What is AXT's invested capital?

AXT (AXTI) reported invested capital of $298.81M in Q1 2026.

How has AXT's invested capital changed year-over-year?

AXT's invested capital increased by 44.6% year-over-year, from $206.6M to $298.81M.

What is the long-term trend for AXT's invested capital?

Over 5 years (2020 to 2025), AXT's invested capital has grown at a 11.7% compound annual growth rate (CAGR), from $122.84M to $213.64M.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

AXT AXTI Invested capital

Discontinued — last reported Q1 '26

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Other financials

Income statement

See full

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

See full

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

See full

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%

Enterprise value$5.56B+3,616%

P/S57.7×+56.5×

Profitability

See full

Gross margin17.2%-0.9pp

Operating margin-22.6%-2.5pp

Net margin-15.3%-2.5pp

FCF margin-30.5%—

Returns & leverage

See full

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.

$65.7Mtotal debt+$274.9Mtotal stockholders equity−$41.8Mcash and equivalents=$298.81M

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 invested capital?: AXT (AXTI) reported invested capital of $298.81M in Q1 2026.
How has AXT's invested capital changed year-over-year?: AXT's invested capital increased by 44.6% year-over-year, from $206.6M to $298.81M.
What is the long-term trend for AXT's invested capital?: Over 5 years (2020 to 2025), AXT's invested capital has grown at a 11.7% compound annual growth rate (CAGR), from $122.84M to $213.64M.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).