# Astera Labs, Inc. (ALAB)

> Source: Nexqual · https://nexqual.com/ALAB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Astera Labs, Inc. (ALAB), nexqual.com/ALAB" · informational, not investment advice.

**Price:** USD 257.82 (-11.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 290.06 · day 254.72–278.94 · 52w 97.89–499.48 · market cap $44.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.20B, net income $369M (30.7% margin), free cash flow $277M (SEC filings).
- Valuation: P/E 121.1x (avg 136.3x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold ALAB (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 29 Form 4 filings, $654M; 7 not under a Rule 10b5-1 plan ($110M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (26 analysts), mean target USD 388.36 (range 190–500).
- Total return with dividends: 1Y +57.5% vs S&P 500 +14.9%; 5Y +268.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.19, revenue estimate $551M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $79.9M | $116M | $396M | $853M | $1.20B |
| Gross profit | $58.7M | $79.8M | $303M | $645M | — |
| Operating income | -$60.2M | -$29.5M | -$116M | $173M | $273M |
| Net income | -$58.3M | -$26.3M | -$83.4M | $219M | $369M |
| EPS (diluted) | -$1.71 | -$0.71 | -$0.64 | $1.22 | — |
| Free cash flow | -$39.8M | -$15.5M | $102M | $282M | $277M |
| Gross margin | 73.5% | 68.9% | 76.4% | 75.7% | — |
| Operating margin | -75.4% | -25.5% | -29.3% | 20.3% | 22.8% |
| Net margin | -73.0% | -22.7% | -21.1% | 25.7% | 30.7% |
| Revenue growth | — | +45.0% | +242.2% | +115.1% | — |
| Cash + short-term investments | $76.1M | $149M | $914M | $1.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 121.1x · P/S 37.2x · P/FCF 161.7x · P/B 25.9x · FCF yield 0.62% · Earnings yield 0.83%
P/E at fiscal year-ends: Dec 2025 136.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ALAB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 4.65% | $515M | Added +11.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
22 of 29 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-07 | Dyckerhoff Stefan A | Director | 12,499 | $4.7M | 3.4% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Dyckerhoff Stefan A | Director | 12,499 | $3.4M | 3.3% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Alba Manuel | Director | 183,000 | $51.3M | 11.7% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Gajendra Sanjay | President and COO | 90,630 | $30.8M | 1.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Mazzara Philip | General Counsel and Secretary | 6,801 | $2.3M | 6.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Mohan Jitendra | Chief Executive Officer | 90,630 | $30.8M | 1.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-06 | Dyckerhoff Stefan A | Director | 12,499 | $3.9M | 3.2% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Alba Manuel | Director | 8,491 | $3.9M | 2.8% | Yes (adopted May 29, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Alba Manuel | Director | 37,535 | $16.8M | 2.3% | Yes (adopted May 29, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Alba Manuel | Director | 136,974 | $60.5M | 9.6% | Yes (adopted May 29, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Dyckerhoff Stefan A | Director | 12,499 | $5.6M | 3.1% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-24 | Mayer Bethany | Director | 686 | $271K | 9.7% | Yes (adopted November 25, 2024) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Lazar Jack R | Director | 10,000 | $3.6M | 11.7% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Dyckerhoff Stefan A | Director | 12,499 | $4.6M | 3% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Gajendra Sanjay | President and COO | 400,000 | $116M | 4.9% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Mazzara Philip | General Counsel and Secretary | 796 | $232K | 0.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Gajendra Sanjay | President and COO | 280,000 | $69.8M | 3.3% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-18…2026-05-19 | Mohan Jitendra | Chief Executive Officer | 139,951 | $31.3M | 1.7% | Yes (adopted December 1, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-18 | Mohan Jitendra | Chief Executive Officer | 95,444 | $21.5M | 1.2% | No | Too little history (no open-market trades in 2023) |
| 2026-05-18 | Gajendra Sanjay | President and COO | 95,444 | $21.5M | 1.1% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 26 analysts; mean target USD 388.36 (low 190, high 500).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | TD Cowen | Target lowered | Hold | $375 → $300 |
| 2026-08-17 | Northland Capital Markets | Upgrade | Market Perform → Outperform | $350 |
| 2026-08-05 | TD Cowen | Target lowered | Hold | $425 → $375 |
| 2026-08-05 | Morgan Stanley | Target raised | Overweight | $335 → $382 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $425 → $500 |
| 2026-08-05 | Evercore ISI Group | Target raised | Outperform | $297 → $452 |
| 2026-08-05 | Needham | Target raised | Buy | $260 → $425 |
| 2026-08-05 | Jefferies | Target raised | Buy | $270 → $450 |
| 2026-07-31 | Susquehanna | Target raised | Neutral | $230 → $275 |
| 2026-07-20 | Barclays | Target raised | Equal-Weight | $200 → $325 |
| 2026-07-13 | TD Cowen | Target raised | Hold | $225 → $425 |
| 2026-06-29 | UBS | Target raised | Neutral | $205 → $400 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-03-18) |
|---|---|---|
| Total return | +57.5% | +268.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +57.8% | +65.2% |
| Volatility (annualized) | 97.9% | 81.2% |
| Max drawdown | -48.3% (Jun 2026→Jul 2026) | -62.6% (Dec 2024→Mar 2025) |

## Peers (Semiconductors)
UMC (United Microelectronics Corpora) USD 18.53 -6.51% · MCHP (Microchip Technology Incorporat) USD 74.52 -3.41% · STM (STMicroelectronics N.V.) USD 44.09 -7.04% · MPWR (Monolithic Power Systems, Inc.) USD 1,167.93 -8.99% · NXPI (NXP Semiconductors N.V.) USD 237.79 -1.89% · CRDO (Credo Technology Group Holding ) USD 162.77 -10.70%

## More
Full page: https://nexqual.com/ALAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ALAB's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "We currently partner with TSMC to manufacture our integrated circuits." |
| Supplier | ASE Technology (ASX) | "We use Advanced Semiconductor Engineering and Amkor Technologies to assemble, package, and test our ICs." |
| Supplier | Amkor Technology (AMKR) | "We use Advanced Semiconductor Engineering and Amkor Technologies to assemble, package, and test our ICs." |
| Partner | Amazon (AMZN) | "On February 5, 2026, the Company entered into a Warrant Agreement with Amazon.com NV Investment Holdings LLC, to acquire up to an aggregate of 3,262,299 shares of common stock at an exercise price of $142.82 per share (t…" |
| Competitor | Broadcom (AVGO) | "Our principal competitors include Broadcom, Inc., Credo Technology Group Holding Ltd., Marvell Technology, Inc., Microchip Technology Inc., Montage Technology, Parade Technologies, Ltd., and Rambus, Inc." |
| Competitor | Credo Technology (CRDO) | "Our principal competitors include Broadcom, Inc., Credo Technology Group Holding Ltd., Marvell Technology, Inc., Microchip Technology Inc., Montage Technology, Parade Technologies, Ltd., and Rambus, Inc." |
| Competitor | Microchip Technology (MCHP) | "Our principal competitors include Broadcom, Inc., Credo Technology Group Holding Ltd., Marvell Technology, Inc., Microchip Technology Inc., Montage Technology, Parade Technologies, Ltd., and Rambus, Inc." |

Other companies that name ALAB in their own reports (relationship from ALAB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Credo Technology Group Holding Ltd (CRDO) | 10-K 2026-06-15 | "Marvell Technology, Inc. (Marvell) and Astera Labs, Inc. (Astera), as well as various cable and optical transceiver suppliers." |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $852.5M | 100.0% | +116.9% |
| Total revenue | $852.5M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $152.7M | 38.9% | +158.6% |
| Singapore | $113.7M | 29.0% | +71.2% |
| Taiwan | $105.8M | 27.0% | +86.7% |
| Other | $14.7M | 3.7% | +94.1% |
| United States | $5.5M | 1.4% | +149.4% |
| Total revenue | $392.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 29%, 25%, 15%, 13% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-04)

- "Earnings Webcast and Conference Call Astera Labs will host a conference call to review its financial results for the second quarter of 2026 and to discuss our financial outlook today at 1:30 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.19 | $0.79 | +51.2% | $550.8M | 20 |
| Next quarter (ends 2026-12-31) | $1.42 | $0.93 | +52.9% | $655.7M | 20 |
| Current fiscal year (ends 2026-12-31) | $4.03 | $3.01 | +33.8% | $1.91B | 21 |
| Next fiscal year (ends 2027-12-31) | $6.40 | $4.53 | +41.3% | $2.98B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±17.5%; earnings reaction alone ±10.0%; last 8 reports averaged ±13.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.2% | ±10.9% |
| 2026-11-06 | 14 | 109.0% | ±17.5% |
| 2026-11-13 | 21 | 100.8% | ±19.7% |
| 2026-11-20 | 28 | 93.1% | ±20.7% |
| 2026-11-27 | 35 | 90.7% | ±22.6% |
| 2026-12-04 | 42 | 87.0% | ±23.7% |
| 2026-12-18 | 56 | 84.9% | ±26.2% |
| 2027-01-15 | 84 | 80.2% | ±30.2% |