Latest Ratios: P/E Ratio -754.6x · EV/EBITDA N/A · ROE -0.9%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $458M | $209M | $142M | $193M | $116M | $226M | $86M | $91M | $92M | $94M | $102M |
| Enterprise Value | $416M | $168M | $104M | $162M | $98M | $210M | $82M | $88M | $81M | $93M | $80M |
| P/E Ratio → | -754.62 | — | 181.53 | 21.52 | 19.17 | 51.36 | — | — | — | — | — |
| P/S Ratio | 8.29 | 3.79 | 2.81 | 3.03 | 1.93 | 4.09 | 2.06 | 2.43 | 1.86 | 2.61 | 3.76 |
| P/B Ratio | 6.42 | 3.04 | 2.26 | 3.58 | 2.99 | 8.29 | 4.96 | 4.93 | 3.69 | 8.60 | 3.75 |
| P/FCF | 146.56 | 67.08 | 34.96 | 16.48 | 17.23 | 27.10 | — | — | — | — | — |
| P/OCF | 45.94 | 21.03 | 19.94 | 14.71 | 12.17 | 24.11 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 2.07 | 2.54 | 1.63 | 3.81 | 1.96 | 2.34 | 1.64 | 2.58 | 2.97 |
| EV / EBITDA | — | — | — | 22.82 | 13.60 | 32.35 | — | — | — | — | — |
| EV / EBIT | — | — | 140.52 | 17.78 | 15.27 | 42.90 | — | — | — | — | — |
| EV / FCF | — | 53.91 | 25.71 | 13.80 | 14.62 | 25.21 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.2% | 51.2% | 51.8% | 58.4% | 56.6% | 60.0% | 43.0% | 48.9% | 51.3% | 59.8% | 55.5% |
| Operating Margin | -11.8% | -11.8% | -14.1% | 9.2% | 10.4% | 9.1% | -18.0% | -38.4% | -35.1% | -56.2% | -56.0% |
| Net Profit Margin | -1.1% | -1.1% | 1.5% | 14.2% | 10.2% | 7.9% | -20.3% | -39.1% | -35.9% | -58.7% | -61.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.9% | -0.9% | 1.3% | 19.6% | 18.6% | 19.5% | -47.4% | -67.6% | -99.2% | -110.8% | -155.9% |
| ROA | -0.7% | -0.7% | 1.1% | 14.8% | 12.9% | 12.1% | -25.1% | -36.5% | -46.4% | -57.6% | -63.3% |
| ROIC | -18.4% | -18.4% | -22.3% | 20.2% | 28.6% | 30.5% | -39.9% | -73.9% | -107.7% | -193.2% | -420.6% |
| ROCE | -9.4% | -9.4% | -11.2% | 11.4% | 16.9% | 19.6% | -30.4% | -48.9% | -68.6% | -80.0% | -91.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.07 | 0.10 | 0.24 | 0.21 | 0.60 | 0.61 | 0.50 | 1.12 | 0.30 |
| Debt / EBITDA | — | — | — | 0.79 | 1.29 | 0.88 | — | — | — | — | — |
| Net Debt / Equity | — | -0.60 | -0.60 | -0.58 | -0.45 | -0.58 | -0.24 | -0.18 | -0.44 | -0.07 | -0.79 |
| Net Debt / EBITDA | — | — | — | -4.42 | -2.43 | -2.42 | — | — | — | — | — |
| Debt / FCF | — | -13.17 | -9.25 | -2.68 | -2.61 | -1.89 | — | — | — | — | — |
| Interest Coverage | — | — | — | 144.43 | 23.42 | 8.95 | -11.41 | -18.64 | -18.95 | -26.62 | -6.12 |
Net cash position: cash ($44M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.84 | 4.84 | 6.48 | 6.59 | 4.11 | 3.56 | 2.75 | 3.63 | 2.99 | 2.22 | 3.84 |
| Quick Ratio | 4.05 | 4.05 | 5.56 | 5.64 | 3.50 | 2.94 | 2.20 | 2.64 | 2.32 | 1.42 | 3.32 |
| Cash Ratio | 3.30 | 3.30 | 4.25 | 4.21 | 2.46 | 2.07 | 1.43 | 1.84 | 1.72 | 1.05 | 2.86 |
| Asset Turnover | — | 0.65 | 0.65 | 0.95 | 1.08 | 1.40 | 1.29 | 1.06 | 1.10 | 1.14 | 0.65 |
| Inventory Turnover | 2.51 | 2.51 | 2.66 | 3.16 | 3.90 | 3.45 | 4.18 | 2.44 | 2.65 | 1.47 | 2.22 |
| Days Sales Outstanding | — | 53.56 | 84.89 | 66.14 | 64.89 | 54.23 | 66.06 | 56.44 | 55.56 | 41.04 | 49.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.6% | 4.6% | 5.2% | 1.9% | — | — | — | — | — |
| FCF Yield | 0.7% | 1.5% | 2.9% | 6.1% | 5.8% | 3.7% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $23M | $22M | $21M | $21M | $20M | $19M | $17M | $16M | $12M | $12M |
Geopolitical supply chain exposure
According to recent market data, Everspin trades at a price-to-sales ratio of 9.19, which appears elevated relative to its historical averages and suggests that investors are pricing in significant future adoption of MRAM technology rather than current, often volatile, GAAP earnings performance.
The lack of meaningful P/E or EV/EBITDA metrics highlights that the market views the company as a long-duration growth option rather than a mature semiconductor producer. Investors should monitor whether the forward P/E of 870.00 compresses as the company potentially scales its STT-MRAM revenue, or if the valuation remains tethered to speculative IP potential.
As reported in financial statements, the company's ROIC has struggled to maintain positive territory, recently dipping to -6.7% in 2026Q1, which indicates that the capital deployed into R&D and manufacturing infrastructure is not yet generating sufficient returns to exceed the firm's cost of capital.
The persistent negative ROIC suggests that the company is still in a heavy investment phase, prioritizing long-term technology leadership over immediate capital efficiency. This trend warrants further investigation into whether the transition to 28nm STT-MRAM will eventually drive the margin expansion necessary to turn these returns positive.
Based on the provided quarterly data, the cash conversion cycle has remained extended, reaching 140 days in 2026Q1, primarily driven by high inventory days that reflect the specialized, low-volume nature of the company's Toggle MRAM product line compared to more commoditized semiconductor peers.
The elevated inventory levels suggest that the company must hold significant stock to meet the long-cycle demands of aerospace and industrial customers, which ties up cash and limits operational flexibility. Investors should monitor whether the company can optimize its supply chain as it scales, as current turnover ratios remain low relative to industry standards.
According to recent balance sheet filings, Everspin maintains a fortress-like capital structure with a debt-to-equity ratio of 0.04 as of 2026Q1, providing the company with significant insulation against the interest rate volatility that often impacts more highly leveraged firms in the technology sector.
This minimal reliance on debt is a strategic necessity given the company's history of inconsistent GAAP profitability and lumpy revenue streams. The absence of significant debt service obligations allows management to focus on R&D and foundry partnerships without the immediate pressure of covenant compliance or refinancing risks.
As noted in industry analysis, the P/E ratio is the most commonly misapplied metric for this business model, as it fails to account for the heavy R&D spending and stock-based compensation that artificially depress earnings for a company in the early stages of commercializing niche memory technology.
Investors should instead focus on revenue growth within specific high-reliability segments and the progression of gross margins as a better proxy for operational health. Relying on P/E in this context may lead to an incorrect assessment of the company's viability, as it ignores the underlying value of the IP portfolio and the sticky nature of its design-win pipeline.
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying MRAM stock.
Everspin Technologies, Inc.'s current P/E ratio is -754.6x. The historical average is 68.4x.
Everspin Technologies, Inc.'s return on equity (ROE) is -0.9%. The historical average is -47.5%.
Based on historical data, Everspin Technologies, Inc. is trading at a P/E of -754.6x. Compare with industry peers and growth rates for a complete picture.
Everspin Technologies, Inc. has 51.2% gross margin and -11.8% operating margin.