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NASDAQ NMS - GLOBAL MARKET · Semiconductors · CIK 0001051627
$51.56
-13.02% · live
Updated
$2.85B market value
From AXT INC's FY2025 10-K, filed Mar 17, 2026 · read the filing
AXT designs and makes computer chips. It took in $88.3M last year, which makes it a small company. It spends more than it earns — losing about 24 cents on every dollar of sales.
The filing does not provide enough evidence for a clear financial conclusion.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Triggered early repayment on an obligation, in a filing on 2026-07-08.
Form 8-K, item 2.04 · Read the filing
Recent open-market selling by 2 insiders, not under a pre-arranged plan.
$605.7K sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Significant financial weakness across most measures.
From AXT INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Gross profit
$23.8M → $11.2M
Operating income
-$14.8M → -$22.0M
Profit
-$11.6M → -$21.3M
Gross margin
24.0% → 12.7%
Measured against FY2024, from the 10-K filed Mar 17, 2026
Deteriorated: -52.8%
$23.8M to $11.2MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $7.2M wider
-$14.8M to -$22.0MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
How the latest move compares (quote live), and what was published around it
AXTI fell 13.02% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −1.04%. That is 11.8 points below its sector and 12.0 points below the market.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 11 analysts covering this company, as of . Their views, not this site's.
Of 11 analysts publishing on this company, 3 say strong buy, 6 say buy and 2 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $21.3M last year, losing about 24 cents on every dollar of sales.
No. Sales shrank 11.1% last year.
No — it holds more cash than debt, with $116.0M left over after paying off every borrowing. For every $1 it owes, it owns $4.38 in assets. Its operating profit does not cover its interest bill — -17.48x against the interest it owes.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $21.3M and generated -$12.8M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 17, 2026Filing for FY2025 | FY202410-K · Mar 17, 2026Filing for FY2024 | FY202310-K · Mar 17, 2026Filing for FY2023 | FY202210-K · Mar 16, 2023Filing for FY2022 | FY202110-K · Mar 16, 2023Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $88.3M | $99.4M | $75.8M | $141.1M | $137.4M | −11.1% |
| Cost of revenue | $77.1M | $75.5M | $62.5M | $89.0M | $90.0M | +2.1% |
| Gross profit | $11.2M | $23.8M | $13.3M | $52.1M | $47.4M | −52.8% |
| Gross marginGross profit ÷ revenueWhat is this? | 12.7% | 24.0% | 17.6% | 36.9% | 34.5% | −11.3 pts |
| Selling, general and administrative | $24.2M | $24.1M | $22.8M | $25.7M | $24.2M | +0.3% |
| Operating income | -$22.0M | -$14.8M | -$21.6M | $12.6M | $12.9M | −48.5% |
| Operating marginOperating income ÷ revenueWhat is this? | -24.9% | -14.9% | -28.5% | 8.9% | 9.4% | −10.0 pts |
| Interest expense | $1.3M | $1.3M | $1.5M | — | — | −6.2% |
| Income before tax | -$21.5M | -$10.7M | -$19.0M | $20.9M | $17.6M | −102.2% |
| Net income | -$21.3M | -$11.6M | -$17.9M | $15.8M | $14.6M | −82.9% |
| Net marginNet income ÷ revenueWhat is this? | -24.1% | -11.7% | -23.6% | 11.2% | 10.6% | −12.4 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.3842 | $-0.2563 | $-0.4042 | $0.363 | $0.3399 | −49.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| AXTIAXT INC · this page | 2.0/10 | 2/8 | -11.1% | -24.1% | — |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 4,000 shares at $96.07 ($384.3K)
Holds 113,129 shares after this filing.
Sold on the open market — 500 shares at $89.59 ($44.8K)
Holds 119,129 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +164.8% · Operating margin +59.4 pts · Gross profit +1391.0% — against Q2 FY2025
Read the filingPublished results
Read the filingWrite down why you are following AXT INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from AXTI's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Mar 17, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 8 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 2.0 | 2/8 | 10-K, filed Mar 17, 2026 |
| FY2024 | 4.7 | 4/8 | 10-K, filed Mar 14, 2025 |
| FY2023 | 2.0 | 3/8 | 10-K, filed Mar 15, 2024 |
| FY2022 | 4.7 | 4/8 | 10-K, filed Mar 16, 2023 |
| FY2021 | 8.7 | 4/8 | 10-K, filed Mar 15, 2022 |
| FY2020 | 7.3 | 6/8 | 10-K, filed Mar 23, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
2 of 8 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. One could not be evaluated and is excluded from the total rather than counted as a failure.
17.53
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: $9.6M wider
-$11.6M to -$21.3MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −11.3 pts
24.0% to 12.7%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −10.0 pts
-14.9% to -24.9%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −12.4 pts
-11.7% to -24.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $0.13 wider
-$0.26 to -$0.38Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +426.7%
$22.8M to $120.3MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +22.0%
45.4M to 55.3MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Deteriorated: -11.1%
$99.4M to $88.3MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: $895.0K wider
-$17.9M to -$18.8MNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 13, 2026 — read it.
Improved: +164.8%
$18.0M to $47.6MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +1391.0%
$1.4M to $21.4MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: turned positive
-$6.7M to $10.4MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$7.0M to $11.1MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +36.9 pts
8.0% to 44.9%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +59.4 pts
-37.5% to 21.9%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +62.4 pts
-39.0% to 23.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$0.15 to $0.17Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +1426.1%
$27.0M to $412.2MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +42.3%
46.1M to 65.6MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 13, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +76.8%
$26.9M to $47.6MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +167.8%
$8.0M to $21.4MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: turned positive
-$1.6M to $10.4MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$1.6M to $11.1MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +15.3 pts
29.6% to 44.9%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +27.8 pts
-5.9% to 21.9%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +29.4 pts
-6.0% to 23.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$0.03 to $0.17Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +886.8%
$41.8M to $412.2MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +18.0%
55.6M to 65.6MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 19.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 4803.3x — a high multiple relative to the current trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 0.36x |
| ENPHEnphase Energy, Inc. | 8.0/10 | 6/9 | 10.7% | 11.7% | 23.87x | 2.23x |
|---|
| Median of peers | 8.0/10 | — | 10.7% | 11.7% | 23.87x | 2.23x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 2,000 shares at $88.31 ($176.6K)
Holds 117,129 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 4,000 shares ($371.7K) on or after .
Shares originally obtained via Stock Award.
Filed notice to sell 2,000 shares ($175.0K) on or after .
Shares originally obtained via Stock Award.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement
Changed the rights attached to its shares · Amended its charter or changed its financial year
Read the filingHad a director or senior officer leave or join
Read the filingTriggered early repayment on an obligation
Read the filingSigned a material agreement
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingSigned a material agreement
Read the filingChanged the rights attached to its shares · Amended its charter or changed its financial year · Held a shareholder vote
Read the filingReported another event
Read the filingQuarterly report for Q1 FY2026
Revenue +39.1% · Operating margin +47.2 pts · Gross profit turned positive — against Q1 FY2025
Read the filingPublished results
Read the filingSigned a material agreement · Reported another event
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue -11.1% · Operating margin −10.0 pts · Gross profit -52.8% — against FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingPublished results · Made a Regulation FD disclosure
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Primary sources and further research