Astera Labs, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Singapore was 32% and China was 30% of revenue; Taiwan fell from 62% in the fiscal year to Dec 2023.

Quarters: Astera Labs, Inc.'s SEC filings, named by the month they end. Fiscal years: Astera Labs, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $25.7 ends up as net income. Net margin rose from −73.0% to 25.7% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Astera Labs, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 72.3% and falling for 2 quarters; inventory at 104 days and falling for 3 years; capital spending 5.9% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Astera Labs buys from TSMC, ASE Technology, Amkor Technology; sells to Amazon; two customers it does not name account for 70% and 20% of its revenue.

Their suppliers

ASMPT 0522.HKto Amkor Technology

BE Semiconductor Industries BESI.ASto Amkor Technology

Henkel HEN3.DEto Amkor Technology

Lam Research LRCXto ASE Technology, TSMC

Teradyne TERto ASE Technology

Advantest ATEYYto ASE Technology

KLA KLACto TSMC

Onto Innovation ONTOto TSMC

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Suppliers

Amkor Technology AMKR

ASE Technology ASX

TSMC TSM

 

ALABAstera Labs

Customers

Unnamed customer 70%

Unnamed customer 20%

Amazon AMZN

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon

Cerebras Systems CBRSfrom Amazon

Show 3

Astera Labs's 10-Q for the quarter to Sep 2026 gives three customers' shares of its revenue: Customer A (53%), Customer B (14%) and Customer C (10%).

From Astera Labs, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Amazon AMZNinvested in Astera Labs · Holds warrants to purchase common stockUp to 3,262,299 shares at $142.82 per share; February 5, 2026 warrant agreement

Only the companies Astera Labs names in its 10-K filed Feb 20, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 90.8x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 332% above the peer median of 21x.

At 90.8× trailing earnings ALAB is below most of its range since Apr 2025; the median is 169×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $347, 52% above the current price; 72% of 25 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 18 analysts (72%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $194.62 to $352.54 (+81%), while ALAB went from $144.47 to $227.79 (+58%). In the past three months targets were raised once and cut 7 times. 2 upgrades and no downgrades over the year; the latest: Northland Capital Markets moved it to Outperform from Market Perform on Aug 17, 2026.

The day after each of these reports the stock moved −23.4% (Dec 2025, beat); +6.3% (Mar 2026, beat); −0.8% (Jun 2026, beat); −2.8% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.64 a share, 184% more than the $0.58 of a year earlier, and revenue of $741M, up 174% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $7.10 a share, 62% more than the year before's estimate of $4.38, and revenue of $3.4B, up 66% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $345M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Astera Labs had 184M diluted shares in the quarter ended Sep 2026, 1.9% more than a year earlier.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 10.2, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 12 funds whose copy leaves ALAB out (on the exchange, not in the app yet): Light Street Capital Management, Whale Rock Capital Management, Maverick Capital, Tensor Edge Capital, Amazon Com, Baillie Gifford & and 6 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 17 held ALAB at the end of their latest quarter (for most, Q2 2026). Over that quarter 9 added shares, 5 cut, 2 bought new and 1 held the same. The largest of them is Whale Rock Capital Management, 1.57M shares worth $757M at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ALAB at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $625M of ALAB on the open market in the 12 months to Nov 10, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Sanjay Gajendra (President and COO; director), who sold $241M in 56 sales.

From the Form 4s filed with the SEC about Astera Labs, Inc. (64 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 168 other transactions (grants, shares sold to pay tax and gifts).