Netlist, Inc (NLST) Fair Value & Analysis
Technology · US · Market cap $950M
Netlist, Inc
NLST · US
Fair value as of: Jun 23, 2026
From 3 valuation models · updated 48 days ago
Share price +37.5% over the past month.
Below-average quality, and screening another 69% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($1.50). 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 (48/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
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 – $1.50 · the $3.92 price screens above the $1.20 fair value. Dashed = 300-day average. As of Jun 23, 2026.
Analysis
Netlist, Inc (NLST) currently trades at $3.92, while our model-based Fair Value estimate is $1.20, implying the stock looks roughly 69.4% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, Netlist, Inc generated revenue of $265M at a net margin of -2.5%. Revenue grew 262.0% year over year. Net debt stands at $7.6M. Fundamentals as of Jun 23, 2026
Our scenario range runs from $0.9010 (bear case) to $1.50 (bull case); at $3.92, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -33% fair-value upside, at -69%, NLST screens richer than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jun 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 75
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Netlist, Inc. designs, manufactures, and markets memory subsystems for the server, high-performance computing, and communications markets in the United States and internationally.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
NLST screens 69% overvalued. Compare with TD SYNNEX Corporation →
Peer Group
Electronics & Computer Distribution · 151 stocks
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.
Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Jun 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| TD SYNNEX Corporation SNX | $251.52 | $207.02 | -18% |
| Unisplendour Corporation 000938 | ¥38.59 | ¥11.79 | -69% |
| Rexel S.A RXL | €38.59 | €33.31 | -14% |
| Arrow Electronics, Inc ARW | $204.10 | $115.40 | -43% |
| Avnet, Inc AVT | $87.13 | $58.57 | -33% |
| WPG Holdings 3702 | 106.50 TWD | 102.31 TWD | -4% |
| Shenzhen Huaqiang Industry Co 000062 | ¥22.37 | ¥7.52 | -66% |
| Synnex Technology International Corporation 2347 | 85.30 TWD | 86.30 TWD | +1% |
| Nanjing Sunlord Electronics Corporation 300975 | ¥37.37 | ¥8.60 | -77% |
| Beijing Tricolor Technology Co 603516 | ¥106.52 | ¥23.39 | -78% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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