Latest Ratios: P/E Ratio -118.7x · EV/EBITDA N/A · ROE -7.2%. (1998–2025 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 | $2.7B | $718M | $94M | $102M | $187M | $376M | $393M | $172M | $175M | $339M | $158M |
| Enterprise Value | $2.6B | $663M | $121M | $120M | $201M | $356M | $333M | $154M | $159M | $295M | $122M |
| P/E Ratio → | -118.67 | — | — | — | 11.84 | 25.91 | 128.28 | — | 18.13 | 33.46 | 28.24 |
| P/S Ratio | 30.53 | 8.13 | 0.94 | 1.35 | 1.33 | 2.74 | 4.12 | 2.06 | 1.71 | 3.44 | 1.94 |
| P/B Ratio | 7.63 | 2.15 | 0.37 | 0.38 | 0.65 | 1.34 | 1.54 | 0.89 | 0.90 | 1.80 | 1.13 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 16.15 |
| P/OCF | — | — | — | 30.07 | — | — | 66.94 | 13.57 | 54.43 | 39.35 | 12.63 |
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 | — | 7.50 | 1.21 | 1.59 | 1.42 | 2.59 | 3.49 | 1.85 | 1.55 | 2.99 | 1.50 |
| EV / EBITDA | — | — | — | — | 9.72 | 17.83 | 40.28 | 29.45 | 9.32 | 17.27 | 10.78 |
| EV / EBIT | — | — | — | — | 9.14 | 19.76 | 45.96 | — | 13.06 | 23.31 | 18.30 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 12.45 |
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 | 12.7% | 12.7% | 24.0% | 17.6% | 36.9% | 34.5% | 31.7% | 29.8% | 36.2% | 34.9% | 32.4% |
| Operating Margin | -24.9% | -24.9% | -14.9% | -28.5% | 8.9% | 9.4% | 4.1% | -0.4% | 11.9% | 12.8% | 7.9% |
| Net Profit Margin | -24.1% | -24.1% | -11.7% | -23.6% | 11.2% | 10.6% | 3.4% | -3.1% | 9.4% | 10.3% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.2% | -7.2% | -4.4% | -6.4% | 5.5% | 5.4% | 1.4% | -1.3% | 5.0% | 6.2% | 4.1% |
| ROA | -5.5% | -5.5% | -3.3% | -4.9% | 4.5% | 4.6% | 1.2% | -1.2% | 4.4% | 5.6% | 3.7% |
| ROIC | -5.9% | -5.9% | -3.9% | -5.5% | 3.3% | 4.2% | 1.6% | -0.1% | 5.7% | 7.6% | 4.4% |
| ROCE | -7.2% | -7.2% | -5.5% | -7.5% | 4.3% | 4.7% | 1.7% | -0.2% | 6.3% | 7.7% | 4.6% |
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 | 0.19 | 0.19 | 0.20 | 0.21 | 0.17 | 0.06 | 0.05 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | — | — | 2.36 | 0.83 | 1.60 | 1.68 | — | — | — |
| Net Debt / Equity | — | -0.17 | 0.11 | 0.07 | 0.05 | -0.07 | -0.23 | -0.09 | -0.08 | -0.24 | -0.26 |
| Net Debt / EBITDA | — | — | — | — | 0.67 | -1.01 | -7.18 | -3.48 | -0.97 | -2.60 | -3.20 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -3.70 |
| Interest Coverage | -16.14 | -16.14 | -6.95 | -11.46 | 20.54 | 84.62 | 40.51 | — | — | — | — |
Net cash position: cash ($120M) exceeds total debt ($65M)
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 | 2.72 | 2.72 | 2.13 | 2.09 | 2.44 | 3.35 | 4.21 | 4.11 | 4.48 | 6.22 | 8.22 |
| Quick Ratio | 1.82 | 1.82 | 0.99 | 1.03 | 1.25 | 1.97 | 2.89 | 2.33 | 2.44 | 4.19 | 5.14 |
| Cash Ratio | 1.33 | 1.33 | 0.31 | 0.49 | 0.59 | 0.88 | 1.86 | 1.32 | 1.35 | 2.85 | 3.64 |
| Asset Turnover | — | 0.20 | 0.29 | 0.21 | 0.38 | 0.41 | 0.32 | 0.37 | 0.46 | 0.47 | 0.53 |
| Inventory Turnover | 0.94 | 0.94 | 0.89 | 0.72 | 0.99 | 1.37 | 1.26 | 1.19 | 1.12 | 1.40 | 1.37 |
| Days Sales Outstanding | — | 110.95 | 94.19 | 92.73 | 75.66 | 92.55 | 94.00 | 83.43 | 69.82 | 84.26 | 64.85 |
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 | — | — | — | — | — | — | — | — | — | 0.1% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 4.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 8.4% | 3.9% | 0.8% | — | 5.5% | 3.0% | 3.5% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 6.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.0% |
| Shares Outstanding | — | $44M | $43M | $43M | $43M | $43M | $41M | $39M | $40M | $39M | $33M |
Geopolitical supply chain volatility
According to recent market data, AXTI trades at a price-to-sales ratio of 36.83, a figure that appears disconnected from current negative earnings and suggests investors are pricing in a significant, yet unproven, recovery in high-performance substrate demand rather than historical fundamental performance.
The forward P/E of 230.76 indicates that the market is assigning a substantial premium to the company's potential role in the AI-driven optical transceiver market. This valuation warrants caution, as it implies a rapid transition to profitability that has not been supported by the company's historical inability to maintain positive operating margins.
Based on reported financial figures, AXTI's ROIC has remained consistently negative over the last ten quarters, bottoming at -2.8% in 2025Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its capital-intensive manufacturing operations.
The inability to generate a positive return on invested capital suggests that the company's high fixed-cost base, particularly regarding crystal growth furnaces, is not being utilized efficiently. Investors should monitor whether future shifts toward 6-inch InP wafers can improve asset productivity, as current trends show a structural decay in capital efficiency.
As reported in recent quarterly filings, AXTI's cash conversion cycle remains exceptionally long, peaking at 543 days in 2023Q4, which highlights a significant inefficiency in inventory management and a reliance on slow-moving substrate batches that tie up critical liquidity.
The high days inventory outstanding (DIO) of 408 days in 2026Q1 suggests that the company struggles to align production with volatile end-market demand, leading to potential obsolescence risks. This inefficiency forces the company to maintain higher working capital levels, further straining its already vulnerable cash position.
Based on the provided balance sheet data, AXTI's quick ratio dropped to 1.67 in 2026Q1 from 1.82 in 2025Q4, signaling a tightening liquidity profile that may leave the company with limited flexibility to navigate further operational downturns or unexpected supply chain disruptions.
While the current ratio remains above 2.0, the heavy reliance on inventory as a component of current assets makes the liquidity position appear more robust than it may be under stress. The rapid decline in cash reserves suggests that the company may face refinancing risks if operational cash flow does not improve in the near term.
Market participants frequently rely on the price-to-sales ratio to value AXTI, a metric that obscures the company's underlying structural inability to convert top-line growth into positive operating cash flow due to its high fixed-cost manufacturing model.
For a company with such high capital intensity and cyclical margin volatility, the price-to-sales ratio is a poor proxy for value. Analysts should instead focus on the cash-burn rate and the unit economics of 6-inch InP production, as these metrics provide a more accurate assessment of the company's long-term viability than revenue-based multiples.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying AXTI stock.
AXT, Inc.'s current P/E ratio is -118.7x. The historical average is 43.5x.
AXT, Inc.'s return on equity (ROE) is -7.2%. The historical average is -2.0%.
Based on historical data, AXT, Inc. is trading at a P/E of -118.7x. Compare with industry peers and growth rates for a complete picture.
AXT, Inc. has 12.7% gross margin and -24.9% operating margin.