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Optics·AXTI
AXT, Inc.
NASDAQ · US
Compound semiconductor substrate supplier spanning InP, GaAs, and germanium wafer substrates for optoelectronic devices.
AI relevance
InP and GaAs substrate exposure for lasers, photodetectors, data center connectivity, and optical communications components.
Price
$84.57
Change
-7.54 (-8.19%)
Market cap
$3.9B
52w range
$2–$143
Exchange
NASDAQ
Country
US
Jason's Chips
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Price chart
AXTI market performance
Daily close for AXT, Inc.
- Latest close
- $84.57
- Range move
- +$82.66 (+4327.7%)
- Range high
- $140.8
- Range low
- $1.84
- Latest volume
- 12.3M
- Source
- FMP EOD
Downloads
CSVExports
Download statements, ratios, chart data, and transcript indexes.
Income statement
12 annual rowsRevenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.
Balance sheet
12 annual rowsCash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.
Cash flow
12 annual rowsOperating cash flow, capital expenditures, and free cash flow.
Key metrics
12 annual rowsEnterprise value, valuation multiples, returns, yields, and cash conversion.
Ratios
12 annual rowsMargins, liquidity ratios, valuation ratios, leverage, and per-share metrics.
Chart data
1255 rowsFive years of daily close and volume data powering the company chart.
Transcript list
60 rowsAvailable earnings-call transcript dates by fiscal year and quarter.
StreetBuy
Analyst expectations
Rating consensus11 ratings
Strong buy
0
Buy
7
Hold
4
Sell
0
Strong sell
0
Annual estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-12-31 | $143.1M | $137.4M - $146.6M | $0.30 | $0.25 - $0.33 | $4.3M | -$7.7M | $12.6M | $33.6M | 4 rev / 3 EPS |
| 2027-12-31 | $219.4M | $201.5M - $235.6M | $0.75 | $0.56 - $1.13 | $6.6M | -$11.7M | $37.2M | $51.5M | 4 rev / 3 EPS |
| 2028-12-31 | $382.1M | $350.4M - $412.2M | $1.80 | $1.61 - $1.99 | $11.5M | -$20.4M | $79.1M | $89.8M | 2 rev / 1 EPS |
Quarterly estimates
| Period | Revenue avg | Revenue range | EPS avg | EPS range | EBITDA avg | EBIT avg | Net income avg | SG&A avg | Analysts |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | $34.1M | $33.9M - $34.3M | $0.07 | $0.06 - $0.08 | $1.0M | -$1.8M | $3.9M | $8.0M | 4 rev / 4 EPS |
| 2026-09-30 | $38.8M | $37.1M - $40.0M | $0.11 | $0.08 - $0.12 | $1.2M | -$2.1M | $5.7M | $9.1M | 4 rev / 4 EPS |
| 2026-12-31 | $43.3M | $41.7M - $44.4M | $0.13 | $0.13 - $0.14 | $1.3M | -$2.3M | $7.0M | $10.2M | 3 rev / 2 EPS |
| 2027-03-31 | $46.9M | $45.3M - $48.2M | $0.15 | $0.14 - $0.15 | $1.4M | -$2.5M | $7.9M | $11.0M | 3 rev / 2 EPS |
| 2027-06-30 | $52.9M | $51.1M - $54.3M | $0.18 | $0.17 - $0.19 | $1.6M | -$2.8M | $9.7M | $12.4M | 2 rev / 1 EPS |
| 2027-09-30 | $60.0M | $57.9M - $61.6M | $0.22 | $0.21 - $0.22 | $1.8M | -$3.2M | $11.6M | $14.1M | 2 rev / 1 EPS |
| 2027-12-31 | $66.8M | $64.5M - $68.6M | $0.27 | $0.25 - $0.27 | $2.0M | -$3.6M | $14.1M | $15.7M | 3 rev / 2 EPS |
| 2028-03-31 | $76.4M | $73.7M - $78.4M | $0.28 | $0.27 - $0.29 | $2.3M | -$4.1M | $15.2M | $18.0M | 2 rev / 3 EPS |
Price target history
| Window | Targets | Average target |
|---|---|---|
| Last month | 1 | $125.00 |
| Last quarter | 4 | $97.00 |
| Last year | 12 | $45.17 |
| All time | 18 | $31.73 |
Sources: TheFly, StreetInsider, Benzinga
Latest grade actions
| Date | Firm | Action | Previous | New |
|---|---|---|---|---|
| 2026-05-01 | Wedbush | Maintain | Outperform | Outperform |
| 2026-04-29 | Wedbush | Maintain | Outperform | Outperform |
| 2026-02-20 | B. Riley Securities | Maintain | Neutral | Neutral |
| 2026-02-20 | Wedbush | Maintain | Outperform | Outperform |
| 2026-01-20 | Needham | Downgrade | Buy | Hold |
| 2026-01-09 | B. Riley Securities | Downgrade | Buy | Neutral |
| 2025-10-31 | Needham | Maintain | Buy | Buy |
| 2025-10-31 | B. Riley Securities | Maintain | Buy | Buy |
Historical rating snapshots
| Date | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| 2026-06-01 | 0 | 3 | 2 | 0 | 0 |
| 2026-05-01 | 0 | 3 | 2 | 0 | 0 |
| 2026-04-01 | 0 | 3 | 2 | 0 | 0 |
| 2026-03-01 | 0 | 3 | 2 | 0 | 0 |
| 2026-02-01 | 0 | 3 | 2 | 0 | 0 |
| 2026-01-01 | 1 | 4 | 2 | 0 | 0 |
| 2025-12-01 | 1 | 4 | 0 | 0 | 0 |
| 2025-11-01 | 1 | 4 | 0 | 0 | 0 |
FinancialsFY 2025
Financials
Income statement annual
| Period | Revenue | Gross profit | Gross margin | R&D | Operating income | EBITDA | Net income | EPS |
|---|---|---|---|---|---|---|---|---|
| FY 2025 | $88.3M | $11.2M | 12.7% | $9.0M | -$22.0M | -$11.2M | -$21.3M | $-0.49 |
| FY 2024 | $99.4M | $23.8M | 24.0% | $14.5M | -$14.8M | -$338,000 | -$11.6M | $-0.27 |
| FY 2023 | $75.8M | $13.3M | 17.6% | $12.1M | -$21.6M | -$8.8M | -$17.9M | $-0.42 |
| FY 2022 | $141.1M | $52.1M | 36.9% | $13.9M | $12.6M | $30.1M | $15.8M | $0.37 |
| FY 2021 | $137.4M | $47.4M | 34.5% | $10.3M | $12.9M | $25.1M | $14.6M | $0.35 |
| FY 2020 | $95.4M | $30.3M | 31.7% | $7.1M | $3.9M | $11.6M | $3.2M | $0.08 |
| FY 2019 | $83.3M | $24.8M | 29.8% | $5.8M | -$314,000 | $4.6M | -$2.6M | $-0.04 |
| FY 2018 | $102.4M | $37.0M | 36.2% | $5.9M | $12.1M | $17.0M | $9.7M | $0.25 |
| FY 2017 | $98.7M | $34.5M | 34.9% | $4.8M | $12.6M | $17.1M | $10.1M | $0.27 |
| FY 2016 | $81.3M | $26.4M | 32.4% | $5.8M | $6.4M | $11.5M | $5.6M | $0.17 |
| FY 2015 | $77.5M | $16.8M | 21.7% | $5.7M | -$4.9M | $595,000 | -$2.2M | $-0.07 |
| FY 2014 | $83.5M | $17.2M | 20.6% | $4.1M | -$2.9M | $3.7M | -$1.4M | $-0.04 |
Cash flow annual
| Period | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|
| FY 2025 | -$12.8M | $6.0M | -$18.8M |
| FY 2024 | -$12.1M | $5.8M | -$17.9M |
| FY 2023 | $3.4M | $10.5M | -$7.1M |
| FY 2022 | -$8.8M | $28.5M | -$37.2M |
| FY 2021 | -$3.3M | $29.6M | -$33.0M |
| FY 2020 | $5.9M | $19.9M | -$14.0M |
| FY 2019 | $12.7M | $21.8M | -$9.1M |
| FY 2018 | $3.2M | $40.5M | -$37.3M |
| FY 2017 | $8.6M | $21.4M | -$12.7M |
| FY 2016 | $12.5M | $2.7M | $9.8M |
| FY 2015 | $1.9M | $4.2M | -$2.3M |
| FY 2014 | $3.8M | $2.0M | $1.9M |
Balance sheet annual
| Period | Cash + ST inv. | Receivables | Inventory | PP&E | Assets | Debt | Net debt | Liabilities | Equity |
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $120.3M | $26.8M | $81.7M | $163.8M | $433.8M | $64.8M | -$55.5M | $99.1M | $273.3M |
| FY 2024 | $22.8M | $25.6M | $85.1M | $162.2M | $339.3M | $49.8M | $26.9M | $84.4M | $192.8M |
| FY 2023 | $39.9M | $19.3M | $86.5M | $169.1M | $358.7M | $55.7M | $18.0M | $89.6M | $204.0M |
| FY 2022 | $44.3M | $29.3M | $89.6M | $162.8M | $370.1M | $48.9M | $13.9M | $80.3M | $221.6M |
| FY 2021 | $42.2M | $34.8M | $65.9M | $144.7M | $332.4M | $16.5M | -$20.2M | $52.2M | $211.5M |
| FY 2020 | $72.8M | $24.6M | $51.5M | $118.5M | $298.9M | $13.2M | -$59.4M | $43.3M | $192.6M |
| FY 2019 | $36.3M | $19.0M | $49.2M | $100.3M | $223.3M | $8.8M | -$18.1M | $30.6M | $187.9M |
| FY 2018 | $38.7M | $19.6M | $58.6M | $82.3M | $223.5M | $0 | -$16.5M | $29.0M | $190.8M |
| FY 2017 | $64.4M | $22.8M | $45.8M | $46.5M | $211.2M | $0 | -$44.4M | $22.9M | $183.8M |
| FY 2016 | $47.6M | $14.5M | $40.2M | $27.8M | $154.2M | $0 | -$36.2M | $14.0M | $135.9M |
| FY 2015 | $36.3M | $18.5M | $38.0M | $31.4M | $151.9M | $0 | -$24.9M | $14.3M | $132.0M |
| FY 2014 | $41.2M | $18.0M | $38.6M | $33.9M | $161.5M | $0 | -$28.8M | $16.8M | $138.3M |
Annual ratios and key metrics
| Period | Gross margin | Op margin | Net margin | Current | Quick | ROE | ROIC | EV / sales | EV / EBITDA | FCF yield | R&D / rev. | Cash cycle |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | 12.7% | -24.9% | -24.1% | 2.7x | 1.8x | -7.8% | -5.4% | 7.5x | -59.3x | -2.6% | 10.2% | 436d |
| FY 2024 | 24.0% | -14.9% | -11.7% | 2.1x | 1.0x | -6.0% | -4.7% | 1.2x | -356.8x | -19.1% | 14.6% | 446d |
| FY 2023 | 17.6% | -28.5% | -23.6% | 2.1x | 1.0x | -8.8% | -6.5% | 1.6x | -13.7x | -6.9% | 15.9% | 542d |
| FY 2022 | 36.9% | 8.9% | 11.2% | 2.4x | 1.2x | 7.1% | 3.3% | 1.4x | 6.6x | -20.2% | 9.9% | 402d |
| FY 2021 | 34.5% | 9.4% | 10.6% | 3.3x | 2.0x | 6.9% | 4.0% | 2.5x | 13.7x | -9.0% | 7.5% | 292d |
| FY 2020 | 31.7% | 4.1% | 3.4% | 4.2x | 2.9x | 1.7% | 1.0% | 3.4x | 27.9x | -3.6% | 7.5% | 312d |
| FY 2019 | 29.8% | -0.4% | -3.1% | 4.1x | 2.3x | -1.4% | -0.2% | 1.8x | 33.4x | -5.3% | 7.0% | 327d |
| FY 2018 | 36.2% | 11.9% | 9.4% | 4.5x | 2.4x | 5.1% | 5.7% | 1.5x | 9.0x | -22.0% | 5.8% | 322d |
| FY 2017 | 34.9% | 12.8% | 10.3% | 6.2x | 4.2x | 5.5% | 6.2% | 2.9x | 16.5x | -3.9% | 4.9% | 280d |
| FY 2016 | 32.4% | 7.9% | 6.9% | 8.2x | 5.1x | 4.1% | 4.0% | 1.5x | 10.3x | 6.3% | 7.2% | 287d |
| FY 2015 | 21.7% | -6.3% | -2.9% | 7.5x | 4.6x | -1.7% | -3.5% | 0.7x | 92.3x | -2.8% | 7.3% | 277d |
| FY 2014 | 20.6% | -3.4% | -1.7% | 7.0x | 4.4x | -1.0% | -1.9% | 0.7x | 15.9x | 2.1% | 5.0% | 252d |
Annual growth
| Period | Revenue | Gross profit | R&D | Op income | Net income | EPS | FCF | Capex | Cash + ST inv. | Inventory | Assets | Debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | -11.1% | -52.8% | -37.8% | -48.5% | -82.9% | -81.5% | -5.0% | -3.9% | +426.7% | -4.0% | +27.8% | +30.2% |
| FY 2024 | +31.1% | +79.0% | +20.4% | +31.4% | +35.0% | +35.7% | -152.9% | +44.9% | -42.8% | -1.6% | -5.4% | -10.7% |
| FY 2023 | -46.3% | -74.4% | -13.2% | -271.8% | -213.1% | -213.5% | +81.0% | +63.2% | -9.9% | -3.5% | -3.1% | +14.0% |
| FY 2022 | +2.7% | +9.9% | +34.7% | -2.7% | +8.5% | +5.7% | -13.0% | +4.0% | +5.0% | +36.0% | +11.3% | +195.6% |
| FY 2021 | +44.1% | +56.6% | +44.8% | +227.3% | +350.1% | +359.3% | -135.5% | -49.3% | -42.1% | +27.9% | +11.2% | +25.0% |
| FY 2020 | +14.5% | +22.0% | +22.3% | +1354.8% | +224.5% | +289.6% | -53.2% | +8.9% | +100.6% | +4.8% | +33.8% | +51.0% |
| FY 2019 | -18.7% | -33.0% | -1.1% | -102.6% | -126.9% | -116.1% | +75.5% | +46.2% | -6.0% | -16.1% | -0.1% | 0.0% |
| FY 2018 | +3.8% | +7.5% | +22.2% | -3.9% | -4.9% | -7.4% | -192.9% | -89.8% | -40.0% | +27.8% | +5.8% | 0.0% |
| FY 2017 | +21.3% | +30.7% | -17.5% | +96.7% | +80.1% | +58.8% | -230.3% | -682.8% | +35.4% | +14.2% | +36.9% | 0.0% |
| FY 2016 | +5.0% | +56.8% | +3.3% | +231.1% | +353.0% | +345.7% | +530.3% | +34.3% | +31.0% | +5.6% | +1.5% | 0.0% |
| FY 2015 | -7.2% | -2.0% | +36.7% | -71.7% | -60.5% | -56.2% | -222.6% | -110.6% | -11.8% | -1.5% | -6.0% | 0.0% |
| FY 2014 | -2.2% | +45.1% | +21.0% | +62.8% | +82.6% | +81.5% | +163.6% | +63.7% | +9.9% | -1.4% | -1.4% | 0.0% |
SegmentsFY 2025
Revenue Mix
Latest product mixFY 2025 · $88.3M
Substrates$58.9M · 66.7%
Raw Materials and Other$29.4M · 33.3%
Latest geography mixFY 2025 · $88.3M
CHINA$55.1M · 62.4%
TAIWAN$13.0M · 14.8%
Europe$11.2M · 12.6%
JAPAN$4.9M · 5.6%
Asia Pacific Excluding China, Taiwan and Japan$2.4M · 2.8%
North America$1.7M · 1.9%
Product revenue annual
| Period | Total | Substrates | Raw Materials And Others | GaAs Substrates | Other materials | Raw Materials and Other | Raw materials and others | Ge Substrates | Raw Materials | Raw Materials And Other | InP Substrates |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $88.3M | $58.9M | -- | -- | -- | $29.4M | -- | -- | -- | -- | -- |
| FY 2023 | $75.8M | $47.5M | -- | -- | -- | -- | $28.3M | -- | -- | -- | -- |
| FY 2022 | $141.1M | $111.1M | $30.0M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2021 | $137.4M | $103.0M | $34.4M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2020 | $95.4M | $75.6M | $19.8M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2019 | $83.3M | $67.8M | $15.4M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2018 | $102.4M | $81.0M | $21.4M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2017 | $98.7M | $78.6M | $20.1M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2016 | $81.3M | $65.6M | $15.7M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2013 | $170.7M | -- | -- | $40.2M | $85.3M | -- | -- | $17.0M | -- | $21.0M | $7.1M |
| FY 2012 | $88.4M | -- | -- | $51.4M | $1,000 | -- | -- | $8.7M | $22.2M | -- | $6.0M |
Geography revenue annual
| Period | Total | China | Europe | C | T | North America | Taiwan | J | CHINA | Asia Pacific Excluding Japan And Taiwan | Japan | North America (primarily the United States) | Asia Pacific (Excluding Japan And Taiwan) | TAIWAN | Asia Pacific (excluding China, Taiwan, and Japan) | JAPAN | Asia Pacific (excluding China, Taiwan and Japan) | Asia Pacific Excluding China, Taiwan and Japan |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | $88.3M | -- | $11.2M | -- | -- | $1.7M | -- | -- | $55.1M | -- | -- | -- | -- | $13.0M | -- | $4.9M | -- | $2.4M |
| FY 2023 | $63.5M | $39.8M | -- | -- | -- | -- | $8.7M | -- | -- | -- | $4.6M | $6.6M | -- | -- | -- | -- | $3.8M | -- |
| FY 2022 | $120.5M | $55.4M | -- | -- | -- | -- | $28.8M | -- | -- | -- | $11.7M | $20.4M | -- | -- | $4.2M | -- | -- | -- |
| FY 2021 | $137.4M | $67.4M | $23.1M | -- | -- | $12.4M | $16.8M | -- | -- | -- | $10.1M | -- | -- | -- | $7.5M | -- | -- | -- |
| FY 2020 | $95.4M | -- | $19.7M | $35.1M | $16.5M | $11.0M | -- | $7.6M | -- | $5.5M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2019 | $83.3M | -- | $18.2M | $26.8M | $16.2M | $8.2M | -- | $6.3M | -- | $7.6M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2018 | $102.4M | -- | $22.0M | $31.5M | $20.1M | $10.0M | -- | $10.3M | -- | $8.5M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2017 | $98.7M | -- | $24.0M | $25.0M | $18.3M | $8.4M | -- | $13.3M | -- | $9.9M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2016 | $81.3M | -- | $18.6M | $17.4M | $15.4M | $8.1M | -- | $11.0M | -- | $10.8M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2015 | $77.5M | -- | $19.5M | $13.7M | $13.8M | $9.8M | -- | $9.1M | -- | $11.5M | -- | -- | -- | -- | -- | -- | -- | -- |
| FY 2014 | $83.5M | $17.5M | $21.5M | -- | -- | $10.3M | $11.5M | -- | -- | -- | $11.6M | -- | $11.2M | -- | -- | -- | -- | -- |
| FY 2013 | $85.3M | $24.9M | $21.4M | -- | -- | $10.7M | $10.1M | -- | -- | -- | $9.0M | -- | $9.2M | -- | -- | -- | -- | -- |
Transcripts60 on file
Transcripts
Events
Events
Next earnings
2026-07-30EPS est $0.08
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