NVE Corporation (NVEC) 10-Year Financial Performance & Capital Metrics

NVEC • • Industrial / General

TechnologySemiconductorsDigital & Computing SemiconductorsMemory & Storage

AboutNVE Corporation develops and sells devices that use spintronics, a nanotechnology that relies on electron spin to acquire, store, and transmit information in the United States and internationally. The company manufactures spintronic products, including sensors and couplers for use in acquiring and transmitting data. Its products comprise standard sensors to detect the presence of a magnetic or metallic material to determine position or speed primarily for the factory automation market; and custom and medical sensors for medical devices to replace electromechanical magnetic switches. The company also offers spintronic couplers for industrial Internet of Things market. In addition, it undertakes contracts for research and development, and licensing of spintronic magnetoresistive random access memory technology. NVE Corporation was founded in 1989 and is headquartered in Eden Prairie, Minnesota.Show more

Revenue $26M -13.2%
EBITDA $16M -13.3%
Net Income $15M -12.0%
EPS (Diluted) 3.11 -12.1%
Gross Margin 83.63% +8.2%
EBITDA Margin 63.07% -0.2%
Operating Margin 61.81% -0.5%
Net Margin 58.22% +1.3%
ROE 23.57% -8.7%
ROIC 21.65% -5.2%
Debt/Equity 0.01 +173.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 28.0%
✓FCF machine: 50.4% free cash flow margin
✓Healthy 5Y average net margin of 56.7%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.66%

5Y0.36%

3Y-1.39%

TTM-9.48%

Profit (Net Income) CAGR

10Y0.47%

5Y0.73%

3Y1.26%

TTM-14.23%

EPS CAGR

10Y0.53%

5Y0.72%

3Y1.21%

TTM-14.67%

ROCE

10Y Avg22.48%

5Y Avg26.45%

3Y Avg30.46%

Latest24.83%

Peer Comparison

Memory & Storage

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MRAMEverspin Technologies, Inc.	277.71M	12.15	345.17	-20.96%	-0.95%	-0.77%	1.46%	0.07
MUMicron Technology, Inc.	380.57B	338.13	44.55	48.85%	28.15%	20.25%	0.44%	0.28
NVECNVE Corporation	308.18M	63.71	20.49	-13.18%	55.79%	23.16%	4.24%	0.01
SIMOSilicon Motion Technology Corporation	3.86B	113.56	10.75	25.72%	10.18%	9.92%	0.85%	0.00
GSITGSI Technology, Inc.	270.66M	7.68	-18.29	-5.73%	-48.54%	-30.25%		0.34

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	27.72M	28.33M	29.86M	26.47M	25.41M	21.37M	26.99M	38.25M	29.8M	25.87M
Revenue Growth %	-0.09%	0.02%	0.05%	-0.11%	-0.04%	-0.16%	0.26%	0.42%	-0.22%	-0.13%
Cost of Goods Sold+	6.62M	6.08M	6.27M	5.22M	4.89M	4.12M	6.26M	8.06M	6.77M	4.24M
COGS % of Revenue	0.24%	0.21%	0.21%	0.2%	0.19%	0.19%	0.23%	0.21%	0.23%	0.16%
Gross Profit+	21.1M	22.25M	23.59M	21.26M	20.52M	17.24M	20.72M	30.19M	23.03M	21.64M
Gross Margin %	0.76%	0.79%	0.79%	0.8%	0.81%	0.81%	0.77%	0.79%	0.77%	0.84%
Gross Profit Growth %	-0.14%	0.05%	0.06%	-0.1%	-0.03%	-0.16%	0.2%	0.46%	-0.24%	-0.06%
Operating Expenses+	4.81M	4.8M	5.14M	5.33M	5.01M	4.5M	4.4M	4.55M	4.51M	5.64M
OpEx % of Revenue	0.17%	0.17%	0.17%	0.2%	0.2%	0.21%	0.16%	0.12%	0.15%	0.22%
Selling, General & Admin	1.75M	1.46M	1.44M	1.22M	1.32M	1.32M	1.47M	1.96M	1.78M	2.01M
SG&A % of Revenue	0.06%	0.05%	0.05%	0.05%	0.05%	0.06%	0.05%	0.05%	0.06%	0.08%
Research & Development	3.06M	3.34M	3.7M	4.11M	3.69M	3.18M	2.93M	2.58M	2.73M	3.64M
R&D % of Revenue	0.11%	0.12%	0.12%	0.16%	0.15%	0.15%	0.11%	0.07%	0.09%	0.14%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	16.29M	17.45M	18.45M	15.92M	15.51M	12.74M	16.33M	25.64M	18.52M	15.99M
Operating Margin %	0.59%	0.62%	0.62%	0.6%	0.61%	0.6%	0.61%	0.67%	0.62%	0.62%
Operating Income Growth %	-0.15%	0.07%	0.06%	-0.14%	-0.03%	-0.18%	0.28%	0.57%	-0.28%	-0.14%
EBITDA+	17.14M	18.59M	19.43M	16.63M	16.06M	13.29M	16.75M	25.84M	18.83M	16.32M
EBITDA Margin %	0.62%	0.66%	0.65%	0.63%	0.63%	0.62%	0.62%	0.68%	0.63%	0.63%
EBITDA Growth %	-0.15%	0.08%	0.05%	-0.14%	-0.03%	-0.17%	0.26%	0.54%	-0.27%	-0.13%
D&A (Non-Cash Add-back)	850.97K	1.15M	979.65K	705.2K	549.97K	542.93K	424.98K	196.74K	308.15K	324.23K
EBIT	16.29M	17.45M	18.45M	15.92M	15.51M	12.74M	16.33M	25.64M	18.52M	15.99M
Net Interest Income+	1.89M	1.65M	1.56M	1.79M	1.79M	1.5M	1.17M	1.45M	1.95M	1.91M
Interest Income	1.89M	1.65M	1.56M	1.79M	1.79M	1.5M	1.17M	1.45M	1.95M	1.91M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.89M	1.65M	1.56M	1.79M	1.79M	1.5M	1.17M	1.45M	1.95M	2.04M
Pretax Income+	18.18M	19.1M	20.01M	17.71M	17.3M	14.24M	17.5M	27.09M	20.47M	18.04M
Pretax Margin %	0.66%	0.67%	0.67%	0.67%	0.68%	0.67%	0.65%	0.71%	0.69%	0.7%
Income Tax+	5.88M	6.15M	6.1M	3.2M	2.78M	2.55M	2.99M	4.4M	3.34M	2.97M
Effective Tax Rate %	0.68%	0.68%	0.7%	0.82%	0.84%	0.82%	0.83%	0.84%	0.84%	0.84%
Net Income+	12.29M	12.95M	13.91M	14.51M	14.53M	11.69M	14.51M	22.69M	17.12M	15.06M
Net Margin %	0.44%	0.46%	0.47%	0.55%	0.57%	0.55%	0.54%	0.59%	0.57%	0.58%
Net Income Growth %	-0.14%	0.05%	0.07%	0.04%	0%	-0.19%	0.24%	0.56%	-0.25%	-0.12%
Net Income (Continuing)	12.29M	12.95M	13.91M	14.51M	14.53M	11.69M	14.51M	22.69M	17.12M	15.06M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.53	2.68	2.87	2.99	3.00	2.42	3.00	4.70	3.54	3.11
EPS Growth %	-0.14%	0.06%	0.07%	0.04%	0%	-0.19%	0.24%	0.57%	-0.25%	-0.12%
EPS (Basic)	2.53	2.68	2.87	3.00	3.00	2.42	3.00	4.70	3.54	3.12
Diluted Shares Outstanding	4.85M	4.84M	4.85M	4.85M	4.85M	4.83M	4.84M	4.83M	4.84M	4.84M
Basic Shares Outstanding	4.85M	4.84M	4.84M	4.84M	4.85M	4.83M	4.83M	4.83M	4.83M	4.84M
Dividend Payout Ratio	1.58%	1.49%	1.39%	1.34%	1.33%	1.65%	1.33%	0.85%	1.13%	1.28%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	33.42M	35.19M	32.7M	27.44M	34.38M	24.36M	41.5M	30.79M	33.19M	33.2M
Cash & Short-Term Investments	27.23M	27.79M	25.52M	19.37M	27.15M	18.11M	31.29M	17.18M	22.2M	21.73M
Cash Only	7.53M	8.2M	4.76M	6.88M	8.07M	10.43M	10.45M	1.67M	10.28M	8.04M
Short-Term Investments	19.7M	19.59M	20.77M	12.49M	19.08M	7.68M	20.84M	15.51M	11.92M	13.69M
Accounts Receivable	2.24M	3.44M	2.89M	3M	2.69M	1.96M	4.7M	6.52M	3.14M	3.59M
Days Sales Outstanding	29.55	44.29	35.31	41.3	38.69	33.56	63.63	62.24	38.51	50.63
Inventory	3.21M	3.36M	3.65M	4.26M	3.88M	3.9M	5.09M	6.42M	7.16M	7.45M
Days Inventory Outstanding	176.81	201.66	212.34	298.44	289.99	345.46	296.56	290.51	385.81	641.89
Other Current Assets	0	607.28K	635.16K	816.04K	0	0	0	425.37K	460.63K	433.41K
Total Non-Current Assets+	67.44M	58.58M	54.74M	56.17M	45.11M	48.14M	25.96M	38.47M	33.59M	31.08M
Property, Plant & Equipment	1.69M	1.41M	1.33M	894.84K	1.4M	1.03M	1.17M	1.77M	1.34M	2.9M
Fixed Asset Turnover	16.38x	20.04x	22.53x	29.58x	18.17x	20.83x	23.13x	21.60x	22.18x	8.91x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	3M	0	0	0	0	0	0
Long-Term Investments	65.7M	56.81M	52.84M	54.93M	43.61M	47.04M	24.31M	36.13M	30.79M	26.3M
Other Non-Current Assets	51.19K	357.06K	572.65K	-55.82M	0	73.54K	0	572.04K	1.45M	0
Total Assets+	100.85M	93.77M	87.43M	83.62M	79.5M	72.5M	67.47M	69.26M	66.78M	64.28M
Asset Turnover	0.27x	0.30x	0.34x	0.32x	0.32x	0.29x	0.40x	0.55x	0.45x	0.40x
Asset Growth %	-0.08%	-0.07%	-0.07%	-0.04%	-0.05%	-0.09%	-0.07%	0.03%	-0.04%	-0.04%
Total Current Liabilities+	1.59M	1.1M	989.73K	835.68K	796.2K	1.03M	2.46M	1.83M	1.04M	1.17M
Accounts Payable	317.99K	376.27K	414.97K	375.19K	186.99K	336.59K	943.53K	281.71K	127.15K	214.69K
Days Payables Outstanding	17.54	22.6	24.14	26.25	13.96	29.81	54.99	12.75	6.85	18.5
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	714.8K	142.73K	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	1	0
Current Ratio	21.02x	32.13x	33.03x	32.84x	43.19x	23.71x	16.90x	16.80x	32.05x	28.40x
Quick Ratio	19.01x	29.06x	29.35x	27.73x	38.31x	19.92x	14.82x	13.30x	25.14x	22.03x
Cash Conversion Cycle	188.82	223.35	223.51	313.49	314.72	349.2	305.2	340	417.47	674.02
Total Non-Current Liabilities+	1.03M	519.01K	414.97K	375.19K	706.6K	581.46K	446.02K	342.91K	175.78K	838.22K
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	706.6K	581.46K	446.02K	342.91K	175.78K	838.22K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	1.59M	1.1M	989.73K	835.68K	1.5M	1.61M	2.9M	2.18M	1.21M	2.01M
Total Debt+	0	0	0	0	833.73K	731.73K	602.14K	518.71K	355.15K	921.23K
Net Debt	-7.53M	-8.2M	-4.76M	-6.88M	-7.23M	-9.7M	-9.85M	-1.15M	-9.93M	-7.12M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	-	-	-	-	0.05x	0.06x	0.04x	0.02x	0.02x	0.06x
Net Debt / EBITDA	-0.44x	-0.44x	-0.24x	-0.41x	-0.45x	-0.73x	-0.59x	-0.04x	-0.53x	-0.44x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	99.26M	92.68M	86.44M	82.78M	78M	70.89M	64.57M	67.08M	65.57M	62.27M
Equity Growth %	-0.08%	-0.07%	-0.07%	-0.04%	-0.06%	-0.09%	-0.09%	0.04%	-0.02%	-0.05%
Book Value per Share	20.46	19.16	17.84	17.07	16.09	14.66	13.35	13.88	13.55	12.87
Total Shareholders' Equity	99.26M	92.68M	86.44M	82.78M	78M	70.89M	64.57M	67.08M	65.57M	62.27M
Common Stock	48.35K	48.41K	48.42K	48.46K	48.35K	48.33K	48.31K	48.31K	48.34K	48.37K
Retained Earnings	79.56M	73.16M	67.71M	62.9M	58.05M	50.4M	45.58M	48.95M	46.74M	42.47M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	451.36K	-38.3K	-915.63K	-82.72K	516.52K	1.1M	-318.12K	-1.21M	-777.64K	-68.54K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	14.31M	12.38M	15.15M	14.22M	15.9M	13.36M	12.5M	19.09M	18.25M	14.31M
Operating CF Margin %	0.52%	0.44%	0.51%	0.54%	0.63%	0.63%	0.46%	0.5%	0.61%	0.55%
Operating CF Growth %	-0.04%	-0.13%	0.22%	-0.06%	0.12%	-0.16%	-0.06%	0.53%	-0.04%	-0.22%
Net Income	12.29M	12.95M	13.91M	14.51M	14.53M	11.69M	14.51M	22.69M	17.12M	15.06M
Depreciation & Amortization	850.97K	1.15M	979.65K	705.2K	549.97K	542.93K	424.98K	196.74K	308.15K	324.23K
Stock-Based Compensation	21.16K	22K	40.92K	93.36K	48.36K	45.57K	81.86K	59.66K	141.94K	152.17K
Deferred Taxes	295.83K	6.14K	96.28K	-31.27K	77.78K	-129.16K	24.46K	161.89K	-1M	-611.97K
Other Non-Cash Items	-352.29K	-32.62K	1.71M	2.38M	0	0	0	60.87K	-96.84K	-369.02K
Working Capital Changes	1.2M	-1.71M	122.41K	-1.06M	693.02K	1.21M	-2.54M	-4.08M	1.77M	-249.51K
Change in Receivables	719.89K	-1.19M	548.02K	-106.86K	301.62K	729.74K	-2.74M	-1.82M	3.37M	-444.44K
Change in Inventory	537.26K	-153.06K	-292.14K	-614.44K	380.43K	-16.33K	-1.19M	-1.33M	-741.58K	-290.5K
Change in Payables	-611.29K	77.92K	37.14K	-154.05K	405.48K	106K	1.29M	-726.7K	-964.15K	87.54K
Cash from Investing+	4.87M	7.35M	717.79K	7.06M	5.25M	8.42M	7.02M	-8.53M	9.58M	2.67M
Capital Expenditures	-287.27K	-519.84K	-604.8K	-68.27K	-52.04K	-62.73K	-484.58K	-935.79K	-16.73K	-1.26M
CapEx % of Revenue	0.01%	0.02%	0.02%	0%	0%	0%	0.02%	0.02%	0%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.16M	7.87M	1.32M	7.13M	5.3M	8.49M	0	100K	0	0
Cash from Financing+	-21.08M	-19.07M	-19.31M	-19.16M	-19.96M	-19.43M	-19.5M	-19.34M	-19.21M	-19.23M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-19.41M	-19.35M	-19.37M	-19.37M	-19.38M	-19.34M	-19.33M	-19.32M	-19.33M	-19.34M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	352.29K	32.62K	0	217.94K	112.36K	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.02M	11.86M	14.55M	14.15M	15.84M	13.3M	12.02M	18.16M	18.23M	13.05M
FCF Margin %	0.51%	0.42%	0.49%	0.53%	0.62%	0.62%	0.45%	0.47%	0.61%	0.5%
FCF Growth %	-0.05%	-0.15%	0.23%	-0.03%	0.12%	-0.16%	-0.1%	0.51%	0%	-0.28%
FCF per Share	2.89	2.45	3.00	2.92	3.27	2.75	2.49	3.76	3.77	2.70
FCF Conversion (FCF/Net Income)	1.16x	0.96x	1.09x	0.98x	1.09x	1.14x	0.86x	0.84x	1.07x	0.95x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	5.81M	6.04M	5.97M	3.43M	2.59M	2.44M	2.52M	4.5M	4.54M	3.31M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.84%	13.49%	15.53%	17.15%	18.07%	15.71%	21.42%	34.48%	25.82%	23.57%
Return on Invested Capital (ROIC)	12.82%	14.85%	16.66%	15.16%	15.87%	14.49%	21.13%	31.88%	22.85%	21.65%
Gross Margin	76.13%	78.54%	78.99%	80.3%	80.76%	80.71%	76.79%	78.92%	77.28%	83.63%
Net Margin	44.35%	45.71%	46.59%	54.8%	57.16%	54.73%	53.76%	59.33%	57.46%	58.22%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.01x	0.01x	0.01x	0.01x
FCF Conversion	1.16x	0.96x	1.09x	0.98x	1.09x	1.14x	0.86x	0.84x	1.07x	0.95x
Revenue Growth	-9.37%	2.2%	5.43%	-11.36%	-4%	-15.92%	26.31%	41.75%	-22.09%	-13.18%

Revenue by Segment

	2013	2014	2015	2016	2018	2019	2020	2021	2022
Product	-	-	-	-	27.32M	25.29M	24.4M	20.54M	25.87M
Product Growth	-	-	-	-	-	-7.43%	-3.52%	-15.82%	25.93%
Contract Research and Development	-	-	-	-	2.54M	1.18M	1.01M	825.69K	1.12M
Contract Research and Development Growth	-	-	-	-	-	-53.54%	-14.31%	-18.41%	35.56%

Revenue by Geography

	2013	2014	2015	2016	2018	2019	2020	2021	2022
UNITED STATES	-	-	-	12.39M	14.91M	-	-	-	-
UNITED STATES Growth	-	-	-	-	20.33%	-	-	-	-
EMEA	-	-	-	-	10.13M	-	-	-	-
EMEA Growth	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	-	4.61M	-	-	-	-
Asia Pacific Growth	-	-	-	-	-	-	-	-	-
World	-	-	-	-	211.68K	-	-	-	-
World Growth	-	-	-	-	-	-	-	-	-
Europe	10.67M	11.07M	13.78M	11.39M	-	-	-	-	-
Europe Growth	-	3.74%	24.53%	-17.33%	-	-	-	-	-
Asia	3.98M	3.37M	4.32M	3.11M	-	-	-	-	-
Asia Growth	-	-15.22%	27.98%	-27.90%	-	-	-	-	-
Other Areas	-	-	-	819.7K	-	-	-	-	-
Other Areas Growth	-	-	-	-	-	-	-	-	-
U	12.01M	11.16M	11.92M	-	-	-	-	-	-
U Growth	-	-7.05%	6.81%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

NVE Corporation (NVEC) has a price-to-earnings (P/E) ratio of 20.5x. This is roughly in line with market averages.

Growth & Financials

NVE Corporation (NVEC) reported $24.8M in revenue for fiscal year 2025. This represents a 13% decrease from $28.6M in 2012.

NVE Corporation (NVEC) saw revenue decline by 13.2% over the past year.

Yes, NVE Corporation (NVEC) is profitable, generating $13.8M in net income for fiscal year 2025 (58.2% net margin).

Dividend & Returns

Yes, NVE Corporation (NVEC) pays a dividend with a yield of 6.27%. This makes it attractive for income-focused investors.

NVE Corporation (NVEC) has a return on equity (ROE) of 23.6%. This is excellent, indicating efficient use of shareholder capital.

NVE Corporation (NVEC) generated $13.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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