Aehr Test Systems vs AXT
AXT reported revenue of $88 million in fiscal 2025, 1.8 times Aehr Test Systems' $50 million in fiscal 2026. Aehr Test Systems' revenue fell 15.2% in its latest year, and AXT's fell 11.1%. Aehr Test Systems had an operating margin of -28.3%, against -24.9% at AXT. Free cash flow was −$5 million at Aehr Test Systems and −$19 million at AXT. Their fiscal years end in different months (May 29 and December 31), so the periods don't line up exactly.
Side by side
| Aehr Test Systems | AXT | |
|---|---|---|
| Latest fiscal year | FY2026, May 29, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $50M | $88M |
| Revenue growth | −15.2% | −11.1% |
| Revenue growth a year, last 5 years | 24.7% | −1.5% |
| Gross margin | 35.3% | 12.7% |
| Operating margin | −28.3% | −24.9% |
| Net margin | −14.2% | −24.1% |
| Free cash flow | −$5M | −$19M |
| Free cash flow margin | −10.8% | −21.3% |
| Return on capital | −11.1% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 3.7% | 1.8% |
| Last close | $53.57 | $38.88 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $60.4 million | sold $76.3 million |
| Piotroski F-score | 2 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Aehr Test SystemsAXT
Operating margin
Percent of revenue
Aehr Test SystemsAXT
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Aehr Test SystemsAXT
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Aehr Test Systems and AXT pages.