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MRAM, Everspin Technologies Inc.

Semiconductors capital-intensive Capital build-outNet current asset value

We consider a design win to occur when an OEM or contract manufacturer notifies us that it has qualified one of our products as a component in a product or system for production.

To continue to grow our revenue, we must continue to achieve design wins for our MRAM products.

Latest annual: FY2025 10-K

MRAM · Everspin Technologies Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$55M

+9.5% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $57M 5-yr avg $57M

Gross margin 52% 5-yr avg 56%

Operating margin −12.8% 5-yr avg 0.6%

ROIC −17% 5-yr avg 15%

Owner-earnings margin 11% 5-yr avg 14%

Free cash flow margin −2% 5-yr avg 12%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Capital build-out. Capital spending has surged to 12% of sales, today's earnings are charged less depreciation than tomorrow's will be. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle: Operating margin has reached 10% at its best but run negative through the cycle (median −14%) on a 52% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Inventory runs near 18% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −29%, above 15% in 3 of 9 years). By owner earnings: roughly 11% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$36M	$49M	$38M	$42M	$55M	$60M	$64M	$50M	$55M	$57M	RevenueRevenue
60%	51%	49%	43%	60%	57%	58%	52%	51%	52%	Gross marginGross mgn
32%	25%	33%	26%	20%	20%	22%	28%	26%	28%	SG&A / revenueSG&A/rev
71%	48%	38%	26%	23%	19%	18%	27%	26%	25%	R&D / revenueR&D/rev
($20M)	($17M)	($14M)	($8M)	$5M	$6M	$6M	($7M)	($7M)	($7M)	Operating incomeOp. inc.
−56.2%	−35.1%	−38.4%	−18.0%	9.1%	10.4%	9.2%	−14.1%	−11.8%	−12.8%	Operating marginOp. mgn
($21M)	($18M)	($15M)	($9M)	$4M	$6M	$9M	$781K	($586K)	$284K	Net incomeNet inc.
—	—	—	—	0%	0%	-0%	-5%	—	26%	Effective tax rateTax rate
										Cash flow & returns
($19M)	($15M)	($8M)	($3M)	$9M	$9M	$13M	$7M	$10M	$9M	Operating cash flowOp. cash
$1M	$1M	$2M	$2M	$1M	$982K	$1M	$2M	$3M	$3M	DepreciationDeprec.
($1M)	($1M)	$1M	($361K)	$334K	($2M)	($2M)	($2M)	$2M	$242K	Working capital & otherWC & other
$3M	$2M	$861K	$320K	$1M	$3M	$1M	$3M	$7M	$10M	CapexCapex
8.5%	3.9%	2.3%	0.8%	1.9%	4.6%	2.2%	6.0%	12.4%	18.1%	Capex / revenueCapex/rev
($20M)	($16M)	($9M)	($3M)	$8M	$9M	$12M	$5M	$7M	$6M	Owner earningsOwner earn.
−55.9%	−32.6%	−23.9%	−7.7%	15.1%	14.2%	18.4%	10.7%	12.2%	10.6%	Owner earnings marginOE mgn
($22M)	($17M)	($9M)	($3M)	$8M	$7M	$12M	$4M	$3M	($1M)	Free cash flowFCF
−61.1%	−33.6%	−23.9%	−7.7%	15.1%	11.2%	18.4%	8.0%	5.7%	−2.1%	Free cash flow marginFCF mgn
-158%	-98%	-96%	-55%	47%	43%	35%	-29%	-20%	-17%	ROICROIC
-194%	-71%	-79%	-49%	16%	16%	17%	1%	-1%	0%	Return on equityROE
−194%	−71%	−79%	−49%	16%	16%	17%	1%	−1%	0%	Retained to equityRetained/eq
										Balance sheet
$13M	$23M	$14M	$15M	$21M	$27M	$37M	$42M	$44M	$40M	Cash & investmentsCash+inv
$4M	$8M	$6M	$8M	$8M	$11M	$12M	$12M	$8M	$10M	ReceivablesReceiv.
$10M	$9M	$8M	$6M	$6M	$7M	$8M	$9M	$11M	$11M	InventoryInvent.
$3M	$3M	$3M	$2M	$2M	$3M	$3M	$2M	$5M	$4M	Accounts payablePayables
$11M	$14M	$11M	$11M	$13M	$15M	$17M	$19M	$14M	$18M	Operating working capitalOper. WC
$27M	$41M	$29M	$28M	$37M	$45M	$58M	$64M	$65M	$64M	Current assetsCur. assets
$12M	$14M	$8M	$10M	$10M	$11M	$9M	$10M	$13M	$11M	Current liabilitiesCur. liab.
2.2×	3.0×	3.6×	2.8×	3.6×	4.1×	6.6×	6.5×	4.8×	5.8×	Current ratioCurr. ratio
$31M	$45M	$35M	$33M	$39M	$55M	$67M	$78M	$85M	$83M	Total assetsAssets
$12M	$12M	$8M	$8M	$5M	$3M	—	$4M	$2M	$1M	Total debtDebt
($785K)	($11M)	($7M)	($7M)	($17M)	($24M)	—	($39M)	($43M)	($39M)	Net debt / (cash)Net debt
-26.5×	-19.5×	-19.3×	-11.4×	9.2×	22.7×	93.4×	—	—	-115.7×	Interest coverageInt. cov.
$11M	$25M	$18M	$17M	$27M	$39M	$54M	$63M	$69M	$70M	Shareholders’ equityEquity
5.7%	5.4%	9.5%	9.4%	5.9%	7.3%	7.8%	13.3%	10.5%	9.7%	Stock comp / revenueSBC/rev
										Per share
12.5M	16.4M	17.3M	18.8M	20.0M	20.8M	21.4M	22.2M	22.6M	23.1M	Shares out (diluted)Shares
$2.88	$3.02	$2.17	$2.24	$2.76	$2.89	$2.98	$2.27	$2.45	$2.46	Revenue / shareRev/sh
$-1.69	$-1.08	$-0.85	$-0.45	$0.22	$0.30	$0.42	$0.04	$-0.03	$0.01	EPS (diluted)EPS
$-1.61	$-0.98	$-0.52	$-0.17	$0.42	$0.41	$0.55	$0.24	$0.30	$0.26	Owner earnings / shareOE/sh
$-1.76	$-1.01	$-0.52	$-0.17	$0.42	$0.32	$0.55	$0.18	$0.14	$-0.05	Free cash flow / shareFCF/sh
$0.25	$0.12	$0.05	$0.02	$0.05	$0.13	$0.07	$0.14	$0.30	$0.44	Cap. spending / shareCapex/sh
$0.87	$1.52	$1.07	$0.93	$1.36	$1.86	$2.52	$2.83	$3.05	$3.04	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−2.0%/yr	+1.8%/yr
Capital spending / share	+2.6%/yr	+77.8%/yr
Book value / share	+17.0%/yr	+26.9%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

23Mpeak FY2025

ROIC

−20%low FY2017

Gross margin

51%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$7Mowner earningsvs.($586K)net incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $7M of owner earnings, the operating cash left after the $3M it takes just to hold its position. It put $4M more into growth; free cash flow, after that spending, was $3M.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($586K)	$781K	$9M	$6M	$4M
Depreciation & amortizationnon-cash charge added back	+$3M	+$2M	+$1M	+$982K	+$1M
Stock-based compensationreal costnon-cash, but a real cost	+$6M	+$7M	+$5M	+$4M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	+$2M	−$2M	−$2M	−$2M	+$334K
Cash from operations	$10M	$7M	$13M	$9M	$9M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$3M	−$2M	−$1M	−$982K	−$1M
Owner earnings	$7M	$5M	$12M	$9M	$8M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$4M	−$1M	—	−$2M	—
Free cash flow	$3M	$4M	$12M	$7M	$8M
Owner-earnings marginowner earnings ÷ revenue	12%	11%	18%	14%	15%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $3M, roughly its depreciation, the rate its assets wear out). The other $4M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $6M), owner earnings is nearer $972K.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -103.3×

Does not cover its interest

Operating income ($7M) ÷ interest expense $63K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$43M

Net cash

Cash $44M − debt $2M

What this means
Cash and short-term investments exceed every dollar of debt by $43M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 129d

Long (60+ days)

DSO 54 + DIO 145 − DPO 70 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -29%

Below average through the cycle

9-yr median, range -158%–47%; -20% latest = NOPAT ($5M) ÷ invested capital $26M

Industry peers: median -35%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -20% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 11%

Solid through the cycle

9-yr median margin, range -56%–18%; latest $7M = operating cash $10M − maintenance capex $3M

Industry peers: median -64%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 11% median across 9 years. It chose to put $4M more into growth, so free cash flow this year was $3M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $6M of SBC) leaves $972K.
Are earnings backed by cash? $10M

Loss, but cash-generative

Net income ($586K) · cash from operations $10M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.13×

Expanding

Capex $7M ÷ depreciation $3M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $55M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.84×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $2M vs $52M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.13/share (latest year $-0.02), the averaged base the calculator's gate runs on, and book value is $2.94/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 9

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 8 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −43% → −6% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −43% early to −6% lately, median −14% — pricing power intact or improving.
Reinvestment, incremental ROIC —

What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
Worst year 2017 · −56.2% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$64M

Cash & short-term investments$40M
Receivables$10M
Inventory$11M
Other current assets$2M

Current liabilities$11M

Debt due within a year$1M
Accounts payable$4M
Other current liabilities$6M

Current ratio5.76×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.74×stricter: inventory excluded

Cash ratio3.66×strictest: cash alone against what's due

Working capital$53Mthe cushion left after near-term bills

Debt due this year vs. cash$1M due · $40M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+13.2%the freshest read on whether the business is still growing

Current ratio, recent quarters11.1× → 5.8×

Deeper floors

Tangible book value$69Mequity stripped of goodwill & intangibles

Net current asset value$51MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$2M$792K of it operating leases

Deferred revenue$42Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $4M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$21M · 479%

Source of funding−$17M
Reinvestment and shareholder returns ran $17M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count85.3%
The diluted count rose from 12M to 23M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Sanjeev Aggarwal	$2.1M	$1.9M	$12M
2024	Sanjeev Aggarwal	$3.0M	$2.1M	$5M
2025	Sanjeev Aggarwal	$2.6M	$2.3M	$7M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership6.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 10% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Everspin Technologies Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?85.3%
Diluted shares grew 85.3% over 2017–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SITMSiTime	$327M	53%	-8.3%	-8%	8%
MXMagnachip Semiconductor Corporation	$179M	24%	2.5%	8%	-5%
FCELFuelCell Energy Inc.	$158M	-14%	-101.7%	-26%	-85%
BKSYBlackSky Technology Inc.	$107M	—	-95.8%	-36%	-64%
MRAMEverspin Technologies Inc.	$55M	52%	-14.1%	-29%	11%
ONDSOndas Inc.	$51M	43%	-618.3%	-139%	-543%
SESSES AI Corporation	$21M	54%	-393.4%	-35%	-292%
QUIKQuickLogic Corporation	$14M	52%	-97.1%	-156%	-64%
Group median	—	52%	-96.5%	-32%	-64%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Everspin Technologies Inc. has delivered.

Everspin Technologies Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Everspin Technologies Inc. earns about $6M on its 10.7% median owner-earnings margin. This year’s 12.2% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($6M) Net of stock comp (−$5M) Steady-state · maintenance capex ($6M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−8%/yr

Owner-earnings growth · since FY2021−5%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($1M) on 23M shares outstanding, per the 10-Q cover, as of 2026-04-23; net cash $39M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($10M) runs well above depreciation ($3M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $6M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MRAM against another business →

Cite: Owner Scorecard, "Everspin Technologies Inc. (MRAM), the owner's record," https://ownerscorecard.com/c/MRAM, data as of 2026-07-09.

Manual order: ← MQ its page in the Manual MRCY →

Industry order: ← MPWR the Semiconductors chapter MRVL →