Amtech Systems (ASYS)
Market Price (7/22/2026): $18.0 | Market Cap: $259.8 MilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Amtech Systems (ASYS)
Market Price (7/22/2026): $18.0Market Cap: $259.8 MilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Megatrend and thematic driversMegatrends include Artificial Intelligence, Renewable Energy Transition, and Automation & Robotics. Themes include AI Chips, Show more. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 130x Stock price has recently run up significantly12M Rtn12 month market price return is 294% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% Key risksASYS key risks include [1] significant exposure to weakness in the mature node semiconductor market, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Renewable Energy Transition, and Automation & Robotics. Themes include AI Chips, Show more. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 130x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 294% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
| Key risksASYS key risks include [1] significant exposure to weakness in the mature node semiconductor market, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/21/2026
Amtech Systems (ASYS) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Exceed Expectations Driven by AI Demand. Amtech Systems (whose fiscal year ends September 30) reported robust fiscal Q2 2026 results on May 7, 2026, with an Earnings Per Share (EPS) of $0.10, surpassing the consensus estimate of $0.05. The company's revenue reached $20.47 million, exceeding the $19.50 million consensus. Notably, net income improved significantly to $1.2 million, a substantial turnaround from a $31.8 million net loss in fiscal Q2 2025. This performance was primarily attributed to strong demand for equipment enabling AI semiconductor device packaging, with revenue growth of 8% sequentially and 31% year-over-year, and a gross margin increase to 48%.
2. Successful and Oversubscribed $60 Million Public Offering. On June 1, 2026, Amtech Systems announced and subsequently closed an oversubscribed underwritten public offering of 2,926,829 shares of common stock at $20.50 per share, generating gross proceeds of approximately $60 million. The company stated its intention to utilize these funds to accelerate growth in its semiconductor packaging and advanced wafer substrate fabrication platforms, pursue accretive merger and acquisition opportunities, and for general corporate purposes. This capital raise demonstrated strong investor confidence in the company's growth strategy.
Show more
Amtech Systems (ASYS) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Exceed Expectations Driven by AI Demand. Amtech Systems (whose fiscal year ends September 30) reported robust fiscal Q2 2026 results on May 7, 2026, with an Earnings Per Share (EPS) of $0.10, surpassing the consensus estimate of $0.05. The company's revenue reached $20.47 million, exceeding the $19.50 million consensus. Notably, net income improved significantly to $1.2 million, a substantial turnaround from a $31.8 million net loss in fiscal Q2 2025. This performance was primarily attributed to strong demand for equipment enabling AI semiconductor device packaging, with revenue growth of 8% sequentially and 31% year-over-year, and a gross margin increase to 48%.
2. Successful and Oversubscribed $60 Million Public Offering. On June 1, 2026, Amtech Systems announced and subsequently closed an oversubscribed underwritten public offering of 2,926,829 shares of common stock at $20.50 per share, generating gross proceeds of approximately $60 million. The company stated its intention to utilize these funds to accelerate growth in its semiconductor packaging and advanced wafer substrate fabrication platforms, pursue accretive merger and acquisition opportunities, and for general corporate purposes. This capital raise demonstrated strong investor confidence in the company's growth strategy.
Show more
Updated on 7/21/2026
Amtech Systems (ASYS) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Exceed Expectations Driven by AI Demand. Amtech Systems (whose fiscal year ends September 30) reported robust fiscal Q2 2026 results on May 7, 2026, with an Earnings Per Share (EPS) of $0.10, surpassing the consensus estimate of $0.05. The company's revenue reached $20.47 million, exceeding the $19.50 million consensus. Notably, net income improved significantly to $1.2 million, a substantial turnaround from a $31.8 million net loss in fiscal Q2 2025. This performance was primarily attributed to strong demand for equipment enabling AI semiconductor device packaging, with revenue growth of 8% sequentially and 31% year-over-year, and a gross margin increase to 48%.
2. Successful and Oversubscribed $60 Million Public Offering. On June 1, 2026, Amtech Systems announced and subsequently closed an oversubscribed underwritten public offering of 2,926,829 shares of common stock at $20.50 per share, generating gross proceeds of approximately $60 million. The company stated its intention to utilize these funds to accelerate growth in its semiconductor packaging and advanced wafer substrate fabrication platforms, pursue accretive merger and acquisition opportunities, and for general corporate purposes. This capital raise demonstrated strong investor confidence in the company's growth strategy.
3. Inclusion in Russell 2000® and Russell 3000® Indexes. Amtech Systems was added to the Russell 2000® and Russell 3000® Indexes, announced on June 11, 2026. Inclusion in these widely followed indexes often leads to increased demand for a company's stock as index funds and other institutional investors adjust their portfolios to reflect the new constituents, thereby boosting liquidity and visibility.
4. Positive Analyst Sentiment and Upgrades. During the period, Amtech Systems received multiple analyst upgrades, contributing to a more favorable market outlook. Wall Street Zen upgraded the stock to a "strong-buy" on May 17, 2026, followed by Zacks Research also upgrading it to a "strong-buy" on June 24, 2026. The Zacks Consensus Estimate for EPS increased by 41.2% over three months, reinforcing the positive near-term outlook. The company currently holds a consensus "Moderate Buy" rating with an average price target of $22.00, with a high of $22.44, suggesting potential for further upside.
Show less
Amtech Systems (ASYS) stock has gained about 55% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Exceed Expectations Driven by AI Demand. Amtech Systems (whose fiscal year ends September 30) reported robust fiscal Q2 2026 results on May 7, 2026, with an Earnings Per Share (EPS) of $0.10, surpassing the consensus estimate of $0.05. The company's revenue reached $20.47 million, exceeding the $19.50 million consensus. Notably, net income improved significantly to $1.2 million, a substantial turnaround from a $31.8 million net loss in fiscal Q2 2025. This performance was primarily attributed to strong demand for equipment enabling AI semiconductor device packaging, with revenue growth of 8% sequentially and 31% year-over-year, and a gross margin increase to 48%.
2. Successful and Oversubscribed $60 Million Public Offering. On June 1, 2026, Amtech Systems announced and subsequently closed an oversubscribed underwritten public offering of 2,926,829 shares of common stock at $20.50 per share, generating gross proceeds of approximately $60 million. The company stated its intention to utilize these funds to accelerate growth in its semiconductor packaging and advanced wafer substrate fabrication platforms, pursue accretive merger and acquisition opportunities, and for general corporate purposes. This capital raise demonstrated strong investor confidence in the company's growth strategy.
3. Inclusion in Russell 2000® and Russell 3000® Indexes. Amtech Systems was added to the Russell 2000® and Russell 3000® Indexes, announced on June 11, 2026. Inclusion in these widely followed indexes often leads to increased demand for a company's stock as index funds and other institutional investors adjust their portfolios to reflect the new constituents, thereby boosting liquidity and visibility.
4. Positive Analyst Sentiment and Upgrades. During the period, Amtech Systems received multiple analyst upgrades, contributing to a more favorable market outlook. Wall Street Zen upgraded the stock to a "strong-buy" on May 17, 2026, followed by Zacks Research also upgrading it to a "strong-buy" on June 24, 2026. The Zacks Consensus Estimate for EPS increased by 41.2% over three months, reinforcing the positive near-term outlook. The company currently holds a consensus "Moderate Buy" rating with an average price target of $22.00, with a high of $22.44, suggesting potential for further upside.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 53.9% change in ASYS stock from 3/31/2026 to 7/21/2026 was primarily driven by a 45.1% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.68 | 17.98 | 53.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 74 | 79 | 6.6% |
| P/S Multiple | 2.3 | 3.3 | 45.1% |
| Shares Outstanding (Mil) | 14 | 14 | -0.5% |
| Cumulative Contribution | 53.9% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| ASYS | 53.9% | |
| Market (SPY) | 15.1% | 60.0% |
| Sector (XLK) | 36.0% | 73.1% |
Fundamental Drivers
The 43.3% change in ASYS stock from 12/31/2025 to 7/21/2026 was primarily driven by a 45.3% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.55 | 17.98 | 43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 79 | 79 | -0.7% |
| P/S Multiple | 2.3 | 3.3 | 45.3% |
| Shares Outstanding (Mil) | 14 | 14 | -0.7% |
| Cumulative Contribution | 43.3% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| ASYS | 43.3% | |
| Market (SPY) | 10.0% | 36.9% |
| Sector (XLK) | 25.7% | 50.5% |
Fundamental Drivers
The 305.0% change in ASYS stock from 6/30/2025 to 7/21/2026 was primarily driven by a 371.0% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.44 | 17.98 | 305.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 91 | 79 | -13.2% |
| P/S Multiple | 0.7 | 3.3 | 371.0% |
| Shares Outstanding (Mil) | 14 | 14 | -0.9% |
| Cumulative Contribution | 305.0% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| ASYS | 305.0% | |
| Market (SPY) | 22.1% | 35.1% |
| Sector (XLK) | 43.4% | 42.2% |
Fundamental Drivers
The 88.1% change in ASYS stock from 6/30/2023 to 7/21/2026 was primarily driven by a 1345.4% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.56 | 17.98 | 88.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 107 | 79 | -26.4% |
| Net Income Margin (%) | 13.9% | 2.5% | -81.8% |
| P/E Multiple | 9.0 | 130.4 | 1345.4% |
| Shares Outstanding (Mil) | 14 | 14 | -2.8% |
| Cumulative Contribution | 88.1% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| ASYS | 88.1% | |
| Market (SPY) | 74.8% | 22.8% |
| Sector (XLK) | 111.9% | 27.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASYS Return | 55% | -23% | -45% | 30% | 130% | 30% | 156% |
| Peers Return | 61% | -34% | 59% | 5% | 66% | 79% | 426% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| ASYS Win Rate | 50% | 42% | 42% | 42% | 50% | 57% | |
| Peers Win Rate | 67% | 40% | 65% | 50% | 60% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| ASYS Max Drawdown | -44% | -42% | -67% | -23% | -43% | -40% | |
| Peers Max Drawdown | -21% | -52% | -20% | -36% | -36% | -29% | |
| 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 7/21/2026 (YTD)
How Low Can It Go
| Event | ASYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.9% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.7% | -7.8% |
| % Gain to Breakeven | 26.1% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.8% | -9.5% |
| % Gain to Breakeven | 66.2% | 10.5% |
| Time to Breakeven | 664 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.7% | -6.7% |
| % Gain to Breakeven | 13.3% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.7% | -24.5% |
| % Gain to Breakeven | 42.2% | 32.4% |
| Time to Breakeven | 32 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.8% | -33.7% |
| % Gain to Breakeven | 58.3% | 50.9% |
| Time to Breakeven | 169 days | 140 days |
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.
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| Event | ASYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.1% | -18.8% |
| % Gain to Breakeven | 69.9% | 23.1% |
| Time to Breakeven | 119 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.7% | -7.8% |
| % Gain to Breakeven | 26.1% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -39.8% | -9.5% |
| % Gain to Breakeven | 66.2% | 10.5% |
| Time to Breakeven | 664 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.7% | -24.5% |
| % Gain to Breakeven | 42.2% | 32.4% |
| Time to Breakeven | 32 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.8% | -33.7% |
| % Gain to Breakeven | 58.3% | 50.9% |
| Time to Breakeven | 169 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.6% | -19.2% |
| % Gain to Breakeven | 27.5% | 23.8% |
| Time to Breakeven | 39 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.3% | -12.2% |
| % Gain to Breakeven | 35.7% | 13.9% |
| Time to Breakeven | 8 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.0% | -6.8% |
| % Gain to Breakeven | 149.8% | 7.3% |
| Time to Breakeven | 615 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -59.9% | -17.9% |
| % Gain to Breakeven | 149.5% | 21.8% |
| Time to Breakeven | 5317 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.1% | -53.4% |
| % Gain to Breakeven | 428.5% | 114.4% |
| Time to Breakeven | 634 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.8% | -8.6% |
| % Gain to Breakeven | 27.8% | 9.5% |
| Time to Breakeven | 34 days | 47 days |
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
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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.
- 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.
- 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.
- 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.
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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:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Amtech Systems Earnings Notes | 12/16/2025 | |
| With Amtech Systems Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| Day 9 of Gains Streak for Amtech Systems Stock with 60% Return (vs. 71% YTD) [9/16/2025] | 09/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 269.78 |
| Mkt Cap | 171.7 |
| Rev LTM | 9,024 |
| Op Inc LTM | 3,257 |
| FCF LTM | 2,454 |
| FCF 3Y Avg | 3,534 |
| CFO LTM | 2,801 |
| CFO 3Y Avg | 3,862 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.1% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 20.7% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 29.1% |
| Op Inc Chg 3Y Avg | 11.6% |
| Op Mgn LTM | 28.7% |
| Op Mgn 3Y Avg | 29.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 25.9% |
| CFO/Rev 3Y Avg | 27.9% |
| FCF/Rev LTM | 18.3% |
| FCF/Rev 3Y Avg | 21.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Thermal Processing Solutions | 58 | 69 | 78 | 88 | 72 |
| Semiconductor Fabrication Solutions | 21 | 32 | 36 | 18 | 13 |
| Total | 79 | 101 | 113 | 106 | 85 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Thermal Processing Solutions | 0 | 6 | 7 | 21 | 9 |
| Semiconductor Fabrication Solutions | -20 | -5 | -9 | 4 | 0 |
| Non-segment items | -8 | -13 | -7 | -5 | |
| Total | -20 | -7 | -15 | 17 | 4 |
| $ Mil | 2025 |
|---|---|
| Thermal Processing Solutions | -1 |
| Semiconductor Fabrication Solutions | -20 |
| Total | -21 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Thermal Processing Solutions | 56 | 68 | 72 | 76 | 71 |
| Semiconductor Fabrication Solutions | 26 | 47 | 62 | 22 | 20 |
| Non-segment items | 11 | 4 | 3 | 36 | 27 |
| Total | 93 | 119 | 137 | 134 | 117 |
Price Behavior
Price Behavior
| Market Price | $17.98 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $20.04 | $14.03 |
| DMA Trend | up | up |
| Distance from DMA | -10.3% | 28.1% |
| 3M | 1YR | |
| Volatility | 101.8% | 93.4% |
| Downside Capture | 752.82 | 298.27 |
| Upside Capture | 603.17 | 400.64 |
| Correlation (SPY) | 63.7% | 35.6% |
ASYS Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.46 | 4.72 | 3.86 | 2.43 | 2.45 | 1.06 |
| Up Beta | 0.82 | 1.83 | 1.64 | -0.56 | 0.15 | 0.21 |
| Down Beta | 3.65 | 2.67 | 3.55 | 2.15 | 2.92 | 1.60 |
| Up Capture | 851% | 1051% | 983% | 892% | 1666% | 268% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 20 | 34 | 67 | 134 | 358 |
| Down Capture | 410% | 459% | 411% | 219% | 165% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 21 | 29 | 58 | 115 | 364 |
[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 | |
|---|---|---|---|---|
| ASYS | 300.9% | 93.2% | 1.91 | - |
| Sector ETF (XLK) | 39.3% | 24.7% | 1.29 | 42.6% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 35.7% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 20.3% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | 7.6% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 1.0% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASYS | |
|---|---|---|---|---|
| ASYS | 12.8% | 67.9% | 0.47 | - |
| Sector ETF (XLK) | 19.8% | 25.6% | 0.69 | 30.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 28.5% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 8.2% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 8.7% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 13.7% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 13.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASYS | |
|---|---|---|---|---|
| ASYS | 11.5% | 62.8% | 0.44 | - |
| Sector ETF (XLK) | 24.6% | 24.8% | 0.90 | 30.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 28.8% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 7.7% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 10.3% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 15.1% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 18.0% | 23.3% | 8.2% |
| 2/5/2026 | -29.9% | -30.7% | -19.2% |
| 12/10/2025 | 17.7% | 30.5% | 48.9% |
| 8/6/2025 | 13.6% | 10.3% | 43.3% |
| 5/12/2025 | 3.9% | 17.3% | 23.5% |
| 2/5/2025 | -4.4% | -7.5% | -3.1% |
| 12/9/2024 | -7.9% | -6.4% | -10.2% |
| 8/7/2024 | 2.3% | 21.1% | 17.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 10.7% | 17.3% | 16.8% |
| Median Negative | -5.7% | -12.1% | -17.9% |
| Max Positive | 25.6% | 40.6% | 48.9% |
| Max Negative | -29.9% | -31.7% | -39.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 18.0% | 23.3% | 8.2% |
| 2/5/2026 | -29.9% | -30.7% | -19.2% |
| 12/10/2025 | 17.7% | 30.5% | 48.9% |
| 8/6/2025 | 13.6% | 10.3% | 43.3% |
| 5/12/2025 | 3.9% | 17.3% | 23.5% |
| 2/5/2025 | -4.4% | -7.5% | -3.1% |
| 12/9/2024 | -7.9% | -6.4% | -10.2% |
| 8/7/2024 | 2.3% | 21.1% | 17.1% |
| 5/8/2024 | 5.6% | 7.9% | 21.4% |
| 2/9/2024 | 25.6% | 34.0% | 37.8% |
| 12/14/2023 | -4.1% | 3.2% | 0.2% |
| 8/9/2023 | -18.7% | -21.3% | -23.3% |
| 5/10/2023 | 0.8% | 0.0% | 10.0% |
| 2/8/2023 | -16.0% | -11.8% | -16.6% |
| 11/30/2022 | -15.3% | -20.9% | -30.5% |
| 8/15/2022 | 10.7% | 40.6% | 16.4% |
| 5/11/2022 | -5.7% | 5.2% | 10.8% |
| 2/14/2022 | 7.3% | 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% |
| 2/11/2021 | 22.0% | 23.1% | 36.2% |
| 11/19/2020 | -5.4% | -4.1% | 1.3% |
| 8/6/2020 | -3.5% | -3.1% | 10.2% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 10.7% | 17.3% | 16.8% |
| Median Negative | -5.7% | -12.1% | -17.9% |
| Max Positive | 25.6% | 40.6% | 48.9% |
| Max Negative | -29.9% | -31.7% | -39.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 12/10/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 12/12/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 12/14/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/30/2022 | 10-K |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 12/10/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 12/12/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 12/14/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/30/2022 | 10-K |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-Q |
| 09/30/2021 | 11/17/2021 | 10-K |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-Q |
| 09/30/2020 | 11/19/2020 | 10-K |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/21/2019 | 10-K |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q2 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 20.50 Mil | 21.50 Mil | 22.50 Mil | 7.5% | Higher New | Guidance: 20.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA Margin | 10.0% | 3.0% | Higher New | Guidance: 7.0% for Q2 2026 | |||
Prior: Q1 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 19.00 Mil | 20.00 Mil | 21.00 Mil | 5.3% | Higher New | Guidance: 19.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA Margin | 7.0% | ||||||
Q4 2025 Earnings Reported 12/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 18.00 Mil | 19.00 Mil | 20.00 Mil | 5.6% | Higher New | Guidance: 18.00 Mil for Q4 2025 | |
Insider Activity
Updated 5/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Averick, Robert M | Direct | Buy | 5162025 | 3.54 | 21,377 | 75,675 | 2,390,420 | Form | |
| 2 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.48 | 355 | 1,235 | 545,977 | Form |
| 3 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.49 | 2,498 | 8,718 | 546,307 | Form |
| 4 | Averick, Robert M | Direct | Buy | 5162025 | 3.46 | 46,272 | 160,101 | 2,262,435 | Form | |
| 5 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.48 | 5,000 | 17,400 | 536,049 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Averick, Robert M | Direct | Buy | 5162025 | 3.54 | 21,377 | 75,675 | 2,390,420 | Form | |
| 2 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.48 | 355 | 1,235 | 545,977 | Form |
| 3 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.49 | 2,498 | 8,718 | 546,307 | Form |
| 4 | Averick, Robert M | Direct | Buy | 5162025 | 3.46 | 46,272 | 160,101 | 2,262,435 | Form | |
| 5 | Daigle, Robert C | Chairman & CEO | Direct | Buy | 5162025 | 3.48 | 5,000 | 17,400 | 536,049 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/21/2026