Everspin Technologies, Inc. (MRAM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.0%

$2.75

vs $13.07 price

Levered DCF

$4.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.27

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-356.92×	177.01×	20.55×	18.53×	51.36×	-10.22×	-5.72×	-5.19×
P/B	3.04×	2.21×	3.48×	2.89×	8.05×	4.96×	4.93×	3.69×
P/S	3.79×	2.74×	2.94×	1.87×	3.98×	2.06×	2.43×	1.86×
EV / EBITDA	61.1×	40.79×	15.16×	12.76×	32.05×	-14.67×	-7.18×	-5.25×
Gross margin	51.2%	51.8%	58.4%	56.6%	60.0%	43.0%	48.9%	51.3%
Operating margin	-11.8%	-14.1%	9.2%	10.4%	9.1%	-18.0%	-38.4%	-35.1%
Net margin	-1.1%	1.5%	14.2%	10.2%	7.9%	-20.3%	-39.1%	-35.9%
Current ratio	4.84×	6.48×	6.59×	4.11×	3.56×	2.75×	3.63×	2.99×
Debt / equity	0.05×	0.07×	0.1×	0.24×	0.21×	0.6×	0.61×	0.5×
Interest coverage	0×	0×	93.41×	22.73×	9.2×	-11.37×	-19.29×	-19.46×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.9%	1.2%	16.8%	15.9%	15.9%	-48.9%	-79.3%	-71.2%
Return on invested capital	-9.0%	-10.2%	9.9%	12.9%	15.2%	-27.0%	-48.5%	-46.3%
Return on assets	-0.7%	1.0%	13.4%	11.1%	11.0%	-26.2%	-41.5%	-39.4%
Free cash flow yield	1.5%	2.9%	6.3%	6.0%	3.8%	-3.8%	-9.9%	-18.1%
Earnings yield	-0.3%	0.6%	4.8%	5.5%	2.0%	-9.9%	-16.1%	-19.3%
Enterprise value	$168.3M	$100.8M	$156.2M	$94.4M	$203.5M	$82.2M	$87.8M	$81M
Net debt / EBITDA	-14.92×	-15.15×	-3.04×	-2.37×	-2.48×	0.75×	0.27×	0.71×
Cash conversion cycle (days)	129	188	141	120	131	119	151	153