# Everspin Technologies, Inc. (MRAM)

> Source: Nexqual · https://nexqual.com/MRAM · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Everspin Technologies, Inc. (MRAM), nexqual.com/MRAM" · informational, not investment advice.

**Price:** USD 14.65 (+5.17% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 13.93 · day 13.9–14.74 · 52w 7.35–51.5 · market cap $357M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $62.5M, net income -$2.6M (-4.2% margin), free cash flow -$5.4M (SEC filings).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $18.4M; 14 not under a Rule 10b5-1 plan ($18.4M); 0 by opportunistic insiders, 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.50 on a 1–5 scale) (4 analysts), mean target USD 25.5 (range 19–38).
- Total return with dividends: 1Y +35.0% vs S&P 500 +13.6%; 5Y +140.9% vs S&P 500 +79.8%.
- Next earnings: 2026-10-28, EPS estimate USD 0.12, revenue estimate $20.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $55.1M | $60.0M | $63.8M | $50.4M | $55.2M | $62.5M |
| Gross profit | $33.1M | $33.9M | $37.2M | $26.1M | $28.2M | — |
| Operating income | $5.0M | $6.2M | $5.9M | -$7.1M | -$6.5M | -$9.7M |
| Net income | $4.3M | $6.1M | $9.1M | $781K | -$586K | -$2.6M |
| EPS (diluted) | $0.22 | $0.29 | $0.42 | $0.04 | -$0.03 | — |
| Free cash flow | $8.3M | $6.7M | $11.7M | $4.0M | $3.1M | -$5.4M |
| Gross margin | 60.0% | 56.6% | 58.4% | 51.8% | 51.2% | — |
| Operating margin | 9.1% | 10.4% | 9.2% | -14.1% | -11.8% | -15.5% |
| Net margin | 7.9% | 10.2% | 14.2% | 1.5% | -1.1% | -4.2% |
| Revenue growth | +31.2% | +8.8% | +6.3% | -21.0% | +9.5% | — |
| Cash + short-term investments | $21.4M | $26.8M | $36.9M | $42.1M | $44.5M | — |
| Total debt | $4.9M | — | — | $3.6M | $1.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 5.7x · EV/Sales 5.0x · P/B 4.9x · FCF yield -1.51% · Earnings yield -0.74% · Net cash $43.0M · EV $314M
P/E at fiscal year-ends: Dec 2024 181.3x, Dec 2023 21.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 14 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Aggarwal Sanjeev | President and CEO | 19,572 | $373K | 2.3% | No | Routine (sold in Jan & Mar & Apr & Jul & Aug & Oct each year 2023–2025) |
| 2026-10-02 | Cooper William Earl | Chief Financial Officer | 3,115 | $59K | 2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02 | Dougherty Sean Michael | Vice President, Sales | 7,691 | $147K | 7.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Dougherty Sean Michael | Vice President, Sales | 358 | $8K | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Aggarwal Sanjeev | President and CEO | 30,885 | $690K | 3.5% | No | Routine (sold in Jan & Mar & Apr & Jul & Aug & Oct each year 2023–2025) |
| 2026-07-01 | Cooper William Earl | Chief Financial Officer | 1,549 | $35K | 1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-29 | Finch Lawrence G | Director | 310,091 | $8.5M | 64.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Ribar Geoffrey G | Director | 27,488 | $794K | 22.6% | No | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Cooper William Earl | Chief Financial Officer | 10,000 | $291K | 6.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-15…2026-05-18 | Aggarwal Sanjeev | President and CEO | 110,976 | $3.7M | 11.9% | No | Routine (sold in Jan & Mar & Apr & Jul & Aug & Oct each year 2023–2025; this trade is outside those months) |
| 2026-05-15 | Hawk Glen | Director | 48,563 | $1.8M | 55.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Billerbeck Darin G | Director | 30,000 | $1.1M | 19.5% | No | Too little history (no open-market trades in 2024) |
| 2026-05-06 | Cooper William Earl | Chief Financial Officer | 11,000 | $239K | 6.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Aggarwal Sanjeev | President and CEO | 28,459 | $557K | 3.4% | No | Routine (sold in Jan & Mar & Apr & Jul & Aug & Oct each year 2023–2025; this trade is outside those months) |
% 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 1.50 on a 1–5 scale), 4 analysts; mean target USD 25.5 (low 19, high 38).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Maxim Group | Initiated | Buy | $25 |
| 2026-08-06 | Needham | Target raised | Buy | $18.5 → $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +35.0% | +140.9% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +35.2% | +19.2% |
| Volatility (annualized) | 109.5% | 66.8% |
| Max drawdown | -71.8% (May 2026→Oct 2026) | -66.5% (May 2026→Oct 2026) |

## Peers (Semiconductors)
NVTS (Navitas Semiconductor Corporati) USD 9.36 +0.11% · POWI (Power Integrations, Inc.) USD 49.32 -0.02% · DIOD (Diodes Incorporated) USD 89.3 +0.82% · VSH (Vishay Intertechnology, Inc.) USD 29.92 +0.98% · SYNA (Synaptics Incorporated) USD 118.5 +0.34% · PI (Impinj, Inc.) USD 176.48 +0.96%

## More
Full page: https://nexqual.com/MRAM · 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 MRAM's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1438423/000162828026014733/mram-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | GlobalFoundries (GFS) | "We also manufacture full-flow 300mm CMOS wafers with our STT-MRAM magnetic-bit technology integrated in BEOL as part of our strategic relationship with GLOBALFOUNDRIES Inc. (GLOBALFOUNDRIES)." |
| Supplier | Amkor Technology (AMKR) | "We utilize third-party industry-leading assembly and test sub-contractors, including Amkor, OSE, GTC, ChipMos and Sigurd UTC." |
| Customer | Cadence Design Systems (CDNS) | "We have established relationships with several storage controller and FPGA companies, including Phison Electronics, Sage Micro, and Xilinx as well as IP core companies, including Cadence and Northwest Logic, to facilitat…" |
| Competitor | Samsung Electronics | "Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, M…" |
| Competitor | Micron Technology (MU) | "Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, M…" |
| Competitor | Infineon | "Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, M…" |
| Competitor | Renesas | "Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Macronix, Microchip, M…" |
| Competitor | SK hynix | "Our STT-MRAM products replace discrete NOR, DRAM and NVSRAM where persistence is required and thus compete with DRAM and NVSRAM suppliers such as Hynix, Micron, Winbond, Samsung, and several other smaller companies." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales | $15.3M | 81.7% | +38.1% |
| Licensing, royalty, engineering services and other revenue | $3.4M | 18.3% | +62.2% |
| — Engineering services and other revenue (part of Licensing, royalty, engineering services and other revenue) | $3.3M | 17.5% | +187.6% |
| — Royalties (part of Licensing, royalty, engineering services and other revenue) | $139,000 | 0.7% | -57.2% |
| Total revenue | $18.7M | 100% | — |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| APAC | $10.9M | 58.0% | +26.6% |
| North America | $5.3M | 28.1% | +79.6% |
| EMEA | $2.6M | 14.0% | +54.4% |
| Total revenue | $18.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 21%, 16%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-10-28)

- "For the fourth quarter of 2026, Everspin expects total revenue in a range of $21.5 million to $22.5 million, and GAAP net loss per share to be between $(0.13) and $(0.08)."
- "Non-GAAP net income per diluted share is anticipated to be between $0.13 and $0.18."

Analysts expect $20.9M for the current quarter, -5.1% vs the guidance midpoint $22.0M. Source: https://www.sec.gov/Archives/edgar/data/1438423/000162828026067890/mram-20260930xexx991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.12 | $0.11 | +14.8% | $20.9M | 4 |
| Next quarter (ends 2027-03-31) | $0.12 | $0.10 | +13.7% | $20.6M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.46 | $0.40 | +14.7% | $74.5M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.50 | $0.47 | +7.1% | $85.9M | 4 |

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

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 105.7% | ±22.8% |
| 2026-12-18 | 50 | 89.1% | ±28.6% |
| 2027-03-19 | 141 | 85.5% | ±44.9% |
| 2027-06-17 | 231 | 91.1% | ±60.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.11 | $0.09 | Beat +22.2% | -10.2% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $0.11 | $0.09 | Beat +22.2% | +43.5% |
| Mar 4, 2026 | Quarter ended Dec 31, 2025 | $0.11 | $0.12 | Miss −8.3% | -14.1% |
| Nov 5, 2025 | — | — | — | — | -11.5% |
| Aug 6, 2025 | — | — | — | — | +1.2% |
| Apr 30, 2025 | — | — | — | — | +11.7% |
| Feb 26, 2025 | — | — | — | — | +1.1% |
| Oct 30, 2024 | — | — | — | — | -7.6% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1438423/000162828026067890/0001628280-26-067890-index.htm |
| 2026-08-14 | Schedule 13G/A | AWM Investment Company, Inc.: 3.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1438423/000153526426000047/0001535264-26-000047-index.htm |
| 2026-08-13 | Schedule 13G/A | Barclays PLC: 1.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1438423/000031206926000216/0000312069-26-000216-index.htm |
| 2026-08-12 | 8-K | Director or executive officer change, or pay arrangement — “The board of directors (the "Board") of Everspin Technologies, Inc. (the "Company") appointed Vikas Choudhary as a director, effective August 9, 2026, to serve until the 2027 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Vikas Choudhary, age 54, has served as Senior Vice President and General Manager of the Connectivity and Storage Business Unit of MaxLinear, Inc., a provider of connectivity and infrastructure semiconductor…” | https://www.sec.gov/Archives/edgar/data/1438423/000162828026055897/0001628280-26-055897-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1438423/000009375126000459/0000093751-26-000459-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1438423/000162828026053558/0001628280-26-053558-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1438423/000162828026053376/0001628280-26-053376-index.htm |
| 2026-07-28 | Schedule 13G | BlackRock, Inc.: 6.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1438423/000201238326002489/0002012383-26-002489-index.htm |
| 2026-07-27 | Schedule 13G/A | Sigma Partners 8, L.P., Sigma Associates 8, L.P.: 0.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1438423/000141239426000002/0001412394-26-000002-index.htm |
| 2026-07-17 | 8-K | Director or executive officer change, or pay arrangement — “On July 14, 2026, Lawrence G. Finch notified Everspin Technologies, Inc. (the "Company") of his resignation from the Company's board of directors (the "Board"), including as a member of the Board's audit committee, effective August 4, 2026. Mr. Finch's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Company thanks Mr. Finch for his dedication and years of service to the Company.” | https://www.sec.gov/Archives/edgar/data/1438423/000162828026048671/0001628280-26-048671-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.