Amtech Systems Inc. (ASYS) intrinsic value & 10-year financials
Amtech Systems Inc. (ASYS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.5% a year to $79.4M, with an average return on invested capital of -3.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $12.80
- Market cap
- $183.1M
- Revenue (FY2025)
- $79.4M
- Revenue growth (10-yr CAGR)
- -4.5%
- ROIC (10-yr avg)
- -3.0%
- Free cash flow (FY2025)
- $6.9M
ASYS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $79.4M | -$30.3M | -$2.12 | $6.9M | -35.9% | -53.1% |
| FY2024 | $101.2M | -$8.5M | -$0.60 | $5.0M | -6.6% | -8.5% |
| FY2023 | $113.3M | -$12.6M | -$0.89 | -$10.6M | -13.2% | -18.0% |
| FY2022 | $106.3M | $17.4M | $1.22 | $4.1M | 16.3% | 29.3% |
| FY2021 | $85.2M | $1.5M | $0.11 | -$9.0M | 4.4% | 3.6% |
| FY2020 | $65.5M | -$15.7M | -$1.11 | -$4.3M | -0.7% | -1.1% |
| FY2019 | $85.0M | -$5.2M | -$0.36 | -$541.0K | 5.8% | 12.2% |
| FY2018 | $176.4M | $5.3M | $0.35 | $5.3M | 1.1% | 4.2% |
| FY2017 | $164.5M | $9.1M | $0.68 | $10.5M | 6.3% | 18.0% |
| FY2016 | $120.3M | -$7.0M | -$0.53 | -$10.7M | -6.6% | -15.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AMTECH SYSTEMS INC is facing top-line stagnation, with revenue contracting over the decade.
AMTECH SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just -3.0% ROIC.
AMTECH SYSTEMS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AMTECH SYSTEMS INC is modeled at -4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.57 per share.