NASDAQ : AXTI
AXT, Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 48.2 USD (Nov 2, 2026, 4:00 PM EST) · Market cap 3.09B
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Financial statements
AXT, Inc. (AXTI) reported revenue of 170.96M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 170.96M | 88.33M | 99.36M | 75.80M | 141.12M | 137.39M |
| Cost of Revenue | 95.70M | 77.08M | 75.53M | 62.48M | 89.00M | 89.98M |
| Gross Profit | 75.27M | 11.24M | 23.84M | 13.32M | 52.12M | 47.41M |
| Selling, General & Admin | 28.83M | 24.17M | 24.10M | 22.81M | 25.65M | 24.19M |
| Research & Development | 13.00M | 9.05M | 14.54M | 12.08M | 13.91M | 10.33M |
| Operating Expenses | 41.83M | 33.22M | 38.64M | 34.89M | 39.57M | 34.52M |
| Operating Income | 33.43M | -21.98M | -14.80M | -21.57M | 12.55M | 12.90M |
| Interest Expense | -391.00K | -1.26M | -1.34M | -1.53M | -1.07M | -213.00K |
| Interest & Investment Income | 10.72M | |||||
| Earnings From Equity Investments | 1.18M | 765.00K | 3.44M | 1.88M | 5.96M | 4.41M |
| Currency Exchange Gain (Loss) | -74.00K | -74.00K | 91.00K | 169.00K | 1.57M | -434.00K |
| Other Non Operating Income (Expenses) | 189.00K | 998.00K | 1.96M | 2.01M | 1.91M | 1.01M |
| EBT Excluding Unusual Items | 45.06M | -21.54M | -10.66M | -19.03M | 20.93M | 17.67M |
| Gain (Loss) on Sale of Investments | -68.00K | |||||
| Pretax Income | 45.06M | -21.54M | -10.66M | -19.03M | 20.93M | 17.60M |
| Income Tax Expense | 7.60M | 1.66M | 1.13M | 160.00K | 2.19M | 1.09M |
| Earnings From Continuing Operations | 37.46M | -23.20M | -11.79M | -19.19M | 18.74M | 16.51M |
| Minority Interest in Earnings | -5.77M | 1.94M | 167.00K | 1.31M | -2.93M | -1.93M |
| Net Income | 31.68M | -21.26M | -11.62M | -17.88M | 15.81M | 14.57M |
| Preferred Dividends & Other Adjustments | 177.00K | 177.00K | 177.00K | 177.00K | 177.00K | 177.00K |
| Net Income to Common | 31.51M | -21.44M | -11.80M | -18.06M | 15.63M | 14.40M |
| Shares Outstanding (Basic) | 55.76M | 43.93M | 43.15M | 42.64M | 42.10M | 41.37M |
| Shares Outstanding (Diluted) | 57.46M | 43.93M | 43.15M | 42.64M | 42.72M | 42.72M |
| EPS (Basic) | 0.56 | -0.49 | -0.27 | -0.42 | 0.37 | 0.35 |
| EPS (Diluted) | 0.55 | -0.49 | -0.27 | -0.42 | 0.37 | 0.34 |
| Free Cash Flow | -18.78M | -17.88M | -7.07M | -37.23M | -32.95M | |
| Free Cash Flow Per Share | -0.43 | -0.41 | -0.17 | -0.87 | -0.77 | |
| Gross Margin | 44.02% | 12.73% | 23.99% | 17.57% | 36.93% | 34.51% |
| Operating Margin | 19.55% | -24.88% | -14.90% | -28.46% | 8.90% | 9.39% |
| Profit Margin | 18.43% | -24.27% | -11.88% | -23.82% | 11.08% | 10.48% |
| Free Cash Flow Margin | -21.26% | -18.00% | -9.33% | -26.38% | -23.98% | |
| EBITDA | 43.27M | -12.87M | -5.82M | -12.85M | 20.67M | 19.98M |
| EBITDA Margin | 25.31% | -14.57% | -5.86% | -16.95% | 14.65% | 14.54% |
| D&A For EBITDA | 9.84M | 9.11M | 8.98M | 8.72M | 8.12M | 7.08M |
| EBIT | 33.43M | -21.98M | -14.80M | -21.57M | 12.55M | 12.90M |
| EBIT Margin | 19.55% | -24.88% | -14.90% | -28.46% | 8.90% | 9.39% |
| Effective Tax Rate | 16.88% | 10.44% | 6.21% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 485.47M | 120.27M | 22.83M | 37.75M | 34.95M | 36.76M |
| Short-Term Investments | 27.27M | 2.14M | 9.34M | 5.42M | ||
| Cash & Short-Term Investments | 512.74M | 120.27M | 22.83M | 39.89M | 44.29M | 42.18M |
| Accounts Receivable | 39.69M | 26.85M | 25.64M | 19.26M | 29.25M | 34.84M |
| Receivables | 39.69M | 26.85M | 25.64M | 19.26M | 29.25M | 34.84M |
| Inventory | 103.66M | 81.65M | 85.08M | 86.50M | 89.63M | 65.91M |
| Prepaid Expenses | 27.33M | 9.69M | 13.74M | 12.64M | 13.98M | 17.25M |
| Restricted Cash | 41.20M | 8.10M | 10.98M | 12.36M | 6.40M | |
| Total Current Assets | 724.62M | 246.56M | 158.27M | 170.66M | 183.54M | 160.19M |
| Property, Plant & Equipment | 196.51M | 163.84M | 162.20M | 169.15M | 162.78M | 144.74M |
| Long-Term Investments | 271.96M | 14.97M | 14.62M | 13.03M | 16.73M | 19.74M |
| Other Intangible Assets | 1.67M | 1.71M | 1.82M | 1.93M | 2.11M | |
| Long-Term Deferred Tax Assets | 1.51M | 1.42M | 1.68M | 2.24M | 2.34M | |
| Other Long-Term Assets | 24.80M | 5.21M | 1.10M | 2.37M | 2.86M | 3.33M |
| Total Assets | 1.22B | 433.75M | 339.31M | 358.70M | 370.07M | 332.44M |
| Accounts Payable | 18.04M | 12.95M | 12.36M | 9.62M | 10.08M | 16.65M |
| Accrued Expenses | 100.41M | 8.24M | 6.94M | 7.36M | 8.79M | 8.42M |
| Short-Term Debt | 72.46M | 58.50M | 47.26M | 52.92M | 47.08M | 14.12M |
| Current Portion of Long-Term Debt | 4.30M | |||||
| Current Portion of Leases | 579.00K | 536.00K | 458.00K | 485.00K | 488.00K | |
| Current Income Taxes Payable | 841.00K | 127.00K | 729.00K | 539.00K | ||
| Current Unearned Revenue | 103.00K | 1.59M | 305.00K | 338.00K | 946.00K | |
| Other Current Liabilities | 5.04M | 5.37M | 10.89M | 7.82M | 6.67M | |
| Total Current Liabilities | 190.91M | 90.54M | 74.18M | 81.56M | 75.33M | 47.82M |
| Long-Term Debt | 42.93M | 5.20M | ||||
| Long-Term Leases | 1.22M | 1.44M | 1.98M | 2.35M | 1.32M | 1.94M |
| Other Long-Term Liabilities | 1.94M | 8.25M | 5.65M | 3.68M | 2.45M | |
| Total Liabilities | 235.06M | 99.12M | 84.41M | 89.56M | 80.33M | 52.21M |
| Common Stock | 66.00K | 55.00K | 45.00K | 44.00K | 44.00K | 43.00K |
| Additional Paid-In Capital | 944.83M | 339.92M | 241.51M | 238.45M | 235.31M | 231.62M |
| Retained Earnings | -29.69M | -64.92M | -43.66M | -32.04M | -14.16M | -29.97M |
| Comprehensive Income & Other | -5.38M | -5.29M | -8.66M | -6.00M | -3.12M | 6.30M |
| Total Common Equity | 909.82M | 269.76M | 189.24M | 200.46M | 218.07M | 208.00M |
| Minority Interest | 69.47M | 61.34M | 62.14M | 65.16M | 68.14M | 68.70M |
| Shareholders' Equity | 982.82M | 334.63M | 254.91M | 269.15M | 289.75M | 280.23M |
| Total Liabilities & Equity | 1.22B | 433.75M | 339.31M | 358.70M | 370.07M | 332.44M |
| Total Debt | 116.61M | 70.02M | 49.78M | 55.73M | 48.88M | 16.54M |
| Net Cash (Debt) | 396.13M | 50.25M | -26.94M | -15.84M | -4.60M | 25.64M |
| Net Cash Per Share | 6.89 | 1.14 | -0.62 | -0.37 | -0.11 | 0.60 |
| Filing Date Shares Outstanding | 63.83M | 53.81M | 44.06M | 43.03M | 42.58M | 42.09M |
| Total Common Shares Outstanding | 63.83M | 53.57M | 43.82M | 43.02M | 42.57M | 42.01M |
| Working Capital | 533.70M | 156.01M | 84.10M | 89.10M | 108.22M | 112.36M |
| Book Value Per Share | 14.25 | 5.04 | 4.32 | 4.66 | 5.12 | 4.95 |
| Tangible Book Value | 909.82M | 268.08M | 187.53M | 198.64M | 216.15M | 205.89M |
| Tangible Book Value Per Share | 14.25 | 5.00 | 4.28 | 4.62 | 5.08 | 4.90 |
| Buildings | 145.95M | 137.42M | 125.79M | 118.55M | 108.78M | |
| Machinery | 69.91M | 67.92M | 65.92M | 62.80M | 59.28M | |
| Construction In Progress | 23.47M | 23.53M | 38.48M | 36.68M | 31.66M | |
| Leasehold Improvements | 8.11M | 7.58M | 7.60M | 7.43M | 7.04M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -21.26M | -11.62M | -17.88M | 15.81M | 14.57M | |
| Depreciation & Amortization | 9.11M | 8.98M | 8.72M | 8.12M | 7.08M | |
| Loss (Gain) From Sale of Assets | 3.00K | 118.00K | 21.00K | -85.00K | -8.00K | |
| Loss (Gain) From Sale of Investments | 184.00K | 58.00K | 68.00K | |||
| Loss (Gain) on Equity Investments | -765.00K | -3.44M | -2.05M | -5.96M | -4.41M | |
| Stock-Based Compensation | 3.29M | 3.10M | 3.54M | 4.01M | 4.52M | |
| Provision & Write-off of Bad Debts | 272.00K | -177.00K | 87.00K | |||
| Other Operating Activities | -1.16M | 2.49M | 3.56M | 4.64M | 5.05M | |
| Change in Accounts Receivable | -390.00K | -6.90M | 9.31M | 4.54M | -9.75M | |
| Change in Inventory | 6.35M | -737.00K | 1.07M | -31.41M | -12.40M | |
| Change in Accounts Payable | 147.00K | 3.04M | -162.00K | -5.52M | 3.56M | |
| Change in Other Net Operating Assets | -8.10M | -7.14M | -3.18M | -2.79M | -11.68M | |
| Operating Cash Flow | -12.78M | -12.11M | 3.40M | -8.77M | -3.31M | |
| Capital Expenditures | -6.00M | -5.77M | -10.47M | -28.46M | -29.64M | |
| Investment in Securities | -837.00K | 1.33M | 7.87M | 3.24M | -9.16M | |
| Investing Cash Flow | -6.83M | -4.45M | -2.60M | -25.22M | -38.81M | |
| Short-Term Debt Issued | 58.56M | 54.50M | 56.47M | 53.08M | 20.54M | |
| Long-Term Debt Issued | 3.46M | 5.83M | 635.00K | 1.83M | ||
| Total Debt Issued | 62.02M | 60.33M | 57.10M | 53.08M | 22.38M | |
| Short-Term Debt Repaid | -48.57M | -60.09M | -49.21M | -17.80M | -19.07M | |
| Long-Term Debt Repaid | -1.51M | -804.00K | ||||
| Total Debt Repaid | -50.08M | -60.90M | -49.21M | -17.80M | -19.07M | |
| Net Debt Issued (Repaid) | 11.94M | -564.00K | 7.89M | 35.28M | 3.31M | |
| Issuance of Common Stock | 95.16M | 28.00K | 10.00K | 518.00K | 1.67M | |
| Other Financing Activities | 708.00K | 2.23M | 744.00K | |||
| Financing Cash Flow | 107.09M | -536.00K | 8.61M | 38.03M | 5.72M | |
| Foreign Exchange Rate Adjustments | 7.08M | 790.00K | -646.00K | 542.00K | 551.00K | |
| Net Cash Flow | 94.56M | -16.30M | 8.77M | 4.58M | -35.84M | |
| Free Cash Flow | -18.78M | -17.88M | -7.07M | -37.23M | -32.95M | |
| Free Cash Flow Margin | -21.26% | -18.00% | -9.33% | -26.38% | -23.98% | |
| Free Cash Flow Per Share | -0.43 | -0.41 | -0.17 | -0.87 | -0.77 | |
| Levered Free Cash Flow | 1.82M | -10.26M | -3.74M | -35.87M | -31.45M | |
| Unlevered Free Cash Flow | 2.61M | -9.42M | -2.78M | -35.20M | -31.32M | |
| Cash Interest Paid | 1.79M | 2.07M | 1.56M | |||
| Cash Income Tax Paid | 586.00K | 962.00K | 686.00K | 1.69M | 3.18M | |
| Change in Working Capital | -2.00M | -11.74M | 7.04M | -35.18M | -30.26M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.09B | 873.11M | 94.39M | 102.51M | 187.37M | 368.55M |
| Enterprise Value | 2.70B | 983.53M | 201.44M | 185.76M | 263.86M | 407.50M |
| Last Close Price | 55.06 | 16.35 | 2.17 | 2.40 | 4.38 | 8.81 |
| PE Ratio | 87.70 | 11.98 | 25.60 | |||
| Forward PE | 21.07 | 53.09 | 53.09 | 17.77 | 16.85 | 22.02 |
| PS Ratio | 19.57 | 9.88 | 0.95 | 1.35 | 1.33 | 2.68 |
| PB Ratio | 3.86 | 2.61 | 0.37 | 0.38 | 0.65 | 1.31 |
| P/TBV Ratio | 3.68 | 3.26 | 0.50 | 0.52 | 0.87 | 1.79 |
| P/OCF Ratio | 30.12 | |||||
| PEG Ratio | 2.65 | 2.65 | 1.19 | 1.22 | 1.47 | |
| EV/Sales Ratio | 17.26 | 11.13 | 2.03 | 2.45 | 1.87 | 2.97 |
| EV/EBITDA Ratio | 68.19 | 12.76 | 20.40 | |||
| EV/EBIT Ratio | 88.25 | 21.02 | 31.60 | |||
| Debt / Equity Ratio | 0.12 | 0.21 | 0.20 | 0.21 | 0.17 | 0.06 |
| Debt / EBITDA Ratio | 2.64 | 2.28 | 0.80 | |||
| Net Debt / Equity Ratio | -0.40 | -0.15 | 0.11 | 0.06 | 0.02 | -0.09 |
| Net Debt / EBITDA Ratio | -9.15 | 3.90 | -4.63 | -1.23 | 0.22 | -1.28 |
| Net Debt / FCF Ratio | 2.68 | -1.51 | -2.24 | -0.12 | 0.78 | |
| Asset Turnover | 0.22 | 0.23 | 0.28 | 0.21 | 0.40 | 0.43 |
| Inventory Turnover | 1.06 | 0.93 | 0.88 | 0.71 | 1.14 | 1.53 |
| Quick Ratio | 2.89 | 1.62 | 0.65 | 0.72 | 0.98 | 1.61 |
| Current Ratio | 3.80 | 2.72 | 2.13 | 2.09 | 2.44 | 3.35 |
| Return on Equity (ROE) | 6.12% | -7.87% | -4.50% | -6.87% | 6.58% | 6.16% |
| Return on Assets (ROA) | 2.69% | -3.55% | -2.65% | -3.70% | 2.23% | 2.55% |
| Return on Invested Capital (ROIC) | 4.54% | -7.76% | -5.22% | -7.45% | 4.10% | 5.37% |
| Return on Capital Employed (ROCE) | 3.30% | -6.40% | -5.60% | -7.80% | 4.30% | 4.50% |
| Earnings Yield | 1.14% | -2.44% | -12.31% | -17.44% | 8.44% | 3.96% |
| FCF Yield | -0.58% | -2.15% | -18.95% | -6.90% | -19.87% | -8.94% |
| Buyback Yield / Dilution | -31.72% | -1.80% | -1.20% | 0.17% | 0.01% | -4.13% |