Profitable, but burning cash. Reports a profit, but free cash flow is negative.
AXT reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 51% from December 2022 to August 2026.
AXT had 51% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.AXT had 51% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
AXT made a profit per share in its latest year after a loss the year before.
Fast revenue growth. Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 92% of peers.
Revenue grew 46% in the 12 months to June 2026 vs the 12 months before, faster than 92% of its peers.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield0.1%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.95Sector median: 0.0225 · MAD: 0.0225
EBITDA yield0.4%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.05Sector median: 0.0423 · MAD: 0.0361
Free cash flow yield-0.6%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.63Sector median: 0.2495 · MAD: 0.2270
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about AXT
Is AXT getting weaker?
Its latest SEC filing (Aug 13, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 16.9 points to 3.1%. Its overall score is unchanged at 53/100 since Oct 28, 2026.
How is AXT valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 1,711 technology peers.Free cash flow yield -0.6% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -0.6% vs peers 2.7% (weaker than 100% of peers).
Is AXT growing?
Yes, faster than most of its peers. Growth scores 91/100 against 1,711 technology peers.Revenue growth 45.8% vs a peer median of 8.5% (stronger than 92% of peers).Revenue growth 45.8% vs peers 8.5% (stronger than 92% of peers).
How profitable is AXT?
Less profitable than most of its peers. Profitability scores 30/100 against 1,711 technology peers.Return on invested capital 0.6% vs a peer median of 6.8% (weaker than 72% of peers).Return on invested capital 0.6% vs peers 6.8% (weaker than 72% of peers).
How risky is AXT?
Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 4.77× vs a peer median of 1.83× (stronger than 89% of peers).Current ratio 4.77× vs peers 1.83× (stronger than 89% of peers).Beta 1.86 vs a peer median of 0.87 (weaker than 91% of peers).Beta 1.86 vs peers 0.87 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Turned profitable over the last 12 months
Operating margin rose 16.9 points to 3.1%
Previous quarter
Latest quarter
Change
Revenue (12 months)
95.9M USD
125.5M USD
+30.9%
Net income (12 months)
−14.1M USD
4.1M USD
turned positive
Operating margin
-13.9%
3.1%
+16.9 pts
Free cash flow (12 months)
−28.0M USD
−19.6M USD
−30.1%
Cash
41.8M USD
412.2M USD
+886.8%
Shares outstanding
65.4M
65.6M
+0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
34.5%
36.9%
17.6%
24.0%
12.7%
▼ 11 pts
Operating margin
9.4%
8.9%
-28.5%
-14.9%
-24.9%
▼ 10.0 pts
Net margin
10.6%
11.2%
-23.6%
-11.7%
-24.1%
▼ 12 pts
Return on assets (ROA)
4.4%
4.3%
-5.0%
-3.4%
-4.9%
▼ 1.5 pts
Return on equity (ROE)
6.9%
7.1%
-8.8%
-6.0%
-7.8%
▼ 1.7 pts
Free cash flow margin
-24.0%
-26.4%
-9.3%
-18.0%
-21.3%
▼ 3.3 pts
Current ratio
3.35×
2.44×
2.09×
2.13×
2.72×
▲ 28%
Quick ratio
1.97×
1.25×
1.03×
0.99×
1.82×
▲ 85%
Debt to equity
0.06×
0.21×
0.26×
0.25×
0.23×
▼ 6.2%
Interest coverage
—
—
-14.13×
-11.05×
-17.48×
▼ 58%
AXTI price history
Price history is added with the daily price update and will appear after the next one.