One-glance verdict
Within fair range
$9.58 our estimate vs market $13.85
Wall Street consensus: $22.00 (129.6% higher than our fair-value estimate)
45% above our estimate
Fundamentals snapshot
Amtech Systems, Inc.
ASYS · NMS · Technology · Semiconductor Equipment & Materials
Current price
$13.85
52-week range
$6.75 - $25.71
Market cap
$242.49M
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 51.3x P/E vs peer median 90.1x (43.1% cheaper).
- Risk Stock trades 636.3% above its 5-year average P/E.
What this company does
Amtech Systems, Inc.
Amtech Systems makes the specialized equipment, like high-tech ovens and cleaning systems, that other companies use to manufacture computer chips. It earns money from selling these big machines and also from the ongoing sale of related supplies, creating recurring revenue (predictable sales from repeat customers) which can provide a more stable source of income.
How the company got here
Founded in Arizona in 1981 as Quartz Engineering & Materials, Inc., the company changed its name to Amtech Systems in 1987. It has since grown into a global supplier of equipment and materials essential for manufacturing semiconductors, the tiny electronic components that power everything from smartphones to cars. The company has expanded its offerings over the years through the acquisition of several subsidiaries, including BTU International, Entrepix Inc., PR Hoffman, and Intersurface Dynamics. This has allowed Amtech to provide a wider range of products and services to the electronics industry.
What it actually does
Amtech Systems manufactures and sells the specialized machinery and materials that other companies use to make and package semiconductors. Think of them as providing the high-tech ovens, cleaning systems, and polishing tools needed to create the tiny electronic chips that are the brains of modern devices. Their products are used in the production of a wide variety of electronic components, including the powerful chips used for artificial intelligence (AI) and in electric vehicles. The company sells its products to manufacturers of these electronic components around the world, with a significant presence in Asia, North America, and Europe.
Thermal Processing Solutions
This is Amtech's largest business segment, making up the majority of its revenue. It provides highly specialized ovens and furnaces, known as thermal processing equipment, which are a crucial step in assembling and packaging semiconductors. These machines use precise temperature control to solder components onto circuit boards and create the final electronic packages. Customers in the semiconductor and electronics assembly industries buy this equipment to manufacture everything from chips for AI applications to components for advanced automotive electronics.
Semiconductor Fabrication Solutions
This segment provides the essential materials and services needed to manufacture the silicon wafers that semiconductors are built on. This includes things like specialized chemicals for cleaning and polishing the wafers, as well as the machinery to do so. Think of it as providing the sandpaper, polish, and cleaning supplies for the foundational material of a computer chip. This part of the business is a smaller but important piece of the company's overall revenue.
What management is betting on now
Amtech's leadership is currently focused on the high-growth areas of the semiconductor market, particularly those related to artificial intelligence and power semiconductors used in applications like electric vehicles. They are investing in developing new products and technologies to meet the increasing demand in these sectors. The company also aims to improve its profitability by optimizing its operations and potentially acquiring other companies that would expand its capabilities. A recent major stock offering provided the company with significant cash, which it plans to use to fund this growth and strengthen its position in the market.
Price history
How the share price has moved
—
Loading price history…
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
—
Net income
$1.66M
Diluted EPS
0.10
Operating cash flow
$1.12M
Free cash flow
$994.00K
Fetching…
Sources
Revenue
—
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 $9.58 vs current price $13.85
Wall Street consensus is the average analyst price target: $22.00 (129.6% higher than our fair-value estimate).
Our most-likely fair value is $9.58 a share — about 30.8% away from today's price of $13.85, so the stock currently looks fairly priced.
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 $29.91M Interest coverage 115.35x This peer still has a real interest-payment cushion, while ASYS does not.
Total debt $331.24M 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 51.3x P/E vs peer median 90.1x (43.1% cheaper).
Risks
-
Stock trades 636.3% 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)
51.30x
Forward P/E
11.08x
P/B
2.10x
P/S
2.97x
EV/EBITDA
19.32x
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
—
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
—
Payout ratio
0.0%
Last ex-div date
—