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German maker of deposition equipment used to grow compound semiconductor materials for LEDs, power electronics and photonics chips.
German maker of deposition equipment used to grow compound semiconductor materials for LEDs, power electronics and photonics chips.
Is paid per machine, with each system costly and ordered in waves when customers expand plants, so revenue is lumpy and swings with chipmakers' investment cycles. Spare parts and servicing for installed machines add steadier income. Demand has shifted from LEDs toward power chips and lasers, and Asia takes most of the output.
In one line: A German Applied Materials, but focused on compound semiconductors.
Moat: narrow (process know-how, IP / patents, customer qualification). Specialized deposition technology qualified into compound-semiconductor fabs, but cyclical demand and Asian competition.
Headquarters: Herzogenrath, Germany · Founded: 1983 · Employees: 1,117
Size Aixtron (AIXA.DE) is a Germany Industrials company (Industrial Machinery) with a market value of $3.84B, the 83rd largest of 205 Germany companies the cockpit tracks. Shares closed at €30.41 on 6 Nov 2026.
Performance Over six months the shares fell 45.0%, against -13.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 8.6% over the last twelve months (peer median +7.8%); the operating margin is 16.2% (peer median 7.7%).
Valuation It trades at 42.6× forward earnings against a peer median of 18.0× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.1 points above its cost of capital (6.0% WACC).
Credit Aixtron has 1 bond outstanding ($501M).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €545M | €557M | €633M | €630M | €463M |
| Revenue growth | — | -12% | +1% | +36% | — |
| Gross profit | €231M | €221M | €261M | €278M | €194M |
| EBITDA | €109M | €109M | €139M | €156M | €106M |
| Net income | €80.5M | €85.2M | €106M | €145M | €100M |
| Free cash flow | €366M | €181M | -€66.7M | -€106M | €10.4M |
| Capital expenditure | €26.6M | €27.8M | €98.7M | €62.6M | €29.7M |
| Total debt | €354M | €4.63M | €5.02M | €5.44M | €7.96M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aixtron AIXA.DE | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% |
| VECO VECO | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AIXA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.7% | -0.9% | 6th lowest of 21 |
| 6-month return | -45.0% | -13.6% | 3rd lowest of 20 |
| Distance from 52-week high | -51.5% | -32.9% | 4th lowest of 21 |
| Revenue growth (TTM) | -8.6% | +7.8% | 2nd lowest of 21 |
| Operating margin | 16.2% | 7.7% | 5th highest of 21 |
| Forward P/E | 42.6× | 18.0× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | 8.7% | 4th least demanding of 12 |
| Growth delivered (Del g) | +15.6% | +10.6% | highest of 12 |
| Hurdle (Req g minus delivered) | -10.0 pp | -2.1 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +8.1 pp | -0.5 pp | 4th highest of 21 |
| EV / EBITDA | 25.9× | 11.4× | 2nd most expensive of 11 |
| Net debt / EBITDA | -5.4× | -0.2× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aixtron AIXA.DE | Germany | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% | +15.6% |
| Voltas VOLTAS.NS | India | $3.84B | -19% | +4% | 4% | 50.1× | n/a | n/a |
| Estun Automation 2715.HK | Hong Kong | $3.79B | -9% | +13% | 4% | 42.2× | 28.7% | +13.5% |
| Ningbo Zhenyu Technology 300953.SZ | China | $3.77B | -35% | +58% | 6% | 21.2× | n/a | n/a |
| Avic Aviation High-Technology 600862.SS | China | $3.92B | -6% | -3% | 22% | 31.2× | 6.0% | +11.4% |
| Mueller Water Products MWA | United States | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% | +5.8% |
| Krones KRN.DE | Germany | $3.94B | -7% | +3% | 7% | 11.2× | -1.8% | +11.3% |
| Zijin Longking 600388.SS | China | $3.70B | -6% | +13% | 11% | 17.4× | n/a | n/a |
| Sumitomo Heavy Industries 6302.T | Japan | $3.64B | -10% | +9% | 6% | 13.0× | 6.3% | +4.3% |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |
| Kunshan Kinglai Hygienic Materials 300260.SZ | China | $3.61B | -12% | +11% | 8% | 73.2× | n/a | n/a |
| Amada 6113.T | Japan | $4.10B | -20% | +18% | 10% | 15.9× | 8.7% | +11.8% |
| Danieli & C. Officine Meccaniche DAN.MI | Italy | $3.60B | -24% | -8% | -6% | 13.5× | n/a | n/a |
| Jiangsu Gao Kai Precision Fluid 688835.SS | China | $4.15B | n/a | +21% | 24% | n/a | n/a | n/a |
| Franklin Electric FELE | United States | $4.16B | -5% | +7% | 13% | 18.0× | 9.2% | +11.3% |
| DMG MORI Aktiengesellschaft GIL.DE | Germany | $4.17B | 0% | +3% | 5% | n/a | 11.3% | +2.7% |
| THK 6481.T | Japan | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% | +1.9% |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |
Aixtron has 1 bond outstanding with $501M face value.