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what it is
It sells tools and consumables that help make semiconductor wafers.
how it gets paid
Last year Amtech Systems made $79M in revenue. Thermal processing equipment was the main engine at $31.6M, or 40% of sales.
why growth slowed
Revenue fell 21.6% last year. EDGAR shows $79M of annual revenue, down 21.6%.
what just happened
Q1 revenue was $19.0M, and gross margin stayed stuck at 10.7%.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
17.6% return on capital — nothing to write home about
-$2.12 fy2025 eps est
$2B fy2026 rev est
xvary composite: 48/100 — below average
What they do
It sells tools and consumables that help make semiconductor wafers.
You are buying the shop floor, not the gadget. Thermal reactors heat wafers, and wafer polishers smooth them, so customers tie the tools to production. A 328-person company serves a $79M revenue base and carries just $17M of long-term debt.
How they make money
$79M
annual revenue · their business grew -21.6% last year
Thermal processing equipment
$31.6M
Wafer polishing equipment
$16.6M
Consumables
$18.1M
Services and electronic assemblies
$12.7M
The products that matter
chip packaging equipment
AI Semiconductor Packaging Equipment
$28M · 35% of revenue
this business now accounts for 35% of company revenue. if the turnaround works, it probably starts here.
35% mix
wafer production tools
Advanced Substrate Fabrication
$51M · 65% of revenue
this is still the bigger segment at $51M, but it fell 21.6%. the legacy business is shrinking while management tries to grow around it.
legacy core
consumables and field support
CMP Consumables & Services
revenue not broken out here
it matters because a $79M equipment company benefits from repeat revenue between tool orders, but the current snapshot does not break out the dollars. that's a disclosure gap, not a feature.
not disclosed
Key numbers
$79M
annual revenue
That is the whole business. For a semiconductor supplier, this is tiny and fragile.
35.9%
op margin
Negative operating margin means sales are not covering operating costs.
$17M
long debt
Debt is only 8% of capital, so the balance sheet is not the main stress point.
17.6%
return on capital
The research note says each dollar of capital has been earning 17.6%.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $17M (8% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for ASYS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q1 revenue was $19.0M, and gross margin stayed stuck at 10.7%.
EDGAR shows $79M of annual revenue, down 21.6%. The quarter leaned on equipment and consumables for AI semiconductor device packaging and advanced wafer fabrication, but profit stayed thin.
$19.0M
revenue
$0.01
eps
10.7%
gross margin
gross margin
10.7% gross margin is the whole story. On $19.0M of quarterly sales, there is little room if orders slip.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is the AI packaging ramp failing to offset losses in the legacy substrate business.
med
profitability is still fragile
A -41% net margin means the company lost about $0.41 for every $1 of revenue over the last twelve months. that's not a rounding error. that's the story.
if gross margin stays near 10.7%, the business has very little room to absorb weak orders or pricing pressure.
med
the AI thesis is still concentrated
AI-related products are 35% of revenue. that sounds exciting until you remember it also means more than one-third of the business now leans on one capex theme.
if AI packaging demand cools, the growth engine investors are paying for slows immediately.
med
the legacy segment is still bigger
Advanced substrate fabrication is 65% of revenue and fell 21.6%. the old business is still the heavier side of the scale.
even solid AI growth can be overwhelmed if the core segment keeps shrinking from the current $51M base.
med
small-cap liquidity cuts both ways
At a $187M market cap and a price stability score of 10 / 100, ASYS does not trade like a stable industrial supplier. it trades like a thinly owned story stock.
good news can move it fast. one disappointed holder can do the same in reverse.
with $79M in annual revenue, a -41% net margin, and a legacy segment still doing 65% of sales, this company does not have much room for a slow turnaround.
source: institutional data · regulatory filings · risk analysis
Pay attention to
ai mix
does 35% move higher
this is the cleanest operating tell on the page. if AI-related products rise above 35% while the rest of the business stabilizes, the thesis gets stronger.
q2 2026 earnings
another quarter inside guidance is not enough
watch the next report for revenue, margin, and whether management can show progress beyond simply landing inside an $18M–$20M range.
legacy segment
does the 21.6% decline start to ease
AI can help, but the legacy business is still 65% of revenue. if that decline keeps running, it will keep eating the headline improvement.
margin pressure
10.7% gross margin needs to move up
for a company with a -41% net margin, even small gross-margin improvement matters. if it stays stuck near 10.7%, the turnaround remains mostly narrative.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not expect smooth quarters here. this business is lumpy.
risk rank
2
safer than 80% of stocks on this measure. that sounds reassuring, but it does not cancel out the operating risk.
price stability
10 / 100
the stock itself is not stable. even if the balance sheet holds, your mark-to-market experience can still be rough.
source: institutional data
Institutional activity
institutional ownership data for ASYS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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