Ambarella, 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 Jan 2026, Taiwan was 70% and Asia Pacific Other Than Taiwan was 18% of revenue; Taiwan rose from 53% in the fiscal year to Jan 2024.

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

How it makes money

The company loses $19.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Jan 2023 (net −13.3%, operating −28.1%), Jan 2024 (net −117.4%, operating −80.8%). Net margin is usually about 2 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

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

Where it is in the chip cycle

Gross margin 57.7%, down 1.1 points from a year earlier; inventory at 120 days, up from 112 a year earlier; capital spending 4.2% 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 Ambarella buys from Samsung, Signetics, STATS ChipPAC and 6 more; sells to WT, Arashi, Chicony.

Their suppliers

Lam Research LRCXto ASE Technology, Samsung

Teradyne TERto ASE Technology

Advantest ATEYYto ASE Technology

Qualcomm QCOMto Samsung

NXP Semiconductors NXPIto Samsung

Show 5

Suppliers

ASE Technology ASX

Cadence Design Systems CDNS

Synopsys SNPS

KYEC 2449.TW

M

Mentor Graphics

Samsung 005930.KS

S

Signetics 033170.KQ

Sigurd Microelectronics 6257.TW

STATS ChipPAC

+1 more

 

AMBAAmbarella

Customers

WT 70%

C

Chicony 14%

Arashi

Ambarella's 10-Q for the quarter to Jul 2026 gives two customers' shares of its revenue: WT (60.2%) and Hakuto Company Limited (11%).

From Ambarella, 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

WTSales representative and fulfillment partner in Asia

Changes since the previous annual report (10-K filed Mar 28, 2025)

ArashiNamed for the first time, as a customer

DDahuaNo longer named (was a customer)

HHikvisionNo longer named (was a customer)

WTCustomer, share of revenue63% → 70%

Only the companies Ambarella names in its 10-K filed Mar 23, 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.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 6.5x, below the peer median of 16.7x. Revenue is up 13% from a year ago.

Below the peer median of 16.7x. The market pays less per $1 of revenue than for peers.

Yahoo Finance's Semiconductor Equipment & Materials list is another business, so Ambarella's peers here are the companies on this site in its StockFit industry group, Semiconductors, closest to it in market value.

Ambarella, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $87.55, 43% above the current price; 43% of 14 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 6 analysts (43%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $94.43 to $91.00 (−4%), while AMBA went from $88.75 to $61.06 (−31%). In the past three months targets were cut 3 times and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −17.5% (Oct 2025, beat); −14.2% (Jan 2026, beat); −20.3% (Apr 2026, beat); −6.3% (Jul 2026, beat).

For the quarter ending Oct 2026 (Ambarella reports on Nov 24, 2026), analysts expect adjusted earnings of $0.31 a share, 16% more than the $0.27 of a year earlier, and revenue of $120M, up 10% on a year earlier. For the fiscal year ending Jan 2027, they expect adjusted earnings of $0.80 a share, and revenue of $441M, up 13% on the year before.

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 $9.7M in free cash flow over the year, of which $2.4M went back to shareholders (dividends plus buybacks), leaving $7.3M in the company.

Ambarella had 44M diluted shares in the quarter ended Jul 2026, 3.4% more than a year earlier, and 4.2% more each year on average since Apr 2020. It spent $2.4M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. 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 2.3, 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 3 funds whose copy leaves AMBA out (on the exchange, not in the app yet): Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held AMBA at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 1 cut and 1 sold all. The largest of them is Swiss National Bank, 84,233 shares worth $5.9M at Sep 30, 2026, 1.0% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AMBA 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.

Are insiders buying or selling?

Officers and directors sold $11.4M of AMBA on the open market in the 12 months to Nov 10, 2026; none bought. 69% of the sales were made under 10b5-1 plans, set up in advance. The largest was Feng-Ming Wang (CEO; director), who sold $7.5M in 9 sales.

From the Form 4s filed with the SEC about Ambarella, Inc. (46 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: 49 other transactions (grants, option exercises, shares sold to pay tax and gifts).