One-glance verdict
Overvalued
$8.74 our estimate vs market $12.75
Wall Street consensus: $22.00 (151.6% higher than our fair-value estimate)
46% above our estimate, beyond the bull case
Fundamentals snapshot
Amtech Systems, Inc.
ASYS · NMS · Technology · Semiconductor Equipment & Materials
Current price
$12.75
52-week range
$6.75 - $25.71
Market cap
$223.23M
Balance sheet
Healthy
-177.58x Concerning
Net cash $65.22M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Returns 4.8% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Reward Trades at 47.2x P/E vs peer median 72.6x (35.0% cheaper).
- Risk Stock trades 577.8% above its 5-year average P/E.
What this company does
Amtech Systems, Inc.
Amtech Systems makes and sells specialized machines and chemicals that help companies build and package computer chips. Their main money comes from selling these big machines and the little things they need to keep running, which is important because it shows how much demand there is for their products in the chip-making world. This also means they need to make sure their factories can keep up with orders and that they have all the parts and materials needed to build their machines, which is part of their supply chain (the whole process of making and delivering their goods).
How the company got here
Amtech Systems, Inc. was founded in 1981 and has since evolved into a provider of specialized equipment and materials for the semiconductor industry. The company has grown by acquiring other businesses and expanding its product lines to meet the changing needs of chip manufacturers. Over the years, Amtech has navigated the cyclical nature of the semiconductor market, adapting its strategies to remain competitive. Its journey reflects a commitment to innovation and serving a global customer base in a high-tech sector.
What it actually does
Amtech Systems designs and manufactures equipment and supplies that are crucial for making and packaging computer chips. Think of it like the specialized tools and materials needed to build intricate electronic components. These products help semiconductor companies create the tiny, powerful processors found in everything from smartphones to computers and cars. Amtech's offerings are used in various stages of the chip-making process, ensuring the quality and performance of the final devices.
Thermal Processing Solutions
This part of Amtech focuses on equipment that uses heat to process semiconductor components. This includes specialized furnaces used in advanced chip packaging, which is like putting the finishing touches on a microchip to make it ready for use. These furnaces are essential for ensuring that the delicate connections within a chip are strong and reliable. This segment serves manufacturers who need precise temperature control for creating high-performance electronic parts.
Semiconductor Fabrication Solutions
This business line provides equipment and chemicals used earlier in the chip-making process, specifically during wafer fabrication. This includes advanced cleaning systems that ensure the silicon wafers, the base material for chips, are perfectly clean before intricate layers are added. They also offer specialized polishing tools and chemicals that create ultra-smooth surfaces, which is critical for the precision required in modern chip manufacturing. This segment caters to companies that need to build chips from the ground up with extreme accuracy.
What management is betting on now
Amtech's management is focused on expanding its reach in advanced semiconductor packaging and wafer fabrication technologies. They are investing in developing new equipment and materials that can handle the increasing complexity of modern chips. The company aims to capitalize on the growing demand for semiconductors across various industries, including automotive and artificial intelligence. By enhancing its product portfolio and strengthening customer relationships, Amtech seeks to solidify its position as a key supplier in the global semiconductor supply chain.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$447.00K
FY2025 Q1
$2.72M
FY2025 Q2
$201.00K
FY2025 Q3
$1.98M
FY2025 Q4
$2.02M
FY2026 Q1
$3.83M
FY2026 Q2
$1.90M
FY2026 Q3
$994.00K
Revenue
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Net income
$1.66M
Diluted EPS
0.10
Operating cash flow
$1.12M
Free cash flow
$994.00K
Fetching…
Sources
Revenue
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Net income
$1.17M
Diluted EPS
0.08
Operating cash flow
$2.09M
Free cash flow
$1.90M
Fetching…
Sources
Revenue
—
Net income
$108.00K
Diluted EPS
0.01
Operating cash flow
$4.10M
Free cash flow
$3.83M
Fetching…
Sources
Revenue
$79.36M
Net income
$1.07M
Diluted EPS
0.08
Operating cash flow
$2.27M
Free cash flow
$2.02M
Fetching…
Sources
Revenue
—
Net income
$106.00K
Diluted EPS
0.01
Operating cash flow
$2.53M
Free cash flow
$1.98M
Fetching…
Sources
Revenue
—
Net income
$-31.81M
Diluted EPS
-2.23
Operating cash flow
$210.00K
Free cash flow
$201.00K
Fetching…
Sources
Revenue
—
Net income
$312.00K
Diluted EPS
0.02
Operating cash flow
$2.87M
Free cash flow
$2.72M
Fetching…
Sources
Revenue
$101.21M
Net income
$-536.00K
Diluted EPS
-0.04
Operating cash flow
$879.00K
Free cash flow
$447.00K
Fetching…
Sources
Is it cheap or expensive?
Fair value $8.74 vs current price $12.75
Wall Street consensus is the average analyst price target: $22.00 (151.6% higher than our fair-value estimate).
Our most-likely fair value is $8.74 a share — about 31.4% below today's price of $12.75, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $65.2M - more cash than debt. Interest coverage -177.6x.
Net debt
$-65.22M
Interest coverage
-177.58x
Amtech Systems, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ASYS
BASELINE
Amtech Systems, Inc.
Total debt $17.89M Interest coverage -177.58x This is the baseline the peer rows are being compared against.
Total debt $14.79M Interest coverage -6.39x Neither company has much profit cushion over interest right now.
Total debt $261.19M Interest coverage 4.88x This peer still has a real interest-payment cushion, while ASYS does not.
Total debt $27.76M Interest coverage 115.35x This peer still has a real interest-payment cushion, while ASYS does not.
Total debt $335.89M Interest coverage -29.03x Neither company has much profit cushion over interest right now.
Total debt $349.32M Interest coverage 15.73x This peer still has a real interest-payment cushion, while ASYS does not.
What you should know
The case for and against ASYS
3 Rewards
1 Risk
Rewards
-
Returns 4.8% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Trades at 47.2x P/E vs peer median 72.6x (35.0% cheaper).
Risks
-
Stock trades 577.8% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
47.22x
Forward P/E
10.20x
P/B
1.93x
P/S
2.73x
EV/EBITDA
17.22x
PEG ratio
0.37x
Profitability
How much profit each dollar creates
Gross margin
46.9%
Operating margin
10.4%
Net margin
4.9%
ROE
4.8%
ROA
3.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.15x
Current ratio
5.41x
Quick ratio
4.36x
Total debt
$17.89M
Total cash
$83.11M
Growth
How the business has been compounding
Revenue TTM
$400.19M
Revenue 5Y CAGR
-1.8%
EPS TTM
0.27
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$9.58M
Free CF TTM
$6.93M
FCF margin
1.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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