Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AXT INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
81.3
98.7
102
83.3
95.4
137
141
75.8
99.4
88.3
Cost of revenue
55
64.2
65.4
58.4
65.1
90
89
62.5
75.5
77.1
Gross profit
26.4
34.5
37
24.8
30.3
47.4
52.1
13.3
23.8
11.2
Research and development
5.85
4.83
5.9
5.83
7.14
10.3
13.9
12.1
14.5
9.05
Selling, general and administrative
13.9
17
19
19.3
19.2
24.2
25.7
22.8
24.1
24.2
Operating expenses
20
21.8
24.9
25.1
26.3
34.5
39.6
34.9
38.6
33.2
Operating income
6.43
12.6
12.1
-0.31
3.94
12.9
12.6
-21.6
-14.8
-22
Interest expense
1.53
1.34
1.26
Other non-operating income
0.86
-0.55
0.35
0.95
3.2
0.51
3.49
2.18
2.05
0.92
Pre-tax income
5.7
10.9
11.9
-1.03
7.07
17.6
20.9
-19
-10.7
-21.5
Income tax
0.73
0.79
0.94
0.56
2.03
1.09
2.19
0.16
1.13
1.66
Net income to minority interests
-0.67
-0.09
1.36
1.01
1.8
1.93
2.93
-1.31
-0.17
-1.94
Net income
5.64
10.1
9.65
-2.6
3.24
14.6
15.8
-17.9
-11.6
-21.3
EBITDA
11.3
17.1
17
5.22
8.27
20
20.7
-12.8
-5.82
-12.9
EPS, basic
0.17
0.27
0.24
-0.07
0.08
0.35
0.37
-0.42
-0.27
-0.49
EPS, diluted
0.17
0.26
0.24
-0.07
0.07
0.34
0.37
-0.42
-0.27
-0.49
Shares, basic (weighted)
32.1
37.4
39
39.5
40.2
41.4
42.1
42.6
43.2
43.9
Shares, diluted (weighted)
32.9
39
40.3
39.5
41
42.7
42.7
42.6
43.2
43.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.2
44.4
16.5
26.9
72.6
36.8
34.9
37.8
22.8
120
Short-term investments
11.4
20
22.1
9.43
0.24
5.42
9.34
2.14
0
Receivables
14.5
22.8
19.6
19
24.6
34.8
29.3
19.3
25.6
26.8
Inventory
40.2
45.8
58.6
49.2
51.5
65.9
89.6
86.5
85.1
81.7
Other current assets
5.11
7.52
11.7
8.7
15.6
17.3
14
12.6
13.7
9.69
Total current assets
107
141
129
113
165
160
184
171
158
247
Property, plant and equipment
27.8
46.5
82.3
97.4
116
142
161
166
160
162
Lease right-of-use assets
2.94
2.68
2.32
1.76
2.8
2.48
1.98
Long-term investments
6.16
12.6
0.72
5.73
9.58
2.12
0
Other non-current assets
12.8
11.6
12
9.8
10.1
17.9
21.6
18.9
18.8
23.4
Total assets
154
211
224
223
299
332
370
359
339
434
Accounts payable
6.69
11.4
13.3
10.1
12.7
16.6
10.1
9.62
12.4
12.9
Accrued liabilities
9.26
11.1
15.4
11.7
16
17.1
18.2
19
14.6
14.8
Deferred revenue
0.92
0.48
0.4
0.37
0.95
0.34
0.31
1.59
0.1
Short-term debt
12.2
47.1
52.9
47.3
62.8
Total current liabilities
16
22.6
28.7
27.5
39.1
47.8
75.3
81.6
74.2
90.5
Lease liabilities
2.7
2.37
1.94
1.32
2.35
1.98
1.44
Other non-current liabilities
0.33
0.29
0.28
0.37
1.88
2.45
3.68
5.65
8.25
7.14
Total liabilities
16.9
22.9
29
30.6
43.3
52.2
80.3
89.6
84.4
99.1
Total debt
1.3
4.3
Paid-in capital
194
232
234
237
230
232
235
238
242
340
Retained earnings
-65
-54.8
-45.2
-47.8
-44.5
-30
-14.2
-32
-43.7
-64.9
Other comprehensive income
0.25
3.41
-1.97
-4.86
3.21
6.3
-3.12
-6
-8.66
-5.3
Shareholders' equity
133
184
191
188
193
212
222
204
193
273
Minority interests
4.38
4.5
3.7
4.88
15.4
18.3
23.3
23.5
23.6
23.3
Total equity
137
188
195
193
208
230
245
227
216
297
Total liabilities and equity
154
211
224
223
299
332
370
359
339
434
Shares outstanding
33
39.4
40
40.6
42
42.9
43.6
44.2
45.4
55.2
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
4.97
10.1
11
-1.59
5.04
16.5
18.7
-19.2
-11.8
-23.2
Depreciation and amortization
4.87
4.42
4.87
5.53
4.33
7.08
8.12
8.72
8.98
9.11
Stock-based compensation
1.1
1.41
1.93
2.35
2.62
4.52
4.01
3.54
3.1
3.29
Deferred income tax
2.34
0.1
0.5
0.2
0.01
Change in receivables
3.47
-7.98
2.82
0.44
-5.33
-9.75
4.54
9.31
-6.9
-0.39
Change in inventory
-2.96
-4.74
-14.6
8.86
-0.92
-12.4
-31.4
1.07
-0.74
6.35
Change in payables
0.52
4.4
2.31
-3.14
2.31
3.56
-5.52
-0.16
3.04
0.15
Cash from operations
12.5
8.62
3.22
12.7
5.87
-3.31
-8.77
3.4
-12.1
-12.8
Capital expenditures
-2.73
-21.4
-40.5
-21.8
-19.9
-29.6
-28.5
-10.5
-5.77
-6
Purchases of investments
-11.9
-30
-9.94
-8.73
-5.97
-9.65
-2.16
Cash from investing
-1.11
-36.5
-30.8
-8.33
-16.4
-38.8
-25.2
-2.6
-4.45
-6.83
Debt issued
0.64
5.83
3.46
Debt repaid
0
-0.8
-1.51
Stock issued
1.34
34.3
0.63
0.27
2.54
1.67
0.52
0.01
0.03
Cash from financing
1.3
35.6
0.21
6.19
52.7
5.73
38
8.61
-0.54
107
Exchange rate effect
-1.41
0.41
-0.43
-0.15
3.61
0.55
0.54
-0.65
0.79
Net change in cash
11.3
8.2
-27.8
10.4
45.7
-35.8
4.59
8.77
-16.3
94.6
Free cash flow
9.78
-12.7
-37.3
-9.13
-14
-33
-37.2
-7.07
-17.9
-18.8
Interest paid
1.56
2.07
1.79
Income taxes paid
0.79
0.71
1.13
0.75
1.96
3.18
1.69
0.69
0.96
0.59
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $78.94 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
32.2%
Gross profit / revenue.
Operating margin
3.1%
Operating income / revenue.
EBITDA margin
10.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
7.6%
Pre-tax income / revenue.
Net margin
3.2%
Net income / revenue.
FCF margin
-15.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-4.6%
Cash from operations / revenue.
Effective tax rate
37.0%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
0.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.4%
Net income / average total assets.
Return on invested capital (ROIC)
0.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
8.0%
Research and development expense / revenue.
SG&A / revenue
21.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
3.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
11.0%
Capital expenditures / revenue.
D&A / revenue
7.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-11.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-14.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-1.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-52.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-40.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-18.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
41.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
7.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
7.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
27.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
5.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
7.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
1.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.77x
Current assets / current liabilities.
Quick ratio
3.61x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.32x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.01x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.5%
Total debt / total assets.
Liabilities / assets
13.2%
Total liabilities / total assets.
Net debt
-$412.0M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-30.6x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
-482.6%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.06
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.98
Revenue / diluted weighted shares.
FCF per share
-$0.31
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.09
Cash from operations / diluted weighted shares.
Book value per share
$13.53
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
1,277x
Market cap / net income. Only when net income is positive.
P/S
41.2x
Market cap / revenue.
P/B
5.83x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.83x
Market cap / tangible book value, when positive.
EV/Sales
38.0x
Enterprise value / revenue.
EV/EBIT
1,227x
Enterprise value / operating income, when both are positive.
EV/EBITDA
354x
Enterprise value / EBITDA, when both are positive.
FCF yield
-0.4%
Free cash flow / market cap.
Earnings yield
0.1%
Net income / market cap (the inverse of P/E).
What was AXT INC's revenue in fiscal 2025?
AXT INC reported revenue of $88.3M for fiscal 2025, 11.1% lower than the year before.
Was AXT INC profitable in fiscal 2025?
No. It reported a net loss of $21.3M.
How much free cash flow did AXT INC generate in fiscal 2025?
Cash from operations of $12.8M minus capital expenditures of $6.0M left free cash flow of -$18.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.