AXT, Inc. (AXTI) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-1.73	15.03	13.42	1.88	-4.8	-0.85	-1.42	3.68	5.55	4.44	-1.16	1.24	4.62	4.5	-4.91
Return on Capital (%)	- -	-20	-23.67	-0.14	- -	- -	- -	-10.64	-19.72	-19.6	- -	68.17	27.59	16.84	- -
Return on Invested Capital (%)	- -	16.64	18.57	3.51	- -	- -	- -	4.2	7.15	5.85	- -	1.19	4.27	3.53	- -
Gross Margin (%)	25.05	38.22	43.01	28.12	13.86	20.56	21.71	32.43	34.94	36.18	29.82	31.75	34.51	36.93	17.57
EBITDA Margin (%)	3.56	24.19	29.66	11.19	-2.57	4.42	0.77	14.16	17.29	16.62	6.27	8.68	14.54	14.65	-13.58
Operating Margin (%)	-1.97	21.14	26.39	6.75	-8.98	-2.33	-6.32	8.18	12.81	11.86	-0.38	4.13	9.39	8.9	-25.08
Incremental Operating Margin (%)	- -	53.01	84.48	136.58	- -	- -	- -	300.23	34.56	-13.21	- -	35.14	21.31	-9.21	- -
Pretax Margin (%)	-1.87	23.77	27.49	7.92	-7.76	-0.58	-2.58	7.01	11	11.67	-1.23	7.42	12.81	14.83	-25.11
Profit Margin (%)	-3.43	19.53	19.52	3.52	-9.33	-1.66	-2.87	6.93	10.28	9.43	-3.12	3.4	10.61	11.2	-23.59
Net Income to Common Margin (%)	-3.43	19.35	19.35	3.32	-9.53	-1.87	-3.1	6.71	10.11	9.26	-3.34	3.21	10.48	11.08	-23.82
Effective Tax Rate (%)	- -	10.23	9.77	12.18	- -	- -	- -	12.86	7.3	7.85	- -	28.72	6.21	10.44	- -
Dvd Payout Ratio (%)	-86.06	1.6	4.68	-1.96	3.03	96.72	5.87	-4.3	-1.81	-1.45	23.51	-2.65	-0.97	-0.82	0.86
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	13	16	48	56
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	10	14	47	53
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	2	2	1	2
Total Debt/EBITDA	0.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.62	1.55	0.8	2.34	-5.42
Net Debt/EBITDA	-8.35	-1.03	-0.85	-3.1	11.39	-7.8	-41.81	-3.14	-2.6	-0.97	-4.05	-7.52	-1.13	0.59	-1.47
Total Debt/EBIT	-0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	-26.89	3.24	1.24	3.86	-2.93
Net Debt/EBIT	15.09	-1.18	-0.95	-5.14	3.26	14.8	5.08	-5.44	-3.51	-1.36	67.34	-15.78	-1.76	0.97	-0.8
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-46.22	93.78	19.3	-6.74
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	64.7	-45.4	-7.28	-13.6
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-22.01	60.55	11.72	-12.45
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	2
Common Equity/Total Assets	-93.66	-58.78	-38.23	-35.21	-40.88	-42.32	-46.47	-42.11	-25.95	-20.2	-21.38	-14.89	-9	-3.81	-8.92
Long-Term Debt/Equity (%)	0.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.4	0.93	0.69	0.46	0.87
Long-Term Debt/Capital (%)	-0.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	-8.72	6.84	3.32	1.25	2.54
Long-Term Debt/Total Assets (%)	0.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.21	0.79	0.58	0.36	0.66
Total Debt/Equity (%)	0.51	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.38	5	5.73	16.7	20.71
Total Debt/Capital (%)	-0.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	-27.33	36.82	27.5	45.68	60.3
Total Debt/Total Assets (%)	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.78	4.28	4.83	13.08	15.54
Net Debt to Equity	-16.9	-19.8	-17.79	-20.3	-17.15	-19.91	-18.08	-25.77	-23.55	-8.5	-10.97	-24.34	-8.08	4.19	5.64
Net Debt/Capital (%)	14.76	24.06	34.2	38.87	30.25	33.04	28.81	38.79	48.67	30.36	36.59	164.2	-104.87	17.08	27.75
EBITDA	2	23	31	10	-2	4	1	12	17	17	5	8	20	21	-10
EBITDA-CapEx	- -	17	18	3	-8	2	-4	9	-4	-24	-17	-12	-10	-8	-21
Operating Income (Loss)	-1	20	27	6	-8	-2	-5	7	13	12	- -	4	13	13	-19

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	3.47	2.28	2.91	3.12	2.43	2.79	2.83	3.64	2.85	1.35	1.32	1.86	0.88	0.59	0.49
Current Ratio	7.92	6.53	9.47	8.13	6.45	6.99	7.55	8.22	6.22	4.48	4.11	4.21	3.35	2.44	2.09
Quick Ratio	4.97	3.83	4.6	4.65	3.4	4.01	4.27	4.75	3.86	2.03	2.01	2.49	1.61	0.98	0.73
CFO/Avg Current Liab	0.38	0.88	1.41	1.78	0.18	0.25	0.14	0.97	0.48	0.13	0.45	0.18	-0.08	-0.14	0.04
Common Equity/Total Assets	-93.66	-58.78	-38.23	-35.21	-40.88	-42.32	-46.47	-42.11	-25.95	-20.2	-21.38	-14.89	-9	-3.81	-8.92
Long-Term Debt/Equity (%)	0.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.4	0.93	0.69	0.46	0.87
Long-Term Debt/Capital (%)	-0.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	-8.72	6.84	3.32	1.25	2.54
Long-Term Debt/Total Assets (%)	0.39	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.21	0.79	0.58	0.36	0.66
Total Debt/Equity (%)	0.51	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.38	5	5.73	16.7	20.71
Total Debt/Capital (%)	-0.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	-27.33	36.82	27.5	45.68	60.3
Total Debt/Total Assets (%)	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.78	4.28	4.83	13.08	15.54
CFO/Total Liabilities	43.62	53.84	117.44	127.75	13.73	22.72	13.1	89.6	37.65	11.1	41.38	13.54	-6.33	-10.91	3.8
CFO/CapEx	2.38	1.72	1.38	3.01	0.46	1.94	0.45	4.58	0.4	0.08	0.58	0.3	-0.11	-0.31	0.32
Altman's Z-Score	5.53	10.79	6.6	4.09	3.19	3.82	3.77	7.91	10.07	4.49	3.83	6.37	5.07	2.22	0.9

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	4.12	4.97	5.07	4.93	5.19	5.09	4.27	4.94	5.3	4.83	4.31	4.38	4.63	4.4	3.13
Days Sales Outstanding	88.54	73.46	71.94	74.09	70.26	71.7	85.55	73.86	68.86	75.5	84.65	83.42	78.9	82.89	116.8
Inventory Turnover	1.32	1.85	1.45	1.47	1.85	1.71	1.58	1.41	1.49	1.25	1.08	1.29	1.53	1.14	0.71
Days Inventory Outstanding	276.2	197.06	252.19	248.13	197.33	213.78	230.37	259.51	244.46	291.58	336.46	282.27	238.17	318.96	514.49
Accounts Payable Turnover	5.58	10.62	13.37	12.61	10.3	8.61	8.84	8.68	7.71	6.3	4.18	5.93	7.12	8.43	6.03
Accounts Payable Turnover Days	65.38	34.36	27.31	28.95	35.43	42.39	41.28	42.03	47.36	57.93	87.27	61.6	51.26	43.28	60.58
Cash Conversion Cycle	299.36	236.16	296.82	293.26	232.16	243.1	274.64	291.34	265.96	309.16	333.84	304.09	265.81	358.56	570.71
Inventory to Cash Days	-187.66	-123.6	-180.25	-174.03	-127.06	-142.07	-144.81	-185.66	-175.59	-216.08	-251.81	-198.85	-159.27	-236.07	-397.7
Inventories	28	36	46	40	39	39	38	40	46	59	49	52	66	90	87
Raw Materials	12	16	25	20	21	19	20	17	24	27	21	25	30	46	33
Work In Process	12	16	16	16	14	16	16	20	20	28	25	24	33	40	50
Finished Goods	4	4	5	5	4	3	2	2	2	3	4	3	4	3	4
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	99	332	135	91	85	92	80	165	347	174	168	412	370	191	103
- Cash & Cash Equivalents	17	24	26	31	25	29	25	36	44	17	27	73	37	35	38
+ Preferred Equity and Hybrid Capital	4	4	4	4	4	4	4	4	4	4	4	4	4	4	4
+ Minority/Non Controlling Interest	3	4	8	7	6	6	6	4	4	4	5	63	69	68	65
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	13	16	48	56
Enterprise Value	71	306	115	61	57	61	53	126	290	142	149	419	416	267	187
Total Capital	-94	-75	-50	-48	-58	-58	-61	-57	-47	-38	-31	35	58	106	92
Total Debt/Capital (%)	-0.53	- -	- -	- -	- -	- -	- -	- -	- -	- -	-27.33	36.82	27.5	45.68	60.3
Total Debt / EV	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.06	0.03	0.04	0.18	0.3
EV/Sales	1.28	3.21	1.11	0.69	0.66	0.73	0.68	1.54	2.94	1.39	1.79	4.39	3.03	1.89	2.47
EV/EBITDA	35.91	13.26	3.74	6.15	- -	16.45	88.87	10.9	17.03	8.35	28.51	50.59	20.82	12.89	- -
EV/EBIT	- -	15.17	4.2	10.2	- -	- -	- -	18.87	22.98	11.7	- -	106.22	32.24	21.23	- -
EV/Cash Flow to Firm	15.16	27.82	6.37	2.86	22.61	15.89	28.16	10.04	33.72	44.16	11.75	72.94	- -	- -	37.87
EV/Free Cash Flow to Firm	10.67	17.61	3.7	2.14	7.15	10.48	8.77	8.24	9.69	3.25	4.32	16.35	15.67	12.9	12.14
Diluted Market Cap	98	339	139	92	85	91	79	164	343	175	163	403	368	187	99
Diluted Enterprise Value	88	323	125	72	69	72	63	136	307	165	153	409	420	272	186
EV per Share	2.29	9.61	3.58	1.87	1.74	1.85	1.62	3.8	7.37	3.55	3.66	9.97	9.7	6.12	4.23
TTM Sales	55	95	104	88	85	83	78	81	99	102	83	95	137	141	76
TTM EBITDA	2	23	31	10	-2	4	1	12	17	17	5	8	20	21	-10
TTM Operating Income	-1	20	27	6	-8	-2	-5	7	13	12	- -	4	13	13	-19
TTM Cash Flow to Firm	5	11	18	21	3	4	2	13	9	3	13	6	-3	-8	5
TTM Free Cash Flow to Firm	7	17	31	28	8	6	6	15	30	44	34	26	27	21	15

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	17.5	6.65	30.69	- -	- -	- -	29.44	33.05	17.88	- -	128.81	24.77	11.8	- -
Price/Earnings Average	-25.44	8.81	11.22	45.02	-10.6	-48.81	-32.53	21.86	27.88	29.19	-56.8	70.65	29.03	17.64	-7.72
Price/Earnings High	-51.42	17.29	18.5	71.78	-13.14	-57.65	-38.41	33.85	37.93	38.11	-80.34	130.91	41.34	25.45	-14.95
Price/Earnings Low	-11.09	4.7	5.92	29.92	-8.76	-42.3	-25.69	13.84	18.21	16.73	-38.68	24.79	21.55	11.45	-4.56
Price/Book Value	-0.98	-4.03	-2.18	-1.54	-1.27	-1.34	-1.13	-2.54	-6.33	-3.84	-3.52	-9.26	-12.35	-13.52	-3.21
Price/Book Value Average	-0.48	-2.03	-3.68	-2.26	-1.28	-1.13	-1.12	-1.89	-5.34	-6.28	-3.4	-5.08	-14.48	-20.21	-4.52
Price/Book Value High	-0.98	-3.98	-6.06	-3.6	-1.59	-1.34	-1.32	-2.92	-7.26	-8.19	-4.81	-9.41	-20.62	-29.16	-8.75
Price/Book Value Low	-0.21	-1.08	-1.94	-1.5	-1.06	-0.98	-0.89	-1.2	-3.49	-3.6	-2.31	-1.78	-10.75	-13.11	-2.67
Price/Tangible Book Value	1.06	2.86	0.94	0.62	0.6	0.65	0.6	1.21	1.89	0.91	0.89	1.65	1.35	0.67	0.39
Price/Tangible Book Value Average	0.52	1.44	1.59	0.91	0.61	0.55	0.59	0.9	1.59	1.49	0.86	0.9	1.58	1	0.55
Price/Tangible Book Value High	1.05	2.82	2.62	1.44	0.75	0.65	0.7	1.39	2.17	1.95	1.22	1.67	2.25	1.45	1.06
Price/Tangible Book Value Low	0.23	0.77	0.84	0.6	0.5	0.47	0.47	0.57	1.04	0.85	0.59	0.32	1.17	0.65	0.32
Price/Sales	1.77	3.39	1.29	1.02	1	1.09	1.02	1.98	3.34	1.66	1.96	4.13	2.6	1.31	1.31
Price/Sales Average	0.87	1.7	2.17	1.49	1.01	0.91	1.01	1.47	2.82	2.7	1.89	2.27	3.04	1.95	1.84
Price/Sales High	1.76	3.34	3.58	2.38	1.25	1.08	1.19	2.27	3.83	3.53	2.68	4.2	4.33	2.82	3.56
Price/Sales Low	0.38	0.91	1.14	0.99	0.84	0.79	0.8	0.93	1.84	1.55	1.29	0.8	2.26	1.27	1.09
Price/Cash Flow	21.05	29.38	7.38	4.23	33.89	23.76	42.16	12.85	38.25	52.66	12.91	67.23	-107.89	-21.04	29.07
Price/Cash Flow Average	10.35	14.78	12.46	6.2	34.36	19.98	41.66	9.55	32.27	85.98	12.46	36.87	-126.45	-31.47	40.99
Price/Cash Flow High	20.92	29.01	20.55	9.88	42.62	23.59	49.18	14.78	43.9	112.24	17.63	68.32	-180.11	-45.39	79.32
Price/Cash Flow Low	4.51	7.89	6.57	4.12	28.41	17.31	32.9	6.04	21.08	49.27	8.49	12.94	-93.87	-20.42	24.18
Price/Free Cash Flow	14.82	19.49	4.45	3.24	10.72	15.68	13.13	10.8	11.44	3.99	4.75	15.66	13.98	9.5	7.13
Price/Free Cash Flow Average	7.28	9.81	7.5	4.76	10.87	13.18	12.98	8.02	9.65	6.52	4.58	8.59	16.39	14.2	10.05
Price/Free Cash Flow High	14.73	19.25	12.37	7.58	13.48	15.57	15.32	12.42	13.13	8.51	6.48	15.92	23.34	20.49	19.45
Price/Free Cash Flow Low	3.18	5.23	3.96	3.16	8.99	11.42	10.25	5.07	6.31	3.74	3.12	3.01	12.16	9.22	5.93
EV/Sales	1.28	3.21	1.11	0.69	0.66	0.73	0.68	1.54	2.94	1.39	1.79	4.39	3.03	1.89	2.47
EV/Sales Average	0.7	1.58	2.06	1.29	0.83	0.7	0.82	1.16	2.6	2.68	1.83	2.44	3.53	2.62	3.05
EV/Sales High	1.6	3.27	3.48	2.18	1.07	0.87	1	1.99	3.67	3.52	2.64	4.46	4.87	3.52	4.84
EV/Sales Low	0.2	0.77	1.02	0.78	0.65	0.58	0.6	0.61	1.57	1.49	1.21	0.9	2.72	1.91	2.27
EV/EBITDA	35.91	13.26	3.74	6.15	- -	16.45	88.87	10.9	17.03	8.35	28.51	50.59	20.82	12.89	- -
EV/EBITDA Average	19.62	6.54	6.93	11.48	-32.12	15.83	106.51	8.2	15.02	16.1	29.19	28.12	24.27	17.92	-22.49
EV/EBITDA High	44.98	13.51	11.73	19.5	-41.55	19.62	130.52	14.04	21.2	21.19	42.08	51.43	33.47	24.03	-35.64
EV/EBITDA Low	5.61	3.16	3.44	6.96	-25.33	13.04	78.55	4.29	9.08	8.99	19.26	10.39	18.68	13.07	-16.72
EV/EBIT	- -	15.17	4.2	10.2	- -	- -	- -	18.87	22.98	11.7	- -	106.22	32.24	21.23	- -
EV/EBIT Average	-35.47	7.49	7.79	19.04	-9.19	-30.02	-12.94	14.2	20.28	22.56	-484.92	59.05	37.59	29.51	-12.17
EV/EBIT High	-81.32	15.47	13.19	32.34	-11.89	-37.2	-15.85	24.31	28.62	29.68	-699.14	107.98	51.85	39.57	-19.29
EV/EBIT Low	-10.15	3.62	3.86	11.54	-7.25	-24.72	-9.54	7.43	12.25	12.6	-319.99	21.81	28.93	21.53	-9.05
Last Price	3.22	10.43	4.2	2.8	2.6	2.8	2.46	5	8.8	4.34	4.14	9.82	8.62	4.38	2.32
High Price	3.2	10.3	11.69	6.55	3.27	2.78	2.87	5.75	10.1	9.25	5.65	9.98	14.39	9.45	6.33
Low Price	0.69	2.8	3.74	2.73	2.18	2.04	1.92	2.35	4.85	4.06	2.72	1.89	7.5	4.25	1.93
Enterprise Value	71	306	115	61	57	61	53	126	290	142	149	419	416	267	187
Enterprise Value Average	39	151	214	114	70	58	63	94	256	274	152	233	485	370	231
Enterprise Value High	89	312	362	193	91	72	78	162	362	361	220	425	669	497	367
Enterprise Value Low	11	73	106	69	56	48	47	49	155	153	100	86	373	270	172

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	31	32	32	32	33	33	33	33	39	40	41	42	43	44	44
Diluted Weighted Avg Shares	30	33	33	33	33	32	32	33	39	40	39	41	43	43	43
Basic Weighted Avg Shares	30	31	32	32	33	32	32	32	37	39	39	40	41	42	43
Revenue per Share	1.82	3.08	3.27	2.75	2.61	2.57	2.41	2.53	2.64	2.62	2.11	2.38	3.32	3.35	1.78
EBITDA per Share	0.06	0.74	0.97	0.31	-0.07	0.11	0.02	0.36	0.46	0.44	0.13	0.21	0.48	0.49	-0.24
Operating Income per Share	-0.04	0.65	0.86	0.19	-0.23	-0.06	-0.15	0.21	0.34	0.31	-0.01	0.1	0.31	0.3	-0.45
Basic EPS, GAAP	-0.06	0.6	0.63	0.09	-0.25	-0.05	-0.07	0.17	0.27	0.24	-0.07	0.08	0.35	0.37	-0.42
Basic EPS from Cont Ops	-0.05	0.66	0.81	0.19	-0.21	-0.02	-0.08	0.15	0.27	0.28	-0.04	0.13	0.4	0.45	-0.45
Diluted EPS, GAAP	-0.06	0.57	0.61	0.09	-0.25	-0.05	-0.07	0.17	0.26	0.24	-0.07	0.07	0.34	0.37	-0.42
Diluted EPS from Cont Ops	-0.05	0.63	0.78	0.19	-0.21	-0.02	-0.08	0.15	0.26	0.27	-0.04	0.12	0.39	0.44	-0.45
Dividend per Share	0.03	0.02	0.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.15	0.36	0.57	0.66	0.08	0.12	0.06	0.39	0.23	0.08	0.32	0.15	-0.08	-0.21	0.08
Free Cash Flow per Basic Share	0.09	0.15	0.16	0.44	-0.09	0.06	-0.07	0.3	-0.34	-0.96	-0.23	-0.35	-0.8	-0.88	-0.17
Cash & Equivalents per Share	1.15	1.06	0.98	1.26	1.15	1.25	1.12	1.44	1.63	0.97	0.89	1.74	0.98	1.02	0.9
Book Value per Share	-3.27	-2.59	-1.93	-1.82	-2.05	-2.08	-2.17	-1.97	-1.39	-1.13	-1.17	-1.06	-0.7	-0.32	-0.72
Tangible Book Value per Share	3.03	3.65	4.45	4.54	4.36	4.3	4.12	4.14	4.66	4.75	4.63	5.96	6.4	6.53	5.96

AXT, Inc.

AXTI US

3.61