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AXTI, AXT Inc

Semiconductors asset-light Cyclical

AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers.

Our substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device.

We have two product lines: specialty material substrates and raw materials integral to these substrates.

Latest annual: FY2025 10-K

AXTI · AXT Inc

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$88M

−11.1% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $126M 5-yr avg $108M

Gross margin 32% 5-yr avg 25%

Operating margin 3.1% 5-yr avg −10.0%

ROIC 0% 5-yr avg −3%

Owner-earnings margin −16% 5-yr avg −20%

Free cash flow margin −16% 5-yr avg −20%

Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~44 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Substrates (67%) and Raw Materials and Other (33%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 32% and operating margin about 6.0% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −28% and 13% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 57% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 4%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Substrates is 67% of revenue, with Raw Materials and Other the other meaningful line at 33%.

Revenue by product line, FY2025

Substrates67%$59M
Raw Materials and Other33%$29M

By geographyChina62%Taiwan15%Europe13%Japan6%Asia Pacific Excluding China, Taiwan and Japan3%North America2%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

Most recent quarterly filing 10-Q filed Aug 13, 2026 Source at SEC EDGAR →

Revenue up 164.8% year over year

figures computed from the filing's XBRL

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$81M	$99M	$102M	$83M	$95M	$137M	$141M	$76M	$99M	$88M	$126M	RevenueRevenue
$26M	$34M	$37M	$25M	$30M	$47M	$52M	$13M	$24M	$11M	$40M	Gross profitGross prof.
32%	35%	36%	30%	32%	35%	37%	18%	24%	13%	32%	Gross marginGross mgn
17%	17%	19%	23%	20%	18%	18%	30%	24%	27%	21%	SG&A / revenueSG&A/rev
7%	5%	6%	7%	7%	8%	10%	16%	15%	10%	8%	R&D / revenueR&D/rev
$6M	$13M	$12M	($314K)	$4M	$13M	$13M	($22M)	($15M)	($22M)	$4M	Operating incomeOp. inc.
7.9%	12.8%	11.9%	−0.4%	4.1%	9.4%	8.9%	−28.5%	−14.9%	−24.9%	3.1%	Operating marginOp. mgn
$6M	$11M	$12M	($1M)	$7M	$18M	$21M	($19M)	($11M)	($22M)	—	Pretax incomePretax
$6M	$10M	$10M	($3M)	$3M	$15M	$16M	($18M)	($12M)	($21M)	$4M	Net incomeNet inc.
13%	7%	8%	—	29%	6%	10%	—	—	—	47%	Effective tax rateTax rate
											Cash flow & returns
$13M	$9M	$3M	$13M	$6M	($3M)	($9M)	$3M	($12M)	($13M)	($6M)	Operating cash flowOp. cash
$5M	$4M	$5M	$6M	$4M	$7M	$8M	$9M	$9M	$9M	$10M	Depreciation & amortizationD&A
$907K	($7M)	($13M)	$7M	($4M)	($29M)	($37M)	$9M	($13M)	($4M)	($23M)	Working capital & otherWC & other
$3M	$21M	$41M	$22M	$20M	$30M	$28M	$10M	$6M	$6M	$14M	CapexCapex
3.4%	21.6%	39.6%	26.2%	20.8%	21.6%	20.2%	13.8%	5.8%	6.8%	11.0%	Capex / revenueCapex/rev
$10M	($13M)	($37M)	($9M)	($14M)	($33M)	($37M)	($7M)	($18M)	($19M)	($20M)	Owner earningsOwner earn.
12.0%	−12.9%	−36.4%	−11.0%	−14.7%	−24.0%	−26.4%	−9.3%	−18.0%	−21.3%	−15.6%	Owner earnings marginOE mgn
$10M	($13M)	($37M)	($9M)	($14M)	($33M)	($37M)	($7M)	($18M)	($19M)	($20M)	Free cash flowFCF
12.0%	−12.9%	−36.4%	−11.0%	−14.7%	−24.0%	−26.4%	−9.3%	−18.0%	−21.3%	−15.6%	Free cash flow marginFCF mgn
($1M)	($36M)	($31M)	($8M)	($16M)	($39M)	($25M)	($3M)	($4M)	($7M)	—	Investing cash flowInv. cash
$1M	$36M	$213K	$6M	$53M	$6M	$38M	$9M	($536K)	$107M	—	Financing cash flowFin. cash
($1M)	$405K	($430K)	($150K)	$4M	$551K	$542K	($646K)	$790K	$7M	—	Exchange-rate effectFX
$11M	$8M	($28M)	$10M	$46M	($36M)	$5M	$9M	($16M)	$95M	—	Change in cashΔ cash
6%	8%	6%	-0%	2%	7%	6%	-10%	-7%	-11%	0%	ROICROIC
4%	6%	5%	-1%	2%	7%	7%	-9%	-6%	-8%	0%	Return on equityROE
4%	6%	5%	−1%	2%	7%	7%	−9%	−6%	−8%	0%	Retained to equityRetained/eq
											Balance sheet
$48M	$64M	$39M	$36M	$73M	$42M	$44M	$40M	$23M	$120M	$417M	Cash & investmentsCash+inv
$14M	$23M	$20M	$19M	$25M	$35M	$29M	$19M	$26M	$27M	$37M	ReceivablesReceiv.
$40M	$46M	$59M	$49M	$52M	$66M	$90M	$87M	$85M	$82M	$96M	InventoryInvent.
$7M	$11M	$13M	$10M	$13M	$17M	$10M	$10M	$12M	$13M	$14M	Accounts payablePayables
$48M	$57M	$65M	$58M	$63M	$84M	$109M	$96M	$98M	$96M	$119M	Operating working capitalOper. WC
$107M	$141M	$129M	$113M	$165M	$160M	$184M	$171M	$158M	$247M	$599M	Current assetsCur. assets
$16M	$23M	$29M	$28M	$39M	$48M	$75M	$82M	$74M	$91M	$126M	Current liabilitiesCur. liab.
6.7×	6.2×	4.5×	4.1×	4.2×	3.3×	2.4×	2.1×	2.1×	2.7×	4.8×	Current ratioCurr. ratio
$28M	$47M	$82M	$97M	$116M	$142M	$161M	$166M	$160M	$162M	—	Net PP&ENet PP&E
$154M	$211M	$224M	$223M	$299M	$332M	$370M	$359M	$339M	$434M	$1.1B	Total assetsAssets
—	—	—	—	—	—	—	—	$6M	$5M	$5M	Total debtDebt
—	—	—	—	—	—	—	—	($17M)	($115M)	($412M)	Net debt / (cash)Net debt
—	—	—	—	—	—	—	-14.1×	-11.0×	-17.5×	3.1×	Interest coverageInt. cov.
$17M	$23M	$29M	$31M	$43M	$52M	$80M	$90M	$84M	$99M	—	Total liabilitiesTotal liab.
—	—	—	—	$48M	$50M	$45M	$42M	$39M	$38M	—	Redeemable interestsRedeemable
$4M	$4M	$4M	$5M	$15M	$18M	$23M	$23M	$24M	$23M	—	Noncontrolling interestsNCI
$133M	$184M	$191M	$188M	$193M	$212M	$222M	$204M	$193M	$273M	$887M	Shareholders’ equityEquity
1.3%	1.4%	1.9%	2.8%	2.8%	3.3%	2.8%	4.7%	3.1%	3.7%	3.0%	Stock comp / revenueSBC/rev
											Per share
32.9M	39.0M	40.3M	39.5M	41.0M	42.7M	42.7M	42.6M	43.2M	43.9M	59.6M	Shares out (diluted)Shares
$2.47	$2.53	$2.54	$2.11	$2.32	$3.22	$3.30	$1.78	$2.30	$2.01	$2.10	Revenue / shareRev/sh
$0.17	$0.26	$0.24	$-0.07	$0.08	$0.34	$0.37	$-0.42	$-0.27	$-0.48	$0.07	EPS (diluted)EPS
$0.30	$-0.33	$-0.93	$-0.23	$-0.34	$-0.77	$-0.87	$-0.17	$-0.41	$-0.43	$-0.33	Owner earnings / shareOE/sh
$0.30	$-0.33	$-0.93	$-0.23	$-0.34	$-0.77	$-0.87	$-0.17	$-0.41	$-0.43	$-0.33	Free cash flow / shareFCF/sh
$0.08	$0.55	$1.01	$0.55	$0.48	$0.69	$0.67	$0.25	$0.13	$0.14	$0.23	Cap. spending / shareCapex/sh
$4.04	$4.72	$4.74	$4.76	$4.70	$4.95	$5.19	$4.78	$4.47	$6.22	$14.88	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−2.3%/yr	−2.9%/yr
Capital spending / share	+5.7%/yr	−22.4%/yr
Book value / share	+4.9%/yr	+5.8%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2023

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $21M loss into ($19M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($21M)	($12M)	($18M)	$16M	$15M
Depreciation & amortizationnon-cash charge added back	+$9M	+$9M	+$9M	+$8M	+$7M
Stock-based compensationreal costnon-cash, but a real cost	+$3M	+$3M	+$4M	+$4M	+$5M
Working capital & othertiming of cash in and out, other non-cash items	−$4M	−$13M	+$9M	−$37M	−$29M
Cash from operations	($13M)	($12M)	$3M	($9M)	($3M)
Capital expenditurecash put back in to keep running and to grow	−$6M	−$6M	−$10M	−$28M	−$30M
Owner earnings	($19M)	($18M)	($7M)	($37M)	($33M)
Owner-earnings marginowner earnings ÷ revenue	-21%	-18%	-9%	-26%	-24%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $3M), owner earnings is nearer ($22M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -17.5×

Does not cover its interest

Operating income ($22M) ÷ interest expense $1M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$115M

Net cash

Cash $120M − debt $5M

What this means
Cash and short-term investments exceed every dollar of debt by $115M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 436d

Long (60+ days)

DSO 111 + DIO 387 − DPO 61 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 4%

Below average through the cycle

10-yr median, range -11%–8%; -11% latest = NOPAT ($17M) ÷ invested capital $158M

Industry peers: median -35%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -11% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -16%

Consumes cash through the cycle

10-yr median margin, range -36%–12%; latest ($19M) = operating cash ($13M) − maintenance capex $6M

Industry peers: median -23%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -21% of revenue this year, a -16% median across 10 years. Treating stock comp as the real expense it is (less $3M of SBC) leaves ($22M).
Are earnings backed by cash? ($13M)

Loss, and burning cash

Net income ($21M) · cash from operations ($13M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.66×

Harvesting

Capex $6M ÷ depreciation & amortization as filed $9M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 3.7%

The count is rising

Stock compensation $3M (fiscal 2025), 3.7% of revenue · no repurchases · diluted shares +2.9% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $88M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.72×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $5M vs $156M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record —

Uninterrupted dividends · no dividend line tagged in the data

What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
Earnings growth Miss

Earnings +33% over the record · −300%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.26/share (latest year $-0.32), the averaged base the calculator's gate runs on, and book value is $4.17/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Operating margin 11% → −23% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 11% early to −23% lately, median 4% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2023 · −28.5% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.
Share count +3.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$599M

Cash & short-term investments$417M
Receivables$37M
Inventory$96M
Other current assets$49M

Current liabilities$126M

Debt due within a year$5M
Accounts payable$14M
Other current liabilities$106M

Current ratio4.77×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.00×stricter: inventory excluded

Cash ratio3.32×strictest: cash alone against what's due

Working capital$473Mthe cushion left after near-term bills

Debt due this year vs. cash$5M due · $417M cash covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2026 balance sheet

Cash runway21.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+164.8%the freshest read on whether the business is still growing

Current ratio, recent quarters2.1× → 4.8×

Deeper floors

Tangible book value$887Mequity stripped of goodwill & intangibles

Net current asset value$453MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$7M$2M of it operating leases

Deferred revenue$12Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $9M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$187M · 2007%

Source of funding−$177M
Reinvestment and shareholder returns ran $177M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count81.3%
The diluted count rose from 33M to 60M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−20%
Of the earnings it kept rather than paid out ($6M over the span), annual owner earnings (first three years vs last three) fell $1M, so each retained $1 gave back about 0.20 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Dr. Young	$2.8M	$1.8M	($33M)
2022	Dr. Young	$1.4M	−$977k	($37M)
2023	Dr. Young	$738k	−$29k	($7M)
2024	Dr. Young	$1.1M	$1.2M	($18M)
2025	Dr. Young	$1.7M	$14.0M	($19M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership6%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$3M
The slice of the business handed to employees in shares in fiscal 2025, 3.7% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$36M · 29% of revenue on the largest customers (TTM)
“Our top five customers, although not the same five customers for each period, represented 29% of our revenue for the year 2025, 30% of our revenue for 2024 and 25% of our revenue for 2023.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics, research and the inventory cycle. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record	R&D / revenuelatest FY	Capex / revenuelatest FY	Inventory dayslatest FY
INDIindie Semiconductor Inc.	$217M	41%	-81.8%	-26%	-64%	70.9%	6.6%	136
MXMagnachip Semiconductor Corporation	$179M	24%	2.5%	8%	-5%	15.3%	16.8%	85
AXTIAXT Inc	$88M	32%	6.0%	4%	-16%	10.2%	6.8%	387
AMBQAmbiq Micro Inc.	$73M	38%2y	-54.0%2y	-141%1y	—	53.1%	—	153
AIPArteris Inc.	$71M	90%	-56.0%	-11163%2y	-3%	70.7%	2.0%	—
MRAMEverspin Technologies Inc.	$55M	52%	-14.1%	-29%	11%	25.5%	12.4%	145
NVTSNavitas Semiconductor Corporation	$46M	33%	-196.7%	-41%	-108%	108.5%	3.2%	153
KOPNKopin Corporation	$39M	35%	-65.8%	-70%	-40%	17.0%	3.7%	—
Group median	—	37%	-55.0%	-35%	-16%	39.3%	6.6%	149

The price

What a price has to assume.

What the price implies

reverse-DCF

AXT Inc is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered−5%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−16%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh AXTI against another business →

The owners of AXTI: the meeting and the votes →

Cite: Owner Scorecard, "AXT Inc (AXTI), the owner's record," https://ownerscorecard.com/c/AXTI, data as of 2026-08-17.

Manual order: ← AXTA its page in the Manual AYI →

Industry order: ← AVGO the Semiconductors chapter CEVA →