AXT, Inc. (AXTI) Financial Ratios
28 years of historical data (1998–2025) · Technology · Semiconductors
EV/EBITDA
↓
N/A
—
5yr avg: 13.78
30Y Low3.6·High92.3
P/FCF
N/A
—
5yr avg: N/A
30Y Low6.5·High73.4
P/B Ratio
↑
13.76
↑+1309% vs avg
5yr avg: 0.98
30Y Low0.4·High5.5
ROE
↓
-7.2%
↑-411% vs avg
5yr avg: -1.4%
30Y Low-56%·High17%
Debt/EBITDA
↑
N/A
—
5yr avg: 1.60
30Y Low0.0·High2.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AXTI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
AXT, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $718M | $94M | $102M | $187M | $376M | $393M | $172M | $175M | $339M | $158M |
| Enterprise Value | $4.5B | $656M | $121M | $120M | $201M | $356M | $333M | $154M | $159M | $295M | $122M |
| P/E Ratio → | -213.94 | — | — | — | 11.84 | 25.91 | 128.28 | — | 18.13 | 33.46 | 28.24 |
| P/S Ratio | 52.15 | 8.13 | 0.94 | 1.35 | 1.33 | 2.74 | 4.12 | 2.06 | 1.71 | 3.44 | 1.94 |
| P/B Ratio | 13.76 | 2.15 | 0.37 | 0.38 | 0.65 | 1.34 | 1.54 | 0.89 | 0.90 | 1.80 | 1.13 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 16.15 |
| P/OCF | — | — | — | 30.07 | — | — | 66.94 | 13.57 | 54.43 | 39.35 | 12.63 |
P/E links to full P/E history page with 30-year chart
AXTI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.42 | 1.21 | 1.59 | 1.42 | 2.59 | 3.49 | 1.85 | 1.55 | 2.99 | 1.50 |
| EV / EBITDA | — | — | — | — | 9.72 | 17.83 | 40.28 | 29.45 | 9.32 | 17.27 | 10.78 |
| EV / EBIT | — | — | — | — | 9.14 | 19.76 | 45.96 | — | 13.06 | 23.31 | 18.30 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 12.45 |
AXTI Profitability
Margins and return-on-capital ratios measuring operating efficiency
AXT, Inc. earns an operating margin of -24.9%. Operating margins have expanded from -28.5% to -24.9% over the past 3 years, signaling improving operational efficiency. A negative ROE of -7.2% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.7% | 12.7% | 24.0% | 17.6% | 36.9% | 34.5% | 31.7% | 29.8% | 36.2% | 34.9% | 32.4% |
| Operating Margin | -24.9% | -24.9% | -14.9% | -28.5% | 8.9% | 9.4% | 4.1% | -0.4% | 11.9% | 12.8% | 7.9% |
| Net Profit Margin | -24.1% | -24.1% | -11.7% | -23.6% | 11.2% | 10.6% | 3.4% | -3.1% | 9.4% | 10.3% | 6.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.2% | -7.2% | -4.4% | -6.4% | 5.5% | 5.4% | 1.4% | -1.3% | 5.0% | 6.2% | 4.1% |
| ROA | -5.5% | -5.5% | -3.3% | -4.9% | 4.5% | 4.6% | 1.2% | -1.2% | 4.4% | 5.6% | 3.7% |
| ROIC | -6.0% | -6.0% | -3.9% | -5.5% | 3.3% | 4.2% | 1.6% | -0.1% | 5.7% | 7.6% | 4.4% |
| ROCE | -7.2% | -7.2% | -5.5% | -7.5% | 4.3% | 4.7% | 1.7% | -0.2% | 6.3% | 7.7% | 4.6% |
AXTI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $128M exceeds total debt of $66M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.20 | 0.21 | 0.17 | 0.06 | 0.05 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | 2.36 | 0.83 | 1.60 | 1.68 | — | — | — |
| Net Debt / Equity | — | -0.19 | 0.11 | 0.07 | 0.05 | -0.07 | -0.23 | -0.09 | -0.08 | -0.24 | -0.26 |
| Net Debt / EBITDA | — | — | — | — | 0.67 | -1.01 | -7.18 | -3.48 | -0.97 | -2.60 | -3.20 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -3.70 |
| Interest Coverage | -17.48 | -17.48 | -6.95 | -11.46 | 20.54 | 84.62 | 40.51 | — | — | — | — |
Net cash position: cash ($128M) exceeds total debt ($66M)
AXTI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
AXT, Inc.'s current ratio of 2.72x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.82x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 2.09x to 2.72x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.72 | 2.72 | 2.13 | 2.09 | 2.44 | 3.35 | 4.21 | 4.11 | 4.48 | 6.22 | 8.22 |
| Quick Ratio | 1.82 | 1.82 | 0.99 | 1.03 | 1.25 | 1.97 | 2.89 | 2.33 | 2.44 | 4.19 | 5.14 |
| Cash Ratio | 1.42 | 1.42 | 0.31 | 0.49 | 0.59 | 0.88 | 1.86 | 1.32 | 1.35 | 2.85 | 3.64 |
| Asset Turnover | — | 0.20 | 0.29 | 0.21 | 0.38 | 0.41 | 0.32 | 0.37 | 0.46 | 0.47 | 0.53 |
| Inventory Turnover | 0.94 | 0.94 | 0.89 | 0.72 | 0.99 | 1.37 | 1.26 | 1.19 | 1.12 | 1.40 | 1.37 |
| Days Sales Outstanding | — | 110.95 | 94.19 | 92.73 | 75.66 | 92.55 | 94.00 | 83.43 | 69.82 | 84.26 | 64.85 |
AXTI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
AXT, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.1% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 4.6% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 8.4% | 3.9% | 0.8% | — | 5.5% | 3.0% | 3.5% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 6.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.0% |
| Shares Outstanding | — | $44M | $43M | $43M | $43M | $43M | $41M | $39M | $40M | $39M | $33M |
Peer Comparison
Compare AXTI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AXTIYou | $5B | -213.9 | — | — | 12.7% | -24.9% | -7.2% | -6.0% | — |
 COHU | $2B | -31.2 | — | 217.2 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 MTSI | $23B | -424.4 | 122.7 | 120.5 | 54.9% | 13.4% | -4.4% | 6.0% | 2.8 |
 SWKS | $10B | 21.1 | 10.2 | 8.8 | 41.2% | 12.2% | 7.9% | 6.3% | 1.2 |
 QRVO | $8B | 24.6 | 20.8 | 12.1 | 45.9% | 11.2% | 10.1% | 8.1% | 3.8 |
 LITE | $67B | 2552.1 | 907.4 | — | 28.0% | -10.9% | 2.5% | -4.3% | 34.0 |
 OLED | $4B | 18.5 | 14.6 | 28.7 | 73.4% | 38.5% | 14.3% | 11.7% | 0.1 |
 AEHR | $3B | -744.1 | — | — | 40.6% | -7.3% | -3.2% | -3.0% | — |
 INTC | $567B | -1918.7 | 51.3 | — | 34.8% | -0.0% | -0.2% | -0.0% | 4.0 |
 AVGO | $2.0T | 89.2 | 60.3 | 74.9 | 67.8% | 39.9% | 31.0% | 14.9% | 1.9 |
 AAPL | $4.2T | 38.5 | 29.7 | 42.7 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.6% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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Start ComparisonAXTI — Frequently Asked Questions
Quick answers to the most common questions about buying AXTI stock.
What is AXT, Inc.'s P/E ratio?
AXT, Inc.'s current P/E ratio is -213.9x. The historical average is 43.5x.
What is AXT, Inc.'s ROE?
AXT, Inc.'s return on equity (ROE) is -7.2%. The historical average is -2.0%.
Is AXTI stock overvalued?
Based on historical data, AXT, Inc. is trading at a P/E of -213.9x. Compare with industry peers and growth rates for a complete picture.
What are AXT, Inc.'s profit margins?
AXT, Inc. has 12.7% gross margin and -24.9% operating margin.