Axt Inc. (AXTI) intrinsic value & 10-year financials
Axt Inc. (AXTI) has a Graham intrinsic value of $3.30 per share. At $51.47 on Oct 17, 2026, the stock trades 1460% above that value. Over the last 10 fiscal years revenue grew 0.9% a year to $88.3M, with an average return on invested capital of 0.2%.
- Graham intrinsic value
- $3.30
- Share price (Oct 17, 2026)
- $51.47
- Price vs Graham value
- 1460% above
- Market cap
- $2.3B
- Revenue (FY2025)
- $88.3M
- Revenue growth (10-yr CAGR)
- 0.9%
- ROIC (10-yr avg)
- 0.2%
- Free cash flow (FY2025)
- -$18.8M
AXTI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $88.3M | -$21.3M | -$0.49 | -$18.8M | -24.9% | -13.2% |
| FY2024 | $99.4M | -$11.6M | -$0.27 | -$17.9M | -14.9% | -7.5% |
| FY2023 | $75.8M | -$17.9M | -$0.42 | -$7.1M | -28.5% | -9.4% |
| FY2022 | $141.1M | $15.8M | $0.37 | -$37.2M | 8.9% | 5.2% |
| FY2021 | $137.4M | $14.6M | $0.34 | -$33.0M | 9.4% | 7.7% |
| FY2020 | $95.4M | $3.2M | $0.07 | -$14.0M | 4.1% | 1.7% |
| FY2019 | $83.3M | -$2.6M | -$0.07 | -$9.1M | -0.4% | -0.2% |
| FY2018 | $102.4M | $9.7M | $0.24 | -$37.3M | 11.9% | 5.9% |
| FY2017 | $98.7M | $10.1M | $0.26 | -$12.7M | 12.8% | 7.3% |
| FY2016 | $81.3M | $5.6M | $0.17 | $9.8M | 7.9% | 4.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AXT INC has demonstrated mature, steady growth, with revenue compounding at 0.9% annually over the past decade.
AXT INC has historically struggled to out-earn its cost of capital, averaging just 0.2% ROIC.
AXT 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, AXT INC is modeled at 0.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.30 per share.