AXTI Nasdaq Semiconductors & Related Devices Financials FY2016βFY2025
Axt Inc had $88.3M of revenue in fiscal 2025, down 11.1% on the year before. Over five years, revenue changed β1.5% a year on average.
Last close Β· Oct 23, 2026
$52.08
1.0%Hi! I read Axt Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β11.1%
No. Sales fell 11.1% last year.
Does it make a profit?
β24.1%
No. It lost money last year.
Does profit turn into cash?
β21.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Axt Inc had $88.3M of revenue in fiscal 2025, down 11.1% on the year before. Over five years, revenue changed β1.5% a year on average. Its operating margin was β24.9%, down 10.0Β pts: of every 100 in sales, about β25 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Axt Inc lost $21.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$18.8M in fiscal 2025, β21.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $78.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$78.8M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Leonard J LeblancDirector | Sold | 4,000 | $96.07 | $0.4M | Form 4 |
| Aug 7, 2026 | Leonard J LeblancDirector | Sold | 2,000 | $88.32 | $0.2M | Form 4 |
| Jun 15, 2026 | Jesse ChenDirector | Sold | 6,172 | $115.24 | $0.7M | Form 4 |
| Jun 15, 2026 | David C ChangDirector | Sold | 8,333 | $111.17 | $0.9M | Form 4 |
| Jun 12, 2026 | Jesse ChenDirector | Sold | 13,000 | $95.77 | $1.2M | Form 4 |
| Jun 11, 2026 | Jesse ChenDirector | Sold | 9,000 | $88.55 | $0.8M | Form 4 |
| Jun 10, 2026 | Leonard J LeblancDirector | Sold | 500 | $89.59 | $0.0M | Form 4 |
| Jun 10, 2026 | Jesse ChenDirector | Sold | 9,000 | $86.73 | $0.8M | Form 4 |
| Jun 9, 2026 | Jesse ChenDirector | Sold | 1,500 | $93.30 | $0.1M | Form 4 |
| Jun 8, 2026 | Jesse ChenDirector | Sold | 6,000 | $94.00 | $0.6M | Form 4 |
| Jun 4, 2026 | Jesse ChenDirector | Sold | 6,133 | $108.28 | $0.7M | Form 4 |
| Jun 3, 2026 | Jesse ChenDirector | Sold | 4,000 | $111.36 | $0.4M | Form 4 |
| Jun 2, 2026 | Morris S YoungCEO, Director | Sold | 123,601 | $113.33 | $14.0M | Form 4 |
| Jun 2, 2026 | Jesse ChenDirector | Sold | 2,000 | $111.03 | $0.2M | Form 4 |
| Jun 1, 2026 | Jesse ChenDirector | Sold | 3,200 | $111.56 | $0.4M | Form 4 |
| Jun 1, 2026 | Morris S YoungCEO, Director | Sold | 73,897 | $112.39 | $8.3M | Form 4 |
| Mar 13, 2026 | Jesse ChenDirector | Sold | 8,083 | $50.25 | $0.4M | Form 4 |
| Mar 13, 2026 | Gary L FischerCFO | Sold | 80,776 | $50.64 | $4.1M | Form 4 |
| Mar 13, 2026 | Morris S YoungCEO, Director | Sold | 37,905 | $51.13 | $1.9M | Form 4 |
| Mar 12, 2026 | Jesse ChenDirector | Sold | 6,003 | $48.95 | $0.3M | Form 4 |
| Mar 12, 2026 | Gary L FischerCFO | Sold | 8,256 | $50.20 | $0.4M | Form 4 |
| Mar 11, 2026 | Jesse ChenDirector | Sold | 15,000 | $47.13 | $0.7M | Form 4 |
| Mar 10, 2026 | Jesse ChenDirector | Sold | 14,000 | $46.15 | $0.6M | Form 4 |
| Mar 10, 2026 | David C ChangDirector | Sold | 20,000 | $46.00 | $0.9M | Form 4 |
| Mar 10, 2026 | Morris S YoungCEO, Director | Sold | 30,832 | $45.60 | $1.4M | Form 4 |
| Mar 9, 2026 | Jesse ChenDirector | Sold | 12,452 | $37.69 | $0.5M | Form 4 |
| Mar 9, 2026 | Morris S YoungCEO, Director | Sold | 125,893 | $36.51 | $4.6M | Form 4 |
| Mar 6, 2026 | Morris S YoungCEO, Director | Sold | 8,300 | $39.65 | $0.3M | Form 4 |
| Mar 6, 2026 | Jesse ChenDirector | Sold | 2,000 | $36.63 | $0.1M | Form 4 |
| Mar 5, 2026 | Jesse ChenDirector | Sold | 11,147 | $38.26 | $0.4M | Form 4 |
| Mar 5, 2026 | David C ChangDirector | Sold | 20,000 | $38.42 | $0.8M | Form 4 |
| Mar 4, 2026 | Jesse ChenDirector | Sold | 8,800 | $38.83 | $0.3M | Form 4 |
| Mar 4, 2026 | David C ChangDirector | Sold | 20,000 | $38.53 | $0.8M | Form 4 |
| Mar 3, 2026 | Jesse ChenDirector | Sold | 11,007 | $40.49 | $0.4M | Form 4 |
| Mar 2, 2026 | Morris S YoungCEO, Director | Sold | 159,536 | $43.32 | $6.9M | Form 4 |
| Mar 2, 2026 | Gary L FischerCFO | Sold | 405,233 | $41.46 | $16.8M | Form 4 |
| Mar 2, 2026 | Jesse ChenDirector | Sold | 11,320 | $45.59 | $0.5M | Form 4 |
| Dec 9, 2025 | David C ChangDirector | Sold | 25,000 | $14.84 | $0.4M | Form 4 |
| Dec 8, 2025 | Morris S YoungCEO | Sold | 37,160 | $12.46 | $0.5M | Form 4 |
| Dec 4, 2025 | Morris S YoungCEO | Sold | 35,000 | $12.05 | $0.4M | Form 4 |
| Dec 2, 2025 | David C ChangDirector | Sold | 25,000 | $12.33 | $0.3M | Form 4 |
| Nov 28, 2025 | David C ChangDirector | Sold | 25,000 | $10.72 | $0.3M | Form 4 |
| Nov 17, 2025 | Morris S YoungCEO | Sold | 33,130 | $10.40 | $0.3M | Form 4 |
| Nov 13, 2025 | Gary L FischerCFO | Sold | 101,297 | $10.14 | $1.0M | Form 4 |
| Nov 7, 2025 | Leonard J LeblancDirector | Sold | 3,637 | $8.41 | $0.0M | Form 4 |
| Nov 6, 2025 | Gary L FischerCFO | Sold | 22,675 | $8.87 | $0.2M | Form 4 |
| Nov 5, 2025 | Gary L FischerCFO | Sold | 52,515 | $9.21 | $0.5M | Form 4 |
| Nov 5, 2025 | David C ChangDirector | Sold | 100,000 | $8.94 | $0.9M | Form 4 |
| Nov 4, 2025 | Gary L FischerCFO | Sold | 27,720 | $8.09 | $0.2M | Form 4 |
| Nov 3, 2025 | Morris S YoungCEO | Sold | 80,000 | $8.65 | $0.7M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Axt Inc has $57.4M more cash than debt.
Cash, debt and the ratios that show how comfortably Axt Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $42.2M | $44.3M | $39.9M | $22.8M | $120M |
| Debt incl. finance leases | $12.2M | $47.1M | $52.9M | $47.3M | $62.9M |
| Net debt / EBITDA | β1.5x | 0.1x | β | β | β |
| Debt / equity | 0.1x | 0.2x | 0.3x | 0.2x | 0.2x |
| Interest coverage | β | β | β14.1x | β11.0x | β17.5x |
| Current ratio | 3.3x | 2.4x | 2.1x | 2.1x | 2.7x |
| Quick ratio | 2.0x | 1.2x | 1.0x | 1.0x | 1.8x |
| Total assets | $332M | $370M | $359M | $339M | $434M |
| Total liabilities | $52.2M | $80.3M | $89.6M | $84.4M | $99.1M |
| Shareholders' equity | $212M | $222M | $204M | $193M | $273M |
| Net debt (β = net cash) | β$30.0M | $2.8M | $13.0M | $24.4M | β$57.4M |
KIRA Β· Its return on capital was β8.0%: every 100 invested in the business earned about β8 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Axt Inc passes 2 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 3 / 8 | 3 / 8 | 6 / 8 | 4 / 8 | 3 / 9 | 3 / 9 | 5 / 9 | 2 / 9 |
| Accruals ratio | β4.5% | 0.8% | 3.0% | β6.8% | β1.0% | 5.7% | 7.0% | β5.8% | 0.1% | β2.2% |
| Altman Z'' | 11.08 | 11.65 | 9.55 | 8.26 | 7.02 | 6.44 | 4.92 | 3.33 | 3.31 | 4.43 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $81.3M | $98.7M | $102M | $83.3M | $95.4M | $137M | $141M | $75.8M | $99.4M | $88.3M |
| Gross profit | $26.4M | $34.5M | $37.0M | $24.8M | $30.3M | $47.4M | $52.1M | $13.3M | $23.8M | $11.2M |
| Research and development | $5.9M | $4.8M | $5.9M | $5.8M | $7.1M | $10.3M | $13.9M | $12.1M | $14.5M | $9.0M |
| Operating income | $6.4M | $12.6M | $12.1M | β$0.3M | $3.9M | $12.9M | $12.6M | β$21.6M | β$14.8M | β$22.0M |
| Interest expense | β | β | β | β | β | β | β | $1.5M | $1.3M | $1.3M |
| Pretax income | $5.7M | $10.9M | $11.9M | β$1.0M | $7.1M | $17.6M | $20.9M | β$19.0M | β$10.7M | β$21.5M |
| Income tax | $0.7M | $0.8M | $0.9M | $0.6M | $2.0M | $1.1M | $2.2M | $0.2M | $1.1M | $1.7M |
| Net income | $5.6M | $10.1M | $9.7M | β$2.6M | $3.2M | $14.6M | $15.8M | β$17.9M | β$11.6M | β$21.3M |
| Net income to common | $5.5M | $10.0M | $9.5M | β$2.8M | $3.1M | $14.4M | $15.6M | β$18.1M | β$11.8M | β$21.4M |
| Diluted EPS | $0.17 | $0.26 | $0.24 | β$0.07 | $0.07 | $0.34 | $0.37 | β$0.42 | β$0.27 | β$0.49 |
| Diluted shares | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $12.5M | $8.6M | $3.2M | $12.7M | $5.9M | β$3.3M | β$8.8M | $3.4M | β$12.1M | β$12.8M |
| Capital expenditure | $2.7M | $21.4M | $40.5M | $21.8M | $19.9M | $29.6M | $28.5M | $10.5M | $5.8M | $6.0M |
| Free cash flow | $9.8M | β$12.7M | β$37.3M | β$9.1M | β$14.0M | β$33.0M | β$37.2M | β$7.1M | β$17.9M | β$18.8M |
| Depreciation and amortization | $4.9M | $4.4M | $4.9M | $5.5M | $4.3M | $7.1M | $8.1M | $8.7M | $9.0M | $9.1M |
| Stock-based compensation | $1.1M | $1.4M | $1.9M | $2.3M | $2.6M | $4.5M | $4.0M | $3.5M | $3.1M | $3.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $47.6M | $64.4M | $38.7M | $36.3M | $72.8M | $42.2M | $44.3M | $39.9M | $22.8M | $120M |
| Total debt | β | β | β | β | β | $12.2M | $47.1M | $52.9M | $47.3M | $62.9M |
| Current assets | $107M | $141M | $129M | $113M | $165M | $160M | $184M | $171M | $158M | $247M |
| Current liabilities | $16.0M | $22.6M | $28.7M | $27.5M | $39.1M | $47.8M | $75.3M | $81.6M | $74.2M | $90.5M |
| Inventory | $40.2M | $45.8M | $58.6M | $49.2M | $51.5M | $65.9M | $89.6M | $86.5M | $85.1M | $81.7M |
| Property and equipment, net | $27.8M | $46.5M | $82.3M | $97.4M | $116M | $142M | $161M | $166M | $160M | $162M |
| Total assets | $154M | $211M | $224M | $223M | $299M | $332M | $370M | $359M | $339M | $434M |
| Total liabilities | $16.9M | $22.9M | $29.0M | $30.6M | $43.3M | $52.2M | $80.3M | $89.6M | $84.4M | $99.1M |
| Preferred stock | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M | $3.5M |
| Shareholders' equity | $133M | $184M | $191M | $188M | $193M | $212M | $222M | $204M | $193M | $273M |
| Margins | ||||||||||
| Gross margin | 32.4% | 34.9% | 36.2% | 29.8% | 31.7% | 34.5% | 36.9% | 17.6% | 24.0% | 12.7% |
| Operating margin | 7.9% | 12.8% | 11.9% | β0.4% | 4.1% | 9.4% | 8.9% | β28.5% | β14.9% | β24.9% |
| EBITDA margin | 13.9% | 17.3% | 16.6% | 6.3% | 8.7% | 14.5% | 14.6% | β16.9% | β5.9% | β14.6% |
| Net margin | 6.9% | 10.3% | 9.4% | β3.1% | 3.4% | 10.6% | 11.2% | β23.6% | β11.7% | β24.1% |
| FCF margin | 12.0% | β12.9% | β36.4% | β11.0% | β14.7% | β24.0% | β26.4% | β9.3% | β18.0% | β21.3% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | 6.7% | 5.0% | β7.9% | β5.4% | β8.0% |
| Return on capital employed | 4.6% | 6.7% | 6.2% | β0.2% | 1.5% | 4.5% | 4.3% | β7.8% | β5.6% | β6.4% |
| Return on equity | 4.2% | 6.4% | 5.2% | β1.4% | 1.7% | 7.2% | 7.3% | β8.4% | β5.9% | β9.1% |
| Return on assets | 3.7% | 5.6% | 4.4% | β1.2% | 1.2% | 4.6% | 4.5% | β4.9% | β3.3% | β5.5% |
| Return on tangible equity | 4.1% | 5.4% | 5.0% | β1.5% | 1.6% | 6.8% | 7.1% | β8.9% | β6.1% | β7.8% |
| Growth | ||||||||||
| Revenue growth | β | 21.3% | 3.8% | β18.7% | 14.5% | 44.1% | 2.7% | β46.3% | 31.1% | β11.1% |
| Net income growth | β | 80.1% | β4.9% | β126.9% | β | 350.1% | 8.5% | β213.1% | β | β |
| EPS growth | β | 52.9% | β7.7% | β129.2% | β | 385.7% | 8.8% | β213.5% | β | β |
| FCF growth | β | β230.3% | β | β | β | β | β | β | β | β |
| Share count change | β | 18.5% | 3.3% | β1.9% | 3.9% | 4.1% | β0.0% | β0.2% | 1.2% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β1.5x | 0.1x | β | β | β |
| Debt / equity | β | β | β | β | β | 0.1x | 0.2x | 0.3x | 0.2x | 0.2x |
| Interest coverage | β | β | β | β | β | β | β | β14.1x | β11.0x | β17.5x |
| Current ratio | 6.7x | 6.2x | 4.5x | 4.1x | 4.2x | 3.3x | 2.4x | 2.1x | 2.1x | 2.7x |
| Quick ratio | 4.2x | 4.2x | 2.4x | 2.3x | 2.9x | 2.0x | 1.2x | 1.0x | 1.0x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.4% | 21.6% | 39.6% | 26.2% | 20.8% | 21.6% | 20.2% | 13.8% | 5.8% | 6.8% |
| Stock comp / revenue | 1.3% | 1.4% | 1.9% | 2.8% | 2.8% | 3.3% | 2.8% | 4.7% | 3.1% | 3.7% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 3.0 | 3.0 | 6.0 | 4.0 | 3.0 | 3.0 | 5.0 | 2.0 |
| Altman Z'' | 11.1 | 11.7 | 9.5 | 8.3 | 7.0 | 6.4 | 4.9 | 3.3 | 3.3 | 4.4 |
| Accruals ratio | β4.5% | 0.8% | 3.0% | β6.8% | β1.0% | 5.7% | 7.0% | β5.8% | 0.1% | β2.2% |
Source: SEC EDGAR XBRL filings (CIK 0001051627). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
