ALAB

MKT CAP:$36B

Astera Labs, Inc. Common Stock

Market Cap

$36B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$212.56+$33.00 (+18.38%)

Apr 24, 2026

Company Details

Astera Labs, Inc. designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity produ...

CEO

Jitendra Mohan

IPO Date

Mar 20, 2024

Website

www.asteralabs.com

Key Metrics TTM

Revenue

$853M

+115.1% YoY

Net Income

$219M

EPS (Diluted)

$1.22

Free Cash Flow

$282M

Revenue / Share

$4.71

Gross Margin

75.7%

Operating Margin

20.3%

Net Margin

25.7%

FCF Margin

33.1%

P/S

42.3x

P/E

164.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 20, 2026

$853M+115.1%EPS $1.22

Q4 2025

Feb 20, 2026

$271M+91.8%EPS $0.25

Q3 2025

Nov 4, 2025

$231M+103.9%EPS $0.50

Q2 2025

Aug 5, 2025

$192M+149.7%EPS $0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$15M	$11M	-$4M
Q2 22	$21M	$16M	-$28M
Q3 22	$23M	$17M	-$6M
Q4 22	$20M	$15M	-$22M
Q1 23	$18M	$4M	-$19M
Q2 23	$11M	$8M	-$18M
Q3 23	$37M	$28M	-$2M
Q4 23	$51M	$39M	$9M
Q1 24	$65M	$51M	-$83M
Q2 24	$77M	$60M	-$24M
Q3 24	$113M	$88M	-$9M
Q4 24	$141M	$104M	$144.0K
Q1 25	$159M	$119M	$11M
Q2 25	$192M	$146M	$40M
Q3 25	$231M	$176M	$55M
Q4 25	$271M	$204M	$67M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	55.9x	—
Q1 23	54.1x	—
Q2 23	62.2x	—
Q3 23	52.1x	—
Q4 23	38.6x	—
Q1 24	67.6x	—
Q2 24	39.3x	—
Q3 24	26.9x	—
Q4 24	54.0x	—
Q1 25	19.5x	230.5x
Q2 25	24.4x	147.3x
Q3 25	45.5x	165.4x
Q4 25	33.4x	130.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$4M	-$4M
Q2 23	-$23M	-$24M
Q3 23	-$334.0K	-$1M
Q4 23	$14M	$13M
Q1 24	$4M	$228.0K
Q2 24	$30M	$31M
Q3 24	$64M	$47M
Q4 24	$40M	$24M
Q1 25	$11M	$6M
Q2 25	$135M	$133M
Q3 25	$78M	$66M
Q4 25	$95M	$77M

Capital Expenditures

Quarter	CapEx
Q1 23	$439.0K
Q2 23	$575.0K
Q3 23	$736.0K
Q4 23	$1M
Q1 24	$3M
Q2 24	$1M
Q3 24	$17M
Q4 24	$15M
Q1 25	$5M
Q2 25	$2M
Q3 25	$12M
Q4 25	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+17.6%	+90.5%
Q2 23	-50.0%	-42.8%
Q3 23	+59.8%	+33.2%
Q4 23	+148.2%	-1.7%
Q1 24	+269.4%	+305.1%
Q2 24	+619.0%	+257.6%
Q3 24	+206.2%	+213.5%
Q4 24	+179.3%	+239.7%
Q1 25	+144.3%	-0.0%
Q2 25	+149.7%	+50.4%
Q3 25	+103.9%	+43.6%
Q4 25	+91.8%	+44.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	11.3%
Q2 23	$3M	25.0%
Q3 23	$3M	7.3%
Q4 23	$3M	6.5%
Q1 24	$98M	149.8%
Q2 24	$43M	56.0%
Q3 24	$46M	40.3%
Q4 24	$48M	34.2%
Q1 25	$42M	26.6%
Q2 25	$35M	18.5%
Q3 25	$41M	17.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$9M	—	—	$6M
Q2 22	$22M	—	—	$22M
Q3 22	$14M	$4M	$5M	—
Q4 22	$28M	—	—	$9M
Q1 23	$15M	$4M	$4M	—
Q2 23	$18M	$3M	$5M	—
Q3 23	$21M	$4M	$6M	—
Q4 23	$20M	$5M	$5M	—
Q1 24	$54M	$24M	$56M	—
Q2 24	$40M	$22M	$22M	—
Q3 24	$51M	$23M	$23M	—
Q4 24	$57M	$25M	$23M	—
Q1 25	$65M	$22M	$22M	—
Q2 25	$67M	$20M	$19M	—
Q3 25	$79M	$22M	$19M	—
Q4 25	$94M	$24M	$20M	—

Revenue Segments

Quarter	Reportable Segment
Q1 25	$159M
Q2 25	$192M
Q3 25	$231M
Q4 25	$271M

Revenue by Geography

Quarter	Non-US	Taiwan	United States	China	Singapore
Q1 24	$5M	$60M	$857.0K	—	—
Q2 24	$8M	$64M	$4M	—	—
Q3 24	$2M	$77M	$5M	$17M	$12M
Q1 25	$3M	$77M	$3M	$45M	$31M
Q2 25	$8M	$57M	$2M	$59M	$66M
Q3 25	$8M	$38M	$12M	$77M	$96M
Q4 25	$26M	$76M	$10M	$75M	$84M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 23	$45M	$104M	$149M
Q1 24	$696M	$105M	$801M
Q2 24	$421M	$410M	$831M
Q3 24	$126M	$761M	$887M
Q4 24	$80M	$835M	$914M
Q1 25	$86M	$838M	$925M
Q2 25	$162M	$903M	$1.1B
Q3 25	$140M	$994M	$1.1B
Q4 25	$168M	$1.0B	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	34M	—	—
Q2 22	34M	0.0%	—
Q3 22	34M	0.0%	—
Q4 22	34M	0.0%	—
Q1 23	130M	+281.8%	+281.8%
Q2 23	130M	0.0%	+281.8%
Q3 23	153M	+16.9%	+346.3%
Q4 23	153M	0.0%	+346.3%
Q1 24	154M	+0.9%	+17.9%
Q2 24	155M	+0.9%	+19.0%
Q3 24	157M	+1.1%	+2.8%
Q4 24	178M	+13.2%	+16.4%
Q1 25	178M	+0.3%	+15.8%
Q2 25	178M	-0.0%	+14.8%
Q3 25	181M	+1.4%	+15.2%
Q4 25	181M	+0.3%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$320.7K	440
Q1 25	$362.4K	440
Q2 25	$436.2K	440
Q3 25	$524.0K	440
Q4 25	$357.9K	756

Revenue / Employee