Shareholders being diluted. Shares outstanding up 13% from January 2023 to August 2026.
Ambarella had 13% more shares at August 2026 than at January 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ambarella had 13% more shares at August 2026 than at January 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay outran buybacks. Stock-based pay expense $317M vs $1M spent repurchasing shares over the 3 fiscal years to FY Jan 2026.
Over three fiscal years Ambarella recorded $317M of stock-based pay expense and spent $1M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Ambarella recorded $317M of stock-based pay expense and spent $1M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Stock-based pay is a large cost. Stock pay was 25% of revenue in FY Jan 2026.
Ambarella paid employees $98M in stock in FY Jan 2026, 25% of its $391M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Not profitable yet. Reported a loss in the 12 months to July 2026.
Ambarella reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-2.1%
SEC filings · 12 months to Jul 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225
EBITDA yield-2.0%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361
Free cash flow yield0.4%
SEC filings · 12 months to Jul 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.87Sector median: 0.0274 · MAD: 0.0274
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.01Sector median: 0.2495 · MAD: 0.2270
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Ambarella
Is Ambarella getting weaker?
Its latest SEC filing (Sep 4, 2026) got stronger: operating margin rose 3.9 points to -14.9%. Its overall score is unchanged at 34/100 since Oct 28, 2026.
How is Ambarella valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 15/100 against 1,711 technology peers.Earnings yield -2.1% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.1% vs peers 2.2% (weaker than 100% of peers).
Is Ambarella growing?
Yes, faster than most of its peers. Growth scores 70/100 against 1,711 technology peers.Revenue growth 20.0% vs a peer median of 8.5% (stronger than 76% of peers).Revenue growth 20.0% vs peers 8.5% (stronger than 76% of peers).
How profitable is Ambarella?
Less profitable than most of its peers. Profitability scores 11/100 against 1,711 technology peers.Return on assets -7.2% vs a peer median of 2.9% (weaker than 93% of peers).Return on assets -7.2% vs peers 2.9% (weaker than 93% of peers).
How risky is Ambarella?
Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Debt / equity 0.02× vs a peer median of 0.25× (stronger than 85% of peers).Debt / equity 0.02× vs peers 0.25× (stronger than 85% of peers).Beta 2.38 vs a peer median of 0.87 (weaker than 100% of peers).Beta 2.38 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jul 31, 2026 · filed Sep 4, 2026 · compared with the quarter ended Apr 30, 2026
Got stronger
Operating margin rose 3.9 points to -14.9%
Worth watching: Ambarella is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
405.2M USD
417.8M USD
+3.1%
Net income (12 months)
−69.7M USD
−56.4M USD
−19.1%
Operating margin
-18.8%
-14.9%
+3.9 pts
Free cash flow (12 months)
18.2M USD
9.7M USD
−46.5%
Cash
114.4M USD
101.8M USD
−11.0%
Shares outstanding
43.9M
44.1M
+0.6%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Jan 2022
FY Jan 2023
FY Jan 2024
FY Jan 2025
FY Jan 2026
Change
Gross margin
62.7%
61.9%
60.4%
60.5%
59.2%
▼ 1.3 pts
Operating margin
-8.9%
-22.0%
-68.2%
-44.4%
-21.1%
▲ 23 pts
Net margin
-8.0%
-19.4%
-74.8%
-41.1%
-19.4%
▲ 22 pts
Return on assets (ROA)
-4.0%
-9.2%
-25.8%
-17.0%
-9.5%
▲ 7.5 pts
Return on equity (ROE)
-4.8%
-10.8%
-30.3%
-20.9%
-12.8%
▲ 8.1 pts
Free cash flow margin
8.8%
8.6%
3.1%
8.2%
14.8%
▲ 6.6 pts
Current ratio
2.99×
3.65×
3.38×
2.65×
2.31×
▼ 13%
Quick ratio
2.48×
3.16×
3.03×
2.36×
2.01×
▼ 15%
AMBA price history
Price history is added with the daily price update and will appear after the next one.