Amtech Systems

ASYS · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ASYS · Last close · November 6, 2026

$11.43

Amtech Systems' revenue fell 21.6% to $79 million in fiscal 2025. Its operating margin was −35.9%, down from −6.7% a year earlier. Free cash flow was $7 million, up 39.5%. The diluted share count rose 0.7%.

AMTECH SYSTEMS, INC. Latest fiscal year ended September 30, 2025 10-K filed December 10, 2025 · 0001193125-25-314147 Updated November 8, 2026

Revenue

$79M

21.6%

Operating margin

−35.9%

29.2 pts

Net income

−$30M

Free cash flow

$7M

39.5%

Return on capital

−41.7%

35.0 pts

Market cap

$183M

Nov 6 close

P/E

42.3x

On $0.27 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Amtech Systems does

Amtech Systems makes equipment, supplies and services for making and packaging semiconductor chips. Its customers are chip packaging, electronics assembly and chip fabrication companies around the world. Its equipment is used for chips such as the graphics processors used in AI, and for silicon carbide and silicon power chips.

It reports two segments. Thermal Processing Solutions, the larger one, sells reflow ovens that bond chips to their packages and circuit boards, high-temperature belt furnaces, and diffusion furnaces used in wafer production. Semiconductor Fabrication Solutions sells polishing supplies, cleaning chemicals, wafer-cleaning equipment, parts and services used to make flat, smooth wafers. Selling supplies and services helps it offset the swings in equipment orders.

Amtech builds its ovens and furnaces in its own plant in Shanghai and through contract manufacturers in China, Canada and Singapore. It sells worldwide: in 2025, 71% of its net revenue came from customers outside North America. The company says it is relatively small and competes with firms that have more financial and other resources.

Its biggest risks, as it describes them

Swings in the semiconductor equipment industry, where customers slow their equipment purchases when they have spare capacity.
Competing against larger firms with more financial and other resources.
Relying on a few major customers, often selling to them on credit terms.
Its heavy dependence on customers outside North America, including in China.
U.S. export controls and tariffs that could hurt its business in China.

From Amtech Systems's annual report on Form 10-K, filed December 10, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2022, earnings per share grew 12.4% a year and net income 13.8% a year, as new shares raised the share count by 5% and diluted each share's earnings. Amtech Systems then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	33	47	13	11	18
Debt incl. finance leases	5	0	11	1	1
Net debt (negative means net cash)	−28	−47	−2	−10	−17
Net debt to EBITDA	−5.4x	−2.5x	—	—	—
Debt to equity	0.1x	0.0x	0.1x	0.0x	0.0x
Interest coverage	15.6x	105.4x	−28.8x	−12.1x	−1,095.7x
Current ratio	5.3x	4.5x	2.7x	3.2x	2.9x
Quick ratio	3.9x	3.4x	1.6x	1.9x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Amtech Systems' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Amtech Systems' projections

Insider trades

No officer, director or 10% owner of Amtech Systems reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	2 of 9	6 of 9	2 of 9
Rule of 40	−2.8%	−5.8%	−12.9%
Altman Z''	2.76	3.16	−0.50
Accruals ratio	−3.6%	−14.3%	−36.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	2 of 9	6 of 9	2 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Amtech Systems side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Amtech Systems	FY25	−21.6%	−35.9%	8.7%	−41.7%	—	2
AXT	FY25	−11.1%	−24.9%	−21.3%	—	—	—	Compare
inTEST	FY25	−12.9%	−3.3%	5.0%	−3.2%	−2.2x	5	Compare
Aehr Test Systems	FY26	−15.2%	−28.3%	−10.8%	−11.1%	—	2	Compare
PDF Solutions	FY25	22.0%	2.7%	−3.9%	1.4%	2.5x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	120	83	100	85	66	85	106	113	101	79
Revenue growth	14.7%	−30.9%	20.4%	−15.0%	−23.0%	30.2%	24.8%	6.6%	−10.7%	−21.6%
Gross profit	34	31	37	33	24	34	40	36	36	27
Research and development	10	3	3	3	4	6	6	—	—	—
Operating income	−8	4	6	5	−0	4	17	−15	−7	−28
Net income	−7	9	5	−5	−16	2	17	−13	−8	−30
Diluted EPS (US$)	−0.53	0.68	0.35	−0.36	−1.11	0.11	1.22	−0.89	−0.60	−2.12
Diluted shares (millions)	13	14	15	14	14	14	14	14	14	14
Cash flow
Cash from operations	−10	34	−14	0	−2	−6	5	−8	10	8
Capital expenditure	1	1	2	1	3	3	1	3	5	1
Free cash flow	−11	33	−15	−1	−4	−9	4	−11	5	7
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	4	0	2	0	4	0	0	0
Acquisitions	0	0	0	0	0	5	0	35	0	0
Stock-based compensation	1	1	1	1	0	0	0	1	2	1
Balance sheet at fiscal year end
Cash and short-term investments	28	51	46	53	45	33	47	13	11	18
Debt incl. finance leases	10	8	8	6	5	5	0	11	1	1
Total assets	118	192	149	126	102	117	134	137	119	93
Total liabilities	53	101	56	39	21	31	35	49	37	40
Shareholders' equity	67	90	93	88	82	86	98	88	82	53
Margins and ratios
Gross margin	28.3%	37.4%	36.9%	39.2%	37.3%	40.5%	37.2%	31.4%	35.8%	34.0%
Operating margin	−6.6%	4.4%	6.1%	5.8%	−0.7%	4.4%	16.3%	−13.2%	−6.7%	−35.9%
Net margin	−5.8%	11.0%	5.3%	−6.1%	−24.0%	1.8%	16.3%	−11.1%	−8.4%	−38.2%
Free cash flow margin	−8.9%	39.5%	−15.2%	−0.6%	−6.6%	−10.5%	3.8%	−9.3%	4.9%	8.7%
Rule of 40 (growth + FCF margin)	5.8%	8.5%	5.2%	−15.7%	−29.6%	19.6%	28.6%	−2.8%	−5.8%	−12.9%
Return on capital	−12.0%	4.6%	7.8%	5.6%	−0.9%	3.8%	29.2%	−17.2%	−6.7%	−41.7%
Return on equity	−10.0%	11.6%	5.8%	−5.7%	−18.6%	1.8%	18.9%	−13.5%	−9.9%	−44.7%
Return on assets	−5.8%	5.9%	3.1%	−3.7%	−13.8%	1.4%	13.9%	−9.3%	−6.6%	−28.6%
Net debt to EBITDA	—	−7.0x	−4.7x	−7.2x	−51.6x	−5.4x	−2.5x	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Amtech Systems' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Amtech Systems.