Astera Labs
Our mission is to innovate, design, and deliver semiconductor-based connectivity solutions that are purpose-built to unleash the full potential of cloud and AI infrastructure.
10-K, Feb 20, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Business
How does Astera Labs make money?
Product is 100.0% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001736297-26-000010 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($853M).
- Product: $853M · 100.0%
- Technology Service: $0.00 · 0.0%
What is left of every $100?
Of every $100 in revenue, $26 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $853M
- Gross profit: $645M
- Operating income: $173M
- Net income: $219M
- Free cash flow: $282M
Where do customers sit?
32.5% of revenue is from Singapore.
Source and method
Revenue by region, latest annual report.
10-K · 0001736297-26-000010 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Building on years of experience with a singular focus on addressing connectivity challenges in data-centric systems, we have developed and deployed our leading Intelligent Connectivity Platform built from the ground up for cloud and AI infrastructure.”
“Our Intelligent Connectivity Platform comprises of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, our software suite, which is embedded in our connectivity products and integrated into our customers’ systems.”
“Our Intelligent Connectivity Platform provides our customers with the ability to deploy and operate high-performance cloud and AI infrastructure at scale, addressing an increasingly diverse set of requirements.”
Item 1 · Business · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Where did the growth actually come from?
Product drove 100% of growth; others shrank.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +115%
“Total revenue increased $456.2 million, or 115%, for the year ended December 31, 2025 compared to the same period in 2024.”
Item 7 · MD&A · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Number check (revenue): stated $456M matches the stored change ($456M, ±10%)
Revenue: $853M FY2025 · +115.1% vs FY2024 · KPIs
Position (in the company’s words)
“Based on trusted relationships with the leading hyperscalers and collaboration with data center infrastructure suppliers, our platform is designed to meet our customers’ unique cloud scale requirements.”
Item 1 · Business · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
R&D +51%
“Research and development expense increased $103.2 million, or 51%, for the year ended December 31, 2025 compared to the same period in 2024.”
Item 7 · MD&A · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Number check (R&D expense): stated $103M matches the stored change ($103M, ±10%)
R&D expense: $304M FY2025 · +51.4% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 115% to $853M.
Revenue grew 104% YoY to $392M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 52.3%.
Per share, revenue grew 103.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). This company's default range was moved for that reason. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
20.3% operating margin, up from −29.3%.
75.7% gross margin, down from 76.4%.
Operating income: $173M in FY2025.
Net income: $219M in FY2025.
R&D grew 51% to $304M.
SG&A fell 23% to $168M.
EPS diluted: $1.22 in FY2025.
22.7% operating margin, up from 20.7%.
73.3% gross margin, down from 75.8%.
Operating income grew 124% YoY to $89.2M.
Net income grew 199% YoY to $153M.
R&D grew 104% YoY to $136M.
SG&A grew 60% YoY to $62.4M.
EPS diluted grew 186% YoY to $0.83.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $33 of every $100 as free cash.
Operating cash flow grew 134% to $319M.
Capex grew 9.6% to $37.5M.
Buybacks: $0 in FY2025.
Stock-based compensation fell 32% to $160M.
Free cash flow fell 50% YoY to $67.2M.
Operating cash flow fell 35% YoY to $87.7M.
Capex grew 912% YoY to $20.5M.
Stock-based compensation grew 80% YoY to $64.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $168M; debt not reported.
Total assets grew 45% to $1.5B.
Equity grew 41% to $1.4B.
Cash fell 31% YoY to $111M.
Total assets grew 52% YoY to $1.9B.
Equity grew 52% YoY to $1.7B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 20% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Astera Labs annual report)
10-K · 0001736297-26-000010 · filed Feb 20, 2026
Suppliers named by Astera Labs
Astera Labs holds stakes in
No stake in a covered company found in SEC filings.
Others name Astera Labs
1 other mention (e.g. Amazon) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 67 risk factors, one per theme.
Customer concentration
“A substantial portion of our revenue is driven by a limited number of our end customers, and the loss of, or a significant reduction in, demand from one or a few of our top end customers would adversely affect our operations and financial condition.”
Item 1A · Risk Factors · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Supply chain and manufacturing
“Our third-party manufacturing partners and distributors, and the majority of our revenue, are concentrated primarily in Singapore, China, Taiwan, South Korea, and other countries, areas that are or may be subject to geopolitical uncertainty, trade disputes and restrictions, environmental disasters, and other risks.”
Item 1A · Risk Factors · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
AI and new products
“We may be unsuccessful in anticipating and responding to new market trends and evolving industry standards, developing and selling new products, or penetrating new markets.”
Item 1A · Risk Factors · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Acquisitions
“We may pursue acquisitions, investments, joint ventures, and dispositions, which could adversely affect our results of operations, and any acquisitions we do make could disrupt our business and harm our financial condition.”
Item 1A · Risk Factors · 10-K · 0001736297-26-000010 · filed Feb 20, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Fmr LLC holds 9.1%.
Fmr LLC9.1%
13G/A · as of Sep 30, 2026 · filed Oct 7, 2026
BlackRock, Inc.7.4%
13G/A · as of Jun 30, 2026 · filed Jul 27, 2026
Mohan Jitendra5.4%
13G/A · as of Sep 30, 2025 · filed Nov 14, 2025
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Fmr LLC19.4%
24.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
BlackRock, Inc.10.7%
13.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.2%
7.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.3%
6.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Invesco Ltd.3.8%
4.9M shares · 13F filed Aug 14, 2026 · share of 13F-reported
989 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 504 sales · $784M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 29 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| SG&A calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | not reported | not reported | not reported | not reported | not reported | |||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | |||||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values