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Netlist Inc (NLST) fair value: what the stock is really worth

We calculate from audited financials what Netlist Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

Valuation from Jun 23, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · US · ISIN US64118P1093

NI Netlist Inc logo Thin data Jun 23, 2026

Netlist Inc

NLST · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $1.20 · Strongly overvalued (−79%)
!Quality 50/100
!Expensive Growth (revenue 5y +31.9 %/yr)
!Thin margins · 0.2% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (3/9)
!Moderate moat 50/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$9.75 $0.5400 Fair Value $1.20 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range $0.5400 – $9.75 · fair‑value band $0.9010 – $1.51 · the $5.62 price screens above the $1.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jun 23, 2026.

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Company profile

Netlist, Inc. designs, manufactures, and markets memory subsystems for the server, high-performance computing, and communications markets in the United States and internationally.

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Netlist, Inc. designs, manufactures, and markets memory subsystems for the server, high-performance computing, and communications markets in the United States and internationally. The company portfolio of proprietary technologies and design techniques includes planar design, alternative packaging techniques, and custom semiconductor logic to deliver memory subsystems; and sells specialty memory modules and flash-based products for use in data center and industrial applications. It resells component products, including solid state drive (SSD), dynamic random-access memory, NAND flash, and dual inline memory module (DIMM) to storage customers, appliance customers, system builders, and cloud and datacenter customers; and sells component inventory to distributors and other users of memory integrated circuits. The company markets and sells its products through a direct sales force and a network of independent sales representatives. Netlist, Inc. was incorporated in 2000 and is headquartered in Irvine, California.

Stock analysis

Netlist Inc (NLST) currently trades at $5.62, while our model-based Fair Value estimate is $1.20, implying the stock looks roughly 368.8% overvalued today.

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Valuation

How firm this estimate is: it rests on 3 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $0.9010 (bear) to $1.51 (bull), the price of $5.62 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Netlist Inc reported revenue of $189M in FY2025 versus $142M in FY2021, a compound +7.3%/yr. Reported net income was −$24.8M in FY2025.

Key figures

Market cap $1.7B · P/S ratio 5.20 · Net margin −13.2% · Return on equity 9.7% · Return on assets (EBIT) −61.1% · Operating margin 16.5% · Revenue (TTM) $333M · Revenue growth (YoY) +163%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).

What moves the price

The share trades about 18% below its 52-week high and 941% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at −79%, NLST screens richer than that median.

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Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 71

Profitability 36
Margins and returns on capital today
Quality Growth 98
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 11
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+28.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.9%
Start year 2020 (pandemic). Over 10 years: +37.1% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−14.5% (2020) → −13.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

NLST screens 369% overvalued. Compare with TD SYNNEX Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronics & Computer Distribution · 154 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −79% · Bottom 25%
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 39% · Top 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 16% · Top 25%
Growth and dividend
Revenue growth 163% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 5.19× · Priciest 25%
EV/EBITDA 46.9× · Priciest 25%
PEG 5.36× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 23
FUTURE (revenue growth)100 · sector 55
PAST (return on equity)0 · sector 35
HEALTH (low debt)0 · sector 98
DIVIDEND (yield)0 · sector 64

VALUE 0: the price sits above our fair-value range.

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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WPG Holdings 3702 117.50 TWD 148.26 TWD +26%
Synnex Technology International Corporation 2347 94.50 TWD 86.30 TWD −9%
Nanjing Sunlord Electronics Corporation 300975 ¥26.61 ¥8.78 −67%
Shenzhen Huaqiang Industry Co 000062 ¥23.47 ¥7.52 −68%
Insight Enterprises, Inc NSIT $156.25 $137.37 −12%

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Netlist Inc · Fair Value
$1.20 −369%Fair Value
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Cite: Fair Value Calculator (2026). "Netlist Inc Fair Value". https://www.fairvalue-calculator.com/stock/NLST

Frequently asked questions

Is Netlist Inc (NLST) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of $1.20 versus a price of $5.62, about −79% upside (overvalued).
What is the fair value of NLST?
Our model-based fair value for Netlist Inc is $1.20 (as of Jun 23, 2026), built from audited fundamentals. The current price: $5.62.
What is the quality score of NLST?
Netlist Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Netlist Inc (NLST)?
Our model-based price target is the fair value of $1.20 (as of Jun 23, 2026) from 3 valuation models. Cautious scenario $0.9010, optimistic scenario $1.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Netlist Inc stock forecast for 2026?
Our models put fair value at $1.20, about −79% upside versus a price of $5.62 (overvalued). Cautious scenario $0.9010, optimistic scenario $1.51. The calculation is refreshed regularly with new filings.
What is the revenue of Netlist Inc (NLST)?
Netlist Inc reported trailing-twelve-month revenue of about $333M (latest available figure, as of Jun 23, 2026).
What is the intrinsic value of Netlist Inc (NLST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netlist Inc it is $1.20 per share (as of Jun 23, 2026), against a price of $5.62. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Netlist Inc stock overvalued or undervalued in 2026?
As of Jun 23, 2026, NLST trades above its calculated fair value: price $5.62, fair value $1.20, a gap of about −79% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NLST?
No. The price is what the market pays today ($5.62); the fair value is what the company's own numbers justify ($1.20). For Netlist Inc the two are $4.42 per share apart. That gap is exactly why we show both numbers side by side.
How much is Netlist Inc worth?
The market values Netlist Inc at about $1.7B (market capitalisation, as of Jun 23, 2026). Per share that is $5.62; our models calculate a fair value of $1.20 per share.
What do the bullish and bearish scenarios say about NLST?
Our models span a range for Netlist Inc: cautious scenario $0.9010, base $1.20, optimistic $1.51 per share (as of Jun 23, 2026, price $5.62). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NLST?
The PEG ratio of Netlist Inc is 5.36 (P/E divided by earnings growth, as of Jun 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Netlist Inc (NLST)?
Balance-sheet figures for Netlist Inc (as of Jun 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is NLST from its 52-week high?
Netlist Inc trades at $5.62, about 18% below its 52-week high of $6.82 and 941% above the low of $0.5400 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $1.20 is for.
Which stocks are comparable to Netlist Inc?
From the same area (Technology) we also value TD SYNNEX Corporation, Unisplendour Corporation, Rexel S.A, Arrow Electronics, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Netlist Inc stock attractive at the current price?
The data as of Jun 23, 2026: price $5.62, calculated fair value $1.20 (−79%), Quality Score 50/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NLST calculated?
We run Netlist Inc through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.20, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Netlist Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Netlist Inc (NLST)?
The closing price on Sep 24, 2026 was $5.62. Our model-based fair value is $1.20, about −79% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netlist Inc right now?
The price sits above even our optimistic bull case ($1.51). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Netlist Inc

How large is the market capitalisation of Netlist Inc (NLST)?
The market capitalisation of Netlist Inc is $1.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Netlist Inc (NLST)?
The price-to-sales ratio of Netlist Inc is 5.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Netlist Inc (NLST)?
The net margin of Netlist Inc is −13.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Netlist Inc (NLST)?
The return on equity (ROE) of Netlist Inc is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Netlist Inc (NLST)?
On an EBIT basis the return on assets of Netlist Inc is −61.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Netlist Inc (NLST)?
The operating margin of Netlist Inc is 16.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netlist Inc (NLST)?
Revenue at Netlist Inc is growing +163% versus a year earlier (3y avg +5.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Netlist Inc (NLST) generate?
The free cash flow of Netlist Inc is −$14.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Netlist Inc (NLST) carry?
The net debt of Netlist Inc is $7.6M (fiscal year 2020). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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