Astera Labs
ALAB · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
Astera Labs reported revenue of $853M in the fiscal year ended Dec 2025, up 115.1% from the year before. Operating income was $173M, an operating margin of 20.3%, and net income was $219M. Operating cash flow of $319M less capital expenditure of $38M left free cash flow of $282M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $80M | $116M | $396M | $853M |
| Cost of revenue | $21M | $36M | $94M | $207M |
| Gross profit | $59M | $80M | $303M | $645M |
| Research & development | $74M | $73M | $201M | $304M |
| Operating income | −$60M | −$29M | −$116M | $173M |
| Pre-tax income | −$58M | −$23M | −$82M | $218M |
| Income tax | $764,000 | $3M | $2M | −$981,000 |
| Net income | −$58M | −$26M | −$83M | $219M |
| Diluted EPS | −1.71 | −0.71 | −0.64 | 1.22 |
| Diluted shares | 34M | 37M | 131M | 180M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $76M | $45M | $80M | $168M |
| Receivables | – | $8M | $39M | $83M |
| Inventory | – | $24M | $43M | $59M |
| Current assets | – | $186M | $1B | $1.4B |
| Net PP&E | – | $5M | $36M | $92M |
| Goodwill | – | – | – | $19M |
| Total assets | – | $196M | $1.1B | $1.5B |
| Payables | – | $6M | $27M | $42M |
| Deferred revenue | – | $0 | $15M | $0 |
| Current liabilities | – | $35M | $87M | $133M |
| Total liabilities | – | $39M | $90M | $168M |
| Shareholders' equity | −$85M | −$98M | $965M | $1.4B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −$36M | −$13M | $137M | $319M |
| Capital expenditure | $4M | $3M | $34M | $38M |
| Free cash flow | −$40M | −$15M | $102M | $282M |
| Depreciation & amortisation | $807,000 | $2M | $3M | $7M |
| Stock-based compensation | $30M | $11M | $235M | $160M |
| Acquisitions | – | $0 | $0 | $29M |
| Share buybacks | $313,000 | $210,000 | $1M | $0 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 45.0% | 242.2% | 115.1% |
| Gross margin | 73.5% | 68.9% | 76.4% | 75.7% |
| Operating margin | −75.4% | −25.5% | −29.3% | 20.3% |
| Net margin | −73.0% | −22.7% | −21.1% | 25.7% |
| Return on equityBlank when equity is negative | – | – | −8.6% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −18.3% | −12.0% | 12.4% |
| Free cash flow margin | −49.8% | −13.4% | 25.8% | 33.1% |
| Cash conversion (CFO ÷ net income) | 0.62x | 0.48x | −1.64x | 1.46x |
| Receivable days | – | 26 | 36 | 36 |
| Inventory days | – | 245 | 169 | 104 |
| Payable days | – | 64 | 105 | 75 |
| Current ratio | – | 5.30x | 11.7x | 10.2x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.