AXT, Inc. (AXTI) financials
NASDAQ · Technology · Semiconductors · 1,541 employees · CEO Morris S. Young
- Price
- $55.06 -9.56%
- Market cap
- $3.61B
- Enterprise value
- $3.2B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-18 EPS est. $0.57
Revenue (TTM)$171M+89.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)19.6%+46.4 pp vs a year agoOperating income $33.4M
Net income (TTM)$31.7M+239.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)$0.46+187.4% vs a year agoSum of the last 4 quarters
Net cash$439M+1,181.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $3.61B EV $3.2B
- Revenue
- $171M Trailing 12 months
- Revenue growth
- +171% FY2026 consensus
- Profit margin
- 18.5% Net income / revenue, TTM
- P/E
- 117.5× Forward 46.7× (FY2026)
- P/S
- 21.1× Price / sales, TTM
- EV / EBITDA
- 67.4× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- $31.7M Trailing 12 months
- Revenue estimate
- $239M FY2026 consensus
- Earnings
- 2027-02-18 Revenue est. $91.5M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 11.2%, EPS beat by 33.1%Revenue $73.4M vs $66M expected (+11.2%); EPS $0.41 vs $0.31 (+33.1%).
- Revenue growth accelerating: 162.6% year on yearQ3 '26 revenue $73.4M, against an average of 53.5% over the four quarters before.
- Operating margin 19.6% (TTM), +46.4 pp on a year agoOperating income grew 237.5% while revenue grew 89.1%.
- 25.8% of pre-tax profit is non-operatingPre-tax income $45.1M vs operating income $33.4M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Diluted share count up 50.2% in a year65.9M diluted shares in Q3 '26, 43.8M a year earlier.
- Net cash $439MCash + short-term investments $513M, debt incl. leases $73.7M; a year ago net debt $40.6M.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $73.4M | $28M | +162.6% |
| Gross margin | 56.0% | 22.3% | +33.7 pp |
| Operating income | $28.4M | -$1.12M | +2,631.3% |
| Operating margin | 38.7% | -4.0% | +42.7 pp |
| Net income | $25.7M | -$1.91M | +1,449.6% |
| Diluted EPS | $0.39 | -$0.04 | +976.4% |
| Operating cash flow | – | -$9.15M | – |
| Capex | – | $2.18M | – |
| Free cash flow | – | -$11.3M | – |
| R&D | $3.94M | $1.01M | +289.3% |
| Stock-based compensation | – | $738K | – |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $73.4M | $66M | +11.2% |
| EPS (as estimated) | $0.41 | $0.31 | +33.1% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Substrates | $37.6M | +232.7% | 78.9% | $93.4M | – | |
| Raw Materials and Other | $10M | +50.0% | 21.1% | $40.4M | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| CHINA | $30.8M | +112.8% | 64.8% | $74.6M | – | |
| Europe | $9.15M | +473.1% | 19.2% | $22.3M | – | |
| TAIWAN | $2.48M | +368.5% | 5.2% | $14.5M | – | |
| Asia Pacific Excluding China, Taiwan and Japan | $3.49M | +717.1% | 7.3% | $7.69M | – | |
| North America | $161K | -28.1% | 0.3% | $743K | – | |
| JAPAN | $1.46M | +107.7% | 3.1% | $6.49M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 117.5× | 18.5× 2 of 5 years | 11.8× – 25.2× |
| EV / EBITDA | 67.4× | 10.1× 2 of 5 years | 6.6× – 13.7× |
| EV / Sales | 18.7× | 2.8× | 1.2× – 7.5× |
| Price / FCF | -184.5× | – | – |
| Price / Book | 3.8× | 1.2× | 0.5× – 2.6× |
| FCF yield | -0.5% | -11.6% | -20.2% – -2.6% |
| Return on invested capital | 2.5% | -1.9% | -6.5% – 4.0% |
| Return on equity | 5.4% | -1.7% | -8.8% – 7.1% |
Analysts
Consensus target $101.67 (+84.7%)
range $90.00 – $125.00 · rating Buy
Strong buy0
Buy8
Hold3
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $239M | +170.7% | $1.18 | +340.4% | 46.7× | 3 |
| FY2027 | $529M | +121.4% | $2.65 | +125.3% | 20.7× | 3 |
| FY2028 | $840M | +58.7% | $4.18 | +57.6% | 13.2× | 1 |
| FY2029 | $1.28B | +52.5% | $0.00 | -100.0% | – | 0 |
| FY2030 | $1.38B | +7.9% | $0.00 | – | – | 0 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 260 figures AXT, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $100K2026-06-30 | $200K | -50.0% | – | – | – | |
| Accounts Payable, Current | $14.4M2026-06-30 | $11.2M | +27.9% | $12.9M | $12.4M | +4.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $36.7M2026-06-30 | $22.8M | +60.9% | $26.8M | $25.6M | +4.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $230K2026-06-30 | $147K | +56.5% | $164K | $147K | +11.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | – | – | – | $0 | $0 | – |
| Accretion (Amortization) of Discounts and Premiums, Investments | -$34K2026-06-30 | $0 | – | $0 | $0 | – |
| Accrual for Taxes Other than Income Taxes, Current | $389K2026-06-30 | $573K | -32.1% | $494K | $399K | +23.8% |
| Accrued Income Taxes, Current | $2.27M2026-06-30 | $371K | +512.1% | $841K | $127K | +562.2% |
| Accrued Liabilities, Current | $27.1M2026-06-30 | $12.4M | +118.7% | $14.8M | $14.6M | +1.7% |
| Accrued Professional Fees, Current | $959K2026-06-30 | $609K | +57.5% | $1.02M | $1.46M | -29.9% |
| Accrued Salaries, Current | $4.47M2026-06-30 | – | – | – | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.67M2026-06-30 | -$7.17M | +34.9% | -$5.3M | -$8.66M | +38.8% |
| Additional Paid in Capital | $944M2026-06-30 | $243M | +288.7% | $340M | $242M | +40.7% |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $32.3K2026-06-30 | – | – | $6.45M | – | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $762K2026-06-30 | $607K | +25.5% | $3.11M | $2.65M | +17.5% |
| Area of Real Estate Property | 19,467 sqft2025-12-31 | 19,467 sqft | 0.0% | 19,467 sqft | 19,467 sqft | 0.0% |
| Asset Impairment Charges | $02026-06-30 | $0 | – | $48K | $0 | – |
| Assets | $1.1B2026-06-30 | $329M | +233.5% | $434M | $339M | +27.8% |
| Assets, Current | $599M2026-06-30 | $145M | +313.1% | $247M | $158M | +55.8% |
| Cash and Cash Equivalents, at Carrying Value | $412M2026-06-30 | $27M | +1,426.1% | $120M | $22.8M | +426.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $445M2026-06-30 | $35.1M | +1,168.2% | $128M | $33.8M | +279.7% |
| Cash, Cash Equivalents, and Short-term Investments | $751M2026-06-30 | – | – | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $445M2026-06-30 | $35.1M | +1,168.2% | $128M | $33.8M | +279.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $445M2026-06-30 | $35.1M | +1,168.2% | $128M | $33.8M | +279.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $387M2026-06-30 | -$3.08M | +12,688.5% | $94.6M | -$16.3M | +680.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 4.57M2025-12-31 | 6.75M | -32.4% | 4.57M | 6.75M | -32.4% |
| Common Stock, Par or Stated Value Per Share | $0.002026-06-30 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 120M | 70M | +71.4% | 70M | 70M | 0.0% |
| Common Stock, Shares, Issued | 65.6M2026-06-30 | 46.1M | +42.3% | 55.3M | 45.4M | +22.0% |
| Common Stock, Shares, Outstanding | 65.6M2026-06-30 | 46.1M | +42.3% | 55.3M | 45.4M | +22.0% |
| Common Stock, Value, Issued | $66K2026-06-30 | $46K | +43.5% | $55K | $45K | +22.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $2.24M2026-06-30 | -$410K | +647.1% | -$1.1M | -$781K | -40.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $11.1M2026-06-30 | -$5.95M | +285.9% | -$17.9M | -$14.3M | -25.3% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $13.3M2026-06-30 | -$6.36M | +309.2% | -$19M | -$15.1M | -26.1% |
| Construction in Progress Expenditures Incurred but Not yet Paid | $7K2026-06-30 | $0 | – | $1.13M | $857K | +31.6% |
| Construction in Progress, Gross | $34M2026-06-30 | $21.6M | +57.4% | $23.5M | $23.5M | -0.2% |
| Construction Payable, Current | $1.48M2026-06-30 | – | – | – | – | – |
| Contract with Customer, Asset, before Allowance for Credit Loss | $02025-09-30 | – | – | – | – | – |
| Contract with Customer, Liability | $12.7M2026-06-30 | – | – | – | – | – |
| Contract with Customer, Liability, Current | $12.1M2026-06-30 | $331K | +3,548.9% | $103K | $1.59M | -93.5% |
| Contract with Customer, Liability, Noncurrent | $02025-12-31 | – | – | – | – | – |
| Contract with Customer, Liability, Revenue Recognized | $1K2026-06-30 | $29K | -96.6% | $1.6M | $156K | +925.6% |
| Contract with Customer, Refund Liability, Current | $48K2025-12-31 | $28K | +71.4% | $48K | $28K | +71.4% |
| Cost of Revenue | $26.2M2026-06-30 | $16.5M | +58.5% | $77.1M | $75.5M | +2.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $3K | -100.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.64M | $910K | +80.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.65M | $931K | +76.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7K | $18K | -61.1% |
| Customer Refund Liability, Current | $21K2026-06-30 | – | – | – | – | – |
| Debt Securities, Available-for-sale | $304M2026-06-30 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $58K2026-06-30 | – | – | $5K2020-12-31 | $6K | -16.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $1.91M2026-06-30 | – | – | $20K2023-12-31 | $303K | -93.4% |
| Debt Securities, Available-for-sale, Amortized Cost | $305M2026-06-30 | – | – | $2.16M2023-12-31 | $11.8M | -81.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $300M2026-06-30 | – | – | $2.16M2022-12-31 | $9.64M | -77.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $5.04M2026-06-30 | – | – | $2.16M2023-12-31 | $9.6M | -77.5% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $02026-06-30 | – | – | $2.14M2023-12-31 | $8.99M | -76.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $02026-06-30 | – | – | $20K2023-12-31 | $261K | -92.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $298M2026-06-30 | – | – | $2.12M2022-12-31 | $12.2M | -82.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $1.91M2026-06-30 | – | – | $42K2022-12-31 | $61K | -31.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $299M2026-06-30 | – | – | $2.12M2022-12-31 | $9.58M | -77.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02