Amtech Systems (ASYS)


Market Price (9/5/2026): $14.965 | Market Cap: $231.1 MilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Amtech Systems (ASYS)


Market Price (9/5/2026): $14.965
Market Cap: $231.1 Mil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Renewable Energy Transition, and Automation & Robotics. Themes include AI Chips, Show more.

Stock price has recently run up significantly
12M Rtn12 month market price return is 133%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%

Key risks
ASYS key risks include [1] significant exposure to weakness in the mature node semiconductor market, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Renewable Energy Transition, and Automation & Robotics. Themes include AI Chips, Show more.
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 133%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.6%
6 Key risks
ASYS key risks include [1] significant exposure to weakness in the mature node semiconductor market, Show more.

ASYS in ETFs

Weight = ASYS's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
IWO0.01%
VTWO0.01%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Amtech Systems (ASYS) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Weakness in the Semiconductor Fabrication Solutions (SFS) segment significantly impacted overall performance.

Despite strong growth in the Thermal Processing Solutions (TPS) segment, Amtech's Semiconductor Fabrication Solutions (SFS) revenue declined 13.3% year-over-year to approximately $4.6 million in fiscal Q3 2026, which ended June 30, 2026. This decline was primarily due to very weak demand for products supporting silicon carbide (SiC) wafer production, a market management now considers "structurally challenged."

2. Dilution from a public offering in June 2026 likely contributed to downward pressure on the stock.

In June 2026, Amtech Systems completed an oversubscribed public offering of common stock, which generated $56.5 million in net proceeds and boosted the company's cash position to $83.1 million. While beneficial for liquidity and potential acquisitions, the issuance of new shares typically dilutes existing shareholder value, which can exert downward pressure on the stock price.

Show more
Updated on 9/1/2026

Amtech Systems (ASYS) stock has lost about 30% since 5/31/2026 because of the following key factors:

1. Weakness in the Semiconductor Fabrication Solutions (SFS) segment significantly impacted overall performance.

Despite strong growth in the Thermal Processing Solutions (TPS) segment, Amtech's Semiconductor Fabrication Solutions (SFS) revenue declined 13.3% year-over-year to approximately $4.6 million in fiscal Q3 2026, which ended June 30, 2026. This decline was primarily due to very weak demand for products supporting silicon carbide (SiC) wafer production, a market management now considers "structurally challenged."

2. Dilution from a public offering in June 2026 likely contributed to downward pressure on the stock.

In June 2026, Amtech Systems completed an oversubscribed public offering of common stock, which generated $56.5 million in net proceeds and boosted the company's cash position to $83.1 million. While beneficial for liquidity and potential acquisitions, the issuance of new shares typically dilutes existing shareholder value, which can exert downward pressure on the stock price.

3. Market overvaluation concerns and an analyst downgrade potentially influenced investor sentiment.

As of August 5, 2026, Amtech Systems appeared overvalued by 251.1% according to GuruFocus, with a GF Value of $4.56 compared to a market price of $16.01. Furthermore, on August 29, 2026, Wall Street Zen downgraded Amtech Systems from a "strong-buy" to a "buy" rating.

4. The stock experienced a negative reaction post-Q3 2026 earnings despite exceeding estimates.

On August 5, 2026, Amtech Systems reported fiscal Q3 2026 earnings per share (EPS) of $0.14, beating the consensus estimate of $0.10, and revenue of $22.4 million, surpassing estimates of $21.5 million. However, the stock price declined by 6.62% the day following the earnings announcement, indicating that the market may have focused on underlying concerns or that the positive news was already priced in.

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Stock Movement Drivers

Fundamental Drivers

The -29.7% change in ASYS stock from 5/31/2026 to 9/4/2026 was primarily driven by a -54.0% change in the company's P/E Multiple.
(LTM values as of)53120269042026Change
Stock Price ($)21.2714.95-29.7%
Change Contribution By: 
Total Revenues ($ Mil)79823.6%
Net Income Margin (%)3.1%4.9%57.7%
P/E Multiple125.457.7-54.0%
Shares Outstanding (Mil)1415-6.5%
Cumulative Contribution-29.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/4/2026
ReturnCorrelation
ASYS-29.7% 
Market (SPY)1.8%57.9%
Sector (XLK)-2.0%76.7%

Fundamental Drivers

The 14.6% change in ASYS stock from 2/28/2026 to 9/4/2026 was primarily driven by a 11.5% change in the company's P/S Multiple.
(LTM values as of)22820269042026Change
Stock Price ($)13.0514.9514.6%
Change Contribution By: 
Total Revenues ($ Mil)748210.4%
P/S Multiple2.52.811.5%
Shares Outstanding (Mil)1415-7.0%
Cumulative Contribution14.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/4/2026
ReturnCorrelation
ASYS14.6% 
Market (SPY)12.6%54.3%
Sector (XLK)35.1%71.0%

Fundamental Drivers

The 136.2% change in ASYS stock from 8/31/2025 to 9/4/2026 was primarily driven by a 160.9% change in the company's P/S Multiple.
(LTM values as of)83120259042026Change
Stock Price ($)6.3314.95136.2%
Change Contribution By: 
Total Revenues ($ Mil)8482-2.4%
P/S Multiple1.12.8160.9%
Shares Outstanding (Mil)1415-7.3%
Cumulative Contribution136.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/4/2026
ReturnCorrelation
ASYS136.2% 
Market (SPY)20.4%38.1%
Sector (XLK)43.3%48.0%

Fundamental Drivers

The 74.2% change in ASYS stock from 8/31/2023 to 9/4/2026 was primarily driven by a 73.0% change in the company's P/E Multiple.
(LTM values as of)83120239042026Change
Stock Price ($)8.5814.9574.2%
Change Contribution By: 
Total Revenues ($ Mil)11882-30.7%
Net Income Margin (%)3.1%4.9%59.7%
P/E Multiple33.457.773.0%
Shares Outstanding (Mil)1415-9.0%
Cumulative Contribution74.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/4/2026
ReturnCorrelation
ASYS74.2% 
Market (SPY)77.1%23.8%
Sector (XLK)117.2%30.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ASYS Return55%-23%-45%30%130%15%125%
Peers Return61%-34%59%5%66%61%373%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
ASYS Win Rate50%42%42%42%50%44% 
Peers Win Rate67%40%65%50%60%58% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
ASYS Max Drawdown-44%-42%-67%-23%-43%-43% 
Peers Max Drawdown-21%-52%-20%-36%-36%-39% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMAT, LRCX, KLAC, TER, Q.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

How Low Can It Go

EventASYSS&P 500
2025 US Tariff Shock
  % Loss-41.1%-18.8%
  % Gain to Breakeven69.9%23.1%
  Time to Breakeven119 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.7%-7.8%
  % Gain to Breakeven26.1%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.8%-9.5%
  % Gain to Breakeven66.2%10.5%
  Time to Breakeven664 days24 days
2023 SVB Regional Banking Crisis
  % Loss-11.7%-6.7%
  % Gain to Breakeven13.3%7.1%
  Time to Breakeven11 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.7%-24.5%
  % Gain to Breakeven42.2%32.4%
  Time to Breakeven32 days427 days
2020 COVID-19 Crash
  % Loss-36.8%-33.7%
  % Gain to Breakeven58.3%50.9%
  Time to Breakeven169 days140 days

Compare to AMAT, LRCX, KLAC, TER, Q

In The Past

Amtech Systems's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventASYSS&P 500
2025 US Tariff Shock
  % Loss-41.1%-18.8%
  % Gain to Breakeven69.9%23.1%
  Time to Breakeven119 days79 days
2024 Yen Carry Trade Unwind
  % Loss-20.7%-7.8%
  % Gain to Breakeven26.1%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.8%-9.5%
  % Gain to Breakeven66.2%10.5%
  Time to Breakeven664 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-29.7%-24.5%
  % Gain to Breakeven42.2%32.4%
  Time to Breakeven32 days427 days
2020 COVID-19 Crash
  % Loss-36.8%-33.7%
  % Gain to Breakeven58.3%50.9%
  Time to Breakeven169 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.6%-19.2%
  % Gain to Breakeven27.5%23.8%
  Time to Breakeven39 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.3%-12.2%
  % Gain to Breakeven35.7%13.9%
  Time to Breakeven8 days62 days
2014-2016 Oil Price Collapse
  % Loss-60.0%-6.8%
  % Gain to Breakeven149.8%7.3%
  Time to Breakeven615 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-59.9%-17.9%
  % Gain to Breakeven149.5%21.8%
  Time to Breakeven5317 days123 days
2008-2009 Global Financial Crisis
  % Loss-81.1%-53.4%
  % Gain to Breakeven428.5%114.4%
  Time to Breakeven634 days1085 days
Summer 2007 Credit Crunch
  % Loss-21.8%-8.6%
  % Gain to Breakeven27.8%9.5%
  Time to Breakeven34 days47 days

Compare to AMAT, LRCX, KLAC, TER, Q

In The Past

Amtech Systems's stock fell -41.1% during the 2025 US Tariff Shock. Such a loss loss requires a 69.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Amtech Systems (ASYS)

Amtech Systems (ASYS) is a global manufacturer and seller of capital equipment and associated consumables essential for fabricating advanced electronic components. The company plays a foundational role in industries producing critical semiconductor materials and devices, including silicon carbide (SiC), silicon power devices, analog and discrete devices, electronic assemblies, and light-emitting diodes (LEDs). Essentially, Amtech provides the specialized tools and materials required to build the core components found in a wide range of modern electronics.

The company operates through its Semiconductor segment, which designs, manufactures, and services thermal processing equipment. Key products include solder reflow ovens, diffusion furnaces, and high-temperature belt furnaces, along with wafer polishing equipment. These specialized tools are utilized by semiconductor manufacturers to produce integrated circuits and devices, serving critical functions across the electronics, automotive, and various other industrial sectors.

Amtech Systems' Material and Substrate segment focuses on providing consumables and machinery for the precise lapping and polishing of advanced materials. This includes silicon wafers for semiconductors, sapphire and silicon carbide wafers for LED lighting and power devices, and various glass, quartz, and ceramic components used in telecommunications, medical devices, and optical applications. This segment also supplies essential substrate process chemicals, serving a diverse global customer base involved in manufacturing semiconductors, LEDs, power devices, mobile devices, and optical components.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Amtech Systems:

  • Applied Materials for silicon carbide and advanced power devices.
  • Lam Research for specialized thermal processing and material finishing in high-tech component production.

AI Analysis | Feedback

  • Thermal Processing Equipment: Capital equipment such as solder reflow ovens, diffusion furnaces, and high-temperature belt furnaces for semiconductor manufacturing and other industries.
  • Wafer Polishing Equipment: Machinery designed for polishing silicon wafers and other materials.
  • Lapping and Polishing Consumables: Materials essential for the lapping and polishing of various substrates like silicon, sapphire, and silicon carbide.
  • Substrate Process Chemicals: Specialized chemicals utilized in the manufacturing processes for semiconductors, wafers, and optics.

AI Analysis | Feedback

Amtech Systems (ASYS) primarily sells its products to other companies (B2B). Based on the provided background information, specific major customer company names are not listed. However, its major customers operate within the following industries and manufacturing sectors:
  • Semiconductor manufacturers
  • Companies in the electronics industry
  • Companies in the automotive industry
  • Manufacturers of LED lighting and mobile devices
  • Manufacturers of telecommunications devices
  • Manufacturers of medical device components, and optical and photonics applications

AI Analysis | Feedback

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Robert C. Daigle, Chief Executive Officer & Chairman of the Board

Robert C. Daigle became CEO of Amtech Systems in August 2023, having joined the Board in August 2021 and elected Chairman in March 2022. Prior to his role at Amtech, Mr. Daigle had a distinguished 30-year career at Rogers Corporation, where he served as Senior Vice President and Chief Technology Officer. At Rogers, he successfully built and led both the High Frequency Circuit Materials and Power Electronics Solutions businesses.

Mark Weaver, Interim Chief Financial Officer

Mark Weaver joined Amtech in late 2025 as Interim Chief Financial Officer, effective December 16, 2025. He previously served as Vice President, Chief Accounting Officer, and Corporate Controller of Rogers Corporation from November 2017 to May 2024. Earlier, Mr. Weaver held senior finance and accounting leadership roles at Internap Corporation and NXP Semiconductors N.V., and also served as a finance and reporting consultant at Resources Global Professionals.

Angi Larson, Chief Human Resources Officer

Angi Larson joined Amtech in 2023. She brings over 25 years of human resources experience with a focus on strategic business partnership, talent development, and talent management. Prior to Amtech, her most recent work experience was with Rogers Corporation, and before that, she was the Vice President Human Resources for Hardware & Home Improvements, a division of Spectrum Brands, where she was instrumental in the successful integration of the HHI division.

Jason Brown, Vice President of Operations

Jason Brown joined Amtech in 2024 as the Vice President of Operations, after having served in operations roles of increasing responsibility at Entrepix, an Amtech company, since 2018. He brings over 30 years of experience with expertise in supply chain management, advanced fabrication, enterprise resource planning, and quality systems. In his role, Jason sets cohesive strategic goals for all of Amtech's global operations and oversees day-to-day manufacturing operations at the Entrepix and BTU facilities.

Rob DiMatteo, Vice President and General Manager, Thermal Processing Solutions

Rob DiMatteo brings almost three decades of experience in sales, business management, and strategic market development, covering key end markets such as surface mount technology, semiconductor packaging, and high-temperature furnace applications. Prior to his current role, Rob served as BTU's Director of Sales for the Americas. In his current capacity, he oversees BTU's global organization, managing teams across the USA, UK, China, and Southeast Asia.

AI Analysis | Feedback

Amtech Systems, Inc. (ASYS) faces several key risks inherent in its industry and operational structure.

  1. Cyclicality and Weakness in Mature Node Semiconductor Market: Amtech Systems' business is significantly exposed to the cyclical nature of the semiconductor industry, particularly the ongoing weakness in the mature node semiconductor market. This segment includes products like wafer cleaning equipment and high-temperature furnaces used for industrial and automotive applications. Despite strong demand for AI-related equipment, which serves as a growth catalyst, it has not fully offset the declines in mature markets, leading to revenue contraction and challenges in overall growth. For example, the company experienced a 22.8% year-over-year decline in net revenues for the first nine months of fiscal 2025 due to continued softness in the mature-node market. Full recovery for Amtech Systems is dependent on a pickup in demand from these mature node markets.
  2. Profitability Challenges and Operating Losses: The company has encountered significant challenges in achieving consistent profitability, reporting operating losses and negative net income in recent fiscal periods. Amtech's average operating margin has been negative over the last two years, highlighting difficulties in converting revenue into sustainable profit. For instance, the trailing twelve months ending June 30, 2025, showed a substantial GAAP net loss of $31.93 million on revenue of $83.63 million. Although Amtech achieved a narrow GAAP net income in Q3 2025 due to aggressive cost management and strong AI demand, its return on equity and assets remained negative, indicating ongoing profitability hurdles. Analysts forecast a wide range for future earnings per share, and the company has been described as unprofitable with negative operating cash flow before non-cash charges.
  3. Intense Competition and Need for Continuous Innovation: Amtech Systems operates in a highly competitive global market for capital equipment and consumables. The company faces pressure from larger industry rivals, such as Applied Materials, which compete across multiple critical chip-manufacturing steps. To remain competitive, Amtech must continuously innovate and successfully execute on new product initiatives, especially as the semiconductor industry shifts towards advanced packaging and AI-driven technologies. The success of new product offerings depends on customer adoption rates and prevailing industry trends. The company's historical long-term revenue growth has been sluggish, and its return on invested capital has been negative, suggesting challenges in capital-efficient expansion and maintaining a competitive edge.

AI Analysis | Feedback

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AI Analysis | Feedback

Amtech Systems, Inc. (ASYS) operates in several addressable markets related to semiconductor manufacturing equipment and consumables. Here are the estimated market sizes for their main products and services:

Thermal Processing Equipment

  • The global convection reflow soldering oven market was valued at approximately USD 1.48 billion in 2024 and is projected to grow to around USD 2.47 billion by 2034, at a compound annual growth rate (CAGR) of roughly 4.9% from 2025 to 2034. Another report estimates the global reflow oven market at USD 987.2 million in 2023, expected to reach USD 1.64 billion by 2035 with a CAGR of 4.4%.
  • The global diffusion furnace market was estimated at approximately USD 800 million in 2023 and is projected to grow to around USD 1.2 billion by 2032, exhibiting a CAGR of about 4.5% during the forecast period.
  • Specifically, the global horizontal diffusion furnace market was valued at approximately USD 1.7 billion in 2026 and is expected to reach USD 3.3 billion by 2035, growing at a CAGR of about 7.5% from 2026 to 2035.
  • The U.S. semiconductor diffusion equipment market was estimated at USD 98.4 million in 2024 and is projected to reach USD 167.4 million by 2033, growing at a CAGR of 6.4% from 2025 to 2033.
  • The global rapid thermal processing (RTP) equipment market, a type of thermal processing equipment, was valued at USD 5.7 billion in 2023 and is projected to reach USD 9.50 billion by 2030, growing at a CAGR of 6.6% during the forecast period. Another source indicates the global Rapid Thermal Processing Equipment Market was valued at USD 1.77 Billion in 2025 and is projected to reach USD 3.90 Billion by 2035, growing at a CAGR of 8.27% from 2026 to 2035.

Wafer Polishing Equipment and Services

  • The global semiconductor wafer polishing and grinding equipment market reached US$ 2.9 billion in 2024 and is projected to climb to US$ 6.5 billion by 2035, expanding at a CAGR of 4.6% from 2025 to 2035. Asia Pacific dominated this market in 2024, holding a revenue share of 66.5%.

Consumables and Machinery for Lapping and Polishing of Materials

  • The global SiC Wafer Polishing Market size was valued at USD 450.1 million in 2023 and is projected to grow from USD 586.0 million in 2024 to USD 4,437.6 million by 2031, exhibiting a CAGR of 33.54%. Another report states the global SiC Wafer Polishing Market size was valued at USD 4.2 Billion in 2022 and is expected to reach USD 5.6 Billion by 2032, growing at a CAGR of 6.7% from 2022 to 2032.
  • The global SiC Polishing Consumables Market size was estimated at USD 125.61 million in 2026 and is projected to reach USD 228.64 million by 2035, growing at a CAGR of 22.1% from 2026 to 2035. The Silicon Carbide Cutting and Polishing Consumable market is projected to reach $529 million by 2025.
  • The global sapphire substrates market was valued at USD 760.94 million in 2025 and is projected to grow to USD 1.15 billion by 2032, underpinned by a CAGR of 6.16%. Another source indicates the global sapphire substrate market size is projected to grow from $4.2 billion in 2021 to nearly $6.1 billion by 2026, with a CAGR of 7.4%.
  • The global polished silicon wafer market size was valued at USD 9.53 billion in 2024 and is projected to reach USD 16.32 billion by 2032, growing at a CAGR of 7.3% during the forecast period.

Substrate Process Chemicals

  • The global Semiconductor Process Chemicals Market is valued at USD 18.7 billion in 2026 and is projected to reach USD 57.1 billion by 2036, expanding at a CAGR of 11.80% from 2026 to 2036. Another estimate places the global semiconductor chemicals market size at USD 15.76 billion in 2025, projected to reach USD 38.59 billion by 2033, growing at a CAGR of 12.0% from 2026 to 2033.
  • The global semiconductor substrate market is estimated at approximately USD 16.24 billion in 2025 and is projected to grow to around USD 42.12 billion by 2035, reflecting a CAGR of 10.0%.

AI Analysis | Feedback

Amtech Systems (ASYS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. AI-Driven Demand for Advanced Packaging Equipment: A significant driver of revenue growth is the robust demand for advanced packaging equipment, particularly within the Thermal Processing Solutions segment, which is crucial for high-performance AI chips and AI infrastructure investments. AI-related products are increasingly contributing to the company's revenue, with expectations for continued growth throughout fiscal years 2026 and beyond.
  2. Growth in Silicon Carbide (SiC) and Power Semiconductors: Amtech Systems is strategically focused on expanding within the high-growth sectors of silicon carbide (SiC) and power semiconductors. This focus aims to capitalize on increasing demand, especially from advanced automotive electronics (EV/HEV) and industrial electronics applications.
  3. Expansion into Panel-Level Packaging: The company is actively moving into panel-level packaging, which is recognized as an emerging technology offering cost and throughput advantages. Amtech has already secured initial orders from industry leaders and anticipates this area will be a significant market growth opportunity beyond 2026.
  4. Growth of Consumables, Parts, and Services (Recurring Revenue Streams): Amtech Systems is prioritizing the growth of its consumables, parts, and services revenue within its Semiconductor Fabrication Solutions segment. This strategy aims to establish sustainable, higher-margin recurring revenue streams, providing stability in a cyclical industry.
  5. Investment in Next-Generation AI Packaging and Product Innovation: Amtech is continuously investing in research and development for next-generation AI packaging. These ongoing investments are intended to ensure the company remains competitive and secures its role in future industry transitions driven by advanced semiconductor technologies.

AI Analysis | Feedback

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Share Repurchases

  • Amtech Systems' Board of Directors authorized a share repurchase program of up to $5 million of common stock for a one-year period, announced on December 10, 2025.
  • As of December 31, 2025, no shares had been repurchased under the $5 million program.
  • The company executed share repurchases of $1.40 million in March 2022 and $2.71 million in December 2021.

Capital Expenditures

  • Amtech Systems is transitioning to a "CapEx-light business model" with a goal to reduce capital expenditures to below $1 million in 2026.
  • In the first quarter of fiscal 2026 (ended December 31, 2025), capital expenditures totaled $277,000, funding long-term assets and infrastructure.
  • The company has undertaken cost reduction initiatives, including consolidating its manufacturing footprint from seven factories to four and shifting more production to external partners, which helps lower capital spending.
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Better Bets vs. Amtech Systems (ASYS)

Peer Outperformance in Semiconductor Materials & Equipment

ASYS has trailed 65% of its 26 Semiconductor Materials & Equipment peers over 5Y. Among the peers that beat it is AEHR. Semiconductor Materials & Equipment ranks 2nd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Semiconductor Materials & Equipment constituents that ASYS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
52%
of 27 industry peers · 133.2% return
3Y
56%
of 27 industry peers · 76.9% return
5Y
35%
of 26 industry peers · 42.7% return
Semiconductor Materials & Equipment peers with revenue growth within 4pp of ASYS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
ASYS Amtech Systems -11.2% 57.7x 133.2%76.9%42.7%
AEHR Aehr Test Systems -8.1% -385.9x 228.1%67.8%928.1% +885pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is ASYS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 57.5%177.0%288.0% TTMI 806% · FLEX 677% · JBL 408%
Semiconductor Materials & Equipment ← 27 132.5%68.7%100.2% AEHR 928% · AXTI 528% · KLAC 470%
Technology Distributors 9 30.0%66.3%83.9% CLMB 351% · AVT 164% · SNX 119%
Communications Equipment 36 23.1%77.4%67.7% AAOI 1267% · LITE 890% · ANET 754%
Electronic Components 26 46.8%60.1%60.4% CLS 3241% · BELFA 1279% · COHR 358%
Semiconductors 55 34.4%21.2%18.4% POET 1845% · MU 1312% · NVDA 912%
Technology Hardware, Storage & Peripherals 21 34.8%71.0%16.9% DELL 1079% · STX 992% · SMCI 942%
Internet Services & Infrastructure 6 21.5%41.5%13.7% DOCN 53% · GDDY 35% · VRSN 35%
Electronic Equipment & Instruments 27 -6.3%9.4%-8.2% PI 197% · OSIS 108% · ACFN 98%
IT Consulting & Other Services 28 -21.7%-7.0%-28.6% CHRN 533058% · APLD 1150% · TSSI 665%
Application Software 123 -22.8%-14.6%-46.5% VIDA 199900% · INLX 4861% · PLTR 554%
Systems Software 68 -7.6%0.2%-57.6% PAYS 447% · QNC 392% · PANW 327%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ASYSAMATLRCXKLACTERQMedian
NameAmtech S.Applied .Lam Rese.KLA Teradyne Qnity El. 
Mkt Price14.95454.71307.65185.60357.03120.47246.62
Mkt Cap0.2361.0385.0242.555.925.2149.2
Rev LTM8230,83723,23313,5794,4645,2109,395
Op Inc LTM79,5878,2005,6611,3771,1313,519
FCF LTM95,6234,8913,7678008252,296
FCF 3Y Avg66,0044,8543,515616-3,515
CFO LTM108,3965,8584,1431,0651,1692,656
CFO 3Y Avg87,9195,5613,845835-3,845

Growth & Margins

ASYSAMATLRCXKLACTERQMedian
NameAmtech S.Applied .Lam Rese.KLA Teradyne Qnity El. 
Rev Chg LTM-2.4%7.8%26.0%11.7%57.9%14.8%13.3%
Rev Chg 3Y Avg-11.2%5.2%11.7%9.7%19.0%-9.7%
Rev Chg Q14.5%24.8%30.0%15.2%103.9%22.1%23.5%
QoQ Delta Rev Chg LTM3.6%6.2%7.2%3.7%17.9%5.2%5.7%
Op Inc Chg LTM204.9%11.2%39.0%12.9%153.4%15.5%27.2%
Op Inc Chg 3Y Avg-367.6%7.8%19.6%13.9%46.5%-13.9%
Op Mgn LTM8.3%31.1%35.3%41.7%30.9%21.7%31.0%
Op Mgn 3Y Avg-3.8%30.1%32.0%40.0%23.1%-30.1%
QoQ Delta Op Mgn LTM0.9%1.0%1.0%0.0%3.7%0.3%0.9%
CFO/Rev LTM11.7%27.2%25.2%30.5%23.9%22.4%24.5%
CFO/Rev 3Y Avg9.2%27.6%30.0%32.6%25.3%-27.6%
FCF/Rev LTM10.7%18.2%21.1%27.7%17.9%15.8%18.1%
FCF/Rev 3Y Avg6.5%21.0%26.3%29.8%18.6%-21.0%

Valuation

ASYSAMATLRCXKLACTERQMedian
NameAmtech S.Applied .Lam Rese.KLA Teradyne Qnity El. 
Mkt Cap0.2361.0385.0242.555.925.2149.2
P/S2.811.716.617.912.54.812.1
P/Op Inc34.237.746.942.840.622.339.1
P/EBIT35.332.545.741.241.123.738.2
P/E57.739.053.050.248.643.149.4
P/CFO24.143.065.758.552.521.647.7
Total Yield1.7%3.0%2.2%2.4%2.2%2.5%2.3%
Dividend Yield0.0%0.4%0.3%0.4%0.1%0.1%0.2%
FCF Yield 3Y Avg4.7%2.8%2.8%2.3%2.4%-2.8%
D/E0.10.00.00.00.00.20.0
Net D/E-0.3-0.0-0.00.0-0.00.1-0.0

Returns

ASYSAMATLRCXKLACTERQMedian
NameAmtech S.Applied .Lam Rese.KLA Teradyne Qnity El. 
1M Rtn-6.6%-14.8%0.1%-3.6%-8.3%-11.1%-7.4%
3M Rtn-19.1%0.5%1.5%-3.7%-0.2%-15.1%-1.9%
6M Rtn15.7%40.3%54.5%38.4%30.9%9.5%34.6%
12M Rtn133.2%188.9%208.1%113.7%199.9%19.7%161.1%
3Y Rtn76.9%203.0%351.0%270.8%238.5%19.7%220.8%
1M Excs Rtn-0.1%-13.8%0.5%-3.9%-7.3%-9.7%-5.6%
3M Excs Rtn-23.7%-4.1%-3.0%-8.2%-4.7%-19.7%-6.5%
6M Excs Rtn1.2%25.8%39.9%23.9%16.3%-5.0%20.1%
12M Excs Rtn114.5%170.2%189.3%95.0%181.2%1.0%142.4%
3Y Excs Rtn1.9%137.4%289.4%210.5%165.5%-51.3%151.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Thermal Processing Solutions5869788872
Semiconductor Fabrication Solutions2132361813
Total7910111310685


Operating Income by Segment
$ Mil20252024202320222021
Thermal Processing Solutions067219
Semiconductor Fabrication Solutions-20-5-940
Non-segment items  -13-7-5
Total-201-15174


Net Income by Segment
$ Mil20252024
Thermal Processing Solutions-1-5
Semiconductor Fabrication Solutions-20-5
Total-21-10


Assets by Segment
$ Mil20252024202320222021
Thermal Processing Solutions5668727671
Semiconductor Fabrication Solutions2647622220
Non-segment items11433627
Total93119137134117


Price Behavior

Price Behavior
Market Price$14.95 
Market Cap ($ Bil)0.2 
First Trading Date09/07/1984 
Distance from 52W High-37.7% 
   50 Days200 Days
DMA Price$16.29$15.24
DMA Trendupdown
Distance from DMA-8.2%-1.9%
 3M1YR
Volatility91.2%92.0%
Downside Capture564.74353.66
Upside Capture364.76383.83
Correlation (SPY)58.5%38.6%
ASYS Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta3.814.134.273.602.831.16
Up Beta4.926.824.452.730.900.31
Down Beta-7.08-0.821.732.261.881.44
Up Capture333%273%589%908%2044%400%
Bmk +ve Days10213268138427
Stock +ve Days13192962133357
Down Capture597%505%397%270%187%110%
Bmk -ve Days11213259113324
Stock -ve Days8233565117369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASYS
ASYS134.0%92.0%1.34-
Sector ETF (XLK)43.4%26.2%1.3448.2%
Equity (SPY)19.7%12.8%1.1337.9%
Gold (GLD)24.6%29.2%0.7517.3%
Commodities (DBC)44.1%20.4%1.694.0%
Real Estate (VNQ)9.1%13.6%0.39-4.0%
Bitcoin (BTCUSD)-26.9%43.8%-0.599.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASYS
ASYS7.3%68.6%0.40-
Sector ETF (XLK)19.7%25.9%0.6832.2%
Equity (SPY)12.8%17.2%0.5728.9%
Gold (GLD)19.1%18.8%0.827.2%
Commodities (DBC)10.7%19.5%0.437.4%
Real Estate (VNQ)1.7%18.9%-0.0112.7%
Bitcoin (BTCUSD)10.6%52.6%0.3813.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ASYS
ASYS10.4%63.3%0.43-
Sector ETF (XLK)24.4%25.0%0.8831.7%
Equity (SPY)15.3%17.9%0.7229.0%
Gold (GLD)12.4%16.3%0.627.0%
Commodities (DBC)7.9%18.1%0.359.7%
Real Estate (VNQ)4.8%20.7%0.1914.7%
Bitcoin (BTCUSD)64.0%66.2%1.0410.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 73120264.1%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity15.4 Mil
Short % of Basic Shares8.1%

Earnings Returns History

Updated 9/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-6.6%-0.4%-10.2%
5/7/202618.0%23.3%8.2%
2/5/2026-29.9%-30.7%-19.2%
12/10/202517.7%30.5%48.9%
8/6/202513.6%10.3%43.3%
5/12/20253.9%17.3%23.5%
2/5/2025-4.4%-7.5%-3.1%
12/9/2024-7.9%-6.4%-10.2%
...
SUMMARY STATS   
# Positive111415
# Negative13109
Median Positive10.7%17.3%17.1%
Median Negative-6.6%-12.1%-16.6%
Max Positive25.6%40.6%48.9%
Max Negative-29.9%-31.7%-39.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-6.6%-0.4%-10.2%
5/7/202618.0%23.3%8.2%
2/5/2026-29.9%-30.7%-19.2%
12/10/202517.7%30.5%48.9%
8/6/202513.6%10.3%43.3%
5/12/20253.9%17.3%23.5%
2/5/2025-4.4%-7.5%-3.1%
12/9/2024-7.9%-6.4%-10.2%
8/7/20242.3%21.1%17.1%
5/8/20245.6%7.9%21.4%
2/9/202425.6%34.0%37.8%
12/14/2023-4.1%3.2%0.2%
8/9/2023-18.7%-21.3%-23.3%
5/10/20230.8%0.0%10.0%
2/8/2023-16.0%-11.8%-16.6%
11/30/2022-15.3%-20.9%-30.5%
8/15/202210.7%40.6%16.4%
5/11/2022-5.7%5.2%10.8%
2/14/20227.3%17.4%23.4%
11/17/2021-26.6%-31.7%-39.3%
8/4/2021-1.8%3.2%4.8%
5/5/2021-4.6%-12.4%-6.2%
2/11/202122.0%23.1%36.2%
11/19/2020-5.4%-4.1%1.3%
SUMMARY STATS   
# Positive111415
# Negative13109
Median Positive10.7%17.3%17.1%
Median Negative-6.6%-12.1%-16.6%
Max Positive25.6%40.6%48.9%
Max Negative-29.9%-31.7%-39.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/07/202610-Q
12/31/202502/05/202610-Q
09/30/202512/10/202510-K
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202402/05/202510-Q
09/30/202412/12/202410-K
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/09/202410-Q
09/30/202312/14/202310-K
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/08/202310-Q
09/30/202211/30/202210-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/07/202610-Q
12/31/202502/05/202610-Q
09/30/202512/10/202510-K
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202402/05/202510-Q
09/30/202412/12/202410-K
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/09/202410-Q
09/30/202312/14/202310-K
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/08/202310-Q
09/30/202211/30/202210-K
06/30/202208/15/202210-Q
03/31/202205/11/202210-Q
12/31/202102/14/202210-Q
09/30/202111/17/202110-K
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/11/202110-Q
09/30/202011/19/202010-K
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201902/06/202010-Q
09/30/201911/21/201910-K

Recent Forward Guidance

Updated 8/6/2026

Latest: Q3 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported22.50 Mil23.25 Mil24.00 Mil8.1% Higher NewGuidance: 21.50 Mil for Q3 2026
Q4 2026 Adjusted EBITDA MarginReported12.0%13.5%15.0% 3.5%Higher NewGuidance: 10.0% for Q3 2026


Prior: Q2 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported20.50 Mil21.50 Mil22.50 Mil7.5% Higher NewGuidance: 20.00 Mil for Q2 2026
Q3 2026 Adjusted EBITDA MarginReported 10.0%  3.0%Higher NewGuidance: 7.0% for Q2 2026

Q1 2026 Earnings Reported 2/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported19.00 Mil20.00 Mil21.00 Mil5.3% Higher NewGuidance: 19.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA MarginReported 7.0%    

Q4 2025 Earnings Reported 12/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported18.00 Mil19.00 Mil20.00 Mil5.6% Higher NewGuidance: 18.00 Mil for Q4 2025

Insider Activity

Updated 8/25/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Shechter, GuyPresident & CEODirectBuy825202614.343,45049,456766,206Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Shechter, GuyPresident & CEODirectBuy825202614.343,45049,456766,206Form
Core Cache Last Updated: 9/4/2026