Arteris

AIP · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

AIP · Last close · November 6, 2026

$17.80

Arteris' revenue rose 22.3% to $71 million in fiscal 2025. Its operating margin was −47.0%, up from −54.7% a year earlier. Free cash flow was $5 million. The diluted share count rose 8.7%.

Arteris, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001628280-26-007726 Updated November 7, 2026

Revenue

$71M

22.3%

Operating margin

−47.0%

7.8 pts

Net income

−$35M

Free cash flow

$5M

Return on equity

—

Market cap

$879M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Return on equity for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Arteris does

Arteris licenses the designs that move data around inside a computer chip. Its main product is interconnect technology, called Network-on-Chip, which links the processors, memory and other blocks on a single chip or across several small chips packaged together. It also sells software that automates assembling and checking those chip designs. Founded in 2003, it estimates its designs have been used in over four billion chips.

Its customers are companies that design and make semiconductors, and increasingly the system makers further down the supply chain. The chips are used in cars, communications, consumer electronics, data center computing, industrial equipment, and aerospace and defense. Arteris earns money from license fees, support and maintenance fees, and royalties. It competes with larger companies, and with customers that build such technology themselves.

By customer location in 2025, 47.6% of revenue came from the Asia Pacific region and 41.5% from the Americas. It bought a company called Cycuity in 2026.

Its biggest risks, as it describes them

Competition from larger companies and from customers that develop this technology in-house.
A history of net losses, with profit not assured.
Relying on licensing revenue, which must be sustained or grown.
Spending heavily on design wins that may never turn into revenue.
A slowdown in the end markets for chips that use its technology.

From Arteris's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Arteris lost money in fiscal 2025: a net loss of $35 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	86	68	41	44	55
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−207.3x	−324.2x	−166.6x	−129.5x	−171.7x
Current ratio	2.5x	1.9x	1.3x	1.2x	1.1x
Quick ratio	2.5x	1.9x	1.3x	1.2x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Arteris' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Arteris' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Arteris shares on the open market, and 9 insiders sold $87.3 million, $75.3 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Laurent R MollChief Operating Officer	Sold plan	9,219	$20.85	$192,215	Form 4
Sep 1, 2026	Janac K CharlesPresident and CEO, Director, 10% owner	Sold plan	100,000	$20.75	$2.1 million	Form 4
Sep 1, 2026	Paul L AlpernVP and General Counsel	Sold plan	4,000	$20.77	$83,080	Form 4
Aug 13, 2026	Nicholas B. HawkinsVP and Chief Financial Officer	Sold	10,431	$28.26	$294,780	Form 4
Aug 12, 2026	Nicholas B. HawkinsVP and Chief Financial Officer	Sold	200	$29.00	$5,800	Form 4
Aug 4, 2026	Janac K CharlesPresident and CEO, Director, 10% owner	Sold plan	26,106	$31.97	$834,578	Form 4
Aug 3, 2026	Janac K CharlesPresident and CEO, Director, 10% owner	Sold plan	73,894	$30.00	$2.2 million	Form 4
Aug 3, 2026	Saiyed Atiq RazaDirector	Sold plan	70,000	$30.01	$2.1 million	Form 4
Aug 3, 2026	Paul L AlpernVP and General Counsel	Sold plan	4,000	$30.04	$120,146	Form 4
Jul 6, 2026	Janac K CharlesPresident and CEO, Director, 10% owner	Sold plan	136,655	$35.81	$4.9 million	Form 4
Jul 6, 2026	Bayview Legacy LLC10% owner	Sold plan	125,976	$35.80	$4.5 million	Form 4
Jul 6, 2026	Paul L AlpernVP and General Counsel	Sold plan	6,003	$35.91	$215,582	Form 4

The latest 12 of 93 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−25.6%	5.8%	29.8%
Altman Z''	−4.62	−5.61	−6.39
Accruals ratio	−19.4%	−31.5%	−37.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Arteris side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Arteris	FY25	22.3%	−47.0%	7.6%	—	—	—
Ambiq Micro	FY25	−4.7%	−54.5%	—	—	—	—	Compare
Everspin Technologies	FY25	9.5%	−11.8%	5.7%	−20.4%	—	3	Compare
Navitas Semiconductor	FY25	−44.9%	−234.7%	−96.6%	−36.3%	—	1	Compare
CEVA	FY25	2.5%	−10.3%	−5.7%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	32	38	50	54	58	71
Revenue growth	—	19.0%	33.0%	6.5%	7.6%	22.3%
Gross profit	30	34	46	49	52	64
Research and development	17	31	41	45	45	50
Operating income	−4	−22	−29	−35	−32	−33
Net income	−3	−23	−27	−37	−34	−35
Diluted EPS (US$)	−0.19	−1.06	−0.84	−1.03	−0.86	−0.82
Diluted shares (millions)	18	22	33	36	39	42
Cash flow
Cash from operations	2	−1	−7	−16	−1	7
Capital expenditure	1	1	1	2	0	1
Free cash flow	2	−2	−8	−17	−1	5
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0
Acquisitions	4	0	1	0	0	0
Stock-based compensation	0	6	12	14	16	18
Balance sheet at fiscal year end
Cash and short-term investments	12	86	68	41	44	55
Debt incl. finance leases	—	—	—	—	—	—
Total assets	43	120	116	103	106	115
Total liabilities	49	68	78	88	107	130
Shareholders' equity	−12	53	38	15	−1	−15
Margins and ratios
Gross margin	95.3%	90.2%	91.5%	90.5%	89.7%	90.2%
Operating margin	−11.9%	−57.5%	−57.3%	−65.5%	−54.7%	−47.0%
Net margin	−10.2%	−61.8%	−54.4%	−68.7%	−58.3%	−49.2%
Free cash flow margin	4.7%	−4.3%	−15.5%	−32.1%	−1.8%	7.6%
Rule of 40 (growth + FCF margin)	—	14.7%	17.5%	−25.6%	5.8%	29.8%
Return on capital	—	—	—	—	—	—
Return on equity	—	−114.4%	−60.6%	−140.1%	−483.5%	—
Return on assets	—	−28.7%	−23.2%	−33.8%	−32.2%	−31.4%
Net debt to EBITDA	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Arteris' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Arteris.