# Ambarella, Inc. (AMBA)

> Source: Nexqual · https://nexqual.com/AMBA · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Ambarella, Inc. (AMBA), nexqual.com/AMBA" · informational, not investment advice.

**Price:** USD 66.5 (+5.35% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 63.12 · day 61.8–67.7 · 52w 48.3–96.69 · market cap $2.94B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $418M, net income -$56.3M (-13.5% margin), free cash flow $9.7M (SEC filings).
- 1 of 80 tracked superinvestors hold AMBA (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $8.8M; 10 not under a Rule 10b5-1 plan ($3.7M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 11 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.43 on a 1–5 scale) (14 analysts), mean target USD 87.55 (range 65–120).
- Total return with dividends: 1Y -22.3% vs S&P 500 +13.4%; 5Y -64.2% vs S&P 500 +76.9%.
- Next earnings: 2026-12-01, EPS estimate USD 0.31, revenue estimate $120M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $332M | $338M | $226M | $285M | $391M | $418M |
| Gross profit | $208M | $209M | $137M | $172M | $231M | — |
| Operating income | -$29.6M | -$74.3M | -$155M | -$127M | -$82.5M | -$62.2M |
| Net income | -$26.4M | -$65.4M | -$169M | -$117M | -$75.9M | -$56.3M |
| EPS (diluted) | -$0.72 | -$1.70 | -$4.25 | -$2.84 | -$1.78 | — |
| Free cash flow | $29.1M | $29.0M | $7.0M | $23.5M | $58.0M | $9.7M |
| Gross margin | 62.7% | 61.9% | 60.4% | 60.5% | 59.2% | — |
| Operating margin | -8.9% | -22.0% | -68.2% | -44.4% | -21.1% | -14.9% |
| Net margin | -8.0% | -19.4% | -74.8% | -41.1% | -19.4% | -13.5% |
| Revenue growth | +48.8% | +1.7% | -32.9% | +25.8% | +37.2% | — |
| Cash + short-term investments | $171M | $207M | $220M | $250M | $313M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 7.0x · P/FCF 302.0x · P/B 4.7x · FCF yield 0.33% · Earnings yield -1.92% · Buyback yield (TTM) 0.08%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold AMBA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.10% | $10.8M | Added +7.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 18 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | Paisley Christopher B | Director | 250 | $18K | 0.6% | Yes (adopted September 22, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-18 | Young John Alexander | CFO | 1,896 | $128K | 1.7% | Yes (adopted January 15, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-17 | Wang Feng-Ming | CEO | 6,086 | $395K | 0.8% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-17 | Ju Chi-Hong | Senior VP, Systems & GM | 2,009 | $130K | 1.2% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-17 | Lee Chan W | Chief Operations Officer | 2,893 | $188K | 1.8% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-09-17 | Young John Alexander | CFO | 3,126 | $203K | 2.8% | No | Too little history (no open-market trades in 2023) |
| 2026-07-09 | Chen Yun-Lung | VP, Business Dev. & Marketing | 5,958 | $469K | 9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Ju Chi-Hong | Senior VP, Systems & GM | 10,000 | $888K | 5.7% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Wang Feng-Ming | CEO | 16,250 | $1.5M | 2.1% | Yes (adopted October 8, 2025) | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Paisley Christopher B | Director | 250 | $16K | 0.6% | Yes (adopted September 22, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-17 | Young John Alexander | CFO | 5,033 | $340K | 4.3% | Yes (adopted January 15, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-17 | Lee Chan W | Chief Operations Officer | 2,951 | $200K | 1.8% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-17 | Ju Chi-Hong | Senior VP, Systems & GM | 2,017 | $137K | 1.1% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-17 | Wang Feng-Ming | CEO | 6,204 | $421K | 0.8% | No | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-12 | Chen Yun-Lung | VP, Business Development and | 9,856 | $661K | 12.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Young John Alexander | CFO | 400 | $38K | 0.3% | Yes (adopted January 15, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Wang Feng-Ming | CEO | 32,500 | $3.0M | 3.9% | Yes (adopted October 8, 2025) | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-04-21 | Young John Alexander | CFO | 1,971 | $118K | 1.6% | Yes (adopted January 15, 2026) | 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 2.43 on a 1–5 scale), 14 analysts; mean target USD 87.55 (low 65, high 120).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-16 | Rosenblatt | Maintained | Buy | $120 |
| 2026-09-04 | Roth Capital | Target lowered | Neutral | $90 → $65 |
| 2026-09-04 | Stifel | Target lowered | Buy | $106 → $90 |
| 2026-09-04 | B of A Securities | Target lowered | Neutral | $96 → $70 |
| 2026-09-04 | Rosenblatt | Maintained | Buy | $120 |
| 2026-08-31 | Rosenblatt | Maintained | Buy | $120 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -22.3% | -64.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -22.4% | -18.6% |
| Volatility (annualized) | 74.5% | 62.8% |
| Max drawdown | -49.1% (Nov 2025→Mar 2026) | -80.3% (Dec 2021→Apr 2024) |

## Peers (Semiconductor Equipment & Materials)
IPGP (IPG Photonics Corporation) USD 71.07 +2.39% · VECO (Veeco Instruments Inc.) USD 42.06 +2.21% · ACLS (Axcelis Technologies, Inc.) USD 106.58 +1.76% · AXTI (AXT Inc) USD 52.08 +1.01% · ACMR (ACM Research, Inc.) USD 50.55 +2.91% · COHU (Cohu, Inc.) USD 47.96 +3.67%

## More
Full page: https://nexqual.com/AMBA · 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 AMBA's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/1280263/000119312526119321/amba-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Samsung Electronics | "Currently, the substantial majority of our SoCs are supplied by Samsung Electronics Corporation (Samsung) in facilities located in Austin, Texas and South Korea, from whom we have the option to purchase both fully-assemb…" |
| Supplier | Signetics Corporation and STATS ChipPAC | "Samsung subcontracts the assembly and initial testing of the assembled chips it supplies to us to Signetics Corporation and STATS ChipPAC Ltd. In the case of purchases of tested die from Samsung, we contract the assembly…" |
| Supplier | ASE Technology (ASX) | "Samsung subcontracts the assembly and initial testing of the assembled chips it supplies to us to Signetics Corporation and STATS ChipPAC Ltd. In the case of purchases of tested die from Samsung, we contract the assembly…" |
| Supplier | TSMC (TSM) | "There are only a few foundries, including Samsung and Taiwan Semiconductor Manufacturing Co., Ltd., or TSMC, that are currently available for certain advanced process technologies that we utilize or may utilize, such as …" |
| Customer | Wintech Microelectronics | "In fiscal year 2026, the customer representing 10% or more of revenue was WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, our non-exclusive sales representative and fulfillment partner …" |
| Customer | Arashi Vision | "Our largest end customer in fiscal year 2026 was Arashi Vision Inc. dba Insta360, or Arashi, for which we indirectly supply SoCs through WT to multiple ODMs that build products on behalf of Arashi." |
| Customer | Chicony Electronics | "A substantial portion of our revenue from sales was made indirectly through one of our distributors, WT Microelectronics Co., Ltd., formerly Wintech Microelectronics Co., Ltd., or WT, which serves as our non-exclusive sa…" |
| Competitor | Huawei | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corporation, or NVIDIA, Qua…" |
| Competitor | NVIDIA (NVDA) | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corporation, or NVIDIA, Qua…" |
| Competitor | Qualcomm (QCOM) | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corporation, or NVIDIA, Qua…" |
| Competitor | Intel (INTC) | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corporation, or NVIDIA, Qua…" |
| Competitor | Texas Instruments (TXN) | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corporation, or NVIDIA, Qua…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "•suppliers of hardware and software for SoC products that are used in servers or embedded into automobiles, autonomous machines, and gaming devices, such as Ambarella, Inc., AMD, Broadcom, Intel, Qual…" |
| competitor | Mobileye Global Inc. (MBLY) | 10-K 2026-02-12 | "Our silicon provider competitors include Ambarella, Advanced Micro Devices, Arriver / Qualcomm, Black Sesame Technologies, Horizon Robotics, Huawei, NVIDIA, NXP, Renesas Electronics, and Texas Instrum…" |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Taiwan | $65.1M | 60.2% | -4.4% |
| Asia Pacific Other Than Taiwan | $25.1M | 23.2% | +41.2% |
| Europe | $10.0M | 9.3% | +113.7% |
| North America Other Than United States | $5.8M | 5.3% | +37.3% |
| United States | $2.1M | 1.9% | +201.0% |
| Total revenue | $108.1M | 100% | — |

## Customer concentration

Period ended 2026-07-31: 60.2%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-09-04).

## Company outlook (8-K filed 2026-09-03)

- "Based on information available as of today, Ambarella is offering the following guidance for the third quarter of fiscal year 2027, ending October 31, 2026: • Revenue is expected to be between $115.0 million and $124.0 million. • Gross margin on a non-GAAP basis is expected to be between 59.0% and 60.0%. • Non-GAAP operating expenses are expected to be between $56.5 million and $59.5 million."
- "In addition, in our second quarter of fiscal 2027, we recognized a one-time $9.0 million reduction in our GAAP research and development expense on release of a deposit liability following the termination of a development project."
- "Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law."
- "With respect to the company's expectations for the third quarter of fiscal year 2027, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures."

Analysts expect $119.8M for the current quarter, +0.2% vs the guidance midpoint $119.5M. Source: https://www.sec.gov/Archives/edgar/data/1280263/000119312526381923/d88952dex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.31 | $0.30 | +6.5% | $119.8M | 12 |
| Next quarter (ends 2027-01-31) | $0.19 | $0.21 | -10.3% | $112.6M | 12 |
| Current fiscal year (ends 2027-01-31) | $0.80 | $0.79 | +1.8% | $441.1M | 12 |
| Next fiscal year (ends 2028-01-31) | $1.06 | $1.15 | -8.0% | $494.0M | 12 |

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

Expected move by 2026-12-04 (includes earnings 2026-12-01): ±22.5%; earnings reaction alone ±3.9%; last 8 reports averaged ±13.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 89.0% | ±9.9% |
| 2026-11-06 | 13 | 86.8% | ±13.5% |
| 2026-11-13 | 20 | 77.5% | ±14.8% |
| 2026-11-20 | 27 | 75.7% | ±16.7% |
| 2026-11-27 | 34 | 84.3% | ±20.7% |
| 2026-12-04 | 41 | 84.0% | ±22.5% |
| 2026-12-18 | 55 | 77.0% | ±24.1% |
| 2027-01-15 | 83 | 67.8% | ±25.9% |