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AXT Inc (AXTI) vs Veeco Instruments Inc. (VECO)

AXT Inc and Veeco Instruments Inc. are both Semiconductor Equipment & Materials companies. AXT Inc is the larger, with a market value of $2.4B against $2.0B — 1.2× the size. AXT Inc trades at the lower P/E: 70.3× against 80.7×. AXT Inc grew revenue faster over the last twelve months: 89.1% against 6.58%. AXT Inc has the higher net margin (18.5% vs 0.00%) and the higher return on invested capital (4.55% vs 2.05%). Across the 20 metrics below, AXT Inc leads on 10 and Veeco Instruments Inc. on 10.

Valuation

Metric AXTI VECO Semiconductor Equipment & Materials median
P/E 70.34 80.74 33.70
P/S 14.08 2.85 4.22
P/B 2.57 2.24 2.94
Price to free cash flow n/m 16.46 31.49
EV/EBITDA 142.42 44.09 22.64
EV/Sales 11.27 2.54 4.97
Earnings yield 1.42% 1.24% 2.02%
Free cash flow yield (0.81%) 6.08% 2.27%

Profitability

Metric AXTI VECO Semiconductor Equipment & Materials median
Gross margin 44.02% 37.39% 46.86%
Operating margin 19.55% 3.02% 12.02%
Net margin 18.53% 0.00% 10.16%
Free cash flow margin 0.00% 17.32% 6.73%
Return on equity 5.58% 0.00% 5.31%
Return on assets 4.08% 0.00% 4.10%
Return on invested capital 4.55% 2.05% 6.36%

Growth

Metric AXTI VECO Semiconductor Equipment & Materials median
Revenue growth (TTM) 89.14% 6.58% 15.82%
EPS growth (last fiscal year) (81.48%) (52.03%) (4.56%)
Revenue growth, 5-year CAGR (1.52%) 7.90% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AXTI VECO Semiconductor Equipment & Materials median
Debt to equity 0.08 0.25 0.09
Current ratio 3.80 3.87 3.56
Net debt to EBITDA 5.10 (2.95) (0.49)

Dividend

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

Size

Metric AXTI VECO Semiconductor Equipment & Materials median
Market cap 2.41b 2.03b 3.04b

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