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Amtech Systems
(NASDAQ:ASYS)
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Rating:57Neutral
Price Target:
$18.50
▲(29.82% Upside)
Action:Reiterated
Date:08/20/26
ASYS scores as moderate: the biggest positives are improving financial performance (profitability and cash flow recovery with low leverage) and a generally upbeat earnings outlook tied to AI-driven TPS demand and backlog. Offsetting these are weak technicals (below key moving averages with negative MACD) and a rich valuation (high P/E with no dividend support), which raise the bar for sustained execution.
Positive Factors
AI-driven TPS growth
Strong TPS growth, rising AI-related demand, and a book-to-bill ratio above one indicate expanding orders rather than only completed shipments. A growing backlog into FY2027 supports revenue visibility and positions Amtech to benefit from sustained investment in AI semiconductor infrastructure.
Negative Factors
Structural SFS weakness
The SFS segment faces more than a temporary order delay, as management describes structural weakness in silicon carbide template demand. Persistent contraction in this business can offset TPS gains, reduce diversification, and leave consolidated results more dependent on one operating segment.
Read all positive and negative factors
Positive Factors
Negative Factors
AI-driven TPS growth
Strong TPS growth, rising AI-related demand, and a book-to-bill ratio above one indicate expanding orders rather than only completed shipments. A growing backlog into FY2027 supports revenue visibility and positions Amtech to benefit from sustained investment in AI semiconductor infrastructure.
Read all positive factors
Amtech Systems (ASYS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$315.32M
Dividend YieldN/A
Average Volume (3M)303.85K
Price to Earnings (P/E)65.9
Beta (1Y)1.12
Revenue Growth-2.35%
EPS GrowthN/A
CountryUS
Employees264
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.27
Shares Outstanding17,508,100
10 Day Avg. Volume235,073
30 Day Avg. Volume303,851
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)2.48
Price to Sales (P/S)1.67
P/FCF Ratio19.12
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue3.73
Enterprise Value/Gross Profit7.97
Enterprise Value/Ebitda31.10
Forecast
1Y Price Target
$22.50Price Target Upside57.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.25
Revenue Forecast (FY)$120.00M
Amtech Systems Business Overview & Revenue Model
Company Description
Amtech Systems, Inc. (ASYS) is a global provider specializing in the production and sale of advanced capital equipment and associated consumables. These offerings are crucial for manufacturing a diverse array of electronic components, including si...
How the Company Makes Money
Amtech Systems makes money primarily by selling capital equipment, related consumables, and associated services to manufacturers in the semiconductor and advanced materials supply chain.
1) Capital equipment sales (core revenue driver): The compa...
Amtech Systems Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 16, 2026
Earnings Call Sentiment Positive
The call conveyed solid positive operational and financial momentum driven by AI‑related demand in the Thermal Processing Solutions segment: top‑line growth (+14% consolidated; TPS +~25%), expanding margins (gross margin 50%), growing recurring services, a healthy backlog (book‑to‑bill ~1.4), and a strengthened balance sheet (cash $83.1M including $56.5M equity raise). Offsetting items include a declining SFS business due to structural weakness in silicon carbide demand, increased operating and R&D expenses, some one‑time/non‑cash charges, and FX headwinds. Management outlined clear product/market initiatives and leadership continuity to support growth.Positive Updates
Revenue Growth and Beat
Q3 revenue of $22.4M, up 14% year‑over‑year and at the top end of guidance.
Negative Updates
Semiconductor Fabrication Solutions (SFS) Weakness
SFS revenue was $4.6M, down just over 13% YoY, primarily due to a significant reduction in demand for PR Hoffman silicon carbide templates. Management does not expect a meaningful recovery in silicon carbide demand due to structural industry changes.
Read all updates
Q3-2026 Updates
Positive
Negative
Revenue Growth and Beat
Q3 revenue of $22.4M, up 14% year‑over‑year and at the top end of guidance.
Read all positive updates
Company Guidance
For Q4 (ending Sept. 30) management guided revenue of $22.5 million to $24.0 million and adjusted EBITDA margins in the low- to mid‑teens (after reporting Q3 adjusted EBITDA of $3.3 million, roughly 15% of sales); they expect AI‑related equipment to drive the majority of growth and to account for well over 40% of Thermal Processing Solutions (TPS) segment sales in Q4, with TPS revenue having been ~$17.7M in Q3 (up nearly 25% YoY), parts & services ~20% of TPS, SFS revenue ~$4.6M (down just over 13% YoY), company gross margin at 50% in Q3 (up ~400 bps YoY), TPS book‑to‑bill near 1.4 (third consecutive quarter >1) and backlog building into FY27 Q1/Q2; balance sheet strength was highlighted with $83.1M cash at quarter end (including $56.5M net proceeds from a ~$60M oversubscribed offering), no debt, $1.1M cash from operations in Q3, +$2.2M cash QoQ (ex‑raise) and +$11M YoY, and the outlook assumes current FX rates.Amtech Systems Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 81.67M | 79.36M | 101.21M | 113.31M | 106.30M | 85.20M |
| Gross Profit | 38.27M | 26.98M | 36.23M | 35.55M | 39.51M | 34.53M |
| EBITDA | 9.81M | -25.22M | -3.92M | -9.65M | 20.68M | 5.07M |
| Net Income | 3.45M | -30.33M | -8.49M | -12.58M | 17.37M | 1.51M |
Balance Sheet | ||||||
| Total Assets | 156.72M | 92.87M | 119.31M | 137.02M | 133.53M | 116.91M |
| Cash, Cash Equivalents and Short-Term Investments | 83.11M | 17.90M | 11.09M | 13.13M | 46.87M | 32.84M |
| Total Debt | 17.89M | 19.51M | 17.57M | 32.89M | 12.15M | 18.12M |
| Total Liabilities | 41.11M | 39.49M | 36.95M | 48.66M | 35.17M | 31.28M |
| Stockholders Equity | 115.60M | 53.38M | 82.36M | 88.36M | 98.37M | 85.63M |
Cash Flow | ||||||
| Free Cash Flow | 8.74M | 6.93M | 4.96M | -10.60M | 4.07M | -8.97M |
| Operating Cash Flow | 9.58M | 7.88M | 9.84M | -7.70M | 5.20M | -5.96M |
| Investing Cash Flow | -776.00K | -912.00K | -2.18M | -37.83M | 18.77M | -8.09M |
| Financing Cash Flow | 57.64M | 270.00K | -10.63M | 11.74M | -8.27M | 1.17M |
Amtech Systems Technical Analysis
Positive
14.25
Price Trends
15.29
Positive
17.71
Positive
15.94
Positive
Market Momentum
0.50
Negative
71.62
Negative
96.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASYS, the sentiment is Positive. The current price of 14.25 is below the 20-day moving average (MA) of 15.32, below the 50-day MA of 15.29, and below the 200-day MA of 15.94, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 71.62 is Negative, neither overbought nor oversold. The STOCH value of 96.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASYS.
Amtech Systems Risk Analysis
Amtech Systems disclosed 31 risk factors in its most recent earnings report. Amtech Systems reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amtech Systems Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $5.63B | 3,592.89 | 1.00% | ― | 45.81% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $315.32M | 65.95 | 4.95% | ― | -2.35% | ― | |
57 Neutral | $157.76M | 96.39 | 1.50% | 3.31% | 5.44% | ― | |
49 Neutral | $134.36M | -4.38 | -12.72% | ― | -18.29% | 8.69% | |
49 Neutral | $183.80M | -7.14 | -77.91% | ― | 369.39% | 1.34% | |
46 Neutral | $215.61M | -12.26 | -21.39% | ― | 13.65% | 15.74% |
* Technology Sector Average
ASYS
Amtech Systems
18.01
7.57
72.51%
AXTI
AXT
85.87
80.47
1490.19%
GSIT
GSI Technology
5.61
0.79
16.39%
INTT
inTEST
12.30
4.34
54.52%
MX
MagnaChip
3.68
0.44
13.58%
ATOM
Atomera
4.71
-0.26
-5.23%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.