AXTINasdaqSemiconductors & Related DevicesFiscal year ends December 31
AXT INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$56.79+5.32 (+10.34%)
Close on Oct 19, 2026
- Market cap
- $3.60B
- P/E (TTM)
- 2839.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
12.7%−19.0 pts over 5 years
Operating margin
-24.9%−29.0 pts over 5 years
Net margin
-24.1%−27.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -11.1% | -14.5% | -1.5% | +1.3% | |
| Gross profit | -52.8% | -40.0% | -18.0% | -4.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.3% | 1.7% | -9.1% | |
| Return on assets | 3.7% | 1.2% | -5.5% | |
| Current ratio | 6.73 | 4.21 | 2.72 | |
| Interest coverage | – | – | -17.5× | |
| Inventory turnover | 1.4× | 1.3× | 0.9× | |
| Capex to revenue | 3.4% | 20.8% | 6.8% | |
| Diluted shares | 33M | 41M | 44M |
Where the cash went
Fiscal 2021 to 2025, five years combined
AXT generated $40.37M from operations and spent $80.35M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$40.37M
Used
$80.35M
Capital expenditure$80.35M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-24.1%
×Asset turnover0.23×
×Equity multiplier1.66×
=Return on equity, FY2025-9.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -24.1% | 0.23× | 1.66× | -9.1% |
| FY2024 | -11.7% | 0.28× | 1.76× | -5.9% |
| FY2023 | -23.6% | 0.21× | 1.71× | -8.4% |
| FY2022 | 11.2% | 0.40× | 1.62× | 7.3% |
| FY2021 | 10.6% | 0.44× | 1.56× | 7.2% |
| FY2020 | 3.4% | 0.37× | 1.37× | 1.7% |
| FY2019 | -3.1% | 0.37× | 1.18× | -1.4% |
| FY2018 | 9.4% | 0.47× | 1.16× | 5.2% |
| FY2017 | 10.3% | 0.54× | 1.15× | 6.4% |
| FY2016 | 6.9% | 0.53× | 1.16× | 4.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$21.26M
- Cash generatingOperating cash flow above zero-$12.78M
- Return on assets improvedROA up on the prior year-3.2% → -6.3%
- Earnings backed by cashOperating cash flow above net income-$12.78M vs -$21.26M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.13 → 2.72
- No dilutionShare count did not rise43M → 44M
- Gross margin improvedGross margin up on the prior year23.99% → 12.73%
- More efficientAsset turnover rose0.28 → 0.26