Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| AXT Inc.AXTI · business equipment | |
|---|---|
| Grade |  Eweakest fifth of 497 graded peers; percentile 87.7, sampling error 2.2 points; lower is stronger |
| Rank | 436 of 497 |
| Profitability | Epercentile 84.9 |
| Solvency | Bpercentile 35.1 |
| Growth and financing | Dpercentile 74.1 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $433.8M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: fortress balance sheet |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Mar 17, 2026206 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $71.592026-10-08; market equity $4.7B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 17, 2026; the document on sec.gov.
AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Two of our consolidated subsidiaries produce and sell certain raw materials some of which are used in our substrate manufacturing process and some of which are sold to other companies. Our substrate wafers are used when a typical silicon substrate wafer cannot meet the performance requirements of a semiconductor or optoelectronic device. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 84.9 | |||||||
| Gross profitability | 2.6% | [1,3] | 28.5% | 90.1 | 558 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (2.2%) | [1,4-6] | (7.4%) | 78.7 | 621 | 2025-12-31 | |
| Gross margin stability, five years | 9.4 pts | [2-3,7-14] | 2.4 pts | 86.0 | 429 | 2025-12-31 | |
| Solvency, sleeve percentile 35.1 | |||||||
| Twelve-month failure probability | 0.04% | 0.05% | 43.0 | 101 | 2026-06-30 | ||
| Altman Z double-prime | 4.43 | [1,15-20] | 2.18 | 27.8 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 3.77x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 2.72x | [15-16] | 2.02x | 34.4 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 74.1 | |||||||
| Revenue growth, three-year compound | (14.5%) | [2,8,10,12] | 6.4% | 90.5 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 5.4% | [1,6,21-22] | 5.0% | 46.1 | 563 | 2025-12-31 | |
| Net share issuance, one year | 21.9% | [23-24] | 0.5% | 85.7 | 407 | 2026-03-02 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.321; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 431 | XTI Aerospace, Inc. (XTIA) XTI Aerospace, Inc. (XTIA) Eweakest fifth; percentile 86.7 Nasdaq · Services-Computer Programming Services market equity $31.0M; last close $0.80 Warnings: dilution, short runway, late filer, fortress balance sheet; 9 of 14 inputs | 86.7 | E | dilution, short runway, late filer, fortress balance sheet |
| 432 | Energy Vault Holdings, Inc. (NRGV) Energy Vault Holdings, Inc. (NRGV) Eweakest fifth; percentile 86.9 NYSE · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $601.9M; last close $3.31 Warnings: late filer; 8 of 14 inputs | 86.9 | E | late filer |
| 433 | Microvast Holdings, Inc. (MVST) Microvast Holdings, Inc. (MVST) Eweakest fifth; percentile 87.1 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $224.5M; last close $0.58 Warnings: late filer, fortress balance sheet; 9 of 14 inputs | 87.1 | E | late filer, fortress balance sheet |
| 434 | International Business Machines Corp. (IBM) International Business Machines Corp. (IBM) Eweakest fifth; percentile 87.3 NYSE · Computer & office Equipment market equity $213.5B; last close $226.58 No active warnings; 8 of 14 inputs | 87.3 | E | |
| 435 | Sabre Corp. (SABR) Sabre Corp. (SABR) Eweakest fifth; percentile 87.5 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $778.9M; last close $1.94 No active warnings; 7 of 14 inputs | 87.5 | E | |
| 436 | AXT Inc. (AXTI) AXT Inc. (AXTI) Eweakest fifth; percentile 87.7 Nasdaq · Semiconductors & Related Devices market equity $4.7B; last close $71.59 No active warnings; 9 of 14 inputs | 87.7 | E | |
| 437 | Birchtech Corp. (BCHT) Birchtech Corp. (BCHT) Eweakest fifth; percentile 87.9 NYSE · Measuring & Controlling Devices, NEC market equity $37.9M; last close $1.48 No active warnings; 7 of 14 inputs | 87.9 | E | |
| 438 | SemiLEDs Corp. (LEDS) SemiLEDs Corp. (LEDS) Eweakest fifth; percentile 88.1 Nasdaq · Semiconductors & Related Devices market equity $18.9M; last close $2.34 Warnings: fortress balance sheet; 8 of 14 inputs | 88.1 | E | fortress balance sheet |
| 439 | Fortive Corp. (FTV) Fortive Corp. (FTV) Eweakest fifth; percentile 88.3 NYSE · Industrial Instruments For Measurement, Display, and Control market equity $17.2B; last close $56.43 No active warnings; 12 of 14 inputs | 88.3 | E | |
| 440 | BigBear.ai Holdings, Inc. (BBAI) BigBear.ai Holdings, Inc. (BBAI) Eweakest fifth; percentile 88.6 NYSE · Services-Prepackaged Software last close $2.41 Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| 441 | BigBear.ai Holdings, Inc. (BBAI-WT) BigBear.ai Holdings, Inc. (BBAI-WT) Eweakest fifth; percentile 88.6 NYSE · Services-Prepackaged Software Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 85.1 | 2204 |
| sector peers, equal sleeves (the grade) | E | 87.7 | 497 |
| same exchange, equal sleeves | E | 82.6 | 1219 |
| sector peers, equal inputs | E | 88.5 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 1,249.9% | 2.2% | 100 | hotter than 100 of 100 peers |
| Distance from 52-week high | (49.1%) | (30.0%) | 27 | closer to its high than 27 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | (0.4%) | 2.7% | 23 | pricier than 77 of 100 peers |
| Book value to price | 0.19 | 0.23 | 42 | pricier than 58 of 100 peers |
| Sales to price | 0.02 | 0.30 | 2 | pricier than 98 of 100 peers |
| Composite equity issuance, five years | 44.3% | 3.9% | 84 | more equity-funded than 84 of 100 peers |
| Relative strength against the sector, log excess return | 2.32 | (0.26) | 100 | ahead of 100 of 100 peers |
Inputs: market equity $4.7B; EBIT -$22.0M; free cash flow -$18.8M; book equity $887.3M; sales $88.3M; cash $412.2M[25].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (6.3%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$12.8M | ✗ fail[5] |
| Return on assets improved | (3.0 pts) | ✗ fail[4,6,21,26] |
| Operating cash flow exceeds net income | $8.5M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,21] | |
| Current ratio improved | 58.9 pts | ✓ pass[15-16,27-28] |
| No new shares issued | 21.9% | ✗ fail[23-24] |
| Gross margin improved | (11.3 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | (1.7 pts) | ✗ fail[2,6,8,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $412.2M[29] |
| Operating cash flow, four quarters | -$5.8M[5,29-33] |
| Months of runway | 858.5 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $576.1M |
| 63 sessions | |
| Days since newest grade input | 206 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $433.8M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $88.3M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $11.2M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$21.3M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$12.8M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $339.3M | 2024-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $23.8M | 2024-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:Revenues | $99.4M | 2024-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $13.3M | 2023-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $75.8M | 2023-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $52.1M | 2022-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $141.1M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $47.4M | 2021-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $137.4M | 2021-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $246.6M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $90.5M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$64.9M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$22.0M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $273.3M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $99.1M | 2025-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $358.7M | 2023-12-31 | 2025-03-14 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $370.1M | 2022-12-31 | 2024-03-15 | 10-K | filing · viewer · series |
| 23 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 55,573,599 | 2026-03-02 | 2026-03-17 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 45,597,995 | 2025-03-01 | 2025-03-14 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 65,573,212 | 2026-08-03 | 2026-08-13 | 10-Q | filing · viewer · series |
| 26 | net income | us-gaap:NetIncomeLoss | -$11.6M | 2024-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $158.3M | 2024-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $74.2M | 2024-12-31 | 2026-03-17 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $412.2M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$900,000 | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$11.7M | 2026-03-31 | 2026-05-14 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$17.1M | 2025-09-30 | 2025-11-13 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.9M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 87.7 is 7.7 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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