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AXT Inc (AXTI) stock

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NASDAQ: AXTI Nasdaq Semiconductor Materials & Equipment

D Fundamentals grade

AXT Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$35

Valuation models combined (4)

Base case. Range ~$19–$45. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

AXT Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 50 sales by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 113 cuttingOf 53 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter AXT files

Where AXT stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $126m, up 45.8% on a year earlier, against a decline of 0.1% a quarter earlier. That growth ranks 2 of 16 among the semiconductor materials & equipment companies we cover. Free-cash-flow margin held at -15.6%. Operating margin widened to 3.1% from -30.9%. The diluted share count is up 18.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $20.49 a share, against a share price of $61.94.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

AXT Inc's trailing-twelve-month revenue grew 45.8% year on year, with a free-cash-flow margin of -15.6%. Where it stands out: change in growth rate of +45.9pp ranks 1 of 20 semiconductor materials & equipment companies we cover. Where it lags: free-cash-flow margin of -15.6% ranks 20 of 20 semiconductor materials & equipment companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 45.8% (+45.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 45.8% over the last 12 months, against a median of 15.8% for semiconductor materials & equipment companies we cover.
  • Growth speeding up. The growth rate is 45.9 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 34.0 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Burning cash. Free cash flow was -15.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 18.1% in a year.
  • High earnings multiple. The shares trade at 610 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 153% and a beta of 4.3 against the S&P 500.
  • Insiders selling. 5 insiders sold $79M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -483% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.41 against an average estimate of $0.31: beat by 33.1%
Revenue
$48m, up 164.8% on a year earlier
Share reaction
-14.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.36

AXT's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-12.5%
  • 1 week-14.3%
  • 1 month-43.9%
  • This year+194.8%
  • 1 year+506.3%
  • 5 years+450.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$126M
Operating margin
3.1%
Net margin
3.2%
EPS (TTM, diluted)
$0.08

Growth

Revenue growth
+45.8%
Change in growth rate
+45.9 pts
Share count change
+18.1%

Cash

Free cash flow (TTM)
-$19.6M
FCF margin
-15.6%
Stock pay % of revenue
3.0%

Earnings

Last results
October 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Results
  4. Agreement
  5. Governance
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

AXT Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value AXT Inc as an operating company, with every model that fits that kind of business. Cost of equity 13.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$45 ~$28–$60 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$31–$49 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.3 ~$0.8–$2.0 Left out: out of range vs price (0.03x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$16–$45 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$22 ~$20–$25 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$35 ~$19–$45 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare AXT Inc with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$2.48$4.80$8.70$4.35$4.35$9.57$8.81$4.38$2.40$2.17$16.35$48.20
Market value$80m$158m$339m$175m$172m$393m$376m$187m$102m$94m$718m$2.5bn
+ Net debt (− = net cash)−$25m−$36m−$44m−$17m−$21m−$62m−$25m$12m$15m$32m−$48m−$323m
Enterprise value$55m$122m$295m$159m$151m$330m$352m$199m$118m$125m$670m$2.2bn
Multiples
Price / sales 1.0x1.9x3.4x1.7x2.1x4.1x2.7x1.3x1.4x0.9x8.1x19.7x
Price / earnings —28.0x33.4x18.1x—121.3x25.8x11.8x———n/m
Price / free cash flow —16.2x——————————
EV / EBITDA 92.3x10.8x17.3x9.3x28.9x39.9x17.6x9.6x———159.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard AXT's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 1.2% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 32.6%, moving by 7.4 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.0%; its worst year was -30.9%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -17.0% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 21.5% over five years; stock-based pay has been a median 3.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.87 +312% $218m +147%
Next $2.25 +159% $461m +111%

Next year's EPS estimate has moved +189.2% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +106.7% on 90 days ago. In the last 30 days, 4 analysts raised AXT Inc's forecast and 0 cut it.

Consensus EPS forecast AXT Inc, last 90 days
$0.00 $1.00 $2.00 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.42 Current fiscal year, 60 days ago: $0.87 Current fiscal year, 30 days ago: $0.87 Current fiscal year, 7 days ago: $0.87 Current fiscal year, Now: $0.87 $0.87 Next fiscal year, 90 days ago: $0.78 Next fiscal year, 60 days ago: $2.23 Next fiscal year, 30 days ago: $2.25 Next fiscal year, 7 days ago: $2.25 Next fiscal year, Now: $2.25 $2.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.42$0.78
60 days ago $0.87$2.23
30 days ago $0.87$2.25
7 days ago $0.87$2.25
Now $0.87$2.25

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.31 $0.41 +33.1%
Jun 2026 $0.07 $0.19 +163.9%
Mar 2026 −$0.05 −$0.01 +78.3%
Dec 2025 −$0.06 −$0.05 +13.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in AXT Inc's latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315
  4. Jul 20261315

Counts of recommendations published by analysts covering AXT Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.1%
of tradable shares
Days to cover
1.36
at average volume
Short interest, 1 month
+36%
to October 15, 2026
Held by institutions
75%
of shares
Held by insiders
4.0%
of shares
Employees
1,541
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +506.3%

$7.95 on October 31, 2025 to $48.20

ThenNowEffect
Revenue (last 12 months) $86m $126m +45.8%
P/S multiple 4.0x 19.7x +391.1%
Share count 43m 51m −15.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +2042.2%

$2.25 on November 3, 2023 to $48.20

ThenNowEffect
Revenue (last 12 months) $100m $126m +25.5%
P/S multiple 1.0x 19.7x +1951.1%
Share count 43m 51m −16.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AXTI−8%−50%−45%−10%+654%+195%
Industry peers (median)+67%−36%+44%+0%+27%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AXTI50%25%33%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AXTI−51%−56%−70%−68%−53%−74%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from February 19, 2021 to April 11, 2025. Getting back needed a 1225% gain, reached on December 10, 2025, 243 days after the low.

Price behaviour

52-week range
$8.46 – $140.83
From 52-week high
−65.8%
vs 50-day average
−26.8%
vs 200-day average
−25.8%
Volatility (1 year)
153%
Beta vs S&P 500
4.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±20.4%
After a week
5 up, 6 down
typical move ±30.0%
After a month
7 up, 4 down
typical move ±40.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −14.5% −2.1% — —
July 30, 2026 +63.5% +2.4% +103.3% +58.6%
April 30, 2026 +35.1% +1.3% +52.6% +54.1%
April 20, 2026 −9.2% −0.9% −15.0% +36.7%
February 19, 2026 +26.1% +0.5% +57.7% +130.4%
January 9, 2026 −13.9% +0.8% −14.5% −5.7%
October 30, 2025 +12.4% −0.8% +25.5% +52.6%
July 31, 2025 −9.4% −2.0% −2.8% +36.8%
July 9, 2025 −4.6% +0.9% +0.8% −13.1%
May 1, 2025 −0.7% +2.2% −6.4% +12.1%
February 20, 2025 −31.3% −2.1% −28.3% −27.0%
October 31, 2024 −23.6% −1.5% −23.6% −19.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

AXT Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) AXT Inc
$60M $80M $100M $120M $140M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $82.2M Revenue (TTM), FY23 Q4: $75.8M Revenue (TTM), FY24 Q1: $79.1M Revenue (TTM), FY24 Q2: $88.4M Revenue (TTM), FY24 Q3: $94.7M Revenue (TTM), FY24 Q4: $99.4M Revenue (TTM), FY25 Q1: $96M Revenue (TTM), FY25 Q2: $86.1M Revenue (TTM), FY25 Q3: $90.4M Revenue (TTM), FY25 Q4: $88.3M Revenue (TTM), FY26 Q1: $95.9M Revenue (TTM), FY26 Q2: $125.5M $125.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $82.2M
FY23 Q4 $75.8M
FY24 Q1 $79.1M
FY24 Q2 $88.4M
FY24 Q3 $94.7M
FY24 Q4 $99.4M
FY25 Q1 $96M
FY25 Q2 $86.1M
FY25 Q3 $90.4M
FY25 Q4 $88.3M
FY26 Q1 $95.9M
FY26 Q2 $125.5M
Revenue growth, TTM YoY AXT Inc
-50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -46.0% Revenue growth, TTM YoY, FY23 Q4: -46.3% Revenue growth, TTM YoY, FY24 Q1: -34.6% Revenue growth, TTM YoY, FY24 Q2: -11.6% Revenue growth, TTM YoY, FY24 Q3: 15.2% Revenue growth, TTM YoY, FY24 Q4: 31.1% Revenue growth, TTM YoY, FY25 Q1: 21.4% Revenue growth, TTM YoY, FY25 Q2: -2.6% Revenue growth, TTM YoY, FY25 Q3: -4.5% Revenue growth, TTM YoY, FY25 Q4: -11.1% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 45.8% 45.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -46.0%
FY23 Q4 -46.3%
FY24 Q1 -34.6%
FY24 Q2 -11.6%
FY24 Q3 15.2%
FY24 Q4 31.1%
FY25 Q1 21.4%
FY25 Q2 -2.6%
FY25 Q3 -4.5%
FY25 Q4 -11.1%
FY26 Q1 -0.1%
FY26 Q2 45.8%
Operating margin (TTM) AXT Inc
-40% -30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -23.1% Operating margin (TTM), FY23 Q4: -28.5% Operating margin (TTM), FY24 Q1: -25.9% Operating margin (TTM), FY24 Q2: -17.6% Operating margin (TTM), FY24 Q3: -12.9% Operating margin (TTM), FY24 Q4: -14.9% Operating margin (TTM), FY25 Q1: -22.6% Operating margin (TTM), FY25 Q2: -30.9% Operating margin (TTM), FY25 Q3: -26.9% Operating margin (TTM), FY25 Q4: -24.9% Operating margin (TTM), FY26 Q1: -13.9% Operating margin (TTM), FY26 Q2: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -23.1%
FY23 Q4 -28.5%
FY24 Q1 -25.9%
FY24 Q2 -17.6%
FY24 Q3 -12.9%
FY24 Q4 -14.9%
FY25 Q1 -22.6%
FY25 Q2 -30.9%
FY25 Q3 -26.9%
FY25 Q4 -24.9%
FY26 Q1 -13.9%
FY26 Q2 3.1%
FCF margin (TTM) AXT Inc
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10.2% FCF margin (TTM), FY23 Q4: -9.3% FCF margin (TTM), FY24 Q1: -19.1% FCF margin (TTM), FY24 Q2: -17.7% FCF margin (TTM), FY24 Q3: -17.8% FCF margin (TTM), FY24 Q4: -18.0% FCF margin (TTM), FY25 Q1: -8.9% FCF margin (TTM), FY25 Q2: -16.2% FCF margin (TTM), FY25 Q3: -20.9% FCF margin (TTM), FY25 Q4: -21.3% FCF margin (TTM), FY26 Q1: -29.2% FCF margin (TTM), FY26 Q2: -15.6% -15.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10.2%
FY23 Q4 -9.3%
FY24 Q1 -19.1%
FY24 Q2 -17.7%
FY24 Q3 -17.8%
FY24 Q4 -18.0%
FY25 Q1 -8.9%
FY25 Q2 -16.2%
FY25 Q3 -20.9%
FY25 Q4 -21.3%
FY26 Q1 -29.2%
FY26 Q2 -15.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 55 95 104 88 85 83 78 81 99 102 83 95 137 141 76 99 88 126
Gross profit 14 36 45 25 12 17 17 26 34 37 25 30 47 52 13 24 11 40
EBITDA 1 23 31 10 −2 3 1 11 17 17 5 8 20 21 −13 −6 −13 13
Operating income −2 20 27 6 −8 −3 −5 6 13 12 −0 4 13 13 −22 −15 −22 4
Net income −2 19 20 3 −8 −1 −2 6 10 10 −3 3 15 16 −18 −12 −21 4
Diluted EPS −$0.07 $0.57 $0.61 $0.09 −$0.25 −$0.05 −$0.07 $0.17 $0.26 $0.24 −$0.07 $0.07 $0.34 $0.37 −$0.42 −$0.27 −$0.49 $0.08
Growth (year on year)
Revenue — +72.5% +9.0% −15.1% −3.4% −2.2% −7.2% +5.0% +21.3% +3.8% −18.7% +14.5% +44.1% +2.7% −46.3% +31.1% −11.1% +45.8%
EBITDA — +>999% +33.7% −68.0% −122.2% — −78.6% — +51.1% −0.3% −69.3% +58.6% +141.4% +3.5% −162.1% — — —
Operating income — — +36.1% −78.3% −228.4% — — — +96.7% −3.9% −102.6% — +227.3% −2.7% −271.8% — — —
Net income — — +8.9% −84.7% −355.9% — — — +80.1% −4.9% −126.9% — +350.1% +8.5% −213.1% — — —
Diluted EPS — — +7.0% −85.2% −377.8% — — — +52.9% −7.7% −129.2% — +385.7% +8.8% −213.5% — — —
Margins
Gross margin 25.1% 38.2% 43.0% 28.1% 13.9% 20.6% 21.7% 32.4% 34.9% 36.2% 29.8% 31.7% 34.5% 36.9% 17.6% 24.0% 12.7% 32.2%
EBITDA margin 2.6% 24.2% 29.7% 11.2% −2.6% 3.3% 0.8% 13.9% 17.3% 16.6% 6.3% 8.7% 14.5% 14.6% −16.9% −5.9% −14.6% 10.7%
Operating margin −2.9% 21.1% 26.4% 6.7% −9.0% −3.4% −6.3% 7.9% 12.8% 11.9% −0.4% 4.1% 9.4% 8.9% −28.5% −14.9% −24.9% 3.1%
Net margin −3.4% 19.5% 19.5% 3.5% −9.3% −1.7% −2.9% 6.9% 10.3% 9.4% −3.1% 3.4% 10.6% 11.2% −23.6% −11.7% −24.1% 3.2%
Free-cash-flow margin 4.9% 4.8% 4.8% 16.1% −3.4% 1.8% −2.9% 12.0% −12.9% −36.4% −11.0% −14.7% −24.0% −26.4% −9.3% −18.0% −21.3% −15.6%
Cash flow
Cash from operations 5 11 18 21 3 3 2 13 9 3 13 6 −3 −9 3 −12 −13 −6
Capital spending 2 6 13 7 5 2 4 3 21 41 22 20 30 28 10 6 6 14
Free cash flow 3 5 5 14 −3 2 −2 10 −13 −37 −9 −14 −33 −37 −7 −18 −19 −20
Stock-based pay 1 1 1 1 1 1 1 1 1 2 2 3 5 4 4 3 3 4
Free cash flow after stock pay 2 4 4 13 −4 0 −4 9 −14 −39 −11 −17 −37 −41 −11 −21 −22 −23
Balance sheet
Cash 17 24 25 31 25 29 25 36 44 17 27 73 37 35 38 23 120 412
Total debt 0 0 0 0 0 0 0 0 0 0 6 10 12 47 53 54 72 89
Net debt (negative = net cash) −17 −24 −25 −31 −25 −29 −25 −36 −44 −17 −21 −62 −25 12 15 32 −48 −323
Diluted shares 31m 33m 33m 33m 33m 32m 32m 33m 39m 40m 39m 41m 43m 43m 43m 43m 44m 51m
Returned to shareholders
Buybacks — — 0 0 1 0 2 — — — — — — — — — — —
Total returned — — 0 0 1 0 2 — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.1bn
Short-term assets $599mLonger-term assets $498m
What it owes, and who funded it · $1.0bn
Short-term liabilities $126mLonger-term liabilities $20mShareholders' equity $887m
  • Short-term assets cover short-term liabilities $599m of assets due within a year against $126m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $599m short-term assets against $20m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From AXT Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+18.1%
year over year
R&D spending
8.0%
of revenue
Sales & admin spending
21.1%
of revenue
Days sales outstanding
107 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated AXTI ASYS AEHR CAMT COHU VECO Median
Revenue, last 12 months $126m $82m $50m $496m $569m $683m $994m
Revenue growth, last 12 months 45.8% −2.4% −15.2% 15.6% 34.0% −2.5% 15.8%
Revenue growth, 3-year average 7.9% −11.5% −8.4% 79.8% −6.2% 2.1% 7.8%
Revenue growth, latest quarter 164.8% 14.5% 33.7% — 37.0% 16.5% 33.7%
Gross margin 32.2% 46.9% 35.3% 50.5% 42.7% 37.9% 47.7%
Operating margin 3.1% 8.1% −28.3% 25.8% −2.4% 2.7% 13.2%
Operating margin, 3-year average −15.1% −15.2% −7.6% 16.3% −10.5% 7.6% 16.0%
Net margin 3.2% 4.9% −14.3% 10.2% −4.0% 3.4% 10.9%
Cash from operations / revenue −4.6% 11.7% −6.6% 28.6% 11.6% 14.6% 18.6%
Free-cash-flow margin −15.6% 10.7% −10.8% 25.6% 9.8% 12.5% 15.0%
Free-cash-flow margin, 3-year average −16.5% 6.7% −10.1% 15.0% 0.6% 8.1% 11.9%
Stock pay / revenue 3.0% 1.5% 13.5% 3.4% 4.0% 5.3% 2.4%
Change in share count 18.1% 5.0% 3.7% 1.2% 4.7% 2.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 45.8% 15.8% 2 of 20
Change in growth rate Growth +45.9pp +7.5pp 1 of 20
Gross margin Profitability 32.2% 48.2% 18 of 19
Operating margin Profitability 3.1% 13.2% 16 of 19
Net margin Profitability 3.2% 11.1% 17 of 20
Free-cash-flow margin Cash generation -15.6% 17.5% 20 of 20
Stock pay as % of revenue Cash generation 3.0% 2.5% 16 of 20
Change in share count Balance sheet 18.1% 0.9% 19 of 19
Days sales outstanding Balance sheet 107 days 79 days 14 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Substrates $58.9M 66.7% ▼ 13.1%
Raw Materials and Other $29.4M 33.3% ▼ 6.9%
Geography
Region Revenue Share YoY
China $55.1M 62.4% ▼ 1.9%
Taiwan $13M 14.8% ▼ 7.5%
Europe $11.2M 12.6% ▼ 19.0%
Japan $4.9M 5.6% ▼ 1.5%
Asia Pacific Excluding China Taiwan and Japan $2.4M 2.8% ▼ 13.4%
North America $1.7M 1.9% ▼ 77.5%

From AXT Inc's 10-K filed March 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.4B
Institutions reporting
257
Shares held vs prior quarter
▲ 43.3%
Positions opened / closed
127 / 66

Top buyers and sellers, Q2 2026: 198 institutions bought and 113 sold ; the biggest buyer was Blackrock, Inc (+4.0M shares) and the biggest seller E20 Capital Ltd (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $366M 5.1M 10.8% ▲ 353.1%
Marex Group Ltd $257M 3.6M 7.6% ▲ 44398.6%
Jane Street Group, LLC $254M 3.5M 7.5% ▲ 45.4%
Vanguard Capital Management LLC $196M 2.7M 5.8% ▲ 19.5%
D. E. Shaw & Co., Inc. $162M 2.3M 4.8% ▲ 189.9%
Assenagon Asset Management S.A. $147M 2.0M 4.4% ▲ 35.9%
Vanguard Portfolio Management LLC $127M 1.8M 3.7% New
Geode Capital Management, LLC $125M 1.7M 3.7% ▲ 195.4%
State Street Corp $107M 1.5M 3.2% ▲ 338.7%
Citadel Advisors LLC $107M 1.5M 3.2% ▲ 160.0%
Price T Rowe Associates Inc $95.2M 1.3M 2.8% ▲ 45.2%
Clear Street Group Inc. $94.3M 1.3M 2.8% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not AXT Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $78.8M 50 trades by 5 insiders · 0% under pre-set plans
Net ▼ $78.8M net selling
Insider Date Trade Shares Price Value
Leblanc Leonard J Director August 17, 2026 Sell 4,000 $96.07 $384,280
Leblanc Leonard J Director August 7, 2026 Sell 2,000 $88.32 $176,640
Chang David C Director June 15, 2026 Sell 8,333 $111.17 $926,380
Chen Jesse Director June 15, 2026 Sell 6,172 $115.24 $711,261
Chen Jesse Director June 12, 2026 Sell 13,000 $95.77 $1.2M
Chen Jesse Director June 11, 2026 Sell 9,000 $88.55 $796,950
Leblanc Leonard J Director June 10, 2026 Sell 500 $89.59 $44,795
Chen Jesse Director June 10, 2026 Sell 9,000 $86.73 $780,570
Chen Jesse Director June 9, 2026 Sell 1,500 $93.30 $139,950
Chen Jesse Director June 8, 2026 Sell 6,000 $94.00 $564,000
Chen Jesse Director June 4, 2026 Sell 6,133 $108.28 $664,081
Chen Jesse Director June 3, 2026 Sell 4,000 $111.36 $445,440

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • April 20, 2026
  • February 19, 2026
  • January 9, 2026

Recent SEC filings

Data status

When each part of this page on AXT Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

AXT Inc in brief

What does AXT Inc do?
AXT Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is AXT Inc's stock ticker?
AXT Inc trades under the ticker AXTI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is AXT Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, AXT Inc reported revenue of $126M, 45.8% higher than a year earlier, according to its SEC filings.
What is AXT Inc's free cash flow?
AXT Inc's free-cash-flow margin is -15.6% of revenue over the trailing twelve months, ranking 20 of the 20 semiconductor materials & equipment companies we cover.
Who are AXT Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Marex Group Ltd and Jane Street Group, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is AXT Inc's market cap?
On November 2, 2026, AXT Inc's market capitalisation was about $2.5B, with a price-to-earnings ratio of 610.1 and net debt of -$323M. Market figures come from third-party market data and may be delayed.
Who are AXT Inc's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to AXT Inc are Amtech Systems Inc, Aehr Test Systems, Camtek LTD, Cohu Inc and Veeco Instruments Inc. The side-by-side comparison below sets their revenue, margins and growth against AXT Inc's.
Are insiders buying or selling AXT Inc stock?
Over the last 12 months, AXT Inc's directors and officers reported 0 open-market purchases and 50 sales on Form 4. The insider trading page charts every trade.