Pricing Log in Create free account
Friday 6 November 2026 Export AXTI’s income statement to Excel — free account

AXT Inc

AXTI Technology Semiconductor Equipment & Materials

AXT Inc’s revenue for fiscal 2025 (year ended December 2025) was $88.3 million, down 11.1% from fiscal 2024.

Revenue
+162.6%
EPS
+1,265.3%
Free cash flow
+173.3%
Total debt
+17.7%

Quarter to September 2026, against a year earlier

37.36 0.64 +1.74%
Market cap
$2.4B
P/E
70.3×
Fwd P/E
49.2×
Dividend yield
—
F-score
3/9
Altman Z
3.40
Beneish M
−2.10
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 74.30
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 13 — — 8 — 1 — — —
Insider Ownership 1.55%

Capital & Financial Ratios $m

Size
Market Cap 2,410.00
Revenue ttm 170.96
Net income ttm 6.03
Free cash flow ttm (19.56)
Net debt Q (481.48)
Valuation
P/E 70.34 (above 35: high)
Forward P/E 49.20 (above 35: high)
Price / sales 14.08 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.57
Financial health
Current ratio Q 3.80 (at or above 1.5: strong)
Debt / equity Q 0.08 (at or below 0.5: strong)
Interest coverage Q (2.20)
Growth
Revenue growth Q +162.60% (above 0%: growing)
Operating income growth Q +2,631.34% (above 0%: growing)
EPS, this year +387.32% (at or above 15%: strong)
EPS, next year A +116.33% (at or above 15%: strong)
Revenue, next year A +171.04% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +20.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.3×, against a ten-year median of 1.8×; over the ten years it ranged from 0.6× in 2016 to 56.8× in 2026.
P/E against its own 10 years 84.30%
10-year low 10-year high
P/S against its own 10 years 93.44%
10-year low 10-year high
P/B against its own 10 years 91.31%
10-year low 10-year high
EV/Sales against its own 10 years 93.18%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 52 34 128 554
Receivables 19 26 27 40
Inventory 87 85 82 104
Other — — — —
171 158 247 725
2023 2024 2025 Q'26
Payables 10 12 13 18
ST’ Debt 53 47 63 72
Other — — — —
82 74 91 191

Compound Annual Growth %

10y 5y 3y
Sales 1.32% (1.52%) (14.46%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 7.99% 7.36% 6.59%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.31 Actual 0.41

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.04 −0.05 Miss by 0.01
Q1 FY26 −0.04 −0.01 Beat by 0.03
Q2 FY26 0.07 0.19 Beat by 0.12
Q3 FY26 0.31 0.41 Beat by 0.10
Q4 FY26 0.36 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.03) 0.17 0.45 — —
’25 (0.20) (0.16) (0.04) (0.08) (0.49)
’24 (0.05) (0.04) (0.07) (0.12) (0.27)
’23 (0.08) (0.12) (0.14) (0.09) (0.42)
’22 0.07 0.13 0.13 0.03 0.37
’21 0.08 0.10 0.09 0.07 0.34
’20 (0.01) 0.01 0.02 0.05 0.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 27 48 73 — —
’25 19 18 28 23 88
’24 23 28 24 25 99
’23 19 19 17 20 76
’22 40 39 35 27 141
’21 31 34 35 38 137
’20 21 22 25 27 95
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (12) 11 — — —
’25 (3) (5) (9) 4 (13)
’24 (9) 1 (5) 1 (12)
’23 (2) 4 (1) 1 3
’22 (9) 14 (15) 1 (9)
’21 (8) (2) 0 7 (3)
’20 (6) 8 4 0 6
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (13) 4 — — —
’25 (4) (5) (11) 1 (19)
’24 (13) 1 (6) 1 (18)
’23 (5) 1 (5) 2 (7)
’22 (15) 0 (23) 1 (37)
’21 (14) (10) (6) (3) (33)
’20 (8) 4 (1) (8) (14)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 81 99 102 83 95 137 141 76 99 88 171 +0.9% 239 517 677 +97.2%
Gross margin, % 32.43 34.94 36.18 29.82 31.75 34.51 36.93 17.57 23.99 12.73 44.02 (19.7) pt
EBT 6 11 12 (1) 7 18 21 (19) (11) (22) 45 n/m
EBT margin, % 7.01 11.00 11.67 (1.23) 7.42 12.81 14.83 (25.11) (10.73) (24.39) 26.36 (31.4) pt
Net income 5 10 11 (2) 5 17 19 (19) (12) (23) 6 n/m
Per share, $
Per share, $ Revenue 2.53 2.64 2.62 2.11 2.38 3.32 3.35 1.78 2.30 2.01 2.68 (2.5%)
Earnings 0.17 0.27 0.24 (0.07) 0.08 0.35 0.37 (0.42) (0.27) (0.49) 0.54 n/m
Cash flow 0.39 0.23 0.08 0.32 0.15 (0.08) (0.21) 0.08 (0.28) (0.29) 0.00 n/m
Capex (0.08) (0.57) (1.04) (0.55) (0.49) (0.72) (0.68) (0.25) (0.13) (0.14) 0.00 +5.6%
Free cash flow 0.31 (0.34) (0.95) (0.23) (0.35) (0.80) (0.88) (0.17) (0.41) (0.43) 0.00 n/m
Book value 4.27 5.03 4.98 4.88 5.18 5.56 5.82 5.33 5.01 6.75 14.74 +5.2%
Shares, m 32 37 39 39 40 41 42 43 43 44 56 +3.5%
Valuation, ×
Valuation, × P/E 28.82 33.65 18.13 0.00 136.71 25.17 11.81 0.00 0.00 0.00 70.34 25.4
P/S 1.94 3.32 1.66 2.06 4.03 2.65 1.30 1.39 0.94 8.13 14.08 2.7
P/B 1.18 1.77 0.89 0.91 1.88 1.61 0.76 0.47 0.44 2.45 2.57 1.2
EV/Sales 1.35 2.67 1.28 1.73 3.40 2.46 1.28 1.41 1.09 7.40 11.27 2.4
EV/FCF 11.20 (20.66) (3.53) (15.75) (23.17) (10.24) (4.87) (15.12) (6.04) (34.81) (98.46) (12.3)
Cash, $m
Cash, $m Operating cash flow 13 9 3 13 6 (3) (9) 3 (12) (13) (6) n/m
Capex (3) (21) (40) (22) (20) (30) (28) (10) (6) (6) (14) +9.3%
Free cash flow 10 (13) (37) (9) (14) (33) (37) (7) (18) (19) (20) n/m
Balance, $m
Balance, $m Working capital 91 118 100 86 125 112 108 89 84 156 534 +6.1%
Net debt (48) (64) (39) (31) (62) (28) (4) 1 13 (66) (481) +3.6%
Shareholders’ equity 137 188 195 193 208 230 245 227 216 297 941 +8.9%
Returns, %
Returns, % ROA 3.57 5.46 4.44 (1.16) 1.24 4.62 4.50 (4.91) (3.33) (5.50) 4.08 (9.1) pt
ROIC 4.47 6.37 4.87 (0.12) 1.69 3.99 3.25 (5.91) (4.03) (5.95) 4.55 (10.4) pt
ROE 4.08 6.26 5.14 (1.37) 1.65 6.77 6.76 (7.69) (5.32) (8.41) 5.58 (12.5) pt
People
People Employees 686 694 781 730 784 1,008 1,076 999 1,075 1,072 — +5.1%
Revenue/emp, $m 0.12 0.14 0.13 0.11 0.12 0.14 0.13 0.08 0.09 0.08 — (4.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

AXT Inc vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KLIC Kulicke and Soffa Industries, Inc. $3.1B 27.4× 22.1× +122.63% (above 0%: growing) n/m +856.72% (above 0%: growing) 47.80% 20.66% Compare
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
ACMR ACM Research, Inc. $2.7B 17.8× 16.8× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23% Compare
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
AXTI AXT Inc $2.4B 70.3× 49.2× +162.60% (above 0%: growing) n/m +173.29% (above 0%: growing) 55.98% 38.72%
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73% Compare
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40% Compare
Median of peers $2.5B 44.2× 35.3× +31.12% +105.91% +46.10% 43.24% 7.31%

All 30 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.67m 14.00m 170.85
2024 1.06m 1.22m 22.68
2023 738.17k (29.33k) 25.08
2022 1.42m (977.38k) 45.77
2021 2.84m 1.81m 92.06

Ownership

Directors and executive officers, together 5.97%
Cleveland Capital Management 5.49%
Morris S. Young 5.09%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

AXT Inc (AXTI) Latest News

5 Nov

Impact 3 · · Zacks

3 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · Zacks
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Moby

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · Associated Press
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks

28 Oct

Impact 4 · · Business Wire

27 Oct

Impact 4 · · Zacks

26 Oct

Impact 4 · · 24/7 Wall St.

16 Oct

Impact 3 · · Simply Wall St.

15 Oct

Impact 4 · · Barchart

13 Oct

Impact 3 · · Zacks

9 Oct

Impact 4 · · TIKR

7 Oct

Impact 4 · · Zacks

5 Oct

Impact 4 · · Zacks

29 Sep

Impact 3 · · Zacks

21 Sep

Impact 4 · · Insider Monkey

18 Sep

Impact 4 ·

16 Sep

Impact 3 ·
Impact 3 ·
Impact 3 ·

10 Sep

Impact 3 ·

9 Sep

Impact 4 ·

27 Aug

Impact 3 ·

19 Aug

Impact 4 ·
Impact 3 ·

AXTI metrics, ten years each

stockrow.com/AXTI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com