Netlist, Inc. (NLST): fair value, margin of safety and Wheel Score

Is NLST undervalued?

Netlist, Inc. (NLST) closed at 5.99 on 5 Nov 2026, 19591% above the GLS average fair value of 0.0304. 5 of the 5 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.

There is a wide gap between GLS Growth (0.0106) and Graham Number (0.0619). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.

Ranked against every other company we cover, NLST is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 0, growth score 59, out of 100).

Nine valuation models for NLST

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Netlist, Inc. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 2.1/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.

Returns on capital are high - ROIC 731.8%, ROE 477.1%, ROA -50.2% - with debt at -0.35 times equity and negative free cash flow.

Netlist, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Sale of the Company's modular memory su… 100% (quarter Q2 FY2026).

Institutional ownership scores 1/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 14: No options

No options are listed on Netlist, Inc. in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 14, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.

Volume runs at 516k shares a day on a market cap of $2.2B, with a beta of 1.35 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.

Upcoming events

Netlist, Inc. reports earnings on 10 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

No analyst upgrades or downgrades were recorded in the last 30 days.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Semiconductors

The 12 companies below are the closest to Netlist, Inc. by market cap within the Semiconductors industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

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