Complete MRAM Stock Valuation Analysis
Comprehensive intrinsic value analysis using 3 different methodologies
MRAM DCF Analysis
MRAM (Everspin Technologies, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $60.0M | $63.8M | $50.4M | $49.6M | $48.9M | $48.2M | $47.7M | $47.2M |
| Revenue Growth % | - | 6.3% | -21.0% | -1.6% | -1.5% | -1.3% | -1.2% | -1.1% |
| EBIT | $6.2M | $5.9M | $-7.1M | $2.5M | $2.4M | $2.4M | $2.4M | $2.4M |
| EBIT Margin % | 10.4% | 9.2% | -14.1% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 0.2% | 0.0% | 0.0% | 5.1% | 7.1% | 9.1% | 11.0% | 13.0% |
| NOPAT | $6.2M | $5.9M | $-7.1M | $2.4M | $2.3M | $2.2M | $2.1M | $2.1M |
| NOPAT Margin % | 10.4% | 9.2% | -14.1% | 4.7% | 4.6% | 4.5% | 4.4% | 4.3% |
| Capex | $2.8M | $1.4M | $3.0M | $1.5M | $1.4M | $1.4M | $1.3M | $1.2M |
| Capex / Revenue % | 4.6% | 2.2% | 6.0% | 3.1% | 3.0% | 2.8% | 2.7% | 2.5% |
| Depreciation | $982.0K | $1.2M | $1.7M | $1.2M | $1.1M | $1.1M | $1.1M | $1.1M |
| D&A / Revenue % | 1.6% | 1.9% | 3.4% | 2.3% | 2.3% | 2.3% | 2.3% | 2.3% |
| Change in NWC | $7.5M | $15.2M | $5.2M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | 12.5% | 23.9% | 10.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $-3.1M | $-9.5M | $-13.6M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| UFCF % Chg. | - | -209.5% | -42.5% | 114.4% | -0.1% | -0.1% | -0.2% | -0.3% |
| FCF / Revenue % | -5.1% | -15.0% | -27.0% | 4.0% | 4.0% | 4.1% | 4.1% | 4.1% |
| Discount Factor | - | - | - | 0.951 | 0.904 | 0.860 | 0.817 | 0.777 |
| Present Value of FCF | - | - | - | $1.9M | $1.8M | $1.7M | $1.6M | $1.5M |
| Sum of PV of UFCF | - | - | - | $1.9M | $3.6M | $5.3M | $6.9M | $8.4M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 5.1% |
| After Tax Cost of Debt | 6.6% |
| Risk Free Rate | 4.40% |
| Market Risk Premium | 4.3% |
| Beta | 0.17 |
| Cost of Equity | 5.1% |
| Total Debt | $4.6M |
| Market Cap | $129.4M |
| Total Capital | $134.1M |
| Debt Weighting | 3.5% |
| Equity Weighting | 96.5% |
| WACC | 5.2% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $2.0M |
| Terminal Value | $75.0M |
| PV of Terminal Value | $58.3M |
| Cumulative PV of UFCF | $8.4M |
| Net Debt | $-37.5M |
| Equity Value | $104.2M |
| Shares Outstanding | 22.2M |
| Implied Share Price | $5 |
| Current Share Price | $6 |
| Implied Upside/(Downside) | -18.4% |
Valuation Summary
$4.70
Implied Price
$5.76
Current Price
-18.4%
Upside/Downside
5.2%
WACC
MRAM Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$-0.26
-104.6%
Peer Median: 47.5x
EV/EBITDA
$0.55
-90.5%
Peer Median: 35.6x
P/S Ratio
$9.08
+57.7%
Peer Median: 4.2x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for MRAM's business model and current situation.
Multiple Comparison
| Multiple | MRAM Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -1039.1x | 47.5x | 40.9x | -2289.5% | Undervalued |
| EV/EBITDA | 267.3x | 35.6x | 32.8x | 650.8% | Overvalued |
| P/S Ratio | 2.6x | 4.2x | 4.0x | -36.6% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.44B | 0.0x | 34.8x | 1.3x | |
| $0.35B | 22.9x | 21.0x | 13.3x | |
| $0.23B | 0.0x | 0.0x | 0.3x | |
| $0.24B | 0.0x | 0.0x | 0.0x | |
| $0.26B | 0.0x | 0.0x | 170.1x | |
| $0.13B | 88.7x | 267.3x | 2.6x | |
| $0.09B | 0.0x | 0.0x | 4.2x | |
| $0.09B | 0.0x | 0.0x | 4.7x | |
| $0.06B | 0.0x | 0.0x | 20.7x | |
| $0.05B | 4.8x | 35.6x | 5.9x | |
| $3415.76B | 47.5x | 39.7x | 26.2x |
MRAM Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.0 | Base earnings from financial statements |
| Normalized Earnings | 0.0 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$0.39
EPV per Share
$5.76
Current Price
-93.2%
Upside/Downside
9.0%
WACC: 9.0% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.0B |
| Cost of Capital | 9.0% |
| Enterprise Value | $0.0B |
Per Share Value
| Enterprise Value | $0.0B |
| Shares Outstanding | 0.0B |
| EPV per Share | $0.39 |
WACC Components
| Cost of Equity | 9.2% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 96.5% |
| Debt Weight | 3.5% |
| WACC | 9.0% |