What is AXT's free cash flow margin?

AXT (AXTI) reported free cash flow margin of -30.5% in Q1 2026.

What is the long-term trend for AXT's free cash flow margin?

Over 2 years (2021 to 2025), AXT's free cash flow margin has grown at a -2.7% compound annual growth rate (CAGR), from -24% to -22.7%.

What does free cash flow margin mean?

Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

AXT AXTI Free cash flow margin

Free cash flow margin at other companies

Veeco InstrumentsVECO

6.5%-1.3pp

EntegrisENTG

15.6%+7.4pp

Applied MaterialsAMAT

18.4%-2.5pp

KLA CorporationKLAC

30.7%+0.2pp

Element SolutionsESI

4.3%-6.6pp

Axcelis TechnologiesACLS

11.5%-1.3pp

Other financials

Income statement

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Revenue$26.9M+39.1%

Gross profit-$1.2M-120%

Operating income-$10.3M-207%

Net income-$1.5M+83.1%

EPS (diluted)-$0.20-300%

Balance sheet

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Cash & equivalents$41.8M+32.2%

Total debt$65.7M+23.6%

Total equity$274.9M+48.6%

Total assets$444.6M+33.3%

Cash flow

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Operating cash flow-$11.7M-249%

CapEx$1.4M+169%

Free cash flow-$13.1M-239%

Valuation

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Market cap$5.53B+4,825%

Profitability

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Gross margin17.2%-0.9pp

Operating margin-22.6%-2.5pp

Net margin-15.3%-2.5pp

Returns & leverage

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Return on equity-6.4%-1.6pp

Debt / equity0.2×0.0×

Current ratio2.6×+0.6×

Where this comes from

Calculated from AXT’s reported figures.

free cash flow/total revenue=-30.5%

Based on trailing twelve months.

The official record: AXT’s 10-Q, filed May 14, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AXT's free cash flow margin?: AXT (AXTI) reported free cash flow margin of -30.5% in Q1 2026.
What is the long-term trend for AXT's free cash flow margin?: Over 2 years (2021 to 2025), AXT's free cash flow margin has grown at a -2.7% compound annual growth rate (CAGR), from -24% to -22.7%.
What does free cash flow margin mean?: Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.