Astera Labs, Inc.ALAB
NasdaqGS•Technology•Semiconductors
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.
Astera Labs, Inc. (ALAB) reported trailing twelve months revenue of $1.00B as of March 2026, a 104.2% increase year-over-year. Quarterly revenue reached $308.36M, reflecting continued top-line momentum.
Astera Labs, Inc. generated $267.63M in TTM net income, with quarterly EBITDA of $65.53M. The operating margin expanded from 7.1% to 20.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (20.1%) and net margin (26.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 20.0% a year ago, signaling stronger bottom-line efficiency.
ALAB trades at a P/E of 64.0x (a premium multiple) and a P/S of 17.1x. The price-to-book ratio of 11.5x indicates a significant premium over book value.
The company generated $67.01M in free cash flow over the trailing twelve months, a 1023.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.66B in total assets with no in long-term debt against $1.49B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 9 quarters of fundamental data
Operating margins are under pressure, averaging 7.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 9 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 10.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation