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Maker of compound semiconductor substrates (gallium arsenide, indium phosphide) used in lasers, sensors and RF chips.
Maker of compound semiconductor substrates (gallium arsenide, indium phosphide) used in lasers, sensors and RF chips.
Sells wafers, the base slices on which customers grow their chips, per piece, so revenue follows customers' device volumes, with indium phosphide for optical-communication lasers one important line. Most production is in China through its Tongmei subsidiary, so Chinese export licensing and trade rules affect what it can ship.
Moat: narrow (process know-how, IP / patents). Crystal-growth process know-how for compound semiconductor substrates is difficult to replicate.
Headquarters: Fremont, California, US · Founded: 1986 · Employees: 1,072
Size AXT (AXTI) is a United States Information Technology company (Electronic Production Equipment) with a market value of $2.55B, the 1644th largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.88 on 6 Nov 2026.
Performance Over six months the shares fell 66.6%, against -22.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 89.1% over the last twelve months (peer median +14.0%); the operating margin is 19.6% (peer median 6.0%).
Valuation It trades at 16.2× forward earnings against a peer median of 30.2× (5th cheapest of 19).
Capital Return on invested capital runs 10.1 points below its cost of capital (14.7% WACC).
Backlog Backlog (remaining performance obligations) was $98.5M at 30 Jun 2026 — 0.8 years of trailing revenue. Backlog detail →
Short interest Short interest is 18.3% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $171M | $88.3M | $99.4M | $75.8M | $141M |
| Revenue growth | — | -11% | +31% | -46% | — |
| Gross profit | $82.5M | $11.2M | $23.8M | $13.3M | $52.1M |
| EBITDA | n/a | -$12.9M | -$5.82M | -$12.8M | $20.7M |
| Net income | $31.7M | -$21.3M | -$11.6M | -$17.9M | $15.8M |
| Free cash flow | n/a | -$18.8M | -$17.9M | -$7.07M | -$37.2M |
| Capital expenditure | n/a | $6.00M | $5.77M | $10.5M | $28.5M |
| Total debt | $73.7M | $70.0M | $49.8M | $55.7M | $48.9M |
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 |
|---|---|---|---|---|---|---|
| AXT AXTI | $2.55B | -67% | +89% | 20% | 16.2× | n/a |
| Sumitomo Electric Industries 5802.T | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| JX Advanced Metals 5016.T | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% |
| Dowa 5714.T | $2.78B | -22% | +29% | 6% | 6.9× | n/a |
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 | AXTI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -45.7% | -16.6% | lowest of 21 |
| 6-month return | -66.6% | -22.6% | lowest of 21 |
| Distance from 52-week high | -72.8% | -50.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +89.1% | +14.0% | highest of 21 |
| Operating margin | 19.6% | 6.0% | 2nd highest of 21 |
| Forward P/E | 16.2× | 30.2× | 5th cheapest of 19 |
| ROIC minus cost of capital | -10.1 pp | -2.8 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |
| Marketech International 6196.TW | Taiwan | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% | +15.5% |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Zhejiang Jiemei Electronic & Technology 002859.SZ | China | $2.71B | -21% | +26% | 13% | 47.3× | n/a | n/a |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Exosens EXENS.PA | France | $2.95B | -11% | +15% | 17% | 27.5× | 24.3% | +25.6% |
| OPT Machine Vision Tech 688686.SS | China | $2.96B | +48% | +38% | 12% | 75.4× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| OFILM 002456.SZ | China | $3.10B | -35% | -17% | -1% | n/a | 27.0% | -14.4% |
| Guangdong Create Century Intelligent Equipment 300083.SZ | China | $3.13B | +7% | +35% | 11% | 24.4× | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
AXT reported $98.5M of remaining performance obligations at 30 Jun 2026. That is 0.8 years of trailing revenue already under contract.