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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Market cap: $3.8B
P/E: 1,716×
Fwd P/E: 379×
Dividend yield: —
F-score: 3/9
Altman Z: 3.40
Beneish M: −2.10
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 78.77

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	8	3	—	—	13	—	—	8	—	1	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 3,800.00

Revenue 125.51

Net Income 6.03

Free Cash Flow (19.56)

Net Debt (366.01)

Current Ratio 4.77

Debt/Equity 0.09

P/E ratio 1,715.67

Fwd P/E 379.00

P/S ratio 25.11

P/B ratio 3.47

Past 5Y EPS Growth —

This Y EPS Growth 308.78%

Next Y EPS Growth 158.88%

Next Y revenue growth 146.81%

Next 5Y EPS Growth 20.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 95.40%

10-year low 10-year high

P/S against its own 10 years 94.99%

10-year low 10-year high

P/B against its own 10 years 93.73%

10-year low 10-year high

EV/Sales against its own 10 years 94.73%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	52	34	128	450
Receivables	19	26	27	37
Inventory	87	85	82	96
Other	—	—	—	—
	171	158	247	599

	2023	2024	2025	Q'26
Payables	10	12	13	14
ST’ Debt	53	47	63	84
Other	—	—	—	—
	82	74	91	126

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	27	48	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.03)	0.17	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	2.28	4.68	3.93	2.72	1.85	6.53	4.17	1.89	1.73	1.13	Analyst estimates 2026–2028 Powerpack
	High	5.97	10.75	9.45	6.14	11.65	15.84	9.94	6.57	5.64	17.25
People
People	Employees	686	694	781	730	784	1,008	1,076	999	1,075	1,072
	Revenue/emp, $m	0.12	0.14	0.13	0.11	0.12	0.14	0.13	0.08	0.09	0.08
Income, $m
Income, $m	Revenue	81	99	102	83	95	137	141	76	99	88
	Gross margin, %	32.43	34.94	36.18	29.82	31.75	34.51	36.93	17.57	23.99	12.73
	EBT	6	11	12	(1)	7	18	21	(19)	(11)	(22)
	EBT margin, %	7.01	11.00	11.67	(1.23)	7.42	12.81	14.83	(25.11)	(10.73)	(24.39)
	Net income	5	10	11	(2)	5	17	19	(19)	(12)	(23)
	Depreciation	5	5	5	6	4	7	8	9	9	9
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
	Earnings	0.17	0.27	0.24	(0.07)	0.08	0.35	0.37	(0.42)	(0.27)	(0.49)
	Cash flow	0.39	0.23	0.08	0.32	0.15	(0.08)	(0.21)	0.08	(0.28)	(0.29)
	Capex	(0.08)	(0.57)	(1.04)	(0.55)	(0.49)	(0.72)	(0.68)	(0.25)	(0.13)	(0.14)
	Free cash flow	0.31	(0.34)	(0.95)	(0.23)	(0.35)	(0.80)	(0.88)	(0.17)	(0.41)	(0.43)
	Book value	4.27	5.03	4.98	4.88	5.18	5.56	5.82	5.33	5.01	6.75
	Shares, m	32	37	39	39	40	41	42	43	43	44
Valuation, ×
Valuation, ×	P/E	28.82	33.65	18.13	0.00	136.71	25.17	11.81	0.00	0.00	0.00
	P/S	1.94	3.32	1.66	2.06	4.03	2.65	1.30	1.39	0.94	8.13
	P/B	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/FCF	11.20	(20.66)	(3.53)	(15.75)	(23.17)	(10.24)	(4.87)	(15.12)	(6.04)	(34.81)
Cash, $m
Cash, $m	Operating cash flow	13	9	3	13	6	(3)	(9)	3	(12)	(13)
	Capex	(3)	(21)	(40)	(22)	(20)	(30)	(28)	(10)	(6)	(6)
	Free cash flow	10	(13)	(37)	(9)	(14)	(33)	(37)	(7)	(18)	(19)
Balance, $m
Balance, $m	Working capital	91	118	100	86	125	112	108	89	84	156
	Total debt	—	—	—	6	10	14	47	53	47	63
	Net debt	(48)	(64)	(39)	(31)	(62)	(28)	(4)	1	13	(66)
	Shareholders’ equity	137	188	195	193	208	230	245	227	216	297
Returns, %
Returns, %	ROA	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)
	ROE	4.08	6.26	5.14	(1.37)	1.65	6.77	6.76	(7.69)	(5.32)	(8.41)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$4.4B	35.6×	34.7×	+122.63% (above 0%: growing)	n/m	+856.72% (above 0%: growing)	47.80%	20.66%	Compare
ACMR ACM Research, Inc.	$4.1B	23.6×	36.3×	+36.01% (above 0%: growing)	+178.72% (above 0%: growing)	−19.43% (below 0%: shrinking)	45.96%	16.98%	Compare
AXTI AXT Inc	$3.8B	1,716×	379×	+164.77% (above 0%: growing)	n/m	+173.29% (above 0%: growing)	44.90%	21.90%
ACLS Axcelis Technologies, Inc.	$3.6B	36.1×	59.9×	+10.60% (above 0%: growing)	−23.23% (below 0%: shrinking)	−60.74% (below 0%: shrinking)	42.38%	9.43%	Compare
IPGP IPG Photonics Corporation	$3.1B	108×	82.3×	+11.11% (above 0%: growing)	−25.00% (below 0%: shrinking)	+200.46% (above 0%: growing)	40.39%	1.63%	Compare
AMBA Ambarella, Inc.	$2.8B	— (loss-making)	— (loss-making)	+13.21% (above 0%: growing)	n/m	−612.08% (below 0%: shrinking)	57.73%	(7.53%)	Compare
VECO Veeco Instruments Inc.	$2.8B	113×	57.6×	+16.48% (above 0%: growing)	−5.00% (below 0%: shrinking)	+776.15% (above 0%: growing)	38.68%	6.13%	Compare
COHU Cohu, Inc.	$2.6B	— (loss-making)	— (loss-making)	+38.37% (above 0%: growing)	n/m	−39.36% (below 0%: shrinking)	45.36%	0.20%	Compare
UCTT Ultra Clean Holdings, Inc.	$2.5B	— (loss-making)	98.9×	+24.31% (above 0%: growing)	n/m	−558.40% (below 0%: shrinking)	16.08%	4.57%	Compare
Median of peers	$3.0B	36.1×	58.8×	+20.40%	−14.11%	−29.39%	43.87%	5.35%

All 29 Semiconductor Equipment & Materials stocks →

AXT Inc (AXTI) key facts

Concern: AXT Inc’s revenue for fiscal 2025 (year ended December 2025) was $88.3 million, down 11.1% from fiscal 2024.
AXT Inc (AXTI) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, AXTI traded at $51.47, a market capitalization of $3.8 billion.
Return on equity was −8.41% and debt-to-equity 0.09.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 3.40 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.