Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Astera Labs, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
79.9
116
396
853
Cost of revenue
21.2
36
93.6
207
Gross profit
58.7
79.8
303
645
Research and development
73.7
73.4
201
304
Selling and marketing
24.4
20
124
79.8
General and administrative
20.8
15.9
94.3
88.1
Operating expenses
119
109
419
472
Operating income
-60.2
-29.5
-116
173
Interest income
2.61
6.55
34.3
44.7
Pre-tax income
-57.6
-22.9
-81.8
218
Income tax
0.76
3.31
1.64
-0.98
Net income
-58.3
-26.3
-83.4
219
EBITDA
-59.4
-27.7
-113
180
EPS, basic
-1.71
-0.71
-0.64
1.32
EPS, diluted
-1.71
-0.71
-0.64
1.22
Shares, basic (weighted)
34.2
37.1
131
166
Shares, diluted (weighted)
34.2
37.1
131
180
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
76.1
45.1
79.6
168
Short-term investments
104
835
1,021
Receivables
8.34
38.8
83.2
Inventory
24.1
43.2
59
Other current assets
0.69
16.7
23.6
Total current assets
186
1,013
1,362
Property, plant and equipment
4.71
35.7
92
Lease right-of-use assets
2.87
2.98
22.8
Goodwill
19
Other non-current assets
5.77
5.88
58.7
Total assets
196
1,055
1,532
Accounts payable
6.34
26.9
42.4
Accrued liabilities
28.7
59.6
90.7
Deferred revenue
0
15
0
Total current liabilities
35.1
86.5
133
Lease liabilities
0.78
1.79
26.8
Other non-current liabilities
3.79
3.17
35.1
Total liabilities
38.9
89.7
168
Paid-in capital
27.4
1,173
1,349
Retained earnings
-125
-209
10.3
Other comprehensive income
0.26
0.43
4.31
Shareholders' equity
-85.3
-97.7
965
1,364
Total equity
-85.3
-97.7
965
1,364
Total liabilities and equity
196
1,055
1,532
Shares outstanding
42
162
170
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-58.3
-26.3
-83.4
219
Depreciation and amortization
0.81
1.78
3.15
6.83
Stock-based compensation
30.2
10.7
235
160
Deferred income tax
0
0
0
0.02
Change in receivables
-6.04
2.39
-30.5
-44.3
Change in inventory
-19.4
-5.56
-19.3
-13
Change in payables
2.13
-4.26
20.9
14.2
Cash from operations
-35.9
-12.7
137
319
Capital expenditures
-3.87
-2.76
-34.2
-37.5
Acquisitions
0
0
-28.8
Purchases of investments
-88.7
-126
-931
-858
Sales and maturities of investments
2
111
209
683
Cash from investing
-90.6
-17.8
-758
-241
Stock issued
2.12
1.12
5.46
1.83
Share buybacks
-0.31
-0.21
-1.07
0
Cash from financing
152
-0.5
656
9.8
Net change in cash
25.2
-31
34.9
87.6
Free cash flow
-39.8
-15.5
102
282
Income taxes paid
0
2.48
7.79
1.64
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $213.08 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
73.9%
Gross profit / revenue.
Operating margin
25.5%
Operating income / revenue.
EBITDA margin
26.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
28.7%
Pre-tax income / revenue.
Net margin
29.6%
Net income / revenue.
FCF margin
22.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
28.1%
Cash from operations / revenue.
Effective tax rate
-3.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
23.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
20.1%
Net income / average total assets.
Return on invested capital (ROIC)
17.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
33.8%
Research and development expense / revenue.
Stock-based pay / revenue
15.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
5.9%
Capital expenditures / revenue.
D&A / revenue
1.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
115.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
120.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
113.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
122.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
133.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
175.1%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
41.3%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
45.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
36.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
73.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.03x
Current assets / current liabilities.
Quick ratio
6.83x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.66x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
74.7%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
21.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.51
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$8.45
Revenue / diluted weighted shares.
FCF per share
$1.87
Free cash flow / diluted weighted shares.
Operating cash flow per share
$2.37
Cash from operations / diluted weighted shares.
Book value per share
$11.44
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
80.1x
Market cap / net income. Only when net income is positive.
P/S
23.8x
Market cap / revenue.
P/B
18.5x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
19.4x
Market cap / tangible book value, when positive.
P/FCF
107x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
84.6x
Market cap / cash from operations, when positive.
EV/Sales
22.9x
Enterprise value / revenue.
EV/EBIT
89.6x
Enterprise value / operating income, when both are positive.
EV/EBITDA
86.2x
Enterprise value / EBITDA, when both are positive.
EV/FCF
103x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.9%
Free cash flow / market cap.
Earnings yield
1.2%
Net income / market cap (the inverse of P/E).
What was Astera Labs, Inc.'s revenue in fiscal 2025?
Astera Labs, Inc. reported revenue of $852.5M for fiscal 2025, 115.1% higher than the year before.
Was Astera Labs, Inc. profitable in fiscal 2025?
Yes. Net income was $219.1M, a net margin of 25.7%.
How much free cash flow did Astera Labs, Inc. generate in fiscal 2025?
Cash from operations of $319.3M minus capital expenditures of $37.5M left free cash flow of $281.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.