Netlist (NLST) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Netlist

OTC Markets OTCQB•Technology•Electronics & Computer Distribution

$5.02-0.54(-0.10%)Market closed

Market Cap

$1.52B

P/E

1922.4x

P/S

4.6x

P/B

65.4x

Netlist, Inc. designs, manufactures, and markets memory subsystems for the server, high-performance computing, and communications markets in the United States and internationally. The company portfolio of proprietary technologies and design techniques includes planar design, alternative packaging techniques, and custom semiconductor logic to deliver memory subsystems; and sells specialty memory modules and flash-based products for use in data center and industrial applications. It resells component products, including solid state drive (SSD), dynamic random-access memory, NAND flash, and dual inline memory module (DIMM) to storage customers, appliance customers, system builders, and cloud and datacenter customers; and sells component inventory to distributors and other users of memory integrated circuits. The company markets and sells its products through a direct sales force and a network of independent sales representatives. The company is in strategic alliance with Samsung for memory product supply. Netlist, Inc. was incorporated in 2000 and is headquartered in Irvine, California.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (10/25).

Profitability10/25

Growth22/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality10/25

Strengths

Growing revenueRising earningsInterest easily coveredProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 1922.4x5y range 115.9x – 1922.4x

Currently above its 4-quarter median.

P/S · 4.6x5y range 1.3x – 11.4x

Currently near its 20-quarter median.

P/B · 65.4x5y range 9.8x – 65.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.52B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $332.69M
Q. Revenue: $109.84M
TTM EBITDA: $824,000
TTM Op. Income: $408,000
Q. Op. Income: $1.34M
TTM Net Income: $789,000
Q. Net Income: $1.40M
EPS: $0
Shares Out.: $327.59M

$332.69M in TTM revenue grew 129.2% YoY, reaching $109.84M last quarter. TTM EBITDA of $824,000 and TTM operating income of $408,000 show growth is flowing through to the bottom line. TTM net income of $789,000 means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 20.8%
EBITDA Margin: 1.3%
Op. Margin: 1.2%
Net Margin: 1.3%

Op. margin of 1.2% is up 16.2% YoY — cost efficiency is improving. Net margin at 1.3% and gross margin of 20.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 108% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 1922.4x
P/S Ratio: 4.6x
P/B Ratio: 65.4x

At 1922.4x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.6x and P/B of 65.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $73.31M
Cash: $30.66M
Long-Term Debt: N/A
Book Value: $23.18M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.31M
TTM Free Cash Flow: $-15.58M
FCF Margin: -4.7%
FCF / Net Income: -19.8

TTM FCF of $-15.58M on $3.31M in operating cash flow. The FCF / Net Income ratio of -19.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 49% — an improving trend.