/
AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Two of our consolidated subsidiaries produce and sell certain raw materials some of which are used in our substrate manufacturing process and some of which are sold to other companies.
$103.16
$12.54 (-10.84%)
Price from 5 days ago
The business is unprofitable at the operating level (-24.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 11.1% YoY. Margins deteriorated 10.0pp alongside, both lines moving the wrong way.
Negative free cash flow of -$19M. The business is consuming cash, not generating it. Operating margin contracted 10.0pp YoY, cost discipline may be slipping.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$96M
▼ -11.1% YoY
Net Income (TTM)
-$14M
▼ -82.9% YoY
Op. Margin
-13.85%
▼ -10.0pp YoY
ROIC
-3.61%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$28M
▼ -5.0% YoY
Op. Cash Flow (TTM)
-$21M
▼ -5.5% YoY
Net Debt
-$36M
Net Cash Position
Cash & Equiv.
$107M
5Y CAGR: -1.5%
Continue Research