Everspin Technologies, Inc. (MRAM) Stock Price & How to Invest

Everspin Technologies, based in Chandler, Arizona, builds magnetoresistive random access memory and the tunnel magnetoresistance sensors that share its magnetic process. Its memory stores each bit in a magnetic tunnel junction rather than a charge trap, so data survives a power cut, writes complete in nanoseconds, endurance is effectively unlimited, and radiation does not corrupt the cell. Those properties put the parts where flash struggles: write buffers in industrial automation controllers, smart meters and energy management gear, transportation systems, RAID cache in storage arrays, and aerospace and defense hardware where a boot image cannot be allowed to fail. Two product families carry the business, the older Toggle MRAM and the newer spin-transfer torque line sold as PERSYST, alongside a portfolio of more than 700 patents and applications. Manufacturing is split: Everspin buys standard CMOS wafers and adds its own magnetic layers at a 200mm fab it operates in Chandler, while GlobalFoundries produces full-flow 300mm STT-MRAM wafers under a long-standing agreement that grants GlobalFoundries exclusivity on certain nodes for a period after qualification.

The financial picture in August 2026 is a company emerging from an industrial downcycle with two new revenue lines attached. June-quarter revenue of ~$18.7 million was the highest in Everspin's history, up ~42% from ~$13.2 million a year earlier and above the company's own ~$15.5 million to ~$16.5 million guidance, with product sales of ~$15.3 million and ~$3.4 million of licensing, royalty and engineering revenue reflecting the first work under a $40 million agreement with a US prime contractor. Gross margin came in near 53.9%, and non-GAAP net income was ~$2.9 million even as the GAAP loss widened to ~$3.6 million. Cash stood at ~$43.9 million against ~$2.8 million of debt, so nothing about the balance sheet is pressing. Valuation is where the debate sits: ~$62 million of trailing revenue supports a market value near $460 million, roughly 7.4 times sales, on a stock that has traded between $5.76 and $51.50 inside twelve months and now has a 2x leveraged single-stock ETF written on it.

The most consequential open item is litigation, and it is a patent fight rather than a shareholder suit: Avalanche Technology filed a patent infringement complaint against Everspin in the US District Court for the District of Delaware and a parallel Section 337 complaint on January 28, 2026, amended February 5, and the International Trade Commission voted to institute Investigation No. 337-TA-1487 on February 27, 2026 before Administrative Law Judge Doris Johnson Hines, asserting 37 claims across four patents and requesting an exclusion order plus a cease and desist order that would bar importation of Everspin's STT-MRAM products. Everspin has stated the claims reach the STT-MRAM line only and not Toggle MRAM or sensor devices, and that it believes it has strong defenses and will contest them; a Section 337 investigation typically concludes 14 to 16 months from institution, so resolution is unlikely before roughly mid-2027, and defense costs are one reason the GAAP loss widened to ~$3.6 million in a quarter when revenue and gross margin both improved. Beyond the case, revenue is small and lumpy, a handful of industrial and defense customers and one prime-contract agreement account for a meaningful share of it, and wafer supply depends on GlobalFoundries under an arrangement that grants exclusivity on certain STT-MRAM nodes. Valuation carries its own exposure, since ~7.4 times trailing sales with GAAP losses already prices the data-center and defense roadmap converting rather than merely being demonstrated, and the trading character compounds it: the shares ran from $5.76 to $51.50 and back under $20 within twelve months, a leveraged single-stock ETF now trades against them, and realised volatility of that order is not proportional to changes in the underlying business.

3 analysts publish price targets on MRAM, averaging $25.67 against a $18.88 price as of August 2026, or +36.0%. The published targets run from $19.00 to $38.00, a wide spread, and the ratings split 3 buy, 0 hold, 0 sell. Over the last six months there have been 2 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full MRAM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Everspin Technologies, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Defense and space work that sells process, not just parts. In late April 2026 Everspin executed a $40 million agreement covering roughly two and a half years, acting as subcontractor on an existing prime contract to supply Toggle MRAM process technology, engineering and foundry services to United States Defense Industrial Base customers. The most optimistic published target, $38.00, assumes this works close to its best case.

The case against. The most consequential open item is litigation, and it is a patent fight rather than a shareholder suit: Avalanche Technology filed a patent infringement complaint against Everspin in the US District Court for the District of Delaware and a parallel Section 337 complaint on January 28, 2026, amended February 5, and the International Trade Commission voted to institute Investigation No. The most pessimistic target, $19.00, is roughly what MRAM is worth if this bites instead.

Read the full bull and bear case on MRAM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Everspin Technologies, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$62M
• Q2 2026 revenue: ~$18.7M, a company record, up ~42% year over year
• Gross margin (Q2 2026): ~53.9%, versus ~51.3% a year earlier
• Q2 2026 earnings per share: ~-$0.15 GAAP, ~$0.11 non-GAAP
• Cash and equivalents: ~$43.9M against ~$2.8M of total debt
• Price to sales: ~7.4x trailing, on a market value near ~$460M

Everspin is one of those companies where the GAAP and non-GAAP lines tell different stories, and both are worth reading: stock compensation and litigation expense produced a ~$3.6 million GAAP loss in the same quarter that generated ~$2.9 million of non-GAAP income on record revenue. Trailing revenue near ~$62 million against a ~$460 million market value works out to roughly 7.4 times sales, or about 6.7 times on an enterprise value basis once the ~$41 million net cash position is netted out. September-quarter guidance of ~$19.5 million to ~$20.5 million would extend the sequential run, though a full year of the $40 million prime-contract work has not yet passed through the income statement.

Other names that sit close to MRAM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MRAM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MRAM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MRAM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Everspin is a genuinely small semiconductor business whose revenue is growing again and whose balance sheet is clean, priced near 7 times trailing sales while an ITC exclusion case sits over its STT-MRAM line.

Whether MRAM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MRAM a buy or a sell?, and where the stock could go from here in the MRAM stock forecast.

For income investors, whether MRAM pays a dividend and how the payout looks is covered in does MRAM pay a dividend? And to weigh MRAM against a peer, read the full side-by-side comparisons: MRAM vs SLAB and MRAM vs MU.