AXT (AXTI) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

AXT

NasdaqGS•Technology•Semiconductor Equipment & Materials

$64.30+6.60(0.11%)Pre-market

Market Cap

$4.29B

P/E

1057.7x

P/S

34.2x

P/B

4.8x

AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company provides indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging. It also offers semi-insulating gallium arsenide (GaAs) substrates for use in Wi-Fi and IoT devices, transistors, direct broadcast television, power amplifiers, satellite communications, and solar cells; and semi-conducting GaAs substrates that are used in LEDs, screen displays using micro-LEDs, printer head lasers and LEDs, 3-D sensing using VCSELs, data center communication using VCSELs, sensors for industrial robotics/near-infrared sensors, laser machining, cutting and drilling, optical couplers, solar cells, night vision goggles, lidar for robotics and autonomous vehicles, and other lasers. In addition, the company provides germanium substrates for use in multi-junction solar cells for satellites, optical sensors and detectors, terrestrial concentrated photo voltaic cells, infrared detectors, and carrier wafer for LED. Further, it offers 6N+ and 7N+ purified gallium, boron trioxide, gallium-magnesium alloy, pyrolytic boron nitride (pBN) crucibles, and pBN insulating parts. It sells its products through direct salesforce in the United States, China, and Europe, as well as through independent sales representatives and distributors in Japan, Taiwan, Korea, and internationally. The company was formerly known as American Xtal Technology, Inc. and changed its name to AXT, Inc. in July 2000. AXT, Inc. was incorporated in 1986 and is headquartered in Fremont, California.

How this company scores

AverageMetricSide Score: 58/100

Strongest: Growth (19/25); weakest: Cash & Earnings Quality (7/25).

Profitability13/25

Growth19/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality7/25

Strengths

Growing revenueRising earningsLow leverageProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 1057.7x5y range 5.3x – 1057.7x

Currently above its 8-quarter median.

P/S · 34.2x5y range 0.6x – 34.2x

Currently above its 20-quarter median.

P/B · 4.8x5y range 0.3x – 10.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $4.29B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $125.51M
Q. Revenue: $47.59M
TTM EBITDA: $13.45M
TTM Op. Income: $3.88M
Q. Op. Income: $10.42M
TTM Net Income: $4.05M
Q. Net Income: $11.13M
EPS: $0.18
Shares Out.: $61.23M

$125.51M in TTM revenue grew 45.8% YoY, reaching $47.59M last quarter. TTM EBITDA of $13.45M and TTM operating income of $3.88M show growth is flowing through to the bottom line. TTM net income of $4.05M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 44.9%
EBITDA Margin: 27.2%
Op. Margin: 21.9%
Net Margin: 23.4%

Op. margin of 21.9% is up 59.4% YoY — cost efficiency is improving. Net margin at 23.4% and gross margin of 44.9% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 1057.7x
P/S Ratio: 34.2x
P/B Ratio: 4.8x

At 1057.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 34.2x and P/B of 4.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.10B
Cash: $412.17M
Long-Term Debt: $400,000
Book Value: $887.27M
D/E Ratio: 0.0
Debt/EBITDA: 0.0

With $1.10B in assets and $400,000 in long-term debt, D/E is 0.0and book value is $887.27M — a conservative capital structure with a cushion to weather downturns. Across the last 6 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $10.78M
TTM Free Cash Flow: $-19.57M
FCF Margin: -15.6%
FCF / Net Income: -4.8

TTM FCF of $-19.57M on $10.78M in operating cash flow. The FCF / Net Income ratio of -4.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 40% — an improving trend.