Aehr Test Systems (AEHR) vs AXT Inc (AXTI)

Aehr Test Systems and AXT Inc are both Semiconductor Equipment & Materials companies. AXT Inc is the larger, with a market value of $5.1B against $3.3B — 1.6× the size. Aehr Test Systems has negative trailing earnings, so its P/E is not meaningful; AXT Inc trades at 2,631×. AXT Inc grew revenue faster over the last twelve months: 45.8% against −15.2%. AXT Inc has the higher net margin (3.23% vs −14.3%) and the higher return on invested capital (0.44% vs −8.57%). Across the 18 metrics below, AXT Inc leads on 11 and Aehr Test Systems on 7.

Valuation

Metric AEHR AXTI Semiconductor Equipment & Materials median
P/E n/m 2,631.33 54.39
P/S 64.03 38.51 6.08
P/B 14.58 5.32 4.89
Price to free cash flow n/m n/m 60.92
EV/EBITDA n/m 330.45 39.95
EV/Sales 61.83 35.61 6.36
Earnings yield (0.23%) 0.04% 1.14%
Free cash flow yield (0.17%) (0.40%) 1.28%

Profitability

Metric AEHR AXTI Semiconductor Equipment & Materials median
Gross margin 35.30% 32.18% 43.95%
Operating margin (28.30%) 3.09% 10.32%
Net margin (14.25%) 3.23% 7.45%
Free cash flow margin (10.75%) (15.59%) 6.77%
Return on equity (4.16%) 0.73% 4.78%
Return on assets (3.61%) 0.57% 3.62%
Return on invested capital (8.57%) 0.44% 6.10%

Growth

Metric AEHR AXTI Semiconductor Equipment & Materials median
Revenue growth (TTM) (15.21%) 45.81% 14.60%
EPS growth (last fiscal year) (76.92%) (81.48%) —
Revenue growth, 5-year CAGR 24.67% (1.52%) 8.85%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AEHR AXTI Semiconductor Equipment & Materials median
Debt to equity 0.00 0.09 0.09
Current ratio 10.33 4.77 3.66
Net debt to EBITDA 10.96 5.10 (0.49)

Dividend

Metric AEHR AXTI Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric AEHR AXTI Semiconductor Equipment & Materials median
Market cap 3.26b 5.14b 4.63b

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