Astera Labs Inc.
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+ FollowMarket Cap$38.77B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Q3 performance was exceptional (strong upside momentum): Astera Labs reported record Q3 revenue of $584.9M, +49% sequentially and +154% YoY. Growth was broad-based, led by Scorpio X-Series ramping into scale-up networks (Scorpio X revenue crossed over P-Series; Scorpio total annualized run-rate > $1B). Non-GAAP gross margin 72.4% (above guidance 72%); non-GAAP operating margin 44.7% (up from 39.1% prior quarter; ~+560 bps operating leverage). Non-GAAP EPS $1.32 (+65% sequential).
Q4 outlook implies continued rapid growth + margin durability (but OpEx rises): Management guided Q4 revenue $730M–$750M (~27% sequential growth at midpoint). Non-GAAP gross margin ~72%; non-GAAP operating margin ~45%. Non-GAAP OpEx expected $194M–$200M (step-up vs Q3) reflecting continued R&D hiring and variable costs (wafers/masks/IP/comp). Non-GAAP diluted EPS $1.62–$1.66; cash ~$1.38B at quarter end (up $125M from Q2; cash from operations $179.2M).
Product ramp is the near-term engine (Scorpio X/P + signal conditioning): Management expects Q4 growth driven by continued scaling of Scorpio X-Series and P-Series across customers/platforms, plus signal conditioning tailwinds: Aries PCIe Gen 6 retimers (adoption ramp) and Taurus 800G (ramping; volume shipping already in Q3; qualified/sampling with multiple customers). There was also mention of sampling 3.2T retimers (future ramp pipeline).
*Potential “surprising” detail:* Scorpio X-Series shipped to two customers across multiple platforms in Q3, with expectations for additional preproduction volumes in Q4.
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$-1.96
100.9% downside
Current Fair Value
100.9% downsideOvervalued by 100.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.77 Billion |
|---|---|
| Enterprise Value | $38.56 Billion |
| Earnings per Share | $1.32 |
| Beta | 3.86 |
| Outstanding Shares | 174,126,000 |
Return
| Return on Equity | 23.07% |
|---|---|
| Return on Assets | 20.05% |
| Return on Invested Capital | 21.58% |
Valuation & Multiples
| P/E Ratio | 82.77 |
|---|---|
| PEG | 82.13 |
| Price to Sales | 27.73 |
| Price to Book Ratio | 20.17 |
| Enterprise Value to Revenue | 24.78 |
| Enterprise Value to EBIT | 86.86 |
| Enterprise Value to Net Income | 83 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS
$1.32
Est. $1.19Revenue
$584.90 M
Est. $550.78 MNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.64
Consensus analyst estimateRevenue Estimate
$743.62 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.86, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.8597▼ 3.27% |
|---|---|
| Total Calls | 308,000▼ 97.00% |
| Total Puts | 264,800▼ 97.11% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 9.44%▼ 65.86% |
|---|---|
| Total Invested | $5.75B▼ 90.66% |
| Investors Holding | 510▼ 560.00% |