Astera Labs, Inc. Common Stock

ALAB

Semiconductors · Technology

Price

$303.62

-16.12 (-5.04%)

Market Cap

$52.04B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+37.6% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 130.5M (2022) → 179.6M (2025)

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 products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale. The company was incorporated in 2017 and is based in Santa Clara, California.

Winston Score History

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on ALAB in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+91.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+80.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$304M/ year

↑ Rising (+51% vs prior year)

35.7% of revenue

2.4x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

18.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$168M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Astera Labs, Inc. Common Stock is growing revenue at 92% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

75.6%

Premium pricing power — 75.6% gross margin

Operating Margin

24.7%

Excellent — 24.7% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+115.1%

Fast-growing sales (115.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

33.1%

Converts sales into free cash efficiently (33.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

231.8x

Expensive — P/E 231.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+162.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (231.8 → 69.4)

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Dividends

Not applicable for this business.

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