NVE Corporation (NASDAQ: NVEC) is a semiconductor company that develops and sells spintronic devices, including magnetic sensors, couplers, and memories. Revenue comes from transactional product sales across catalog and custom device lines, supplemented by government research contracts, of which more than $50 million has been awarded since founding (per 10-K filed 2026-05-06). NVE is a Minnesota corporation headquartered in a suburb of Minneapolis, founded in 1989 by spintronics pioneer James M. Daughton, Ph.D. Its common stock became publicly traded in 2000 and listed on NASDAQ in 2003. The company operates in the cyclical semiconductor market, selling standard catalog sensors for industrial and factory automation applications and custom sensors designed to customer specifications, primarily for medical devices. Couplers serve factory automation by enabling digital communication between electronic subsystems. The company relies heavily on its intellectual property portfolio, built in part through government-funded research contracts.

Revenue model

Transactional product sales of spintronic sensors, couplers, and memories across catalog (standard) and custom product lines. Government research contracts have provided over $50 million in cumulative funding since founding (per 10-K filed 2026-05-06). The company is a dividend payer, with dividends funded from operating cash flows and proceeds from maturities of marketable securities.

Products and services

Spintronic magnetic sensors (standard catalog and custom), spintronic couplers for digital signal isolation, and spintronic memories. Sensors detect magnetic field strength or gradient, using GMR (giant magnetoresistance) or TMR (tunneling magnetoresistance) elements, and are used for position, rotation, and speed detection. Custom sensors are manufactured under medical device quality standards for use in medical applications, including replacement of electromechanical magnetic switches. Couplers provide digital communication between electronic subsystems in factory environments.

Customers and end markets

End markets include industrial automation (Industrial Internet of Things, IIoT), the Artificial Intelligence of Things (AIoT), factory automation, and medical devices. Custom sensor customers are primarily medical device manufacturers. The filing notes dependence on major customers but does not disclose specific customer names or concentration percentages in the excerpts provided.

Value-chain role

Fabless-style semiconductor component supplier. NVE designs spintronic devices using its own intellectual property and sells finished components to manufacturers in industrial and medical end markets. Products are incorporated into customers' systems and devices, including medical equipment and factory automation machinery.

Source: SEC 10-K, filed 2026-05-06

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