Astera Labs, Inc.
ALAB Nasdaq Semiconductors & Related Devices Financials FY2022–FY2025
Last close · Oct 23, 2026
$257.16
0.3%
Revenue
Total sales reported in the income statement.
$853M
115.1%
vs prior year
Operating margin
Operating income as a share of revenue.
20.3%
49.6 pts
Net income
Profit after all expenses, interest and tax.
$219M
Free cash flow
Cash from operations minus capital spending.
$282M
175.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$47.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
127.3x
On $2.02 EPS (TTM)
What Astera Labs, Inc. does
No business description yet.
- Legal name
- Astera Labs, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001736297-26-000010
0001736297
Revenue and margins
Astera Labs, Inc. had $853M of revenue in fiscal 2025, up 115.1% on the year before.
FY22
Revenue $79.9M
FY23
Revenue $116M
FY24
Revenue $396M
FY25
Revenue $853M
Q3 '23
Revenue $36.9M
Q4 '23
Revenue $50.5M
Q1 '24
Revenue $65.3M
Q2 '24
Revenue $76.9M
Q3 '24
Revenue $113M
Q4 '24
Revenue $141M
Q1 '25
Revenue $159M
Q2 '25
Revenue $192M
Q3 '25
Revenue $231M
Q4 '25
Revenue $271M
Q1 '26
Revenue $308M
Q2 '26
Revenue $392M
FY22
Gross 73.5%
Operating −75.4%
Net −73.0%
FCF −49.8%
FY23
Gross 68.9%
Operating −25.5%
Net −22.7%
FCF −13.4%
FY24
Gross 76.4%
Operating −29.3%
Net −21.1%
FCF 25.8%
FY25
Gross 75.7%
Operating 20.3%
Net 25.7%
FCF 33.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 76.1%
Operating −5.4%
Net −8.5%
FCF −2.9%
Q4 '23
Gross 77.3%
Operating 17.9%
Net 28.4%
FCF 26.5%
Q1 '24
Gross 77.4%
Operating −127.1%
Net −142.5%
FCF 0.3%
Q2 '24
Gross 77.9%
Operating −31.7%
Net −9.8%
FCF 40.5%
Q3 '24
Gross 77.7%
Operating −7.9%
Net −6.7%
FCF 41.4%
Q4 '24
Gross 74.0%
Operating 0.1%
Net 17.5%
FCF 17.2%
Q1 '25
Gross 74.9%
Operating 7.1%
Net 20.0%
FCF 3.7%
Q2 '25
Gross 75.8%
Operating 20.7%
Net 26.7%
FCF 69.5%
Q3 '25
Gross 76.2%
Operating 24.0%
Net 39.5%
FCF 28.6%
Q4 '25
Gross 75.6%
Operating 24.7%
Net 16.6%
FCF 28.3%
Q1 '26
Gross 76.3%
Operating 20.1%
Net 26.0%
FCF 21.7%
Q2 '26
Gross 73.3%
Operating 22.7%
Net 39.0%
FCF 17.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$58.3M
FY23
Net income −$26.3M
FY24
Net income −$83.4M
FY25
Net income $219M
Q3 '23
Net income −$3.1M
Q4 '23
Net income $14.3M
Q1 '24
Net income −$93.0M
Q2 '24
Net income −$7.5M
Q3 '24
Net income −$7.6M
Q4 '24
Net income $24.7M
Q1 '25
Net income $31.8M
Q2 '25
Net income $51.2M
Q3 '25
Net income $91.1M
Q4 '25
Net income $45.0M
Q1 '26
Net income $80.3M
Q2 '26
Net income $153M
FY22
Diluted EPS −$1.71
FY23
Diluted EPS −$0.71
FY24
Diluted EPS −$0.64
FY25
Diluted EPS $1.22
Q3 '23
Diluted EPS −$0.08
Q4 '23
Diluted EPS $0.41
Q1 '24
Diluted EPS −$1.77
Q2 '24
Diluted EPS −$0.05
Q3 '24
Diluted EPS −$0.05
Q4 '24
Diluted EPS $1.23
Q1 '25
Diluted EPS $0.18
Q2 '25
Diluted EPS $0.29
Q3 '25
Diluted EPS $0.50
Q4 '25
Diluted EPS $0.25
Q1 '26
Diluted EPS $0.44
Q2 '26
Diluted EPS $0.83
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital —
Return on equity —
Return on assets −13.4%
FY24
Return on capital —
Return on equity −19.2%
Return on assets −13.3%
FY25
Return on capital —
Return on equity 18.8%
Return on assets 16.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $282M in fiscal 2025, 33.1% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$39.8M
FY23
Free cash flow −$15.5M
FY24
Free cash flow $102M
FY25
Free cash flow $282M
Q3 '23
Free cash flow −$1.1M
Q4 '23
Free cash flow $13.4M
Q1 '24
Free cash flow $0.2M
Q2 '24
Free cash flow $31.1M
Q3 '24
Free cash flow $46.8M
Q4 '24
Free cash flow $24.3M
Q1 '25
Free cash flow $6.0M
Q2 '25
Free cash flow $133M
Q3 '25
Free cash flow $65.9M
Q4 '25
Free cash flow $76.6M
Q1 '26
Free cash flow $67.0M
Q2 '26
Free cash flow $67.2M
FY22
Cash from operations −$35.9M
Capital spending $3.9M
FY23
Cash from operations −$12.7M
Capital spending $2.8M
FY24
Cash from operations $137M
Capital spending $34.2M
FY25
Cash from operations $319M
Capital spending $37.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$0.3M
Capital spending $0.7M
Q4 '23
Cash from operations $14.4M
Capital spending $1.0M
Q1 '24
Cash from operations $3.7M
Capital spending $3.4M
Q2 '24
Cash from operations $29.8M
Capital spending −$1.3M
Q3 '24
Cash from operations $63.5M
Capital spending $16.7M
Q4 '24
Cash from operations $39.7M
Capital spending $15.4M
Q1 '25
Cash from operations $10.5M
Capital spending $4.5M
Q2 '25
Cash from operations $135M
Capital spending $2.0M
Q3 '25
Cash from operations $78.2M
Capital spending $12.3M
Q4 '25
Cash from operations $95.3M
Capital spending $18.7M
Q1 '26
Cash from operations $74.6M
Capital spending $7.6M
Q2 '26
Cash from operations $87.7M
Capital spending $20.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Astera Labs, Inc. returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 36.8%.
FY22
Dividends —
Buybacks $0.3M
FY23
Dividends —
Buybacks $0.2M
FY24
Dividends —
Buybacks $1.1M
FY25
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.18B
Balance sheet
Cash, debt and the ratios that show how comfortably Astera Labs, Inc. can carry it.
FY22
Cash $76.1M
Debt —
FY23
Cash $149M
Debt —
FY24
Cash $914M
Debt —
FY25
Cash $1.2B
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $76.1M | $149M | $914M | $1.2B |
| Current ratio | — | 5.3x | 11.7x | 10.2x |
| Quick ratio | — | 4.6x | 11.2x | 9.8x |
| Total assets | — | $196M | $1.1B | $1.5B |
| Total liabilities | — | $38.9M | $89.7M | $168M |
| Shareholders' equity | −$85.3M | −$97.7M | $965M | $1.4B |
| Net debt (− = net cash) | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 8 | 5 / 8 |
| Accruals ratio | — | −6.9% | −35.2% | −7.7% |
| Altman Z'' | — | −0.69 | 15.67 | 14.56 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $79.9M | $116M | $396M | $853M |
| Gross profit | $58.7M | $79.8M | $303M | $645M |
| Research and development | $73.7M | $73.4M | $201M | $304M |
| Operating income | −$60.2M | −$29.5M | −$116M | $173M |
| Pretax income | −$57.6M | −$22.9M | −$81.8M | $218M |
| Income tax | $0.8M | $3.3M | $1.6M | −$1.0M |
| Net income | −$58.3M | −$26.3M | −$83.4M | $219M |
| Diluted EPS | −$1.71 | −$0.71 | −$0.64 | $1.22 |
| Diluted shares | 0.03B | 0.04B | 0.13B | 0.18B |
| Cash flow | ||||
| Cash from operations | −$35.9M | −$12.7M | $137M | $319M |
| Capital expenditure | $3.9M | $2.8M | $34.2M | $37.5M |
| Free cash flow | −$39.8M | −$15.5M | $102M | $282M |
| Depreciation and amortization | $0.8M | $1.8M | $3.2M | $6.8M |
| Stock-based compensation | $30.2M | $10.7M | $235M | $160M |
| Acquisitions | — | $0.0M | $0.0M | $28.8M |
| Share buybacks | $0.3M | $0.2M | $1.1M | $0.0M |
| Dividends and buybacks | $0.3M | $0.2M | $1.1M | $0.0M |
| Balance sheet | ||||
| Cash and short-term investments | $76.1M | $149M | $914M | $1.2B |
| Current assets | — | $186M | $1.0B | $1.4B |
| Current liabilities | — | $35.1M | $86.5M | $133M |
| Inventory | — | $24.1M | $43.2M | $59.0M |
| Property and equipment, net | — | $4.7M | $35.7M | $92.0M |
| Goodwill | — | — | — | $19.0M |
| Total assets | — | $196M | $1.1B | $1.5B |
| Total liabilities | — | $38.9M | $89.7M | $168M |
| Shareholders' equity | −$85.3M | −$97.7M | $965M | $1.4B |
| Margins | ||||
| Gross margin | 73.5% | 68.9% | 76.4% | 75.7% |
| Operating margin | −75.4% | −25.5% | −29.3% | 20.3% |
| EBITDA margin | −74.4% | −23.9% | −28.5% | 21.1% |
| Net margin | −73.0% | −22.7% | −21.1% | 25.7% |
| FCF margin | −49.8% | −13.4% | 25.8% | 33.1% |
| Returns | ||||
| Return on capital employed | — | −18.3% | −12.0% | 12.4% |
| Return on equity | — | — | −19.2% | 18.8% |
| Return on assets | — | −13.4% | −13.3% | 16.9% |
| Return on tangible equity | — | — | −8.6% | 16.3% |
| Growth | ||||
| Revenue growth | — | 45.0% | 242.2% | 115.1% |
| FCF growth | — | — | — | 175.1% |
| Share count change | — | 8.7% | 253.5% | 36.8% |
| Financial health | ||||
| Current ratio | — | 5.3x | 11.7x | 10.2x |
| Quick ratio | — | 4.6x | 11.2x | 9.8x |
| Capital allocation | ||||
| Capex / revenue | 4.8% | 2.4% | 8.6% | 4.4% |
| Stock comp / revenue | 37.9% | 9.2% | 59.2% | 18.8% |
| Payouts / FCF | — | — | 1.0% | 0.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | 5.0 | 5.0 |
| Altman Z'' | — | −0.7 | 15.7 | 14.6 |
| Accruals ratio | — | −6.9% | −35.2% | −7.7% |
Source: SEC EDGAR XBRL filings (CIK 0001736297). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.