AXT vs Camtek
Camtek is the larger business, with $496m of revenue in fiscal 2025 against $88.3m for AXT (5.6 times as much). Camtek grew faster (15.6% against -11.1%). Camtek kept more of each dollar of sales as profit: a net margin of 10.2% against -24.1%. AXT carries less debt relative to equity (26.5% against 84.3%).
| Latest fiscal year | AXTAXTI, 2025 | CamtekCAMT, 2025 |
|---|---|---|
| Revenue | $88.3m | $496m |
| Revenue growth | -11.1% | 15.6% |
| Net income | −$21.3m | $50.7m |
| Operating margin | -24.9% | 25.8% |
| Net margin | -24.1% | 10.2% |
| Return on equity | -9.1% | 8.7% |
| Free cash flow | −$18.8m | $127m |
| Cash | $120m | $178m |
| Total debt | $72.3m | $520m |
| Debt to equity | 26.5% | 84.3% |
| Dividend per share | — | — |
| Dividend yield | — | 0.0% |
| Share buybacks | — | — |
| Employees | 1,072 | — |
| Market value | $3.40bn | $5.15bn |
| Price vs our value range | — | Above our value range |
| Moat score | 16 (Weak) | 38 (Weak) |
| Insider trades, 12 months | 0 buys, 50 sales | 0 buys, 13 sales |