NVE Corporation

The grade, in three tenses

Headline 5.7 out of ten, 9 of 9 metrics filed: past 5.2 out of ten, present 6.1 out of ten, future 5.8 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 1 warning event since 2017; the latest 2019-05-14. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.3 out of ten. -0.5% a year over 10 filed years; profitable in 10 of 10. 43rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 8.0 out of ten. Share count steady. 100% of cash flow returned. Insiders: 11 sales, 0 purchases. 80th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 8.5 out of ten. ROE 26%: 26¢ of profit per shareholder dollar. Leverage 4%: owes 4¢ per asset dollar. 85th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.3 out of ten. bottom 42% of 97 in its family; net margin 57.7%. 42nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 3.9 out of ten. bottom 39% of 66 in its family for leadership. 39th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.6 out of ten. top 34% of 94 in its family for room to expand. 66th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.1 out of ten. top 49% of 93 in its family for growth drivers. 51st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.3 out of ten. top 47% of 88 in its family for expectations against reality. 53rd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-05-06 for the period ended 2026-03-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-22 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-22 (on EDGAR). Newest filing: Form 4, 2026-09-09. Filings on record since 1995. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-05-06.

The people

Daniel A. Baker has been NVE's president, chief executive and a director since 2001. He came from Printware, Inc., a maker of high-speed imaging systems, where he was president and chief executive from 1993, and he holds a doctorate in biomedical engineering and an MBA from the University of Minnesota. The proxy statement for the 2026 annual meeting says he will retire as president and chief executive as of that meeting and remain on the board as chairman. The record this site holds shows him filing insider reports with the SEC since 2010, and still filing them. [1, 2, 3, 4]

Peter G. Eames is to take over. He has worked at NVE since 2003, when he finished a doctorate in experimental condensed matter physics at the University of Minnesota, and has been vice president of advanced technology since 2016, leading research and development, directing engineering, overseeing the defense products business and managing the production expansions and major capital investments. The proxy statement says the board reviews a formal succession plan at least annually and that the plan for him to become chief executive came out of that process. The third executive officer is Daniel Nelson, the controller, who joined in 2022 as a senior accountant and has been principal financial officer since May 2023. [5, 6, 7, 8, 9]

The board has five directors and would grow to seven if every nominee is elected at the 2026 annual meeting. Terrence W. Glarner has been a director since 1999 and chairman of the board since January 2001; he runs West Concord Ventures, Inc., a venture capital company. Patricia M. Hollister has been a director since 2004 and was chief financial officer of FSI International Inc. from 1998 until TEL acquired it in 2012. James W. Bracke joined the board in 2021; Kelly Wei, a vice president of corporate strategy at Medtronic plc, in May 2024; and Carolyn W. Valentine, president of Grason-Stadler since October 2023, is a first-time nominee. Every director except Baker and Eames is independent by the Nasdaq test. On the record this site holds, nine people have ever filed insider reports for NVE and five of them filed in the last fifteen months. [10, 11, 12, 13, 14, 15, 16, 17, 4]

The company is tiny for a chip maker: 42 employees as of March 31, 2026, 40 of them full time, and no contingent workers. Voluntary turnover was 7 percent in fiscal 2026, which the filing sets against a semiconductor industry average of 16.4 percent. Forty-eight percent of the staff hold bachelor's or advanced degrees, against 26 percent of Minnesota workers. None of the employees is represented by a union or covered by a collective bargaining agreement. [18, 19, 20, 21]

How it operates

NVE develops and sells devices built on spintronics, a nanotechnology that works from the spin of an electron rather than its charge to acquire, store and transmit information. The products come in four kinds. Sensors detect the strength or gradient of a magnetic field and are used to work out position, rotation or speed; the catalog versions go mainly into factory automation, what the filing calls the industrial internet of things. Couplers, also called isolators, pair a sensor element with a microscopic coil so that two circuits can pass data to each other without an electrical connection between them. Power products include voltage regulators, interface chips and isolated DC-to-DC converters that carry energy as well as data. MRAM stores data as electron spin, which the filing calls inherently permanent, and is aimed at low bit density uses such as tamper prevention and detection and at mission-critical military and industrial storage. [22, 23, 24, 25, 26, 27, 28]

Two kinds of customer buy from it. Catalog parts go through distributors that stock and resell them in more than 75 countries, among them America II Electronics, Inc., Angst+Pfister Sensors and Power and Digi-Key Corporation, and versions of some products are sold under private-brand partnerships with large integrated device manufacturers. The custom side is different: the primary custom products are sensors for medical devices, made to each customer's requirements under stringent medical device quality standards, and often replacing electromechanical switches. The filing names Abbott Laboratories first among the several large customers it depends on, and a Supplier Partnering Agreement with Abbott expires December 31, 2027. One customer, which the accounts call Customer A, was 37 percent of revenue in fiscal 2026 and 35 percent the year before, and 27 percent of what was owed to the company at the year end. [29, 30, 31, 32, 33, 34]

NVE makes its own wafers, which is unusual at this size. Front-end wafer production and back-end testing both happen in its own building, and the company treats that as an advantage over competitors that outsource those steps. Most products are fabricated there on either raw silicon wafers or foundry wafers, the second kind carrying conventional electronics that handle housekeeping such as voltage regulation and signal conditioning. Finished wafers are either diced and sold as bare die, turned into wafer-level chip-scale parts, or sent to Asia for dicing and packaging. The facility is certified to ISO 9001:2015. All of it is one leased space of 21,362 square feet of offices, laboratories and production areas in Eden Prairie, Minnesota, on a lease running to May 31, 2031; a production expansion there was completed in 2025. [35, 36, 37, 38, 39, 40]

What it does not make, it buys from few sources. Its raw materials are raw silicon, semiconductor foundry wafers and device packaging services; wafer sources are worldwide and most packaging takes place in Asia. The filing is plain that it has not identified or qualified alternate suppliers for many of the wafers it now gets from single sources, and that it is likewise dependent on single sources for some of the gases, photoresists, polymers, metals and specialized alloys it needs. It holds inventory of some critical wafers and chemicals against that. [41, 42, 43]

The specifics

NVE is a Minnesota corporation founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer, and sits in a suburb of Minneapolis. Its shares became publicly traded in 2000 through a reverse merger and Nasdaq listed in 2003. Since the founding it has been awarded more than 50 million dollars in government research contracts, which it says helped it develop products and build its patent portfolio. It reports on a fiscal year ending March 31, so the year read here ran to March 31, 2026. The record this site holds shows it filing with the SEC since 1995. [44, 45, 46]

The technology is one physical effect used two ways. In giant magnetoresistance the electrical resistance of a stack of thin layers changes with how the electron spins line up, an effect that shows only when the layers are thinner than the mean free path of a conduction electron, about five nanometers; the company says its critical conductor layers may be under two nanometers, five atomic layers. The more advanced form is tunneling magnetoresistance, used in spin-dependent tunnel junctions, where the barrier is thin enough, one to four nanometers, for electrons to tunnel through what would otherwise be an insulator. The spintronic elements are then connected to integrated circuitry and packaged much as an ordinary chip is. [47, 48, 49]

As of March 31, 2026 it held more than 50 issued United States patents, plus foreign patents, applications pending and patents licensed from others, and says none of the patents it regards as critical expires in the next 12 months. NVE and IsoLoop are registered trademarks; GMR Switch and GT Sensor are claimed. Some of the intellectual property was developed with United States government support, which under federal law normally leaves the principal worldwide patent rights with the company. The government reaches further than patents: certain contracts require NVE to keep facility and personnel security clearances, which are subject to government audits and investigations. [50, 51, 52, 53]

The competition is described by technology, not by company. For industrial sensors the filing points at other makers of GMR or TMR parts and at silicon Hall-effect and anisotropic magnetoresistive sensors; for medical sensors, at reed and micro-electromechanical switches, which have been in use for several decades; for couplers, at optical, inductive, capacitive and radio-frequency modulation couplers. None of those passages names a company. For reporting, the whole business is a single operating and reportable segment: the chief executive is the decision maker for that purpose and sees revenue and gross margin by category, but no profit and loss itemized by category. [54, 55, 56, 57, 58]

What drives growth, line by line

Revenue was 26.3 million dollars in fiscal 2026, up 1.8 percent. That ends two years of falls, 22.1 percent and then 13.2 percent, and still leaves the company below the 38.3 million of fiscal 2023. Because NVE reports as one segment, the filing splits revenue two ways only: product sales, and contract research and development. [59, 57]

Product sales. Product sales were 95.8 percent of fiscal 2026 revenue and rose 2.4 percent on the year. The filing puts the rise down to price increases and increased purchases by existing customers. [60, 61]

Contract research and development. Contract research and development, the development work customers pay NVE to do, was 4.2 percent of revenue and fell 11 percent, which the filing puts down to the completion of certain research and development contracts. It is recognized as the work is done, by the percentage-of-completion method, measured by costs incurred to date against total estimated costs. [62, 61, 63]

Gross profit was 79 percent of revenue against 84 percent the year before, which the filing puts down to a less profitable product mix and to more of the selling going through distributors, whose sales typically carry a lower gross margin than direct sales. In money that is 20.7 million dollars, down 4.2 percent and the third yearly fall. [64, 59]

Total expenses fell 15 percent. Research and development spending fell 13 percent, to 12.0 percent of revenue and 3.2 million dollars, after the completion of some wafer-level chip scale packaging work and the reassignment of some research staff to manufacturing; selling, general and administrative costs fell 18 percent for the same reason, people moved to manufacturing and to new product development. [65, 66, 59]

Income from operations was 15.9 million dollars, 60.4 percent of revenue and flat on the year. Net income rose 0.9 percent to 15.2 million dollars, helped by an effective tax rate of 15 percent against 16 percent, which the filing credits to more research and development and manufacturing tax credits; the fiscal 2026 tax provision included 1,067,993 dollars of advanced manufacturing investment tax credits. The company says it expects such credits to fall sharply in fiscal 2027, because it expects manufacturing equipment purchases to fall sharply once the expansion is complete. [59, 67, 68, 69]

Cash and equivalents ended the year at 1.7 million dollars, well below a year earlier. The company paid out 19,348,664 dollars in cash dividends, which was the whole of its financing activity, more than the 16.7 million dollars its operations generated and more than the year's net income; it also put 15,242,719 dollars into marketable securities, took 13,800,000 dollars back from bonds that matured, and spent 2,189,138 dollars on fixed assets, mostly production equipment. It bought back no shares in either of the last two years, saying dividends are a more efficient way to return cash. [70, 71, 72, 59, 73, 74]

What comes next, in the company's own words: in the past fiscal year it began marketing new wafer-level chip-scale sensors, new gear-tooth rotation sensors and new angle rotation sensors, and its long-term development programs in fiscal 2026 covered TMR sensors of very high sensitivity and very low power, next-generation sensors for hearing aids and implanted medical devices, and next-generation MRAM for antitamper uses. It also says it expects fixed asset purchases to fall sharply in fiscal 2027 with the completion of its expansion. [75, 76, 73]

What the desk infers (inferred, not filed)

• The one customer that was 37 percent of revenue, which the accounts call Customer A, is most likely Abbott Laboratories. Because: The only customer the filing names is Abbott Laboratories, among the several large customers it says it relies on for a significant percentage of revenue. [32] The only customer agreement it identifies is a Supplier Partnering Agreement with Abbott Laboratories, as amended, expiring December 31, 2027. [33] Just one customer reached a tenth of revenue in fiscal 2026, at 37 percent, and it was 35 percent the year before, so the relationship is long standing. [34] Its primary custom products are sensors for medical devices, built to each customer's requirements under stringent medical device quality standards. [31] Confidence 65 of 100. Wrong if: A filing, or a disclosure by the customer, that names Customer A as a distributor or as any company other than Abbott Laboratories.
• The margin sits in the custom, direct business rather than in the catalog parts: as more of the selling moves through distributors, the gross margin falls even in a year when revenue rises. Because: Gross profit fell to 79 percent of revenue from 84 percent in a year when revenue rose 1.8 percent. [64, 59] The filing gives the reasons as a less profitable product mix and increased distributor sales, and says distributor sales typically have lower gross margin than direct sales. [64] The catalog parts are the ones sold through distributors, in more than 75 countries, while the custom medical sensors are built to each customer's own requirements. [29, 31, 24] Confidence 70 of 100. Wrong if: A year in which distributor sales rise as a share of revenue and the gross margin rises with them, or a filing stating that direct sales carry the lower margin.
• Everything NVE sells depends on one leased building and on equipment it may not be able to replace, which is the sharpest single point of failure in the business. Because: The principal executive offices and the manufacturing facility are the same leased space, 21,362 square feet in Eden Prairie, Minnesota. [39] Most of its products are fabricated in that facility, and it counts owning both the front end and the back end as an advantage over competitors that outsource. [35, 36] Its production process relies on critical equipment for defining, depositing and modifying the magnetic properties of thin films, some of it designed or customized in house and some no longer in production, and the filing says it cannot be sure it could repair or replace that equipment if it failed. [77, 78] Confidence 75 of 100. Wrong if: A filing naming a second NVE wafer fabrication site, or an outside foundry qualified to make its spintronic wafers.
• NVE is run to pay out what it earns rather than to reinvest it: the dividend runs ahead of both profit and operating cash, and the difference comes out of the bond portfolio. Because: Cash dividends of 19,348,664 dollars were the whole of financing activity in fiscal 2026, more than the 16.7 million dollars of cash from operations and more than the 15.2 million dollars of net income. [72, 59] Cash and equivalents fell over the year, while 41,803,512 dollars, about 69 percent of total assets, sat in marketable securities and 13,800,000 dollars came back from bonds that matured. [71, 79, 73] The company itself says long-term dividends at current rates may require increased earnings, because they are often more than its current cash flow from operations. [80] No shares were repurchased in fiscal 2026 or fiscal 2025, the company saying dividends are a more efficient way to return cash. [74] Confidence 80 of 100. Wrong if: A fiscal year in which dividends paid are less than net income and the marketable securities balance grows.

Sources

1. NVE Corporation, Form DEF 14A filed 2026-06-22: “Daniel A. Baker has been a director and NVE’s President and CEO since 2001. He will retire as President and CEO as of the Annual Meeting and will remain on the Board as Chairman.”
2. NVE Corporation, Form DEF 14A filed 2026-06-22: “From 1993 until joining NVE, he was President and CEO of Printware, Inc., which manufactures and markets high-speed imaging systems.”
3. NVE Corporation, Form DEF 14A filed 2026-06-22: “Dr. Baker holds Ph.D. in Biomedical Engineering and MBA degrees from the University of Minnesota, and a B.S. in Biomedical Engineering from Case Western Reserve University.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. NVE Corporation, Form DEF 14A filed 2026-06-22: “Peter G. Eames is expected to be appointed our President and CEO effective the date of the Annual Meeting and is a first-time nominee to our Board of Directors. He has been an NVE employee in various capacities since joining the Company in 2003 after completing his Ph.D. in Experimental Condensed Matter Physics from the University of Minnesota. He has been Vice President of Advanced Technology since 2016.”
6. NVE Corporation, Form DEF 14A filed 2026-06-22: “In his current position he has led our research and development efforts, directed our engineering activities, oversaw the defense products business, and managed our production expansions and major capital investments.”
7. NVE Corporation, Form DEF 14A filed 2026-06-22: “At least annually, the Board reviews a formal succession plan addressing the policies and principles for selecting a successor to the CEO and other key employees, either in an emergency or in the ordinary course of business. The succession plan includes an assessment of the experience, performance, skills, and planned career paths for possible successors. The plan for Dr. Eames to become CEO was the result of this process.”
8. NVE Corporation, Form DEF 14A filed 2026-06-22: “We have three executive officers. Daniel A. Baker is currently our Chief Executive Officer, Peter G. Eames is currently Vice President of Advanced Technology, and Daniel Nelson is our Controller and Principal Financial Officer.”
9. NVE Corporation, Form DEF 14A filed 2026-06-22: “Daniel Nelson, age 40, is our Controller and has been our Principal Financial Officer since May 8, 2023. He joined NVE in 2022 as Senior Accountant.”
10. NVE Corporation, Form DEF 14A filed 2026-06-22: “The Board currently consists of five directors. Dr. Eames will succeed Dr. Baker as CEO effective at the Annual Meeting. On the recommendation of the Nominating and Corporate Governance Committee, the Board has nominated Dr. Eames and one additional new director, Ms. Valentine, in addition to the incumbent directors. The Board size will increase from five to seven directors if all director nominees are elected at the Annual Meeting.”
11. NVE Corporation, Form DEF 14A filed 2026-06-22: “Terrence W. Glarner has been a director since 1999 and Chairman of the Board since January 2001. Since 1993, Mr. Glarner has been President of West Concord Ventures, Inc., a venture capital company.”
12. NVE Corporation, Form DEF 14A filed 2026-06-22: “Patricia M. Hollister has been a director since 2004. She was Director of Finance for TEL FSI, Inc. (now TEL Manufacturing and Engineering of America, Inc., or “TMEA”) until retiring in 2016.”
13. NVE Corporation, Form DEF 14A filed 2026-06-22: “Ms. Hollister served as chief financial officer of FSI International Inc. (“FSI”) from 1998 until it was acquired by TEL in 2012.”
14. NVE Corporation, Form DEF 14A filed 2026-06-22: “James W. Bracke has been a director since 2021. Dr. Bracke has been President of Boulder Creek Consulting, LLC, a business and technology consulting firm, since 2004.”
15. NVE Corporation, Form DEF 14A filed 2026-06-22: “Kelly Wei has been a director since May 2024. She is Vice President of Corporate Strategy at Medtronic plc.”
16. NVE Corporation, Form DEF 14A filed 2026-06-22: “Carolyn W. Valentine is a first-time nominee to our Board of Directors. Ms. Valentine has served as President of Grason-Stadler (GSI), a Demant Company, since October 2023.”
17. NVE Corporation, Form DEF 14A filed 2026-06-22: “The Board has determined that each of our directors and director candidates, except Dr. Baker and Dr. Eames, are independent as defined under Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and NASDAQ Listing Rule 5605(a)(2).”
18. NVE Corporation, Form 10-K filed 2026-05-06: “We had 42 employees as of March 31, 2026, 40 of whom were full-time. We had no contingent workers.”
19. NVE Corporation, Form 10-K filed 2026-05-06: “Our voluntary employee turnover was 7% for fiscal 2026, which is much lower than the semiconductor industry average of 16.4%.”
20. NVE Corporation, Form 10-K filed 2026-05-06: “We have a highly educated workforce. Forty-eight percent of our employees have bachelor’s or advanced degrees compared to 26% of all Minnesota workers.”
21. NVE Corporation, Form 10-K filed 2026-05-06: “None of our employees are represented by a labor union or are subject to a collective bargaining agreement.”
22. NVE Corporation, Form 10-K filed 2026-05-06: “NVE Corporation, referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.”
23. NVE Corporation, Form 10-K filed 2026-05-06: “Our sensor products detect the strength or gradient of magnetic fields and are often used to determine position or speed.”
24. NVE Corporation, Form 10-K filed 2026-05-06: “Our standard, or catalog sensors are generally used to detect the presence of a magnetic or metallic material to determine position, rotation, or speed. We believe our spintronic sensors are smaller, more precise, more reliable, and lower power than competing devices. Our major markets for standard sensors are the Industrial Internet of Things (IIoT) and the Artificial Intelligence of Things (AIoT) for factory automation.”
25. NVE Corporation, Form 10-K filed 2026-05-06: “Our spintronic couplers combine a GMR sensor element and an integrated microscopic coil. The coil creates a small magnetic field that is detected by the spintronic sensor, transmitting data almost instantly. Couplers are also known as “isolators” because they electrically isolate the coupled systems.”
26. NVE Corporation, Form 10-K filed 2026-05-06: “Power products include voltage regulators, interface ICs, DC-to-DC convertors, and products that combine couplers and DC-to-DC convertors to transmit energy as well as data.”
27. NVE Corporation, Form 10-K filed 2026-05-06: “MRAM uses spintronics to store data. Unlike electrical charge, the spin of an electron is inherently permanent. We have invented several types of memory cells including inventions related to advanced MRAM designs and MRAM for tamper prevention or detection. Our MRAM strategy has been focused on low bit density for applications such as tamper prevention and detection.”
28. NVE Corporation, Form 10-K filed 2026-05-06: “Near-term potential MRAM applications include mission-critical storage such as military, industrial, and antitamper applications.”
29. NVE Corporation, Form 10-K filed 2026-05-06: “We rely on distributors who stock and resell our products in more than 75 countries. Distributors of our products include America II Electronics, Inc., Angst+Pfister Sensors and Power, and Digi-Key Corporation.”
30. NVE Corporation, Form 10-K filed 2026-05-06: “In addition, we distribute versions of some of our products under private-brand partnerships with large integrated device manufacturers.”
31. NVE Corporation, Form 10-K filed 2026-05-06: “Our primary custom products are sensors for medical devices, which are customized to our customers’ requirements and manufactured under stringent medical device quality standards. Many are used to replace electromechanical magnetic switches.”
32. NVE Corporation, Form 10-K filed 2026-05-06: “We rely on several large customers for a significant percentage of our revenue, including Abbott Laboratories, certain distributors, and certain other customers.”
33. NVE Corporation, Form 10-K filed 2026-05-06: “We have agreements with certain customers, including a Supplier Partnering Agreement, as amended, with Abbott Laboratories, which expires December 31, 2027.”
34. NVE Corporation, Form 10-K filed 2026-05-06: “One customer accounted for 10% or more of total revenue for fiscal 2026: % of Revenue % of Accounts Receivable Year Ended March 31, 2026 2025 2026 2025 Customer A 37% 35% 27% 26%”
35. NVE Corporation, Form 10-K filed 2026-05-06: “Our product manufacturing includes “front-end” wafer production and “back-end” product testing. We believe having our own U.S. wafer production and test capabilities is an advantage over competitors that outsource such operations.”
36. NVE Corporation, Form 10-K filed 2026-05-06: “Most of our products are fabricated in our facility using either raw silicon wafers or foundry wafers. Foundry wafers contain conventional electronics that perform housekeeping functions such as voltage regulation and signal conditioning in our products.”
37. NVE Corporation, Form 10-K filed 2026-05-06: “We either dice wafers to be sold in die form, process wafers into Wafer-Level Chip-Scale Parts (WLCSPs), or send wafers to Asia for dicing and packaging.”
38. NVE Corporation, Form 10-K filed 2026-05-06: “Our facility has been certified under the ISO 9001:2015 quality management standard and is an Approved Place of Manufacture under ECS/CIG 021-024: 2014.”
39. NVE Corporation, Form 10-K filed 2026-05-06: “Our principal executive offices and manufacturing facility are located at 11409 Valley View Road, Eden Prairie, Minnesota, 55344, and leased under an agreement expiring May 31, 2031. The space consists of 21,362 square feet of offices, laboratories, and production areas. We completed a production expansion in the facility in 2025”
40. The record on this page: the filing record (the EDGAR submissions feed)
41. NVE Corporation, Form 10-K filed 2026-05-06: “Our principal sources of raw materials include suppliers of raw silicon and semiconductor foundry wafers that are incorporated into our products, and suppliers of device packaging services. We have worldwide wafer sources; most of our packaging services take place in Asia.”
42. NVE Corporation, Form 10-K filed 2026-05-06: “We maintain inventory of some critical wafers, but we have not identified or qualified alternate suppliers for many of the wafers now being obtained from single sources.”
43. NVE Corporation, Form 10-K filed 2026-05-06: “There are a number of critical chemicals and supplies that we require to make products. These include certain gases, photoresists, polymers, metals, and specialized alloys. We maintain inventory of critical chemicals and materials, but in many cases, we are dependent on single sources”
44. NVE Corporation, Form 10-K filed 2026-05-06: “NVE is a Minnesota corporation headquartered in a suburb of Minneapolis. We were founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer. Our common stock became publicly traded in 2000 through a reverse merger and became NASDAQ listed in 2003. Since our founding, we have been awarded more than $50 million in government research contracts. These contracts have helped us develop products and build our intellectual property portfolio.”
45. NVE Corporation, Form 10-K filed 2026-05-06: “We have adopted a March 31 fiscal year, so fiscal years referenced in this report end March 31.”
46. The record on this page: the filing record (the EDGAR submissions feed)
47. NVE Corporation, Form 10-K filed 2026-05-06: “The GMR effect is only significant if the layer thicknesses are less than the mean free path of conduction electrons, which is approximately five nanometers. Our critical GMR conductor layers may be less than two nanometers, or five atomic layers, thick.”
48. NVE Corporation, Form 10-K filed 2026-05-06: “SDT junctions use tunnel barriers that are so thin that electrons can “tunnel” through a normally insulating material to cause a resistance change. SDT barrier thicknesses can be in the range of one to four nanometers (less than ten molecular layers).”
49. NVE Corporation, Form 10-K filed 2026-05-06: “In our products, the spintronic elements are connected to integrated circuitry and encapsulated (“packaged”) in much the same way as conventional integrated circuits.”
50. NVE Corporation, Form 10-K filed 2026-05-06: “As of March 31, 2026, we had more than 50 issued U.S. patents assigned to us. We also have a number of foreign patents, several U.S. and foreign patents pending, and we have licensed patents from others. There are no patents we regard as critical to our current business owned by us or licensed to us that expire in the next 12 months.”
51. NVE Corporation, Form 10-K filed 2026-05-06: ““NVE” and “IsoLoop” are our registered trademarks. Other trademarks we claim include “GMR Switch” and “GT Sensor.””
52. NVE Corporation, Form 10-K filed 2026-05-06: “Some of our intellectual property has been developed with U.S. Government support. Under federal legislation, companies normally may retain the principal worldwide patent rights to any invention developed with U.S. Government support.”
53. NVE Corporation, Form 10-K filed 2026-05-06: “Additionally, certain contracts require us to maintain facilities and personnel security clearances to protect classified information. Such clearances are subject to Government audits and investigations”
54. NVE Corporation, Form 10-K filed 2026-05-06: “Several other companies either make or may have the capability to make GMR or TMR sensors. Also, several competitors make solid-state industrial magnetic sensors including silicon Hall-effect sensors and anisotropic magnetoresistive (AMR) sensors.”
55. NVE Corporation, Form 10-K filed 2026-05-06: “Electromechanical magnetic sensors such as reed and micro-electromechanical system (MEMS) switches have been in use for several decades.”
56. NVE Corporation, Form 10-K filed 2026-05-06: “Competing coupler technologies include optical couplers, inductive couplers (transformers), capacitive couplers, and radio-frequency modulation couplers.”
57. NVE Corporation, Form 10-K filed 2026-05-06: “We analyze revenues and assess sales performance in various categories but we do not prepare or analyze discrete financial information such as sales expenses, operating results, or profit and loss itemized by category. Therefore, we have concluded that the Company as a whole is a single operating and reportable segment”
58. NVE Corporation, Form 10-K filed 2026-05-06: “Our CEO is deemed to be our CODM since he makes all major decisions on how to allocate the resources and assess the performance for strategic and operational initiatives. The CODM is regularly provided with and reviews revenue and gross margin information by revenue categories, product categories, and operating expenses by category to assess performance and allocate resources.”
59. The record on this page: the filed annual figures (EDGAR's company facts)
60. NVE Corporation, Form 10-K filed 2026-05-06: “Product sales 95.8 % 95.2 % 2.4”
61. NVE Corporation, Form 10-K filed 2026-05-06: “Total revenue for fiscal 2026 increased 1.8% compared to fiscal 2025 due to a 2.4% increase in product sales, partially offset by an 11% decrease in contract research and development revenue. The increase in product sales was primarily due to price increases and increased purchases by existing customers. The decrease in contract research and development revenue was due to the completion of certain research and development contracts.”
62. NVE Corporation, Form 10-K filed 2026-05-06: “Contract research and development 4.2 % 4.8 % (10.7”
63. NVE Corporation, Form 10-K filed 2026-05-06: “We recognize revenue over a period of time using the percentage-of-completion method. Percentage of completion is measured using the cost-to-cost method, which compares costs incurred to date as a percentage of total estimated costs.”
64. NVE Corporation, Form 10-K filed 2026-05-06: “Gross profit was 79% of revenue for fiscal 2026 compared to 84% for fiscal 2025. The decrease in gross margin percentage was due to a less profitable product mix and increased distributor sales. Distributor sales typically have lower gross margin than direct sales.”
65. NVE Corporation, Form 10-K filed 2026-05-06: “Total expenses decreased 15% for fiscal 2026 compared to fiscal 2025 due a 13% decrease in research and development expense and an 18% decrease in selling, general, and administrative expense. The decrease in research and development expense was due to the completion of some of our wafer-level chip scale packaging activities and reassignment of some research and development resources to manufacturing.”
66. NVE Corporation, Form 10-K filed 2026-05-06: “Research and development 12.0 % 14.1 % (13.1”
67. NVE Corporation, Form 10-K filed 2026-05-06: “Income from operations 60.4 % 61.8 % (0.5”
68. NVE Corporation, Form 10-K filed 2026-05-06: “Our effective tax rate, which is the provision for income taxes as a percentage of income before taxes, decreased to 15% for fiscal 2026 compared to 16% for fiscal 2025. The decrease in our effective tax rate was primarily due to an increase in research and development and manufacturing tax credits”
69. NVE Corporation, Form 10-K filed 2026-05-06: “The fiscal 2026 provision for income taxes included $1,067,993 in advanced manufacturing investment tax credits. We expect such credits to decrease significantly in fiscal 2027 since we expect manufacturing equipment purchases to decrease significantly with the completion of our expansion.”
70. The record on this page: the balance sheet (EDGAR's company facts)
71. NVE Corporation, Form 10-K filed 2026-05-06: “Cash and cash equivalents were $1,714,040 as of March 31, 2026, compared to $8,036,564 as of March 31, 2025.”
72. NVE Corporation, Form 10-K filed 2026-05-06: “Net cash used in financing activities in fiscal 2026 consisted of $19,348,664 of cash dividends paid to shareholders.”
73. NVE Corporation, Form 10-K filed 2026-05-06: “Net cash used in investing activities for fiscal 2026 consisted of $15,242,719 of marketable securities purchases and $2,189,138 of fixed asset purchases, partially offset by $13,800,000 in proceeds from maturities of marketable securities. Fixed asset purchases were primarily of production equipment. We expect fixed asset purchases to decrease significantly in fiscal 2027 with the completion of our expansion.”
74. NVE Corporation, Form 10-K filed 2026-05-06: “We did not repurchase any shares in fiscal 2026 or fiscal 2025, as we have found that dividends are a more efficient method of returning cash to our shareholders.”
75. NVE Corporation, Form 10-K filed 2026-05-06: “new Wafer-Level Chip-Scale sensors; ·new gear-tooth rotation sensors; and ·new angle rotation sensors.”
76. NVE Corporation, Form 10-K filed 2026-05-06: “ultrahigh-sensitivity TMR sensors; ·ultrahigh-low power TMR sensors; ·next-generation sensors for hearing aids and implanted medical devices; and ·next-generation MRAM for antitamper applications.”
77. NVE Corporation, Form 10-K filed 2026-05-06: “Our production process relies on certain critical pieces of equipment for defining, depositing, and modifying the magnetic properties of thin films. Some of this equipment was designed or customized by us, and some is no longer in production.”
78. NVE Corporation, Form 10-K filed 2026-05-06: “we cannot be sure we could repair or replace critical manufacturing equipment were it to fail.”
79. NVE Corporation, Form 10-K filed 2026-05-06: “As of March 31, 2026, we held $41,803,512 in short-term and long-term marketable securities, representing approximately 69% of our total assets.”
80. NVE Corporation, Form 10-K filed 2026-05-06: “Because they are often more than our current cash flow from operations, long-term dividends at current rates may require increased earnings.”

Who runs it

Baker, Daniel A (President & CEO); Wei, Xuan Kelly (director); Valentine, Carolyn Walker (director); Bracke, James W (director); Hollister, Patricia M (director). 5 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.