Everspin Technologies Inc. (MRAM) intrinsic value & 10-year financials
Everspin Technologies Inc. (MRAM) has a Graham intrinsic value of $0.85 per share. At $13.02 on Oct 17, 2026, the stock trades 1432% above that value. Over the last 10 fiscal years revenue grew 8.2% a year to $55.2M, with an average return on invested capital of -78.7%.
- Graham intrinsic value
- $0.85
- Share price (Oct 17, 2026)
- $13.02
- Price vs Graham value
- 1432% above
- Market cap
- $293.8M
- Revenue (FY2025)
- $55.2M
- Revenue growth (10-yr CAGR)
- 8.2%
- ROIC (10-yr avg)
- -78.7%
- Free cash flow (FY2025)
- $3.1M
MRAM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $55.2M | -$586.0K | -$0.03 | $3.1M | -11.8% | -25.9% |
| FY2024 | $50.4M | $781.0K | $0.04 | $4.0M | -14.1% | -29.5% |
| FY2023 | $63.8M | $9.1M | $0.42 | $11.7M | 9.2% | 40.7% |
| FY2022 | $60.0M | $6.1M | $0.29 | $6.7M | 10.4% | 49.2% |
| FY2021 | $55.1M | $4.3M | $0.22 | $8.3M | 9.1% | 44.7% |
| FY2020 | $42.0M | -$8.5M | -$0.45 | -$3.2M | -18.0% | -59.6% |
| FY2019 | $37.5M | -$14.7M | — | -$9.0M | -38.4% | -104.1% |
| FY2018 | $49.4M | -$17.8M | — | -$16.6M | -35.1% | -143.6% |
| FY2017 | $35.9M | -$21.1M | — | -$22.0M | -56.2% | -263.4% |
| FY2016 | $27.1M | -$16.7M | — | -$19.6M | -57.3% | -295.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EVERSPIN TECHNOLOGIES INC. is a consistent compounder, expanding top-line revenue at 8.2% annually over the past decade.
EVERSPIN TECHNOLOGIES INC. has historically struggled to out-earn its cost of capital, averaging just -23.4% ROIC.
EVERSPIN TECHNOLOGIES INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EVERSPIN TECHNOLOGIES INC. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.85 per share.