Cash conversion efficiency is highly erratic, with the OCF/NI ratio reaching 37.99 in 2026Q1, reflecting a heavy reliance on working capital timing rather than consistent operational cash generation.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 11M | 7.88M | 9.84M | -7.7M | 5.2M | -5.96M | -1.66M | 173K | 6.79M | 11.79M | -9.69M | -10.07M | -11.08M | -9.95M | -12.44M | 15.43M | 15.8M | 7.57M | -2.05M | -2.28M | 3.33M | -323.37K | -1.17M | -771.83K | 2.44M | 440.09K | 216.83K | -100K | -300K | 0 | 700K |
| Operating CF Margin % | - | 9.93% | 9.72% | -6.8% | 4.9% | -7% | -2.54% | 0.2% | 6.79% | 14.19% | -8.05% | -9.6% | -19.61% | -28.6% | -15.25% | 6.25% | 13.16% | 14.29% | -2.55% | -4.95% | 8.25% | -1.16% | -6.04% | -3.97% | 11.88% | 1.93% | 1.14% | -0.68% | -1.85% | - | 8.33% |
| Operating CF Growth % | 1067.05% | -19.97% | 227.8% | -247.98% | 187.29% | -258.29% | -1061.85% | -97.45% | -42.4% | 221.67% | 3.75% | 9.15% | -11.33% | 19.98% | -180.63% | -2.37% | 108.69% | 469.32% | 9.93% | -168.25% | 1131.32% | 72.26% | -51.03% | -131.64% | 454.3% | 102.97% | 316.83% | 66.67% | - | -100% | 600% |
| Net Income | 1.99M | -30.33M | -8.49M | -12.58M | 17.37M | 1.51M | -15.72M | -5.16M | 5.3M | 8.09M | -8.55M | -6.72M | -14.29M | -21.71M | -27.6M | 22.12M | 9.56M | -1.59M | 2.86M | 2.42M | 1.32M | -259K | -3.17M | -99.68K | 118.17K | 463.08K | 1.33M | 400K | -600K | 200K | 500K |
| Depreciation & Amortization | 2.41M | 2.74M | 3.03M | 5.01M | 1.73M | 1.4M | 1.26M | 1.69M | 1.85M | 2.49M | 2.97M | 3.36M | 2.41M | 2.67M | 2.86M | 2.81M | 1.76M | 1.56M | 1.34M | 706K | 642K | 674.62K | 510.27K | 484K | 447.32K | 376.31K | 294.12K | 300K | 400K | 200K | 200K |
| Stock-Based Compensation | 855K | 1.23M | 1.53M | 1.27M | 543K | 401K | 326K | 573K | 855K | 1.33M | 1.39M | 1.16M | 795K | 2.47M | 1.76M | 1.47M | 987K | 711K | 473K | 0 | 176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -838K | -838K | -84K | -2.51M | 592K | -65K | 218K | 220K | 209K | -27K | 2.28M | 454K | 194K | 1.37M | 3.78M | -635K | -1.4M | 25K | -2.33M | -1.72M | -176K | 0 | 1.13M | 2K | 393K | -538K | -156K | 0 | -100K | -100K | -100K |
| Other Non-Cash Items | 710K | 29.75M | 8.28M | 8.02M | -12.39M | 631K | 14.52M | 2.75M | 4.53M | 420K | -831K | -8.87M | 1.6M | 3.82M | 18.56M | 1.31M | 1.14M | 1.33M | 598K | 462K | 326K | 381K | 612.95K | 353.6K | 900.21K | 1.53M | 77.28K | 100K | 300K | 100K | -100K |
| Working Capital Changes | 5.41M | 5.32M | 5.57M | -6.91M | -2.63M | -9.84M | -2.26M | 104K | -5.96M | -511K | -6.95M | 547K | -1.79M | 1.43M | -11.8M | -11.65M | 3.75M | 5.53M | -4.99M | -4.13M | 1.05M | -1.12M | -253.67K | -1.51M | 580.72K | -1.39M | -1.32M | -900K | -300K | -400K | 300K |
| Change in Receivables | 748K | 5.55M | 9.24M | 3.88M | -4.68M | -11.02M | 1.36M | 299K | 3.27M | -8.65M | -5M | 1.7M | -11.79M | 10.63M | 23.7M | -21.4M | -11.62M | 9.12M | -8.43M | 0 | -2.28M | -1.44B | -540.54M | -78.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 829K | 1.68M | 5.13M | -6.29M | -3.68M | -5.18M | -913K | -435K | 3.96M | -6.64M | 491K | -1.31M | 3.64M | -221K | -2.13M | -14.19M | -12.13M | 2.15M | -7.29M | -2.15M | -676K | 1.5M | -268.49K | -865.81K | 1.38M | -988.15K | -2.59M | -100K | -400K | -400K | -300K |
| Change in Payables | 4.67M | 2.24M | -4.94M | 1.46M | -1.08M | 5.47M | -3.62M | -1.79M | -10.16M | 5.37M | -225K | 939K | 766K | -495K | -2.81M | -3.64M | 8.44M | -2.27M | 1.26M | 0 | 2.38M | -312.28M | 194.18M | 223.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.24M | -912K | -2.18M | -37.83M | 18.77M | -8.09M | -12.62M | -1.83M | 4.35M | -1.22M | 11.17M | 8.28M | -462K | -178K | -1.54M | -6.24M | -2.93M | -1.95M | -12.2M | -4.88M | -956K | -279.14K | -4.68M | -206.31K | -464.32K | -664.73K | -322.29K | -200K | 300K | -400K | 200K |
| Capital Expenditures | -1.27M | -950K | -4.88M | -2.9M | -1.14M | -3.01M | -2.68M | -714K | -1.5M | -1.26M | -978K | -610K | -462K | -178K | -1.31M | -5.18M | -2.93M | -1.95M | -3.54M | -4.46M | -956K | -283.57K | -1.08M | -206.31K | -464.32K | -664.73K | -322.29K | -200K | -300K | -200K | -500K |
| CapEx % of Revenue | 1.61% | 1.2% | 4.82% | 2.56% | 1.07% | 3.54% | 4.09% | 0.84% | 1.49% | 1.51% | 0.81% | 0.58% | 0.82% | 0.51% | 1.6% | 2.1% | 2.44% | 3.68% | 4.4% | 9.7% | 2.36% | 1.02% | 5.59% | 1.06% | 2.26% | 2.91% | 1.69% | 1.35% | 1.85% | 1.8% | 5.95% |
| Acquisitions | 0 | 0 | 0 | -34.94M | 0 | -5.08M | -9.94M | -1.11M | 114K | 40K | 7.01M | 8.89M | 0 | 0 | 0 | 0 | 0 | 0 | -7.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 38K | 38K | 2.7M | 6K | 19.91M | 0 | -9.94M | -1.11M | 5.85M | 40K | 5.14M | 700K | 0 | 0 | -236K | -1.05M | 0 | 645K | -1.22M | -417K | 0 | 4.43K | -3.6M | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | -500K |
| Cash from Financing | 446K | 270K | -10.63M | 11.74M | -8.27M | 1.17M | -1.5M | -157K | -2.48M | 12.7M | 457K | 805K | 1.48M | -238K | -4.11M | 2.06M | 1.41M | -590K | 33.32M | 19.55M | 782K | 2.3M | 15.01K | 269.13K | 11.24K | 407.69K | 4.67M | 0 | 0 | 0 | 300K |
| Debt Issued (Net) | -104K | -93K | -10.61M | 10.5M | -4.87M | -380K | -379K | -367K | -368K | 81K | 406K | 252K | 0 | 0 | -31K | -127K | -117K | -145K | -762K | 35K | -27K | 393.31K | 0 | 255.71K | 0 | 930 | -10.61K | 0 | 0 | 0 | 300K |
| Equity Issued (Net) | 725K | 363K | 85K | 1.24M | -3.4M | 0 | -2M | 210K | -4M | 12.6M | 51K | 523K | 1.14M | 26K | -4.08M | 1.33M | 1.33M | -445K | 33.99M | 19.52M | 759K | 1.91M | 15.01K | 13.42K | 11.24K | 406.76K | 4.68M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -84K | -76.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -4.12M | 0 | -2M | 0 | -4M | 0 | 0 | 0 | 0 | 0 | -4.08M | 0 | 0 | -448K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -175K | 0 | -111K | 0 | 0 | 1.55M | 877K | 0 | 1.89M | 18K | 0 | 30K | 345K | -264K | 0 | 855K | 202K | 0 | 84K | 0 | 134K | 607 | 0 | 268.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 10.99M | 6.82M | -2.05M | -33.74M | 14.04M | -12.23M | -14.06M | -3.36M | 7.21M | 23.47M | 1.8M | -1.51M | -9.83M | -9.53M | -20.66M | 10.62M | 14.47M | 4.8M | 19.13M | 11.94M | 3.12M | 1.63M | -5.78M | -592.59K | 2.05M | 213.62K | 4.66M | -300K | 0 | -500K | 1.2M |
| Free Cash Flow | 9.72M | 6.93M | 4.96M | -10.6M | 4.07M | -8.97M | -4.34M | -541K | 5.29M | 10.53M | -10.67M | -10.68M | -11.54M | -10.13M | -13.74M | 10.24M | 12.87M | 5.62M | -5.59M | -6.74M | 2.38M | -606.94K | -2.24M | -978.14K | 1.98M | -224.65K | -105.47K | -300K | -600K | -200K | 200K |
| FCF Margin % | 12.33% | 8.73% | 4.9% | -9.35% | 3.83% | -10.53% | -6.63% | -0.64% | 5.29% | 12.68% | -8.87% | -10.18% | -20.43% | -29.11% | -16.86% | 4.15% | 10.72% | 10.61% | -6.96% | -14.65% | 5.88% | -2.18% | -11.63% | -5.03% | 9.62% | -0.98% | -0.55% | -2.03% | -3.7% | -1.8% | 2.38% |
| FCF Growth % | 113.32% | 39.54% | 146.83% | -360.48% | 145.34% | -106.77% | -702.22% | -110.22% | -49.73% | 198.74% | 0.09% | 7.5% | -13.94% | 26.29% | -234.18% | -20.42% | 128.9% | 200.66% | 17.08% | -383.19% | 491.96% | 72.96% | -129.5% | -149.52% | 979.21% | -113% | 64.84% | 50% | -200% | -200% | 200% |
| FCF per Share | 0.66 | 0.48 | 0.35 | -0.75 | 0.29 | -0.63 | -0.31 | -0.04 | 0.35 | 0.78 | -0.81 | -0.89 | -1.19 | -1.06 | -1.45 | 1.05 | 1.39 | 0.62 | -0.63 | -1.23 | 0.68 | -0.22 | -0.83 | -0.36 | 0.71 | -0.08 | -0.05 | -0.14 | -0.28 | -0.12 | 0.08 |
| FCF Conversion (FCF/Net Income) | 4.89x | -0.26x | -1.16x | 0.61x | 0.30x | -3.95x | 0.11x | -0.03x | 1.28x | 1.29x | 1.38x | 1.30x | 0.85x | 0.50x | 0.54x | 0.67x | 1.65x | -4.76x | -0.72x | -0.94x | 2.53x | 1.25x | 0.37x | 7.74x | 20.64x | 0.95x | 0.16x | -0.25x | 0.50x | - | 1.40x |
| Interest Paid | 22K | 25K | 558K | 461K | 164K | 241K | 265K | 0 | 304K | 269K | 305K | 440K | 0 | 163K | 0 | 0 | 80K | 76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.13M | 1.47M | 623K | 2.82M | 386K | 1.87M | 2.12M | 0 | 980K | 146K | 116K | 5.11M | 184K | 8.68M | 5.03M | 8.45M | 1.51M | 1.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High cyclical revenue volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -0.53 in 2024Q1 to 37.99 in 2026Q1, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio indicates that net income is heavily influenced by non-cash items and timing differences in revenue recognition. Investors should interpret these fluctuations as a sign that accounting earnings may not serve as a reliable proxy for the company's underlying cash-generative health.
Based on the provided cash flow data, free cash flow margins have fluctuated significantly, ranging from a negative 3.5% in 2024Q2 to a peak of 20.2% in 2026Q1, reflecting the inherent difficulty in maintaining consistent cash flow during periods of sharp revenue contraction.
The inconsistency in FCF margins suggests that the company's cost structure is not sufficiently flexible to protect cash flow during cyclical downturns. This trajectory warrants further investigation into whether the business can achieve sustainable cash flow generation without relying on favorable working capital timing.
According to historical cash flow filings, working capital changes have been a primary driver of quarterly cash flow, with a notable $5.0 million inflow in 2024Q1 followed by a $1.1 million outflow in 2024Q4, highlighting the company's reliance on timing of customer payments.
The significant quarterly shifts in working capital suggest that the company's cash position is highly sensitive to the timing of project milestones and customer collections. This reliance on working capital management may obscure the true operational cash flow trend, making it difficult to assess the underlying efficiency of the business.
As indicated by the reported figures, capital expenditures have remained modest, with the CapEx/Revenue ratio peaking at 12.5% in 2024Q3 but generally hovering below 3%, suggesting that the company is not currently burdened by heavy reinvestment requirements for its existing manufacturing footprint.
The low capital intensity appears to reflect a strategy of maintaining existing capacity rather than aggressive expansion. While this preserves cash, it may also indicate a lack of significant investment in next-generation technology, which could impact long-term competitiveness in the SiC equipment market.
Quick answers to the most common questions about buying ASYS stock.
Amtech Systems, Inc. (ASYS) generated $7.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amtech Systems, Inc. (ASYS) generated $6.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amtech Systems, Inc. (ASYS) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.