Amtech Systems, Inc.
ASYS Technology Semiconductor Equipment & Materials
Amtech Systems, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $79.4 million, down 21.6% from fiscal 2024. In the quarter to June 2026, revenue grew 14.5%, EPS grew 1,386.5%, free cash flow fell 47.8% and total debt fell 15.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Amtech Systems, Inc. (ASYS) Beneish M-score
Amtech Systems, Inc.'s Beneish M-score for fiscal 2025 is −4.73; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.73 | (1.49) |
| FY2024 | −3.24 | (0.87) |
| FY2023 | −2.37 | (0.38) |
| FY2022 | −1.99 | (0.31) |
| FY2021 | −1.68 | 0.17 |
| FY2020 | −1.85 | 0.76 |
| FY2019 | −2.60 | (0.35) |
| FY2018 | −2.25 | 0.72 |
| FY2017 | −2.97 | (0.60) |
| FY2016 | −2.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.13 | — | 1.04 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 0.67 | — | 0.27 | |
| Sales growth index | 0.78 | — | 0.70 | |
| Depreciation index | 0.64 | — | 0.07 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.41) | — | −1.92 | |
| Leverage index | 1.30 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.73 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ASYS Amtech Systems, Inc. | −4.7× |
| COHU Cohu, Inc. compare | −3.7× |
| UCTT Ultra Clean Holdings, Inc. compare | −3.4× |
| INTT inTest Corporation compare | −2.9× |
| ICHR Ichor Holdings, Ltd. compare | −2.9× |
| PLAB Photronics, Inc. compare | −2.3× |
| AEHR Aehr Test Systems compare | −2.3× |
| TRT Trio-Tech International compare | −1.8× |
| ATOM Atomera Incorporated compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI