Start here if you're new
what it is
Everspin makes specialty memory chips that keep data even when the power cuts out.
how it gets paid
Last year Everspin Tech made $55M in revenue. industrial systems was the main engine at $22.1M, or 40% of sales.
why it's growing
Revenue grew 9.5% last year. Gross margin was 51.3%, and MRAM product sales were $13.5M in Q4 2025.
what just happened
Quarterly revenue came in at $14.8M, slightly above the $14.65M consensus, but profits still looked fragile.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
569.5x trailing p/e — you're paying up for this one
1.2% return on capital — nothing to write home about
$0.04 fy2024 eps est
xvary composite: 54/100 — below average
What they do
Everspin makes specialty memory chips that keep data even when the power cuts out.
MRAM → memory that remembers without power → so what: your system keeps critical data alive when power dies. Everspin says it has shipped more than 60 million MRAM chips since 2008, and 2025 design wins rose to 238 from 178. If your customer hates outages and backup batteries, that track record matters.
How they make money
$55M
annual revenue · their business grew +9.5% last year
industrial systems
$22.1M
enterprise storage
$16.6M
automotive & transportation
$11.0M
other customer programs
$5.5M
The products that matter
discrete memory chips
STT-MRAM chips
$13.5M in Q4 2025 sales
this drove $13.5M in Q4 2025 sales, up 22% from a year ago, and product sales represent 91.7% of total revenue. That's the business.
91.7% of revenue
high-density industrial memory
EMxxLX product family
238 design wins in 2025
the flagship line secured 238 design wins in 2025, up from 178. Design wins are future shots on goal — not booked revenue yet, but they tell you the funnel is moving.
design-win engine
Key numbers
569.5x
trailing p/e
P/E → how many years of current profit you are paying for → so what: at 569.5x, the stock already assumes profits that do not exist yet.
11.8%
operating margin
Operating margin → profit after running the business → so what: Everspin loses about 12 cents on each sales dollar before interest and taxes.
1.2%
return on capital
Return on capital → profit earned on money put into the business → so what: most companies want double digits, and Everspin is at 1.2%.
$3M
long debt
Long-term debt → money due years from now → so what: debt is just $3M, or 1% of capital, so the balance sheet is not the problem.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $3M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MRAM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarterly revenue came in at $14.8M, slightly above the $14.65M consensus, but profits still looked fragile.
Gross margin was 51.3%, and MRAM product sales were $13.5M in Q4 2025. The quiet part: solid product demand still has not translated into durable earnings power.
$14.8M
revenue
-$0.03
eps
51.3%
gross margin
the number that mattered
The number that mattered was $13.5M in MRAM product sales, because it shows almost all quarterly revenue still depends on the core chip business.
source: company earnings report, 2026
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What could go wrong
The top disclosed overhang here is the Barbara J. Comly shareholder lawsuit, but the operating risk is just as clear: this is a small revenue base with little room for margin slippage.
med
Barbara J. Comly lawsuit
A shareholder lawsuit filed in June 2024 alleges financial reporting issues. Legal overhang is bad enough on a megacap. On a $204M company, it can dominate the narrative.
If confidence in prior disclosures erodes, the problem is not just legal cost. It can hit customer trust and financing flexibility at the same time.
med
gross margin pressure
Gross margin was 51.3%, and management has already said 2026 will be challenging during a product transition. That is the quiet part loud.
A five-point margin drop would erase about $2.8M in annual gross profit based on a $55.2M revenue base. For a near-break-even company, that matters a lot.
med
niche market ceiling
Everspin says it holds 30% of a $912M MRAM market. The good news is leadership. The bad news is the market is still under $1B.
If the company cannot expand beyond its core niche, growth stays tethered to a market that analysts already model at just 7.4% annual growth.
med
customer and product concentration
91.7% of revenue comes from MRAM product sales, and the moat description itself points to reliance on a few key industrial and automotive customers.
When one product family drives almost the entire company, a qualification delay or customer pause hits nearly the whole revenue base, not a side business.
Almost the entire $55.2M revenue base depends on MRAM adoption holding up while gross margin stays near 51.3%. That is a narrow path.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected May 6, 2026. The first test is simple: does revenue land inside the $14M–$15M guide, and what happens to margin commentary after that.
legal
lawsuit developments
Any update on the Barbara J. Comly lawsuit matters because this stock does not have the scale to shrug off governance questions.
product
UNISYST adoption
The launch happened in March 2026. From here, you want to see design activity turn into repeatable revenue, not just product announcements.
funnel
design wins vs. revenue conversion
Design wins rose to 238 in 2025 from 178. The next question is whether that pipeline shows up in revenue fast enough to justify the story.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not trust this business to produce smooth quarterly numbers.
risk rank
2
This measure says the balance sheet is safer than most stocks. The stock chart says your experience may still feel chaotic.
source: institutional data
Institutional activity
institutional ownership data for MRAM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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