Latest Ratios: P/E Ratio -8.4x · EV/EBITDA N/A · ROE -44.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $259M | $132M | $82M | $107M | $121M | $164M | $69M | $75M | $80M | $162M | $65M |
| Enterprise Value | $261M | $134M | $89M | $127M | $86M | $149M | $35M | $28M | $30M | $119M | $48M |
| P/E Ratio → | -8.43 | — | — | — | 6.97 | 103.91 | — | 24.09 | 15.26 | 17.62 | — |
| P/S Ratio | 3.26 | 1.67 | 0.81 | 0.95 | 1.13 | 1.92 | 1.06 | 0.89 | 0.80 | 1.95 | 0.54 |
| P/B Ratio | 4.79 | 2.48 | 1.00 | 1.21 | 1.23 | 1.91 | 0.85 | 0.86 | 0.86 | 1.79 | 1.00 |
| P/FCF | 37.40 | 19.12 | 16.60 | — | 29.63 | — | — | — | 15.19 | 15.36 | — |
| P/OCF | 32.89 | 16.81 | 8.37 | — | 23.17 | — | — | 436.25 | 11.85 | 13.72 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.69 | 0.88 | 1.12 | 0.81 | 1.75 | 0.53 | 0.33 | 0.30 | 1.43 | 0.40 |
| EV / EBITDA | — | — | — | — | 4.51 | 29.12 | 44.67 | 4.24 | 3.84 | 19.42 | — |
| EV / EBIT | — | — | — | — | 4.53 | 40.62 | — | 4.65 | 3.66 | 32.72 | — |
| EV / FCF | — | 19.35 | 17.91 | — | 21.10 | — | — | — | 5.75 | 11.31 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.0% | 34.0% | 35.8% | 31.4% | 37.2% | 40.5% | 37.3% | 39.2% | 36.9% | 37.4% | 28.3% |
| Operating Margin | -35.9% | -35.9% | -6.6% | -13.2% | 16.3% | 4.4% | -0.7% | 5.8% | 6.1% | 4.4% | -6.6% |
| Net Profit Margin | -38.2% | -38.2% | -8.4% | -11.1% | 16.3% | 1.8% | -24.0% | -6.1% | 5.3% | 11.0% | -5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.7% | -44.7% | -9.9% | -13.5% | 18.9% | 1.8% | -18.6% | -5.7% | 5.8% | 11.7% | -10.2% |
| ROA | -28.6% | -28.6% | -6.6% | -9.3% | 13.9% | 1.4% | -13.8% | -3.7% | 3.1% | 5.9% | -5.7% |
| ROIC | -29.7% | -29.7% | -5.1% | -13.1% | 19.3% | 4.7% | -0.8% | 8.9% | 10.0% | 5.7% | -11.4% |
| ROCE | -33.2% | -33.2% | -6.5% | -13.7% | 16.3% | 3.8% | -0.5% | 4.9% | 5.8% | 3.9% | -9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.21 | 0.37 | 0.12 | 0.21 | 0.13 | 0.06 | 0.09 | 0.09 | 0.16 |
| Debt / EBITDA | — | — | — | — | 0.64 | 3.54 | 13.41 | 0.84 | 1.05 | 1.38 | — |
| Net Debt / Equity | — | 0.03 | 0.08 | 0.22 | -0.35 | -0.17 | -0.43 | -0.54 | -0.54 | -0.47 | -0.27 |
| Net Debt / EBITDA | — | — | — | — | -1.83 | -2.87 | -44.90 | -7.18 | -6.31 | -6.95 | — |
| Debt / FCF | — | 0.23 | 1.31 | — | -8.53 | — | — | — | -9.44 | -4.05 | — |
| Interest Coverage | -1075.62 | -1075.62 | -12.48 | -28.20 | 115.54 | 15.37 | — | — | — | — | -18.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.94 | 2.94 | 3.20 | 2.73 | 4.55 | 5.35 | 10.24 | 3.53 | 2.75 | 1.83 | 2.18 |
| Quick Ratio | 2.02 | 2.02 | 1.87 | 1.56 | 3.42 | 3.89 | 7.93 | 2.96 | 2.21 | 1.48 | 1.57 |
| Cash Ratio | 0.87 | 0.87 | 0.55 | 0.44 | 2.07 | 2.17 | 6.03 | 1.73 | 1.29 | 0.59 | 0.73 |
| Asset Turnover | — | 0.85 | 0.85 | 0.83 | 0.80 | 0.73 | 0.64 | 0.67 | 0.67 | 0.43 | 1.02 |
| Inventory Turnover | 2.79 | 2.79 | 2.42 | 2.23 | 2.62 | 2.30 | 2.37 | 2.95 | 2.56 | 1.72 | 3.71 |
| Days Sales Outstanding | — | 91.79 | 81.07 | 87.31 | 85.89 | 100.87 | 70.28 | 55.41 | 66.67 | 161.66 | 80.51 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 14.4% | 1.0% | — | 4.2% | 6.6% | 5.7% | — |
| FCF Yield | 2.7% | 5.2% | 6.0% | — | 3.4% | — | — | — | 6.6% | 6.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 2.9% | 0.0% | 5.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 2.9% | 0.0% | 5.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $15M | $14M | $13M |
Cyclical revenue volatility
Based on reported financial data, Amtech's forward P/E of 60.19 suggests that market participants are pricing in a significant recovery, yet the current P/S of 3.52 appears elevated relative to the company's historical inability to maintain consistent profitability during semiconductor equipment industry downturns.
The valuation multiples are heavily distorted by the company's recent earnings volatility, making traditional P/E metrics less reliable for assessing intrinsic value. Investors should note that the premium pricing relative to peers may be predicated on the potential for the Material and Substrate segment to scale, rather than the current performance of the core furnace business.
As reported in recent financial statements, Amtech's ROIC has struggled to maintain positive territory, fluctuating from a peak of 2.7% in 2026Q2 to a low of -33.7% in 2025Q2, which indicates that the company is currently failing to generate returns that exceed its cost of capital.
The erratic nature of these returns is primarily driven by the under-absorption of fixed costs during revenue troughs rather than structural inefficiencies in capital allocation. Sustained improvement in ROIC will likely require a more consistent contribution from the higher-margin consumables business to offset the inherent lumpiness of equipment sales.
According to the latest quarterly data, the cash conversion cycle has remained elevated, peaking at 227 days in 2024Q1, which suggests that Amtech faces significant challenges in optimizing its working capital efficiency compared to more diversified semiconductor equipment peers.
The high days inventory outstanding, which reached 190 days in 2024Q1, reflects the long lead times associated with custom-engineered thermal systems and the risk of inventory obsolescence. This extended cycle ties up critical liquidity, leaving the company vulnerable to sudden shifts in customer demand or project cancellations.
Based on recent SEC filings, the company maintains a current ratio of 2.87, which provides a necessary cushion against the operational volatility inherent in the semiconductor equipment sector, even as the firm navigates periods of negative cash flow and significant revenue contraction.
While the liquidity position appears healthy on the surface, the reliance on inventory and receivables to support this ratio warrants caution, as these assets may not be easily liquidated during a severe industry downturn. The company's ability to maintain this buffer without further dilutive financing will be a key indicator of management's operational discipline.
Investors frequently misapply the P/E ratio to Amtech, as the company's earnings are heavily distorted by non-recurring restructuring charges and the lumpy nature of equipment revenue recognition, which obscures the underlying cash-generative potential of the consumables segment.
A more appropriate metric for this business model would be an adjusted EV/EBITDA or a focus on free cash flow yield, which better accounts for the company's capital structure and the recurring revenue characteristics of its polishing and substrate business. Relying on P/E in a cyclical trough leads to an exaggerated perception of risk or value.
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Quick answers to the most common questions about buying ASYS stock.
Amtech Systems, Inc.'s current P/E ratio is -8.4x. The historical average is 31.5x.
Amtech Systems, Inc.'s return on equity (ROE) is -44.7%. The historical average is -3.1%.
Based on historical data, Amtech Systems, Inc. is trading at a P/E of -8.4x. Compare with industry peers and growth rates for a complete picture.
Amtech Systems, Inc. has 34.0% gross margin and -35.9% operating margin.