1,600 Volume Production Customers and 1,500 Customers Reached Production Status Using Standalone MRAM.
  • MRAM content mix tied to revenue: High-Density STT MRAM shipments to suppliers were 20.0% of revenue, and High-Density STT MRAM Data Center shipments were 17.1% of revenue.
  • No reported supply-constrained demand in the latest period: Unfulfilled Customer Demand Due to Supply Constraints was 0.0 USD_B.

Bear case

  • Operating profitability remains weak: Operating margin was -18.3% in the latest quarter.
  • Limited contribution from licensing or IP transactions in the latest period: Licensing Revenue, Royalties, Patents and Other Revenue was 0.0 USD_B, and Revenue from IP Transactions was also 0.0 USD_B.
  • End-customer concentration risk within the data center line: The Largest End Customer Share of Revenue (High-Density STT MRAM Data Center) was 11.0%, which indicates non-trivial exposure to individual customer outcomes.
Valuation — source: SEC EDGAR (first-party)
Price$16.97
Market Cap$413.22M
Price / Book5.65
Price / Sales6.61
FCF Yield-2.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$55.20M
Net Margin-1.1%
Revenue Growth (YoY)9.5%
EPS Growth (YoY)-175.0%
FCF Growth (YoY)-22.9%
Financial Health — source: SEC EDGAR
Altman Z-Score13.86 (safe)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Technology)33.9
Industry P/E (Electronic Equipment)39.4
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderAWM Investment Company, Inc. ($18.26M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryElectronic Equipment
CEOSanjeev Aggarwal
Employees86
CountryUS
IPO Date2016-10-07

Related Companies (Business model: Fabless Semiconductors; 8 closest by market cap; US-domiciled)

  • indie Semiconductor, Inc. (INDI)
  • Alpha and Omega Semiconductor Limited (AOSL)
  • Array Technologies, Inc. (ARRY)
  • NVE Corporation (NVEC)
  • Aeluma, Inc. (ALMU)
  • GSI Technology, Inc. (GSIT)
  • QuickLogic Corporation (QUIK)
  • Atomera Incorporated (ATOM)
MRAM earnings history · MRAM institutional & insider holders · MRAM KPIs & operating metrics · MRAM financials · MRAM investor presentations & press releases · MRAM SEC filings · MRAM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.