EVERSPIN TECHNOLOGIES INC.
MRAMdata completeness 100%12 fiscal years on fileEVERSPIN TECHNOLOGIES INC. earns about 29% on invested capital, far above its ~9% cost of capital, but has diluted owners by 13% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $1.99 and $4.45 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $55.1M1 | $60M2 | $63.8M3 | $50.4M4 | $55.2M4 |
| Net income | $4.34M5 | $6.13M6 | $9.05M7 | $781,0008 | −$586,0008 |
| Operating cash flow | $9.36M9 | $9.49M10 | $13.1M11 | $7.1M12 | $9.96M12 |
| Capital expenditure | $1.03M13 | $2.79M14 | $1.4M15 | $3.05M16 | $6.84M16 |
| Free cash flow (derived) | $8.33M9 | $6.71M10 | $11.7M11 | $4.05M12 | $3.12M12 |
| Total debt | $4.9M17 | $2.59M18 | — | $3.55M19 | $1.78M19 |
| Cash & equivalents | $21.4M20 | $26.8M21 | $36.9M22 | $42.1M23 | $44.5M23 |
| Diluted shares | 20.0M | 20.8M | 21.4M | 22.2M | 22.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $30.54 of net worth that earned you −$0.26 and generated $1.38 of cash last year, against $0.79 of debt.
It earned about 29% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 13% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 64% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.99 and $4.45 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$4.05M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$4.05M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$4.34M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $4.45 |
| Base | 0.0% | $4.45 |
| Bull | 5.0% | $5.08 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001827 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001827 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001827 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001827 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (LongTermDebtCurrent)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001558370-23-002697 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001558370-24-002185 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001558370-25-001827 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-014733 (CashAndCashEquivalentsAtCarryingValue)