Astera Labs
ALAB on Nasdaq. Astera Labs sells connectivity chips and software to cloud and AI data center operators. Market value $62.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.41 of spare cash in the past 12 months. A savings account pays about $4.
You pay 246.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 5 of 100. Our list needs 70 on quality and 60 on price.
$389.80 a share, 298% above its 1-year low
Over the past year the price has ranged from $97.89 to $499.48.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $396m | $853m |
| Operating margin | ||
| Operating margin | -29.3% | 20.3% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.00 |
| Shares outstanding | ||
| Shares outstanding | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Warning signs
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $392 million last quarter, up 104% on a year ago.
- Profit: $153 million, up 199% on a year ago.
- It keeps 23 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $277 million, up from $210 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- It has $111 million more cash than debt, down from $162 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $113m |
| December 2024 | $141m |
| March 2025 | $159m |
| June 2025 | $192m |
| September 2025 | $231m |
| December 2025 | $271m |
| March 2026 | $308m |
| June 2026 | $392m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | $25m |
| March 2025 | $32m |
| June 2025 | $51m |
| September 2025 | $91m |
| December 2025 | $45m |
| March 2026 | $80m |
| June 2026 | $153m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 988 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $14m | <0.1% | Added |
Largest holders overall
- FMR$12.0bnCut
- BlackRock$6.6bnAdded
- Vanguard Portfolio Management$3.8bnAdded
- Vanguard Capital Management$3.2bnAdded
- Banque Cantonale Vaudoise$2.7bnCut
- Invesco$2.4bnAdded
- State Street$1.8bnAdded
- Geode Capital Management$1.3bnAdded
- Price T Rowe Associates$1.2bnAdded
- VAN ECK Associates$1.1bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.4%+1.2 ptsSince 30 June 2026
- Mohan JitendraPassive investor5.4%Since 30 September 2025
- Gajendra SanjayPassive investorSold down below 5%Since 30 September 2025
- AllianceBernstein L.P.Passive investorSold down below 5%Since 30 June 2025
- Atreides Management, LLCPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.4%+1.2 pts | 30 June 2026 | |
Mohan Jitendra Passive investor | 5.4% | 30 September 2025 | |
Gajendra Sanjay Passive investor | Sold down below 5% | 30 September 2025 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 30 June 2025 | |
Atreides Management, LLC Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $779m, $615m of it under preset trading plans.
- Dyckerhoff Stefan ADirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 12,499
- Price
- $274.96
- Value
- $3m
- ALBA MANUELDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 183,000
- Price
- $280.13
- Value
- $51m
- Gajendra SanjayPresident and COO, DirectorSold
- Date
- 17 August 2026
- Shares
- 90,630
- Price
- $340.35
- Value
- $31m
- Mazzara PhilipGeneral Counsel and SecretarySold
- Date
- 17 August 2026
- Shares
- 6,801
- Price
- $340.50
- Value
- $2m
- Mohan JitendraChief Executive Officer, DirectorSold
- Date
- 17 August 2026
- Shares
- 90,630
- Price
- $340.35
- Value
- $31m
- Dyckerhoff Stefan ADirectorSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 12,499
- Price
- $311.83
- Value
- $4m
- ALBA MANUELDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 8,491
- Price
- $458.38
- Value
- $4m
- ALBA MANUELDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 37,535
- Price
- $447.39
- Value
- $17m
- ALBA MANUELDirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 136,974
- Price
- $442.01
- Value
- $61m
- Dyckerhoff Stefan ADirectorSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 12,499
- Price
- $450.00
- Value
- $6m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Dyckerhoff Stefan A Director | Sold under a preset trading plan | 12,499 | $274.96 | $3m |
| 1 September 2026 | ALBA MANUEL Director | Sold under a preset trading plan | 183,000 | $280.13 | $51m |
| 17 August 2026 | Gajendra Sanjay President and COO, Director | Sold | 90,630 | $340.35 | $31m |
| 17 August 2026 | Mazzara Philip General Counsel and Secretary | Sold | 6,801 | $340.50 | $2m |
| 17 August 2026 | Mohan Jitendra Chief Executive Officer, Director | Sold | 90,630 | $340.35 | $31m |
| 6 August 2026 | Dyckerhoff Stefan A Director | Sold under a preset trading plan | 12,499 | $311.83 | $4m |
| 1 July 2026 | ALBA MANUEL Director | Sold under a preset trading plan | 8,491 | $458.38 | $4m |
| 1 July 2026 | ALBA MANUEL Director | Sold under a preset trading plan | 37,535 | $447.39 | $17m |
| 1 July 2026 | ALBA MANUEL Director | Sold under a preset trading plan | 136,974 | $442.01 | $61m |
| 1 July 2026 | Dyckerhoff Stefan A Director | Sold under a preset trading plan | 12,499 | $450.00 | $6m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 3 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 70% last year. Losing that customer would hurt.
“In 2025, one end customer represented more than 70% of our revenue; the top three end customers represented an aggregate of approximately 86% of our revenue.”
From the 10-K filed 20 February 2026, Item 1A. Risk Factors. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Its accounts show patterns that sometimes come before companies have to correct past results (Beneish score).
- It isn't cheap on profits: 246.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.