The company maintains a conservative capital structure with a debt-to-equity ratio of 0.04 as of 2026Q1, providing significant financial flexibility despite an accumulated deficit of $137.8M.
| Total Current Assets | 63.72M | 65.16M | 64.2M | 57.88M | 44.75M | 36.76M | 28.2M | 28.69M | 40.69M | 27.42M | 39.85M | 9.15M | 16.36M |
| Cash & Short-Term Investments | 40.49M | 44.45M | 42.1M | 36.95M | 26.8M | 21.41M | 14.6M | 14.49M | 23.38M | 12.95M | 29.73M | 2.31M | 9.62M |
| Cash Only | 40.49M | 44.45M | 42.1M | 36.95M | 26.8M | 21.41M | 14.6M | 14.49M | 23.38M | 12.95M | 29.73M | 2.31M | 9.62M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.16M | 8.1M | 11.72M | 11.55M | 10.66M | 8.19M | 7.61M | 5.8M | 7.52M | 4.04M | 3.66M | 2.47M | 2.91M |
| Days Sales Outstanding | 55.01 | 53.56 | 84.89 | 66.14 | 64.89 | 54.23 | 66.06 | 56.44 | 55.56 | 41.04 | 49.25 | 34 | 42.72 |
| Inventory | 11.26M | 10.73M | 9.11M | 8.39M | 6.68M | 6.4M | 5.72M | 7.86M | 9.1M | 9.84M | 5.42M | 4.18M | 3.75M |
| Days Inventory Outstanding | 149.13 | 145.32 | 136.97 | 115.49 | 93.67 | 105.76 | 87.22 | 149.7 | 137.87 | 248.46 | 164.08 | 121.28 | 115.78 |
| Other Current Assets | 1.81M | 1.88M | 1.27M | 988K | 604K | 0 | 0 | 0 | 688K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 19.47M | 19.45M | 13.59M | 9.42M | 10.59M | 2.62M | 4.33M | 6.68M | 4.36M | 4.02M | 1.97M | 1.81M | 1.42M |
| Property, Plant & Equipment | 17.84M | 17.39M | 7.77M | 9.21M | 10.52M | 1.89M | 4.26M | 6.61M | 4.29M | 3.95M | 1.92M | 1.65M | 1.12M |
| Fixed Asset Turnover | 4.50x | 3.17x | 6.49x | 6.92x | 5.70x | 29.24x | 9.87x | 5.67x | 11.53x | 9.11x | 14.11x | 16.05x | 22.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.27M | 1.71M | 3.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132K | 282K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 352K | 342K | 2.4M | 212K | 62K | 734K | 73K | 73K | 73K | 73K | 50K | 29K | 19K |
| Total Assets | 83.19M | 84.61M | 77.79M | 67.3M | 55.33M | 39.38M | 32.53M | 35.37M | 45.05M | 31.44M | 41.82M | 10.96M | 17.77M |
| Asset Turnover | 0.70x | 0.65x | 0.65x | 0.95x | 1.08x | 1.40x | 1.29x | 1.06x | 1.10x | 1.14x | 0.65x | 2.42x | 1.40x |
| Asset Growth % | 45.26% | 8.77% | 15.58% | 21.63% | 40.51% | 21.06% | -8.04% | -21.47% | 43.29% | -24.83% | 281.53% | -38.33% | - |
| Total Current Liabilities | 11.06M | 13.45M | 9.91M | 8.78M | 10.88M | 10.33M | 10.24M | 7.89M | 13.62M | 12.38M | 10.38M | 9.34M | 7.42M |
| Accounts Payable | 3.51M | 5.18M | 2.28M | 2.92M | 2.78M | 1.78M | 2.22M | 2.87M | 2.64M | 2.72M | 1.5M | 1.16M | 929K |
| Days Payables Outstanding | 44.39 | 70.13 | 34.25 | 40.13 | 38.94 | 29.37 | 33.91 | 54.7 | 39.97 | 68.7 | 45.5 | 33.75 | 28.72 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 2.59M | 3.37M | 4.24M | 670K | 5.98M | 3.99M | 3.88M | 970K | 2.87M |
| Deferred Revenue (Current) | 7.98M | 1.47M | 2.11M | 336K | 821K | 832K | 0 | 0 | 390K | 1.72M | 1.83M | 1.69M | 1.8M |
| Other Current Liabilities | 1.33M | 1.77M | 1.77M | 0 | 27K | 50K | 31K | 42K | 1.05M | 2.62M | 241K | 4.52M | 1.03M |
| Current Ratio | 5.76x | 4.84x | 6.48x | 6.59x | 4.11x | 3.56x | 2.75x | 3.63x | 2.99x | 2.22x | 3.84x | 0.98x | 2.21x |
| Quick Ratio | 4.74x | 4.05x | 5.56x | 5.64x | 3.50x | 2.94x | 2.20x | 2.64x | 2.32x | 1.42x | 3.32x | 0.53x | 1.70x |
| Cash Conversion Cycle | 159.75 | 128.76 | 187.61 | 141.49 | 119.63 | 130.62 | 119.37 | 151.44 | 153.47 | 220.8 | 167.83 | 121.54 | 129.78 |
| Total Non-Current Liabilities | 1.89M | 2.24M | 5.28M | 4.6M | 5.79M | 1.81M | 4.88M | 8.99M | 6.51M | 8.18M | 4.22M | 7.41M | 145K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 1.53M | 3.75M | 7.15M | 6.51M | 8.18M | 4.22M | 6.74M | 0 |
| Capital Lease Obligations | 8.52M | 1.96M | 3.34M | 4.39M | 5.58M | 68K | 903K | 1.84M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 287K | 283K | 1.95M | 214K | 214K | 214K | 229K | 0 | 0 | 0 | 0 | 437K | 145K |
| Total Liabilities | 12.95M | 15.69M | 15.2M | 13.38M | 16.67M | 12.14M | 15.12M | 16.88M | 20.12M | 20.55M | 14.6M | 16.75M | 7.56M |
| Total Debt | 3M | 3.34M | 4.64M | 5.58M | 9.3M | 5.69M | 10.4M | 11.24M | 12.49M | 12.16M | 8.1M | 7.91M | 2.87M |
| Net Debt | -37.5M | -41.11M | -37.45M | -31.37M | -17.5M | -15.72M | -4.2M | -3.25M | -10.89M | -785K | -21.63M | 5.61M | -6.75M |
| Debt / Equity | 0.04x | 0.05x | 0.07x | 0.10x | 0.24x | 0.21x | 0.60x | 0.61x | 0.50x | 1.12x | 0.30x | - | 0.28x |
| Debt / EBITDA | -0.71x | - | - | 0.79x | 1.29x | 0.88x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 8.87x | - | - | -4.42x | -2.43x | -2.42x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | 144.43x | 23.42x | 8.95x | -11.41x | -18.64x | -18.95x | -26.62x | -6.12x | -26.85x | -37.72x |
| Total Equity | 70.25M | 68.92M | 62.59M | 53.92M | 38.66M | 27.24M | 17.41M | 18.49M | 24.92M | 10.88M | 27.22M | -5.79M | 10.21M |
| Equity Growth % | 48.2% | 10.1% | 16.08% | 39.46% | 41.95% | 56.43% | -5.83% | -25.81% | 128.97% | -60.01% | 570.25% | -156.67% | - |
| Book Value per Share | 3.04 | 3.05 | 2.83 | 2.52 | 1.86 | 1.36 | 0.93 | 1.07 | 1.52 | 0.87 | 2.21 | -1.15 | 4.00 |
| Total Shareholders' Equity | 70.25M | 68.92M | 62.59M | 53.92M | 38.66M | 27.24M | 17.41M | 18.49M | 24.92M | 10.88M | 27.22M | -5.79M | 10.21M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 8K | 8K |
| Retained Earnings | -137.75M | -137.46M | -136.87M | -137.65M | -146.7M | -152.83M | -157.17M | -148.66M | -133.99M | -117.54M | -96.43M | -79.73M | -61.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.48M | 0 | -41.47M | 0 | -8K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical supply chain exposure
According to recent SEC filings, Everspin's total assets grew from $67.3M in 2023Q4 to $83.2M by 2026Q1, reflecting a deliberate expansion of the balance sheet despite persistent negative retained earnings that have accumulated to a deficit of $137.8M over the same period.
The growth in total assets appears driven by increased cash and property, plant, and equipment investments, suggesting management is scaling capacity for future demand. However, the widening deficit in retained earnings indicates that this asset accumulation has yet to translate into self-sustaining operational profitability.
As reported in financial statements, the company maintains a conservative capital structure with debt-to-equity ratios consistently below 0.10, specifically reaching 0.04 in 2026Q1, which provides a significant buffer against interest rate volatility and potential downturns in the semiconductor cycle.
The minimal reliance on debt suggests that the company is prioritizing balance sheet stability over aggressive financial leverage. This approach appears prudent given the inherent volatility of the niche memory market and the company's ongoing transition toward newer, unproven STT-MRAM product lines.
Based on the provided balance sheet data, Everspin maintains a strong liquidity position with a current ratio of 5.76 as of 2026Q1, supported by $40.5M in cash, which provides a substantial cushion against the company's ongoing operational cash burn and R&D requirements.
The high current ratio indicates that the company is well-positioned to meet its short-term obligations without needing external financing. Investors should monitor whether this liquidity remains sufficient as the company continues to ramp up capital-intensive production for its 28nm STT-MRAM technology.
As noted in recent quarterly reports, net PPE has increased from $9.2M in 2023Q4 to $17.8M in 2026Q1, signaling a shift toward a more capital-intensive manufacturing footprint as the company invests in the infrastructure required for its next-generation memory product transitions.
This increase in fixed assets suggests that the company is moving away from a purely fabless model toward one requiring more direct investment in production capabilities. While this may improve long-term control over yields, it also increases the company's exposure to asset impairment risks if demand for new products fails to materialize.
Analysis of the balance sheet reveals that goodwill has emerged on the books for the first time in 2025Q1, reaching $1.3M by 2026Q1, which warrants close monitoring for potential future impairment charges if the acquired assets fail to deliver expected synergies.
The appearance of goodwill suggests inorganic growth activity that could distort the perceived value of the company's asset base. Investors should be cautious, as any future write-downs of these intangible assets would directly impact the company's equity position and further strain its already negative retained earnings.
Quick answers to the most common questions about buying MRAM stock.
As of 2025, Everspin Technologies, Inc. (MRAM) had total assets of $84.6M including $65.2M in current assets.
Everspin Technologies, Inc. (MRAM) carries total debt of $3.3M, offset by $44.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Everspin Technologies, Inc. (MRAM) has total shareholders' equity (book value) of $68.9M ($3.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Everspin Technologies, Inc. (MRAM) reported a current ratio of 4.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.