Everspin Technologies, Inc.
- Open
- 13.97
- Day high
- 14.88
- Day low
- 13.47
- Prev close
- 14.68
- Volume
- 1.2M
- Mkt cap
- $341M
- P/E (TTM)
- 1212.5
- EPS (TTM)
- $0.01
- P/B
- 4.9
- P/S
- 6.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$18.7M over the last 3 months (0 open-market buys, 23 sales)
- 🏛Institutions accumulating (13F)
Everspin Technologies, Inc. (MRAM) is a Technology company listed on NASDAQ. The stock is up 116% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 23 sales (SEC Form 4).
Everspin Technologies, Inc. (MRAM) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MRAM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.01 | $0.11 | +2100.0% | $15M | +1.9% |
| Mar 4, 2026 | $0.12 | $0.11 | -4.3% | $15M | +2.4% |
| Nov 5, 2025 | $0.12 | $0.06 | -47.8% | $14M | -2.7% |
| Apr 30, 2025 | $0.03 | $0.02 | -33.3% | $13M | +5.1% |
| Feb 26, 2025 | $0.06 | $0.05 | -16.7% | $13M | +5.9% |
| Oct 30, 2024 | $0.01 | $0.10 | +1801.1% | $12M | -3.3% |
| Jul 31, 2024 | $-0.06 | $-0.12 | -100.0% | $11M | -0.1% |
| May 1, 2024 | $0.05 | $-0.01 | -120.0% | $14M | +2.7% |
| Feb 28, 2024 | $0.12 | $0.09 | -25.0% | $17M | +5.1% |
| Nov 1, 2023 | $0.12 | $0.11 | -8.3% | $16M | +3.6% |
| Aug 2, 2023 | $0.06 | $0.18 | +200.0% | $16M | +5.0% |
| May 3, 2023 | $0.02 | $0.04 | +111.8% | $15M | +2.7% |
MRAM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | Cooper William Earlofficer: Chief Financial Officer | Sell | 1,821 | $19.65 |
| Jul 8, 2026 | Aggarwal Sanjeevdirector, officer: President and CEO | Sell | 20,398 | $8.80 |
| Jul 8, 2026 | Dougherty Sean Michaelofficer: Vice President, Sales | Sell | 422 | $19.65 |
| Jul 8, 2026 | Aggarwal Sanjeevdirector, officer: President and CEO | Sell | 36,289 | $19.65 |
| Jul 8, 2026 | Cooper William Earlofficer: Chief Financial Officer | Sell | 1,627 | $8.80 |
| Jul 6, 2026 | Cooper William Earlofficer: Chief Financial Officer | Sell | 1,549 | $22.34 |
| Jul 6, 2026 | Aggarwal Sanjeevdirector, officer: President and CEO | Sell | 30,885 | $22.34 |
| Jul 6, 2026 | Dougherty Sean Michaelofficer: Vice President, Sales | Sell | 358 | $22.34 |
| Jun 2, 2026 | FINCH LAWRENCE Gdirector | Sell | 267,730 | $26.40 |
| Jun 2, 2026 | FINCH LAWRENCE Gdirector | Sell | 400 | $27.03 |
| Jun 2, 2026 | FINCH LAWRENCE Gdirector | Sell | 41,961 | $34.29 |
| May 22, 2026 | MITCHELL DOUGLAS Mdirector | Grant | 3,852 | — |
| May 22, 2026 | Billerbeck Darin Gdirector | Grant | 3,852 | — |
| May 22, 2026 | FINCH LAWRENCE Gdirector | Grant | 3,852 | — |
| May 22, 2026 | HAWK GLENdirector | Grant | 3,852 | — |
Source: MRAM SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full MRAM insider & 13F page →Everspin Technologies, Inc. company profile
Overview
Everspin Technologies, Inc. (NASDAQ:MRAM) is a specialized semiconductor company founded in 2008 and headquartered in Chandler, Arizona. The company went public in October 2016 and has established itself as a leading manufacturer of magnetoresistive random access memory (MRAM) products. Everspin operates as a pure-play MRAM company, focusing on developing and commercializing this advanced memory technology for applications requiring high performance, reliability, and data persistence in challenging environments across industrial, automotive, aerospace, and data center markets.
Business
Everspin Technologies operates in the specialized semiconductor memory market, specifically focusing on magnetoresistive random access memory (MRAM) technology. MRAM is a type of non-volatile memory that stores data using magnetic properties rather than electrical charge, making it significantly more durable and reliable than traditional memory technologies like SRAM or DRAM. The company's core products fall into several categories. Toggle MRAM represents their mature product line, offering memory solutions from 256 kilobits to 64 megabits that provide instant-on capability and unlimited endurance. Spin-Transfer Torque (STT) MRAM is their next-generation technology, branded as PERSYST, which offers higher densities up to 1 gigabit and lower power consumption. The company also produces tunnel magneto resistance (TMR) sensors and provides foundry services for embedded MRAM applications. MRAM technology serves as a bridge between volatile memory (which loses data when power is removed) and non-volatile storage (which retains data but operates slowly). This unique positioning makes MRAM ideal for applications requiring instant data access, unlimited write endurance, and operation in extreme temperatures or radiation environments. The technology is particularly valuable in industrial automation, automotive systems, aerospace applications, and data center infrastructure where data integrity and system reliability are critical. Based on recent financial data, MRAM product sales represent approximately 80-85% of total revenue, while licensing, royalty, patent income, and foundry services contribute the remaining 15-20%. The company's revenue mix has evolved as they transition from primarily Toggle MRAM sales toward higher-value STT-MRAM products and strategic partnerships.
Revenue model
Everspin generates revenue through multiple complementary business models. The primary revenue stream comes from direct product sales of MRAM chips to original equipment manufacturers (OEMs) and original design manufacturers (ODMs). These customers integrate Everspin's memory solutions into their final products across industrial, automotive, aerospace, and data center applications. The company also earns licensing and royalty revenue from strategic partnerships and technology licensing agreements. Notable examples include partnerships with IBM for data center applications, collaborations with government contractors for radiation-hardened solutions, and foundry services where Everspin provides embedded MRAM technology to other semiconductor companies. A significant portion of recent revenue has come from government contracts, including a $14.6 million Department of Defense contract for MRAM manufacturing sustainment and various radiation-hardened development programs. These contracts often provide steady, multi-year revenue streams with milestone-based payments. Several factors influence Everspin's margins and profitability. Positive margin drivers include the transition to higher-value STT-MRAM products, which command premium pricing due to their advanced capabilities, and the company's specialized market position that reduces direct price competition. Government and aerospace applications typically offer higher margins due to stringent qualification requirements and specialized needs. Margin pressures come from foundry capacity constraints and supply chain costs, as Everspin relies on third-party foundries for manufacturing. Economic downturns in key markets like industrial automation can reduce demand and force inventory corrections. The company also faces the challenge of scaling production volumes while maintaining the specialized manufacturing processes required for MRAM technology. Currency fluctuations and geopolitical tensions can impact costs and market access, particularly given the company's global customer base and Asian supply chain dependencies.
Competitive moat
Everspin's competitive moat stems primarily from its technological leadership and intellectual property in MRAM technology. The company holds extensive patents covering both Toggle and STT-MRAM technologies, creating barriers for potential competitors. Their deep expertise in magnetoresistive memory physics and manufacturing processes represents years of accumulated knowledge that would be difficult for new entrants to replicate quickly. The company benefits from high customer switching costs due to the extensive qualification and validation processes required in their target markets. Industrial, automotive, and aerospace customers typically require 12-24 months to qualify new memory solutions, creating sticky customer relationships once design wins are achieved. The mission-critical nature of many applications means customers prioritize reliability over cost, favoring established suppliers with proven track records. Market positioning advantages include Everspin's focus on specialized applications where MRAM's unique properties (non-volatility, unlimited endurance, extreme temperature operation) provide clear value propositions over alternative memory technologies. The company has established relationships with key foundry partners and supply chain infrastructure specifically optimized for MRAM production. However, the moat faces several challenges. The total addressable market remains relatively small compared to mainstream memory markets, limiting growth potential. Larger semiconductor companies like Intel, Samsung, and others have developed competing STT-MRAM technologies, though they have not prioritized commercialization to the same extent. The company's dependence on third-party foundries creates potential supply chain vulnerabilities and limits control over manufacturing costs and capacity. Additionally, alternative emerging memory technologies like resistive RAM (ReRAM) or phase-change memory could potentially address similar applications, though none have achieved MRAM's combination of speed, endurance, and reliability in commercial products.
Risks & safety
Everspin demonstrates a strong financial safety profile with minimal solvency risk. • Cash position: $42.1 million in cash and short-term investments as of Q1 2025, providing substantial liquidity buffer • Debt levels: Minimal debt with debt-to-equity ratio of only 0.07, indicating conservative capital structure • Cash flow: Positive operating cash flow of $1.4 million in Q1 2025 and $7.1 million for full year 2024 • Current ratio: Strong liquidity with current ratio of 5.31, well above safe levels • Burn rate: Company achieved GAAP profitability in recent quarters, eliminating cash burn concerns • Valuation metrics: Trading at reasonable multiples with P/B ratio of 1.80 and enterprise value suggesting modest premium to fundamentals • Revenue stability: Diversified customer base across industrial, automotive, aerospace, and government sectors provides revenue stability • Market position: Specialized technology leadership in niche but growing MRAM market reduces competitive pricing pressure • Other considerations: Strong balance sheet with $63 million in net current assets, government contract backlog providing revenue visibility, and minimal capital expenditure requirements due to asset-light foundry model.
Recent development
Over the past few years, Everspin has executed a strategic transformation focused on advancing from mature Toggle MRAM technology toward next-generation STT-MRAM products. The company successfully launched its PERSYST product line, featuring 1-gigabit STT-MRAM solutions that offer significantly higher density and lower power consumption than previous generations. Key strategic partnerships have driven recent growth, particularly the IBM collaboration where Everspin's 1-gigabit STT-MRAM was selected for IBM's FlashCore Module 4 data center applications. This represents a significant validation of the company's technology in high-performance computing environments. The company also secured design wins with Lucid Motors for automotive applications and established partnerships with Blue Origin for space missions. Government and defense markets have become increasingly important, with Everspin securing a $14.6 million Department of Defense contract for MRAM manufacturing sustainment and multiple radiation-hardened development programs. The company has expanded its RadHard capabilities through collaborations with Frontgrade Technologies, QuickLogic, and other defense contractors, positioning MRAM as a critical technology for space and military applications. The company has also invested in emerging applications, including partnerships with Purdue University for AI hardware development and exploration of MRAM chiplet architectures for automotive and data center markets. Recent product launches include xSPI MRAM products designed for automotive and extreme environment applications, expanding the addressable market beyond traditional industrial uses. Manufacturing and supply chain improvements have been another focus area, with Everspin working to secure foundry capacity and optimize production processes. The company has maintained strong design win momentum, achieving 178 design wins in 2024, though revenue recognition from these wins typically occurs 12-24 months after initial design-in due to customer qualification cycles.
MRAM company profile · for informational purposes only — not investment advice.
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