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Semiconductors · Technology · Fiscal year ends Dec 31
AXT reported revenue of $88M in the fiscal year ended Dec 2025, down 11.1% from the year before. Operating income was −$22M, an operating margin of −24.9%, and net income was −$21M. Operating cash flow of −$13M less capital expenditure of $6M left free cash flow of −$19M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 137 | 141 | 75.8 | 99.4 | 88.3 |
| Cost of revenue | 90.0 | 89.0 | 62.5 | 75.5 | 77.1 |
| Gross profit | 47.4 | 52.1 | 13.3 | 23.8 | 11.2 |
| Research & development | 10.3 | 13.9 | 12.1 | 14.5 | 9.0 |
| Selling, general & admin | 24.2 | 25.7 | 22.8 | 24.1 | 24.2 |
| Operating income | 12.9 | 12.6 | −21.6 | −14.8 | −22.0 |
| Interest expense | – | – | 1.5 | 1.3 | 1.3 |
| Pre-tax income | 17.6 | 20.9 | −19.0 | −10.7 | −21.5 |
| Income tax | 1.1 | 2.2 | 0.2 | 1.1 | 1.7 |
| Net income | 14.6 | 15.8 | −17.9 | −11.6 | −21.3 |
| Diluted EPS | 0.34 | 0.37 | −0.42 | −0.27 | −0.49 |
| Diluted shares | 42.7 | 42.7 | 42.6 | 43.2 | 43.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 36.8 | 34.9 | 37.8 | 22.8 | 120 |
| Receivables | 34.8 | 29.3 | 19.3 | 25.6 | 26.8 |
| Inventory | 65.9 | 89.6 | 86.5 | 85.1 | 81.7 |
| Current assets | 160 | 184 | 171 | 158 | 247 |
| Net PP&E | 142 | 161 | 166 | 160 | 162 |
| Total assets | 332 | 370 | 359 | 339 | 434 |
| Payables | 16.6 | 10.1 | 9.6 | 12.4 | 12.9 |
| Deferred revenue | 0.9 | 0.3 | 0.3 | 1.6 | 0.1 |
| Current liabilities | 47.8 | 75.3 | 81.6 | 74.2 | 90.5 |
| Short-term debt | 12.2 | 47.1 | 52.9 | 1.3 | 4.3 |
| Total liabilities | 52.2 | 80.3 | 89.6 | 84.4 | 99.1 |
| Shareholders' equity | 212 | 222 | 204 | 193 | 273 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −3.3 | −8.8 | 3.4 | −12.1 | −12.8 |
| Capital expenditure | 29.6 | 28.5 | 10.5 | 5.8 | 6.0 |
| Free cash flow | −33.0 | −37.2 | −7.1 | −17.9 | −18.8 |
| Depreciation & amortisation | 7.1 | 8.1 | 8.7 | 9.0 | 9.1 |
| Stock-based compensation | 4.5 | 4.0 | 3.5 | 3.1 | 3.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.7% | −46.3% | 31.1% | −11.1% |
| Operating income growth (YoY) | – | −2.7% | −271.8% | – | – |
| EPS growth (YoY) | – | 8.8% | −213.5% | – | – |
| Gross margin | 34.5% | 36.9% | 17.6% | 24.0% | 12.7% |
| Operating margin | 9.4% | 8.9% | −28.5% | −14.9% | −24.9% |
| Net margin | 10.6% | 11.2% | −23.6% | −11.7% | −24.1% |
| Return on equityBlank when equity is negative | 6.9% | 7.1% | −8.8% | −6.0% | −7.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 4.3% | −7.8% | −5.6% | −6.4% |
| Free cash flow margin | −24.0% | −26.4% | −9.3% | −18.0% | −21.3% |
| Cash conversion (CFO ÷ net income) | −0.23x | −0.55x | −0.19x | 1.04x | 0.60x |
| Receivable days | 93 | 76 | 93 | 94 | 111 |
| Inventory days | 267 | 368 | 505 | 411 | 387 |
| Payable days | 68 | 41 | 56 | 60 | 61 |
| Interest cover | – | – | −14.1x | −11.0x | −17.5x |
| Current ratio | 3.35x | 2.44x | 2.09x | 2.13x | 2.72x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.