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AXT Inc (AXTI) vs Photronics, Inc. (PLAB)

AXT Inc and Photronics, Inc. are both Semiconductor Equipment & Materials companies. AXT Inc is the larger, with a market value of $2.4B against $1.5B — 1.6× the size. Photronics, Inc. trades at the lower P/E: 9.6× against 72.2×. AXT Inc grew revenue faster over the last twelve months: 89.1% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs 18.5%) and the higher return on invested capital (11.3% vs 4.55%). Across the 21 metrics below, Photronics, Inc. leads on 19 and AXT Inc on 2.

Valuation

Metric AXTI PLAB Semiconductor Equipment & Materials median
P/E 72.15 9.60 35.94
P/S 14.44 1.84 4.44
P/B 2.63 0.91 3.09
Price to free cash flow n/m 14.47 33.07
EV/EBITDA 147.00 3.37 23.48
EV/Sales 11.63 1.06 5.23
Earnings yield 1.39% 10.42% 2.34%
Free cash flow yield (0.79%) 6.91% 2.18%

Profitability

Metric AXTI PLAB Semiconductor Equipment & Materials median
Gross margin 44.02% 33.65% 46.86%
Operating margin 19.55% 22.46% 12.02%
Net margin 18.53% 19.04% 10.20%
Free cash flow margin 0.00% 12.74% 6.73%
Return on equity 5.58% 10.06% 5.32%
Return on assets 4.08% 8.82% 4.10%
Return on invested capital 4.55% 11.32% 6.36%

Growth

Metric AXTI PLAB Semiconductor Equipment & Materials median
Revenue growth (TTM) 89.14% 1.25% 16.16%
EPS growth (last fiscal year) (81.48%) 9.09% (4.56%)
Revenue growth, 5-year CAGR (1.52%) 6.85% 10.11%
Net income growth, 5-year CAGR 0.00% 32.17% 0.00%

Health

Metric AXTI PLAB Semiconductor Equipment & Materials median
Debt to equity 0.08 0.00 0.09
Current ratio 3.80 4.94 3.44
Net debt to EBITDA 5.10 (2.06) (0.49)

Dividend

Metric AXTI PLAB Semiconductor Equipment & Materials median
Dividend yield — — 0.55%
Payout ratio — — 0.16

Size

Metric AXTI PLAB Semiconductor Equipment & Materials median
Market cap 2.41b 1.50b 2.69b

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