Saturday 17 October 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. In the quarter to June 2026, revenue grew 164.8%, EPS grew 212.5%, free cash flow grew 173.3% and total debt rose 50.6%, each against the same quarter a year earlier.
51.47
6.44
−11.12%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
28.82 | 33.65 | 18.13 | 0.00 | 136.71 | 25.17 | 11.81 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
8 | 6 | 4 | 3 | 7 | 5 | 3 | 3 | 5 | 3 |
P/S ratio |
1.94 | 3.32 | 1.66 | 2.06 | 4.03 | 2.65 | 1.30 | 1.39 | 0.94 | 8.13 |
Altman Z-Score |
6.28 | 9.51 | 4.41 | 3.90 | 3.19 | 2.95 | 1.67 | 0.65 | 0.72 | 3.40 |
P/FCF ratio |
16.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
11.35 | 11.86 | 9.68 | 8.43 | 4.76 | 4.54 | 4.08 | 2.75 | 2.76 | 3.80 |
Beneish M-Score |
(3.19) | (1.99) | (2.68) | (2.67) | (2.19) | (1.72) | (2.55) | (2.60) | (2.27) | (2.10) |
P/Operating CF |
22.51 | 524.22 | 49.31 | 32.28 | (837.16) | 49.04 | 343.27 | 73.71 | 73.74 | 167.44 |
P/B ratio |
1.18 | 1.77 | 0.89 | 0.91 | 1.88 | 1.61 | 0.76 | 0.47 | 0.44 | 2.45 |
Price to Tangible BV |
1.18 | 1.77 | 0.89 | 0.91 | 1.88 | 1.61 | 0.76 | 0.47 | 0.44 | 2.45 |
EV/Sales |
1.35 | 2.67 | 1.28 | 1.73 | 3.40 | 2.46 | 1.28 | 1.41 | 1.09 | 7.40 |
EV/EBITDA |
9.66 | 15.28 | 7.66 | 27.39 | 39.03 | 16.83 | 8.75 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
8.79 | 30.56 | 40.86 | 11.37 | 55.28 | (102.06) | (20.69) | 31.42 | (8.92) | (51.14) |
EV/FCF |
11.20 | (20.66) | (3.53) | (15.75) | (23.17) | (10.24) | (4.87) | (15.12) | (6.04) | (34.81) |
Quick Ratio |
3.89 | 3.86 | 2.03 | 2.01 | 2.49 | 1.61 | 1.06 | 0.88 | 0.80 | 1.71 |
Current Ratio |
6.73 | 6.22 | 4.48 | 4.11 | 4.21 | 3.35 | 2.44 | 2.09 | 2.13 | 2.72 |
Net Debt/EBITDA |
(4.18) | (3.74) | (2.25) | (5.82) | (7.52) | (1.40) | (0.17) | (0.05) | (2.31) | 5.10 |
Debt/Assets |
0.00% | 0.00% | 0.00% | 2.57% | 3.48% | 4.25% | 12.72% | 14.75% | 13.93% | 14.48% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.03 | 0.05 | 0.06 | 0.19 | 0.23 | 0.22 | 0.21 |
Asset Turnover |
0.53 | 0.54 | 0.47 | 0.37 | 0.37 | 0.44 | 0.40 | 0.21 | 0.28 | 0.23 |
Operating CF/Net income |
2.29 | 0.86 | 0.33 | (4.87) | 1.81 | (0.23) | (0.55) | (0.19) | 1.04 | 0.60 |
Capex/Depreciation |
(0.54) | (4.65) | (8.04) | (3.91) | (4.55) | (4.15) | (3.48) | (1.20) | (0.64) | (0.66) |
Interest Coverage |
15.71 | 27.42 | 23.01 | (1.01) | 22.01 | 60.55 | 11.72 | (14.13) | (11.05) | (17.48) |
| 4.08% | 6.26% | 5.14% | (1.37%) | 1.65% | 6.77% | 6.76% | (7.69%) | (5.32%) | (8.41%) | |
| 3.57% | 5.46% | 4.44% | (1.16%) | 1.24% | 4.62% | 4.50% | (4.91%) | (3.33%) | (5.50%) | |
ROIC |
4.47% | 6.37% | 4.87% | (0.12%) | 1.69% | 3.99% | 3.25% | (5.91%) | (4.03%) | (5.95%) |
Return on Tangible Assets |
4.58% | 6.06% | 5.30% | (1.42%) | 1.34% | 5.72% | 5.87% | (7.00%) | (4.77%) | (6.69%) |
Average Days of Receivables |
64.85 | 84.26 | 69.82 | 83.43 | 94.00 | 92.55 | 75.66 | 92.73 | 94.19 | 110.95 |
Research and Development Expense of Revenue |
7.19% | 4.89% | 5.76% | 7.01% | 7.48% | 7.52% | 9.86% | 15.94% | 14.64% | 10.25% |
Selling, General and Administrative Expense of Revenue |
17.06% | 17.24% | 18.56% | 23.19% | 20.13% | 17.61% | 18.18% | 30.09% | 24.25% | 27.36% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
1.35% | 1.42% | 1.88% | 2.82% | 2.75% | 3.29% | 2.84% | 4.67% | 3.12% | 3.73% |
Graham Net Nets |
0.57 | 0.36 | 0.59 | 0.48 | 0.19 | 0.16 | 0.32 | 0.37 | 0.38 | 0.15 |
Graham Number |
3.99 | 5.37 | 5.14 | 0.00 | 2.83 | 6.56 | 6.91 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
3.47% | 2.97% | 5.52% | (1.38%) | 0.73% | 3.97% | 8.47% | (17.41%) | (12.90%) | (2.94%) |
Free Cash Flow Yield |
6.23% | (3.89%) | (21.91%) | (5.32%) | (3.64%) | (9.04%) | (20.23%) | (6.71%) | (19.10%) | (2.61%) |
Revenue per Share |
2.53 | 2.64 | 2.62 | 2.11 | 2.38 | 3.32 | 3.35 | 1.78 | 2.30 | 2.01 |
Operating CF per Share |
0.39 | 0.23 | 0.08 | 0.32 | 0.15 | (0.08) | (0.21) | 0.08 | (0.28) | (0.29) |
Capex per Share |
(0.08) | (0.57) | (1.04) | (0.55) | (0.49) | (0.72) | (0.68) | (0.25) | (0.13) | (0.14) |
Free Cash Flow per Share |
0.31 | (0.34) | (0.95) | (0.23) | (0.35) | (0.80) | (0.88) | (0.17) | (0.41) | (0.43) |
Cash per Share |
1.48 | 1.72 | 0.99 | 0.92 | 1.81 | 1.02 | 1.20 | 1.23 | 0.78 | 2.92 |
Shareholders Equity per Share |
4.27 | 5.03 | 4.98 | 4.88 | 5.18 | 5.56 | 5.82 | 5.33 | 5.01 | 6.75 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.27 | 5.03 | 4.98 | 4.88 | 5.18 | 5.56 | 5.82 | 5.33 | 5.01 | 6.75 |
Free Cash Flow |
9.81 | (12.74) | (37.22) | (9.13) | (13.99) | (32.95) | (37.23) | (7.07) | (17.88) | (18.78) |
Working Capital |
91.34 | 117.93 | 99.83 | 85.68 | 125.44 | 112.36 | 108.22 | 89.10 | 84.10 | 156.02 |
Capital Expenditures |
(2.69) | (21.36) | (40.44) | (21.79) | (19.85) | (29.64) | (28.46) | (10.47) | (5.77) | (5.99) |
Net Current Asset Value |
90.43 | 117.64 | 99.55 | 82.62 | 73.63 | 57.59 | 58.37 | 39.44 | 35.29 | 109.38 |
EV/EBIT |
17.11 | 20.83 | 10.83 | 0.00 | 82.28 | 26.15 | 14.44 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.03 | 0.22 | 0.39 | 0.26 | 0.21 | 0.22 | 0.20 | 0.14 | 0.06 | 0.07 |
Price to Operating Income |
24.51 | 25.92 | 13.98 | 0.00 | 97.53 | 28.26 | 14.66 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.18 | 0.10 | 0.06 | 0.06 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 |
Cash ROIC |
5.30% | (5.04%) | (15.96%) | (3.89%) | (4.80%) | (11.52%) | (10.86%) | (2.13%) | (6.01%) | (3.85%) |
Accounts Receivable Turnover |
4.94 | 5.30 | 4.83 | 4.31 | 4.38 | 4.63 | 4.40 | 3.13 | 4.43 | 3.37 |
Accounts Payable Turnover |
8.36 | 7.08 | 5.27 | 4.99 | 5.72 | 6.14 | 6.66 | 6.34 | 6.87 | 6.09 |
Inventory Turnover |
1.41 | 1.49 | 1.25 | 1.08 | 1.29 | 1.53 | 1.14 | 0.71 | 0.88 | 0.92 |
Average Days of Payables |
44.43 | 65.07 | 74.50 | 63.08 | 71.05 | 67.54 | 41.36 | 56.18 | 59.71 | 61.31 |
Days of Inventory on Hand |
266.62 | 260.62 | 327.14 | 307.04 | 288.89 | 267.37 | 367.59 | 505.36 | 411.16 | 386.63 |
Average Receivables |
16.46 | 18.62 | 21.18 | 19.31 | 21.79 | 29.70 | 32.05 | 24.25 | 22.45 | 26.24 |
Average Payables |
6.58 | 9.07 | 12.39 | 11.72 | 11.38 | 14.66 | 13.37 | 9.85 | 10.99 | 12.65 |
Average Inventory |
39.08 | 43.00 | 52.21 | 53.86 | 50.33 | 58.71 | 77.77 | 88.07 | 85.79 | 83.36 |
Average Assets |
153.07 | 182.72 | 217.36 | 223.44 | 261.11 | 315.65 | 351.26 | 364.39 | 349.01 | 386.53 |
Average Common Equity |
133.94 | 159.32 | 187.89 | 190.12 | 196.83 | 215.38 | 233.84 | 232.66 | 218.38 | 252.92 |
Columns are period end dates