ALAB · NasdaqGS
Semiconductors · United States
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Astera Labs, Inc. designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure in Taiwan and the United States. It offers an intelligent connectivity platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS. The company provides COSMOS software suite, a connectivity system management and optimization software that enables management and optimization of resources for large fleets at cloud-scale via link, fleet, and RAS management capabilities. In addition, it offers PCIe/CXL smart DSP retimers and cable modules; ethernet smart cable modules for cloud and AI infrastructure; CXL memory connectivity controllers; and smart fabric switches. The company serves hyperscalers and system original equipment manufacturers. Astera Labs, Inc. was incorporated in 2017 and is based in San Jose, California.
Company websiteQ3 2026
Published 2026-11-10
Q3 2026 REPORT HIGHLIGHTS
Record growth meets margin compression, customer concentration and a demanding forward cash valuation.
The X-Series production ramp drives a step change in revenue; product-level dollars and profits are not disclosed.
GAAP operating income reached $179.1M even as gross margin fell to 72.3%.
Receivables and inventory consumed $347.4M over nine months; FCF was $268.1M before acquisitions.
Q4 guidance uses 187M diluted shares; our model uses 190M and retains compensation expense in operating margins.
Our base cash model values the stock near $141; more generous earnings and sales routes lift the rounded blended value to $165.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | ALABAstera Labs, Inc.Snapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|
| Market capMarket value, converted to USD | US$40.36B |
| Forward P/EProvider forward earnings estimate | 32.29x |
| EV / EBITDAEnterprise value / trailing EBITDA | 88.34x |
| Revenue growthLatest quarter vs prior-year quarter | 153.7% |
| Operating marginLatest reported quarter | 25.5% |
| Free cash flow yieldTrailing cash flow / market cap | 0.3% |
| Net debt / EBITDANet debt / trailing EBITDA | -3.23x |
| Debt / equityTotal debt / positive book equity | 0.02x |
| Trailing P/ETrailing twelve-month earnings | 91.27x |
| Price / bookPrice / positive book equity per share | 20.18x |
| EV / salesEnterprise value / trailing revenue | 23.42x |
| Earnings growthLatest quarter vs prior-year quarter | 98.0% |
| Gross marginTrailing twelve months | 73.9% |
| Net marginTrailing twelve months | 29.6% |
| Return on equityProvider trailing return; positive equity only | 28.2% |
| Free cash flow marginTrailing free cash flow / revenue | 8.4% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 8.03x |
| BetaProvider historical market sensitivity | 3.86 |
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
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Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Price history loads separately.
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 2026
Record growth meets margin compression, customer concentration and a demanding forward cash valuation.
Research published November 9, 2026 · Download original report
Read Research PacketPresentation · 2026-11-10 · YouTube
Presentation · 2026-08-05 · YouTube
Short takes Q2 2026
Astera Labs +104% Revenue - And Our Call Is SELL #shorts
Watch Short on YouTube
Presentation · 2026-05-08 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
