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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%
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 (at or above 1.5: strong)
Debt/Equity 0.09 (at or below 0.5: strong)
P/E ratio 1,715.67 (above 35: high)
Fwd P/E 379.00 (above 35: high)
P/S ratio 25.11 (above 10: high)
P/B ratio 3.47
Past 5Y EPS Growth —
This Y EPS Growth 308.78% (at or above 15%: strong)
Next Y EPS Growth 158.88% (at or above 15%: strong)
Next Y revenue growth 146.81% (at or above 10%: strong)
Next 5Y EPS Growth 20.00% (at or above 15%: strong)

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

Valuation vs history

EV/Sales, ten years
EV/Sales is 22.2×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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. $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.

AXT Inc (AXTI) Latest News

16 May

Impact 5 ·

11 May

Impact 5 ·
stockrow.com/AXTI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com