NASDAQ · AXTI

AXT, Inc.

Technology · Semiconductors

$70.03▲ 3.37% ($2.28)at close

After hours$70.13▲ 0.14%7:59 PM ET

52-week

$4.00$143.16

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by -10.46%/yr over the past 4 years.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$70.03

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 40% · Ending margin 3.09% · Discount rate 15.3%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 2:27 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

1Y Price: 1,668.43%Revenue (TTM): 45.81%FCF (TTM): -40.07%P/E: 100th pct

What changed

The stock rose 1,668.43% over the last year. Revenue grew 45.81% over the trailing twelve months. Operating margin moved from -30.89% to 3.09%. Free cash flow declined 40.07% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/E range (100th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 3.09% — continued expansion would be needed to justify the premium. Revenue growth of 45.81% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

AXT, Inc. is a company dedicated to the design, development, production, and worldwide distribution of both compound and single-element semiconductor substrates.

CEOMorris S. Young

SectorTechnology

IndustrySemiconductors

Employees1,541

IPO dateMay 21, 1998

https://investors.axt.com

Market multiples

Forward P/E—

EV/EBITDA-59.29

Enterprise value$662.85M

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth164.77%

Gross margin (FY2025)12.73%▼11.3ppvs FY2024

Operating margin (FY2025)-24.88%▼10.0ppvs FY2024

ROE0.76%▲9.9ppvs FY2025

Analyst consensus

RatingBuy

Target price$99.50▲42.08%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 29, 2026

Q4 FY26 · EPS est $0.31 · Revenue est $66M

View