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 is currently overvalued, as evidenced by a Price to Book Value of 2.11 and an EV to Sales ratio of 2.00, which suggest that the market is pricing the company at a premium compared to its fundamental metrics. Additionally, the EV to EBITDA ratio stands at -15.71, reflecting the company's struggles to generate positive earnings before interest, taxes, depreciation, and amortization.
In comparison to its peers, Everspin's valuation metrics are notably less favorable; for instance, NVE Corp. has a P/E ratio of 22.26, while Everspin's valuation is marked by a very expensive rating with a P/E ratio of 92.20. Other peers like CEVA, Inc. and Arteris, Inc. are classified as risky, with significantly lower P/E ratios of -57.88 and -11.05, respectively. Despite Everspin's strong performance in the short term, with a year-to-date return of 54.62% compared to the S&P 500's 13.30%, the long-term outlook appears less favorable, particularly with a 10-year return of only 37.60% against the S&P 500's 227.77%.