Ambarella

AMBA · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

AMBA · Last close · November 6, 2026

$58.55

Ambarella's revenue rose 37.1% to $391 million in fiscal 2026. Its operating margin was −21.1%, up from −44.4% a year earlier. Free cash flow was $58 million, up 147.3%. It paid out $1 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 3.4%.

AMBARELLA, INC. Latest fiscal year ended January 31, 2026 10-K filed March 23, 2026 · 0001193125-26-119321 Updated November 6, 2026

Revenue

$391M

37.1%

Operating margin

−21.1%

23.3 pts

Net income

−$76M

Free cash flow

$58M

147.3%

Return on equity

−13.1%

7.8 pts

Market cap

$2.6B

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.

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

What Ambarella does

Ambarella designs low-power chips, called systems-on-a-chip, and software that let cameras and other devices process images and run artificial intelligence on the device itself rather than in a data center. The company was incorporated in 2004. It is based on video processing, and it now focuses on what it calls edge and physical AI, meaning devices that can perceive their surroundings and act on them.

Its chips go into security cameras for businesses, cities and homes, body-worn and action cameras, drones, robots, and cars. In cars they support driver-assistance cameras, cabin and driver monitoring, and, with its CV3 family, partly or fully automated driving. Its newer product families, CV7, CV3 and N1, use its own AI accelerator design.

Ambarella does not make its chips. It relies on outside foundries, assembly and test contractors, and sells through its direct sales force and distributors worldwide. It says it depends on a limited number of customers for a significant portion of its revenue, and that it faces intense competition.

Its biggest risks, as it describes them

Depending on a few customers, and on those customers designing its chips into products that sell well.
Long, costly design-win processes that can end with a customer canceling or changing its plans.
Relying on outside foundries, with possible shortages or higher costs of wafers and materials.
Intense competition and selling prices that have typically fallen over time.
Cyclical swings in the semiconductor industry and customers canceling or delaying orders.

From Ambarella's annual report on Form 10-K, filed March 23, 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

From fiscal 2017 to 2018, earnings per share fell 67.3% a year and net income 67.3% a year, as new shares raised the share count by 1% and diluted each share's earnings. Ambarella then lost money in fiscal 2019, 2020, 2021, 2022, 2023, 2024, 2025 and 2026.

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	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	171	207	220	250	313
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	3.0x	3.6x	3.4x	2.6x	2.3x
Quick ratio	2.5x	3.2x	3.0x	2.4x	2.0x

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 Ambarella's 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 Ambarella's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Ambarella shares on the open market, and 7 insiders sold $16.6 million, $8.1 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 25, 2026	Christopher B PaisleyDirector	Sold plan	250	$70.76	$17,690	Form 4
Sep 18, 2026	John Alexander YoungCFO	Sold plan	1,896	$67.28	$127,563	Form 4
Sep 17, 2026	Feng-Ming WangCEO, Director	Sold	6,086	$64.83	$394,555	Form 4
Sep 17, 2026	John Alexander YoungCFO	Sold	3,126	$64.83	$202,659	Form 4
Sep 17, 2026	Chan W LeeChief Operations Officer	Sold	2,893	$64.83	$187,553	Form 4
Sep 17, 2026	Chi-Hong JuSenior VP, Systems & GM	Sold	2,009	$64.83	$130,243	Form 4
Jul 9, 2026	Yun-Lung ChenVP, Business Dev. & Marketing	Sold	5,958	$78.66	$468,656	Form 4
Jul 1, 2026	Feng-Ming WangCEO, Director	Sold plan	16,250	$90.08	$1.5 million	Form 4
Jul 1, 2026	Chi-Hong JuSenior VP, Systems & GM	Sold	10,000	$88.84	$888,400	Form 4
Jun 26, 2026	Christopher B PaisleyDirector	Sold plan	250	$62.01	$15,502	Form 4
Jun 17, 2026	Feng-Ming WangCEO, Director	Sold	6,204	$67.87	$421,065	Form 4
Jun 17, 2026	John Alexander YoungCFO	Sold plan	5,033	$67.54	$339,946	Form 4

The latest 12 of 36 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	FY24	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	−29.8%	34.0%	52.0%
Altman Z''	5.73	4.09	2.94
Accruals ratio	−27.6%	−22.4%	−20.1%

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	FY24	FY25	FY26
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
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	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

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

Compare

Put Ambarella 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
Ambarella	FY26	37.1%	−21.1%	14.8%	—	—	—
Power Integrations	FY25	5.9%	2.3%	19.6%	—	—	—	Compare
SiTime	FY25	61.2%	−20.5%	10.8%	−16.8%	—	6	Compare
MaxLinear	FY25	29.7%	−27.1%	1.5%	−19.6%	—	5	Compare
Lattice Semiconductor	FY25	2.7%	2.1%	25.3%	1.0%	−4.0x	6	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.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	310	295	228	229	223	332	338	226	285	391
Revenue growth	−1.9%	−4.8%	−22.9%	0.4%	−2.5%	48.8%	1.7%	−32.9%	25.8%	37.1%
Gross profit	205	188	138	133	136	208	209	137	172	231
Research and development	101	116	128	130	141	167	205	215	226	238
Operating income	60	24	−40	−50	−61	−30	−74	−155	−127	−82
Net income	58	19	−30	−45	−60	−26	−65	−169	−117	−76
Diluted EPS (US$)	1.68	0.55	−0.93	−1.35	−1.72	−0.72	−1.70	−4.25	−2.84	−1.78
Diluted shares (millions)	34	35	33	33	35	37	38	40	41	43
Cash flow
Cash from operations	113	85	24	39	31	39	44	19	34	74
Capital expenditure	3	4	3	2	2	10	15	12	10	16
Free cash flow	111	82	22	38	29	29	29	7	23	58
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	20	55	100	0	1	0	0	0	0	1
Acquisitions	0	0	0	0	0	307	0	0	0	0
Stock-based compensation	49	57	61	67	70	88	111	111	108	98
Balance sheet at fiscal year end
Cash and short-term investments	323	435	359	405	441	171	207	220	250	313
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	512	547	467	527	573	658	710	658	689	799
Total liabilities	58	64	47	79	98	110	104	98	128	204
Shareholders' equity	455	482	420	448	475	547	606	560	561	595
Margins and ratios
Gross margin	66.1%	63.5%	60.6%	58.0%	60.8%	62.7%	61.9%	60.4%	60.5%	59.2%
Operating margin	19.4%	8.3%	−17.8%	−21.7%	−27.4%	−8.9%	−22.0%	−68.2%	−44.4%	−21.1%
Net margin	18.6%	6.4%	−13.4%	−19.6%	−26.8%	−8.0%	−19.4%	−74.8%	−41.1%	−19.4%
Free cash flow margin	35.6%	27.7%	9.4%	16.4%	12.9%	8.8%	8.6%	3.1%	8.2%	14.8%
Rule of 40 (growth + FCF margin)	33.7%	22.9%	−13.4%	16.9%	10.4%	57.6%	10.3%	−29.8%	34.0%	52.0%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	14.4%	4.0%	−6.8%	−10.3%	−12.9%	−5.2%	−11.3%	−29.1%	−20.9%	−13.1%
Return on assets	12.5%	3.6%	−6.0%	−9.0%	−10.9%	−4.3%	−9.6%	−24.8%	−17.4%	−10.2%
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: Ambarella's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ambarella.