NASDAQ · NVEC

NVE Corporation

Technology · Semiconductors

$97.62▼ 1.45% ($1.44)at close

As of 4:00 PM ET

52-week

$57.21$135.00

Market cap

$472.20M

P/E

26.25

Volume

74.28K

Shares outstanding

4.84M

What the market price implies · Reverse DCF

To support a price of $97.62, this model requires revenue to grow by 30.52%/yr over the next 10 years, compounded annually.

Historical revenue grew by -0.61%/yr over the past 4 years. The required annual growth rate is 31.13 percentage points higher.

Selected forecast · Base scenario

14.21%/yr · actual 10-year annualized revenue growth

Year 1 growth: 22.32%

Market-implied · Base operating assumptions + edited margins

30.52%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$97.62

Estimated value / share

$37.43

Base scenario

This estimate is 61.66% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 22.32% · Ending margin 30% · Discount rate 12.2%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:29 PM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 21 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 52.3%. Latest capex is 3.1x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 21 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 80.7%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 48.81%Revenue (TTM): 24.07%FCF (TTM): 27.24%P/FCF: 85th pct

What changed

The stock rose 48.81% over the last year. Revenue grew 24.07% over the trailing twelve months. Operating margin moved from 61.08% to 62.07%. Free cash flow grew 27.24% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (85th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 62.07% — continued expansion would be needed to justify the premium. Revenue growth of 24.07% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

NVE Corporation develops and sells devices that use spintronics, a nanotechnology relying on electron spin to acquire, store, and transmit information, both in the United States and internationally.

CEOPeter G. Eames

SectorTechnology

IndustrySemiconductors

Employees41

IPO dateMay 23, 1995

https://www.nve.com

Market multiples

Forward P/E—

EV/EBITDA17.29

Enterprise value$316.03M

Stock splits

Nov 22, 2002↓ Reverse

Every 5 shares became 1

-80%

Dec 6, 2000↓ Reverse

Every 5 shares became 1

-80%

Profitability & growth

Revenue growth80.75%

Gross margin79.26%▼4.9ppvs FY2025

Operating margin62.07%▼1.4ppvs FY2025

ROE29.81%▲4.6ppvs FY2026

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 21, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$4.00/shareQuarterlyDividend Achiever · 10yrStretched

NVEC pays a dividend with a 4.1% dividend yield, 10 consecutive years of growth, covered 0.7× by free cash flow.

Dividend Yield

4.1%

Annual Div / Share

$4.00

5yr CAGR

+0%

Payout Ratio

107.39%

Stretched

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+0%

10yr CAGR

+0%

Dividend Safety

2/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.00+0.0%

2025$4.00+0.0%

2024$4.00+0.0%

2023$4.00+0.0%

2022$4.00+0.0%

2021$4.00+0.0%

2020$4.00+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$41/yr

$3/mo

In 5 yrs

$41/yr

$3/mo

In 10 yrs

$41/yr

$3/mo

Today	In 5 yrs	In 10 yrs
$41/yr $3/mo	$41/yr $3/mo	$41/yr $3/mo

Analysis

Dividend Strengths

Dividend Achiever

NVEC has raised its dividend for 10 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 107.39% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.

Dividend exceeds free cash flow

Free cash flow covers only 0.75× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NASDAQ · NVEC

NVE Corporation

Technology · Semiconductors

$97.62▼ 1.45% ($1.44)at close

As of 4:00 PM ET

52-week

$57.21$135.00

Market cap

$472.20M

P/E

26.25

Volume

74.28K

Shares outstanding

4.84M

What the market price implies · Reverse DCF

To support a price of $97.62, this model requires revenue to grow by 30.52%/yr over the next 10 years, compounded annually.

Historical revenue grew by -0.61%/yr over the past 4 years. The required annual growth rate is 31.13 percentage points higher.

Selected forecast · Base scenario

14.21%/yr · actual 10-year annualized revenue growth

Year 1 growth: 22.32%

Market-implied · Base operating assumptions + edited margins

30.52%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$97.62

Estimated value / share

$37.43

Base scenario

This estimate is 61.66% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 22.32% · Ending margin 30% · Discount rate 12.2%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:29 PM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 21 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 52.3%. Latest capex is 3.1x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 21 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 48.81%Revenue (TTM): 24.07%FCF (TTM): 27.24%P/FCF: 85th pct

What changed

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (85th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

NVE Corporation develops and sells devices that use spintronics, a nanotechnology relying on electron spin to acquire, store, and transmit information, both in the United States and internationally.

CEOPeter G. Eames

SectorTechnology

IndustrySemiconductors

Employees41

IPO dateMay 23, 1995

https://www.nve.com

Market multiples

Forward P/E—

EV/EBITDA17.29

Enterprise value$316.03M

Stock splits

Nov 22, 2002↓ Reverse

Every 5 shares became 1

-80%

Dec 6, 2000↓ Reverse

Every 5 shares became 1

-80%

Profitability & growth

Revenue growth80.75%

Gross margin79.26%▼4.9ppvs FY2025

Operating margin62.07%▼1.4ppvs FY2025

ROE29.81%▲4.6ppvs FY2026

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 21, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$4.00/shareQuarterlyDividend Achiever · 10yrStretched

NVEC pays a dividend with a 4.1% dividend yield, 10 consecutive years of growth, covered 0.7× by free cash flow.

Dividend Yield

4.1%

Annual Div / Share

$4.00

5yr CAGR

+0%

Payout Ratio

107.39%

Stretched

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+0%

10yr CAGR

+0%

Dividend Safety

2/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.00+0.0%

2025$4.00+0.0%

2024$4.00+0.0%

2023$4.00+0.0%

2022$4.00+0.0%

2021$4.00+0.0%

2020$4.00+0.0%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$41/yr

$3/mo

In 5 yrs

$41/yr

$3/mo

In 10 yrs

$41/yr

$3/mo

Today	In 5 yrs	In 10 yrs
$41/yr $3/mo	$41/yr $3/mo	$41/yr $3/mo

Analysis

Dividend Strengths

Dividend Achiever

NVEC has raised its dividend for 10 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 107.39% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.

Dividend exceeds free cash flow

Free cash flow covers only 0.75× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.