Cerebras Systems Inc. (CBRS) AI Stock Analysis

Cerebras Systems Inc. operates as an artificial intelligence infrastructure company. It designs and manufactures an AI compute platform that comprises proprietary systems and software delivered in racks for deployment in data centers up to supercomputer scale. The company's pioneering wafer-scale engine, a chip encompassing a silicon wafer, is designed to enable higher performance and speeds than GPUs for the computational demands of inference, Generative AI, and other AI applications. Its customers include hyperscalers, foundation model labs, AI-native and digital-native businesses, enterprises, and leaders of Sovereign AI initiatives across the United States, Europe, the Middle East, Africa, and internationally.

Annual revenue grew from $24.6M in FY2022 to $78.7M in FY2023, $290.3M in FY2024, and $510.0M in FY2025, generating a three-year revenue CAGR of 174.6%. Gross margin rose from 11.7% in FY2022 to 39.0% in FY2025, peaking at 42.3% in FY2024. Operating margin improved from -726.4% in FY2022 to -28.5% in FY2025. After net losses of -$177.7M in FY2022, -$127.2M in FY2023, and -$481.6M in FY2024, the company recorded net income of $237.8M in FY2025. In the trailing twelve months ended June 30, 2026, revenue stood at $680.7M with quarterly revenue growing 74.3% year-over-year, while profit margin was -75.3% and EPS was -$5.14.

As of June 30, 2026, Cerebras Systems held $8.61B in cash and short-term investments against total debt of $1.49B, yielding net cash of $7.12B. Total assets were $11.63B and shareholders' equity was $9.15B. The company recorded a current ratio of 5.82 and a debt-to-equity ratio of 0.16. In FY2025, operating cash flow was -$10.1M and free cash flow was -$392.8M. Cash deployment in FY2025 included $382.7M in capital expenditures and $38.1M in share buybacks.

Cerebras Systems closed at $127.21 on October 16, 2026, near its 52-week low of $126.05 and below its 52-week high of $386.34. The company trades at a forward P/E of 217.4x and a price-to-sales ratio of 44.4x, compared to the median of its US-listed Technology peers of 18.8x forward P/E and 2.8x price-to-sales. Its enterprise value of $42.32B reflects an EV-to-revenue multiple of 62.2x. Over the past year, the S&P 500 (SPY) returned 16.8%, and over five years it returned 83.0%.

Wall Street coverage consists of 8 Strong Buy and 3 Buy ratings, with 0 Hold, Sell, or Strong Sell recommendations. The mean price target is $291.64, representing a 129.3% premium over the last close of $127.21. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $887.1M and EPS of -$0.47. For the next fiscal year, 11 analysts project revenue of $2.95B and EPS of $1.27. The next earnings date is scheduled for November 11, 2026.

This page is an AI-written research summary of Cerebras Systems Inc. (CBRS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: CBRS income statement, CBRS balance sheet, CBRS key metrics, CBRS analyst forecast, CBRS chart. See the CBRS stock overview for the latest quote and news.