Is Everspin Technologies, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Everspin Technologies, Inc. has moved from attractive to very expensive, indicating a significant shift in its perceived value. The company appears to be overvalued based on its current metrics, with a Price to Book Value of 2.11, an EV to Sales ratio of 2.00, and a troubling EV to EBITDA of -15.71. Compared to peers, Everspin's valuation stands out, particularly when contrasted with NVE Corp., which has a more favorable P/E of 22.26 and an EV to EBITDA of 19.59.
The stock has shown strong performance over the past year, returning 56.08%, significantly outpacing the S&P 500's 14.08% in the same period. However, the company's negative ROCE of -30.18% and ROE of -0.29% raise concerns about its profitability and long-term sustainability, reinforcing the view that it is currently overvalued.