AXTI Chart
About

AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/lasers, high-speed data transfer in data centers, 5G communications, fiber optic lasers and detectors, consumer devices, passive optical networks, silicon photonics, photonic integrated circuits, thermo-photovoltaics, RF amplifier and switching, infrared light-emitting diode (LEDS) motion control, lidar for robotics and autonomous vehicles, and infrared thermal imaging. It also provides semi-insulating gallium arsenide (GaAs) substrates for use in Wi-Fi and IoT devices, transistors, direct broadcast television, power amplifiers, satellite communications, and solar cells; and semi-conducting GaAs substrates that are used in LEDs, screen displays using micro-LEDs, printer head lasers and LEDs, 3-D sensing using VCSELs, data center communication using VCSELs, sensors for industrial robotics/near-infrared sensors, laser machining, cutting and drilling, optical couplers, solar cells, night vision goggles, lidar for robotics and autonomous vehicles, and other lasers. In addition, the company offers germanium substrates for use in multi-junction solar cells for satellites, optical sensors and detectors, terrestrial concentrated photo voltaic cells, infrared detectors, and carrier wafer for LED. Further, it provides 6N+ and 7N+ purified gallium, boron trioxide, gallium-magnesium alloy, pyrolytic boron nitride (pBN) crucibles, and pBN insulating parts. It sells its products through direct salesforce in the United States, China, and Europe, as well as through independent sales representatives and distributors in Japan, Taiwan, Korea, and internationally. The company was formerly known as American Xtal Technology, Inc. and changed its name to AXT, Inc. in July 2000. AXT, Inc. was incorporated in 1986 and is headquartered in Fremont, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Semiconductor Equipment Market Cap 1.94B
Enterprise Value 1.58B Income -21.26M Sales 88.33M
Book/sh 6.03 Cash/sh 2.69 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E — Forward P/E 75.17 PEG —
P/S 21.95 P/B 5.82 P/C —
EV/EBITDA -122.07 EV/Sales 17.86 Quick Ratio 1.62
Current Ratio 2.72 Debt/Eq 19.20 LT Debt/Eq —
EPS (ttm) -0.53 EPS next Y 0.47 EPS Growth —
Revenue Growth -8.20% Earnings 2026-04-30 ROA -3.55%
ROE -7.87% ROIC — Gross Margin 12.73%
Oper. Margin -16.64% Profit Margin -24.07% Shs Outstand 55.27M
Shs Float 36.89M Short Float 8.54% Short Ratio 0.55
Short Interest — 52W High 35.08 52W Low 1.13
Beta 1.93 Avg Volume 6.11M Volume 9.22M
Target Price $28.25 Recom Buy Prev Close $28.43
Price $35.08 Change 23.39%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$28.25
Mean price target
2. Current target
$37.79
Latest analyst target
3. DCF / Fair value
$28.25
Proxy: analyst mean price target (no FCF/EPS data available).
Ratings
Current target
$37.79
Low
$21.00
High
$35.00
Mean
$28.25

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-20 main B. Riley Securities Neutral → Neutral $21
2026-02-20 main Wedbush Outperform → Outperform $28
2026-01-20 down Needham Buy → Hold —
2026-01-09 down B. Riley Securities Buy → Neutral $18
2025-10-31 main B. Riley Securities Buy → Buy $9
2025-10-31 main Needham Buy → Buy $10
2025-08-01 main Wedbush Outperform → Outperform $4
2025-07-10 main B. Riley Securities Buy → Buy $4
2025-05-02 main B. Riley Securities Buy → Buy $5
2025-05-02 main Wedbush Outperform → Outperform $4
2025-02-21 reit B. Riley Securities Buy → Buy $6
2025-02-21 reit Needham Buy → Buy $5
2024-11-01 main Northland Capital Markets Outperform → Outperform $5
2024-11-01 reit Needham Buy → Buy $5
2024-08-02 reit Needham Buy → Buy $5
2024-07-29 reit Wedbush Outperform → Outperform $6
2024-05-03 reit Wedbush Outperform → Outperform $6
2024-05-03 reit Needham Buy → Buy $5
2024-04-09 main Craig-Hallum Buy → Buy $5
2024-04-09 reit Needham Buy → Buy $5
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 75718 — — Stock Award(Grant) at price 0.00 per share. FISCHER GARY L Chief Financial Officer — 2026-02-18 00:00:00 D
1 218170 — — Stock Award(Grant) at price 0.00 per share. YOUNG MORRIS S Chief Executive Officer — 2026-02-18 00:00:00 D
2 25000 371025 — Sale at price 14.84 per share. CHANG DAVID C Director — 2025-12-09 00:00:00 I
3 7800 — — Stock Gift at price 0.00 per share. YOUNG MORRIS S Chief Executive Officer — 2025-12-09 00:00:00 I
4 37160 462902 — Sale at price 12.46 per share. YOUNG MORRIS S Chief Executive Officer — 2025-12-08 00:00:00 I
5 35000 421750 — Sale at price 12.05 per share. YOUNG MORRIS S Chief Executive Officer — 2025-12-04 00:00:00 I
6 69204 299996 — Conversion of Exercise of derivative security at price 3.06 - 5.77 per share. YOUNG MORRIS S Chief Executive Officer — 2025-12-04 00:00:00 D
7 50000 576250 — Sale at price 10.72 - 12.33 per share. CHANG DAVID C Director — 2025-12-02 00:00:00 I
8 15000 — — Stock Gift at price 0.00 per share. YOUNG MORRIS S Chief Executive Officer — 2025-11-21 00:00:00 I
9 33130 344386 — Sale at price 10.40 per share. YOUNG MORRIS S Chief Executive Officer — 2025-11-17 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems19.11K35.49K165.16K-26.91K
TaxRateForCalcs0.210.210.100.06
NormalizedEBITDA-429.00K-8.95M28.54M25.33M
TotalUnusualItems91.00K169.00K1.57M-434.00K
TotalUnusualItemsExcludingGoodwill91.00K169.00K1.57M-434.00K
NetIncomeFromContinuingOperationNetMinorityInterest-11.62M-17.88M15.81M14.57M
ReconciledDepreciation8.98M8.72M8.12M7.08M
ReconciledCostOfRevenue75.53M62.48M89.00M89.98M
EBITDA-338.00K-8.78M30.12M24.89M
EBIT-9.32M-17.51M22.00M17.82M
NetInterestIncome-1.34M-1.53M-1.07M-213.00K
InterestExpense1.34M1.53M1.07M213.00K
NormalizedIncome-11.70M-18.01M14.40M14.98M
NetIncomeFromContinuingAndDiscontinuedOperation-11.62M-17.88M15.81M14.57M
TotalExpenses111.92M94.81M126.85M123.37M
TotalOperatingIncomeAsReported-14.80M-21.57M12.55M12.90M
DilutedAverageShares43.15M42.64M42.72M42.72M
BasicAverageShares43.15M42.64M42.10M41.37M
DilutedEPS-0.27-0.420.370.34
BasicEPS-0.27-0.420.370.35
DilutedNIAvailtoComStockholders-11.80M-18.06M15.63M14.40M
NetIncomeCommonStockholders-11.80M-18.06M15.63M14.40M
PreferredStockDividends177.00K177.00K177.00K177.00K
NetIncome-11.62M-17.88M15.81M14.57M
MinorityInterests167.00K1.31M-2.93M-1.93M
NetIncomeIncludingNoncontrollingInterests-11.79M-19.19M18.74M16.51M
NetIncomeContinuousOperations-11.79M-19.19M18.74M16.51M
TaxProvision1.13M160.00K2.19M1.09M
PretaxIncome-10.66M-19.03M20.93M17.60M
OtherIncomeExpense3.25M1.51M7.73M3.79M
OtherNonOperatingIncomeExpenses-283.00K-547.00K204.00K-182.00K
EarningsFromEquityInterest3.44M1.88M5.96M4.41M
GainOnSaleOfSecurity91.00K169.00K1.57M-434.00K
NetNonOperatingInterestIncomeExpense-1.34M-1.53M-1.07M-213.00K
TotalOtherFinanceCost213.00K
InterestExpenseNonOperating1.34M1.53M1.07M213.00K
OperatingIncome-12.56M-19.01M14.26M14.02M
OperatingExpense36.40M32.33M37.86M33.39M
OtherOperatingExpenses-2.24M-2.56M-1.71M-1.12M
ResearchAndDevelopment14.54M12.08M13.91M10.33M
SellingGeneralAndAdministration24.10M22.81M25.65M24.19M
GrossProfit23.84M13.32M52.12M47.41M
CostOfRevenue75.53M62.48M89.00M89.98M
TotalRevenue99.36M75.80M141.12M137.39M
OperatingRevenue99.36M75.80M141.12M137.39M
Line Item2024-12-312023-12-312022-12-312021-12-31
PreferredSharesNumber883.00K883.00K883.00K883.00K
OrdinarySharesNumber45.36M44.24M43.55M42.89M
ShareIssued45.36M44.24M43.55M42.89M
NetDebt24.43M15.17M12.13M
TotalDebt49.78M55.73M48.88M16.54M
TangibleBookValue187.53M198.64M216.15M205.89M
InvestedCapital236.50M253.38M265.15M222.11M
WorkingCapital84.10M89.10M108.22M112.36M
NetTangibleAssets191.06M202.17M219.68M209.42M
CapitalLeaseObligations2.51M2.81M1.81M2.42M
CommonStockEquity189.24M200.46M218.07M208.00M
PreferredStockEquity3.53M3.53M3.53M3.53M
TotalCapitalization192.77M203.99M221.61M211.53M
TotalEquityGrossMinorityInterest254.91M269.15M289.75M280.23M
MinorityInterest62.14M65.16M68.14M68.70M
StockholdersEquity192.77M203.99M221.61M211.53M
GainsLossesNotAffectingRetainedEarnings-8.66M-6.00M-3.12M6.30M
OtherEquityAdjustments-8.66M-6.00M-3.12M6.30M
RetainedEarnings-43.66M-32.04M-14.16M-29.97M
AdditionalPaidInCapital241.51M238.45M235.31M231.62M
CapitalStock3.58M3.58M3.58M3.58M
CommonStock45.00K44.00K44.00K43.00K
PreferredStock3.53M3.53M3.53M3.53M
TotalLiabilitiesNetMinorityInterest84.41M89.56M80.33M52.21M
TotalNonCurrentLiabilitiesNetMinorityInterest10.23M8.00M5.00M4.39M
OtherNonCurrentLiabilities8.25M5.65M3.68M2.45M
LongTermDebtAndCapitalLeaseObligation1.98M2.35M1.32M1.94M
LongTermCapitalLeaseObligation1.98M2.35M1.32M1.94M
CurrentLiabilities74.18M81.56M75.33M47.82M
CurrentDeferredLiabilities1.59M305.00K338.00K946.00K
CurrentDeferredRevenue1.59M305.00K338.00K946.00K
CurrentDebtAndCapitalLeaseObligation47.80M53.38M47.56M14.60M
CurrentCapitalLeaseObligation536.00K458.00K485.00K488.00K
CurrentDebt47.26M52.92M47.08M14.12M
OtherCurrentBorrowings1.89M
LineOfCredit47.26M52.92M47.08M12.23M
PensionandOtherPostRetirementBenefitPlansCurrent3.09M3.99M5.07M5.39M
PayablesAndAccruedExpenses21.70M23.88M22.36M26.88M
CurrentAccruedExpenses3.93M3.62M3.64M3.42M
Payables17.77M20.26M18.72M23.45M
OtherPayable1.99M7.25M4.13M2.97M
DividendsPayable2.90M2.90M2.90M2.90M
TotalTaxPayable526.00K493.00K1.60M931.00K
IncomeTaxPayable127.00K0.00729.00K539.00K
AccountsPayable12.36M9.62M10.08M16.65M
TotalAssets339.31M358.70M370.07M332.44M
TotalNonCurrentAssets181.04M188.04M186.53M172.26M
OtherNonCurrentAssets1.45M1.63M1.23M2.37M
NonCurrentDeferredAssets1.42M1.68M2.24M2.34M
NonCurrentDeferredTaxesAssets1.42M1.68M2.24M2.34M
NonCurrentAccountsReceivable194.00K1.29M1.63M959.00K
InvestmentsAndAdvances14.07M12.48M16.73M19.74M
InvestmentinFinancialAssets0.002.12M9.58M
AvailableForSaleSecurities2.12M9.58M
LongTermEquityInvestment14.07M12.48M14.61M10.17M
GoodwillAndOtherIntangibleAssets1.71M1.82M1.93M2.11M
OtherIntangibleAssets1.71M1.82M1.93M2.11M
NetPPE162.20M169.15M162.78M144.74M
AccumulatedDepreciation-76.72M-71.44M-64.44M-64.35M
GrossPPE238.92M240.58M227.22M209.09M
Leases7.58M7.60M7.43M7.04M
ConstructionInProgress23.53M38.48M36.68M31.66M
OtherProperties2.48M2.80M1.76M2.32M
MachineryFurnitureEquipment67.92M65.92M62.80M59.28M
BuildingsAndImprovements137.42M125.79M118.55M108.78M
Properties0.000.000.000.00
CurrentAssets158.27M170.66M183.54M160.19M
OtherCurrentAssets13.74M12.64M13.98M17.25M
RestrictedCash10.98M12.36M6.40M0.00
PrepaidAssets17.25M
Inventory85.08M86.50M89.63M65.91M
FinishedGoods2.56M3.58M3.20M3.65M
WorkInProcess50.78M50.01M39.96M32.60M
RawMaterials31.74M32.91M46.48M29.66M
Receivables25.64M19.26M29.25M34.84M
AccountsReceivable25.64M19.26M29.25M34.84M
AllowanceForDoubtfulAccountsReceivable-147.00K-579.00K-307.00K-130.00K
GrossAccountsReceivable25.79M19.84M29.56M34.97M
CashCashEquivalentsAndShortTermInvestments22.83M39.89M44.29M42.18M
OtherShortTermInvestments0.002.14M9.34M5.42M
CashAndCashEquivalents22.83M37.75M34.95M36.76M
CashFinancial34.95M36.76M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-17.88M-7.07M-37.23M-32.95M
RepurchaseOfCapitalStock-1.08M
RepaymentOfDebt-60.90M-49.21M-17.80M-19.07M
IssuanceOfDebt60.33M57.10M53.08M22.38M
IssuanceOfCapitalStock0.000.00
CapitalExpenditure-5.77M-10.47M-28.46M-29.64M
InterestPaidSupplementalData2.07M1.56M0.000.00
IncomeTaxPaidSupplementalData962.00K686.00K1.69M3.18M
EndCashPosition33.81M50.11M41.35M36.76M
BeginningCashPosition50.11M41.35M36.76M72.60M
EffectOfExchangeRateChanges790.00K-646.00K542.00K551.00K
ChangesInCash-17.09M9.41M4.04M-36.39M
FinancingCashFlow-536.00K8.61M38.03M5.72M
CashFlowFromContinuingFinancingActivities-536.00K8.61M38.03M5.72M
NetOtherFinancingCharges708.00K2.23M744.00K
ProceedsFromStockOptionExercised28.00K10.00K518.00K1.67M
NetCommonStockIssuance0.00-1.08M
CommonStockPayments-1.08M
CommonStockIssuance0.000.00
NetIssuancePaymentsOfDebt-564.00K7.89M35.28M3.31M
NetShortTermDebtIssuance-5.59M7.26M35.28M1.48M
ShortTermDebtPayments-60.09M-49.21M-17.80M-19.07M
ShortTermDebtIssuance54.50M56.47M53.08M20.54M
NetLongTermDebtIssuance5.03M635.00K0.001.83M
LongTermDebtPayments-804.00K-17.80M-19.07M
LongTermDebtIssuance5.83M635.00K0.001.83M
InvestingCashFlow-4.45M-2.60M-25.22M-38.81M
CashFlowFromContinuingInvestingActivities-4.45M-2.60M-25.22M-38.81M
NetInvestmentPurchaseAndSale1.33M7.87M3.24M-9.16M
SaleOfInvestment2.16M10.41M5.40M480.00K
PurchaseOfInvestment-834.00K-2.54M-2.16M-9.64M
NetPPEPurchaseAndSale-5.77M-10.47M-28.46M-29.64M
PurchaseOfPPE-5.77M-10.47M-28.46M-29.64M
OperatingCashFlow-12.11M3.40M-8.77M-3.31M
CashFlowFromContinuingOperatingActivities-12.11M3.40M-8.77M-3.31M
ChangeInWorkingCapital-11.74M7.04M-35.18M-30.26M
ChangeInOtherCurrentLiabilities-3.40M-1.05M3.30M-1.15M
ChangeInOtherCurrentAssets1.26M419.00K-471.00K-6.28M
ChangeInPayablesAndAccruedExpense4.04M-2.06M-7.65M118.00K
ChangeInAccruedExpense1.00M-1.90M-2.13M-3.44M
ChangeInPayable3.04M-162.00K-5.52M3.56M
ChangeInAccountPayable3.04M-162.00K-5.52M3.56M
ChangeInPrepaidAssets-6.00M-652.00K-3.49M-798.00K
ChangeInInventory-737.00K1.07M-31.41M-12.40M
ChangeInReceivables-6.90M9.31M4.54M-9.75M
ChangesInAccountReceivables-6.90M9.31M4.54M-9.75M
StockBasedCompensation3.10M3.54M4.01M4.52M
ProvisionandWriteOffofAssets0.00272.00K-177.00K87.00K
AssetImpairmentCharge0.00
AmortizationOfSecurities0.0018.00K58.00K68.00K
DeferredTax265.00K553.00K104.00K2.34M
DeferredIncomeTax265.00K553.00K104.00K2.34M
DepreciationAmortizationDepletion8.98M8.72M8.12M7.08M
DepreciationAndAmortization8.98M8.72M8.12M7.08M
OperatingGainsLosses-925.00K2.45M-4.43M-3.64M
EarningsLossesFromEquityInvestments-1.04M2.27M-4.35M-3.63M
GainLossOnSaleOfPPE118.00K21.00K-85.00K-8.00K
GainLossOnSaleOfBusiness0.00166.00K0.000.00
NetIncomeFromContinuingOperations-11.79M-19.19M18.74M16.51M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for AXTI
Date User Asset Broker Type Position Size Entry Price Patterns