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AXT Inc (AXTI) vs Ultra Clean Holdings, Inc. (UCTT)

AXT Inc and Ultra Clean Holdings, Inc. are both Semiconductor Equipment & Materials companies. AXT Inc is the larger, with a market value of $2.4B against $1.8B — 1.4× the size. Ultra Clean Holdings, Inc. trades at the lower P/E: 60.9× against 70.3×. AXT Inc grew revenue faster over the last twelve months: 89.1% against 15.8%. AXT Inc has the higher net margin (18.5% vs 1.09%) and the lower return on invested capital (4.55% vs 5.60%). Across the 20 metrics below, AXT Inc leads on 11 and Ultra Clean Holdings, Inc. on 9.

Valuation

Metric AXTI UCTT Semiconductor Equipment & Materials median
P/E 70.34 60.90 33.70
P/S 14.08 0.70 4.22
P/B 2.57 2.10 2.94
Price to free cash flow n/m n/m 31.49
EV/EBITDA 142.42 11.22 22.64
EV/Sales 11.27 0.85 4.97
Earnings yield 1.42% 1.64% 2.02%
Free cash flow yield (0.81%) (9.77%) 2.27%

Profitability

Metric AXTI UCTT Semiconductor Equipment & Materials median
Gross margin 44.02% 16.11% 46.86%
Operating margin 19.55% 4.32% 12.02%
Net margin 18.53% 1.09% 10.16%
Free cash flow margin 0.00% (6.84%) 6.73%
Return on equity 5.58% 3.34% 5.31%
Return on assets 4.08% 1.39% 4.10%
Return on invested capital 4.55% 5.60% 6.36%

Growth

Metric AXTI UCTT Semiconductor Equipment & Materials median
Revenue growth (TTM) 89.14% 15.79% 15.82%
EPS growth (last fiscal year) (81.48%) (869.23%) (4.56%)
Revenue growth, 5-year CAGR (1.52%) 7.99% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AXTI UCTT Semiconductor Equipment & Materials median
Debt to equity 0.08 0.78 0.09
Current ratio 3.80 2.79 3.56
Net debt to EBITDA 5.10 1.35 (0.49)

Dividend

Metric AXTI UCTT Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric AXTI UCTT Semiconductor Equipment & Materials median
Market cap 2.41b 1.78b 3.04b

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