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Astera Labs (ALAB) USD

Designs connectivity silicon that links accelerators, CPUs and memory inside AI racks.

At a glance: strengths & risks
✓Revenue growing (+104% y/y, Q2 2026)✓Profit growing (+199% y/y, Q2 2026)✓Margins improving (21%→24%, Q2 2026)

Sector: Data-centre connectivity semiconductors

US_ALAB

Price chart

300.54 USDDay 4.05%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
300.54 USD · 4.05%
Market cap
52.1 bn USD

Growth

Δ revenue y/y
104.5%
Δ EBITDA y/y
126.0%

Multiples

P/E (LTM)
180.3x
P/B (FY)
38.2x
P/E (ann.)
85.1x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
—
FCF yield (LTM)
0.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+2.8%
↓ details

Liquidity

Daily turnover (US listing)
914.2 mln USD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK392.4
y/y 104.5%
—
y/y —
—
y/y —
93.1
y/y 126.0%
72.8
y/y 199.0%
—7.61931.5
y/y 51.9%
1725.7
y/y 52.0%
38.0%—Evidence
2026-03-31Q1 2026 (3M)PARTIAL308.4
y/y 93.5%
—
y/y —
—
y/y —
65.5
y/y 428.2%
80.3
y/y 152.5%
74.6-7.61659.2
y/y 47.9%
1493.9
y/y 43.4%
22.5%—Evidence
2025-12-31Q4 2025 (3M)PARTIAL270.6
y/y 91.8%
—
y/y —
—
y/y —
69.8
y/y 5716.7%
45.0
y/y 82.2%
95.3-18.71531.8
y/y 45.3%
1363.6
y/y 41.3%
16.6%—Evidence
2025-09-30Q3 2025 (3M)OK230.6
y/y 103.9%
—
y/y —
—
y/y —
56.9
y/y —
91.1
y/y —
—-12.31401.2
y/y 42.5%
1271.7
y/y 43.0%
10.1%—Evidence
2025-06-30Q2 2025 (3M)OK191.9
y/y 149.9%
—
y/y —
—
y/y —
41.2
y/y —
51.2
y/y —
—-2.01271.4
y/y 38.9%
1135.7
y/y 34.4%
18.8%—Evidence
2025-03-31Q1 2025 (3M)PARTIAL159.4
y/y 144.1%
—
y/y —
—
y/y —
12.4
y/y —
31.8
y/y —
10.5-4.51121.7
y/y 29.7%
1041.6
y/y 28.8%
12.7%—Evidence
2024-12-31Q4 2024 (3M)PARTIAL141.1
y/y 179.4%
—
y/y —
—
y/y —
1.2
y/y —
24.7
y/y 72.7%
39.7-15.41054.5
y/y 437.2%
964.8
y/y —
-9.0%—Evidence
2024-09-30Q3 2024 (3M)OK113.1
y/y 206.5%
—
y/y —
—
y/y —
15.5
y/y —
-0.1
y/y —
—-16.7983.1
y/y —
889.6
y/y —
-1.2%—Evidence
2024-06-30Q2 2024 (3M)OK76.8
y/y 617.8%
—
y/y —
—
y/y —
58.8
y/y —
85.5
y/y —
—-1.3915.5
y/y —
845.3
y/y —
-3.6%—Evidence
2024-03-31Q1 2024 (3M)PARTIAL65.3
y/y 268.9%
—
y/y —
—
y/y —
-82.4
y/y —
-93.0
y/y —
3.7-3.4864.9
y/y —
808.8
y/y —
-104.6%—Evidence
2023-12-31Q4 2023 (3M)PARTIAL50.5
y/y —
—
y/y —
—
y/y —
—
y/y —
14.3
y/y —
14.4-1.0196.3
y/y —
-97.7
y/y —
24.5%—Evidence
2023-09-30Q3 2023 (3M)PARTIAL36.9
y/y —
—
y/y —
—
y/y —
—
y/y —
16.9
y/y —
—0.0—
y/y —
-116.6
y/y —
3.5%—Evidence
2023-06-30Q2 2023 (3M)PARTIAL10.7
y/y —
—
y/y —
—
y/y —
—
y/y —
-2.5
y/y —
—0.0—
y/y —
-117.3
y/y —
73.7%—Evidence
2023-03-31Q1 2023 (3M)PARTIAL17.7
y/y —
—
y/y —
—
y/y —
—
y/y —
-17.5
y/y —
-3.8-0.4—
y/y —
-99.9
y/y —
——Evidence

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10001002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

0204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.46x of reported net profit; after capex, 1.29x. Loss years (2023, 2024) are left out of the ratio.
year202320242025
cash flow / profit——1.46x
accruals, % of assets-19.9%-20.9%-6.5%
Last twelve months (to 2026-06-30): 0.46x of profit came back as operating cash flow.
● Over the last twelve months operating cash flow covered 46% of profit, against 1x across the annual window.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +2.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
53
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (52 139 + 0 (n/a)) ÷ 233
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= —
343
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (53 × 21.0 + 343) ÷ 52 139
+2.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +115% vs +242% the year before — a -127.1 pp move. 3-year CAGR —.
revenue growth by year: 2024 +242% · 2025 +115%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Astera Labs (ALAB) — from primary filings.

Frequently asked questions

What is Astera Labs (ALAB)'s P/E ratio?
Astera Labs (ALAB) trades at a P/E of 180.3x (price to trailing 12-month earnings).
What is Astera Labs (ALAB)'s P/B ratio?
Astera Labs (ALAB) trades at a P/B of 38.2x.
What is Astera Labs (ALAB)'s return on equity (ROE)?
Astera Labs (ALAB)'s ROE is 38.0%.
What is Astera Labs (ALAB)'s market capitalization?
Astera Labs (ALAB)'s market cap is 52.1 bn USD.

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