Is Amtech Systems Inc (ASYS) a good stock to buy?

Price through Oct 9 market close · SEC data refreshed 7 days ago ⓘ · Not investment advice
Amtech Systems Inc
ASYS Industrials Special Industry Machinery📄 SEC filings ↗ CUSIP 032332504
Valuation N/A
Looks dangerous ●●●●●

Two or more of our tested checks point the wrong way. When the survival check is one of them, no price makes that acceptable.

What each rating means, in numbers

Can it survive? — Safe. Safer than 67% of the companies we cover, judged on the warning signs that came before companies that really did fail.

Business quality — Weak. Passes 3 of the 9 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.

How wild is the price? — Very wild. The share price swings about 90% in a typical year, which puts it in the most volatile fifth. Out of every 100 companies that swung like this, about 8.6 went bankrupt within the year. Across the three periods we tested that ran from 3.7% to 11.5%.

What "tested" means here, and why there is no score out of 100

Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.

The full record of everything we have tested is on the research pages.

Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.

The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.

Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.

▾ What goes into the smart-money reading
Smart money (short interest + insider buying) (50%) 65/100 → +32.5
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (50%) 28/100 → +14.0
Total47/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.

💵 Price $16.45 · through Oct 9 market close 📄 Financials SEC EDGAR · refreshed 7 days ago
Business type Stable cash-generating business ⓘ Cash-generative operating business — owner-earnings free cash flow is the right lens.
8%
vs 14% normally
Low
The market, not this company tested

Chance the S&P 500 falls 10% or more in the next three months.

Counted from every day since 2006. Says nothing about ASYS — see the board for how it is measured.

📍 Where to start on this page, and what to look at first

How to read ASYS (pre-profit growth)

This company is reinvesting instead of generating profit, so a standard DCF cannot price it. The useful question is whether the growth the market is paying for is achievable — and whether the company can fund itself until then.

Where to start — the sections that matter most for this stock
  1. 1 Reverse-DCF — the growth the price demands ↓
    It shows exactly how fast the business must grow to justify today's price. Compare that to what comparable companies have actually achieved.
  2. 2 Cash runway ↓
    Can it reach profitability before it has to raise money and dilute shareholders?
  3. 3 Interactive calculator ↓
    Set your own growth + margin assumptions and see what the business would be worth if you are right.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ The price sits far above our cash-flow model

Our DCF for ASYS lands well below today's price. For a non-cyclical that usually means the market is pricing in growth far beyond recent cash flows (or there's a data quirk), so we don't headline a single fair-value number.

What to use instead: The Reverse-DCF shows exactly how much growth the price demands — decide whether that's realistic. Pair it with peer multiples.

This note is only about the single DCF fair-value number — ASYS's full financial statements, health scores, and written analysis are all below.

ⓘ Why does ASYS trade at $16.45?

Amtech Systems Inc has 14.3 million shares outstanding. At $16.45 per share, the market values all outstanding ASYS equity at $235 million. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →
) compared to what the business actually produces. This page values ASYS in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation →
economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…

Who owns ASYS, and how it moves

From the SEC's own filings: every fund manager over $100M reports its holdings each quarter, and every officer and director reports theirs. Each point is what was public at the time.

Held by institutions (funds filing Form 13F)
76%+47.1 pts over the last year
2013-06 · 27%2026-06
Held by officers and directors
6.4%+0.0 pts over the last year
2011-09 · 1.9%2026-08

112 institutions reported holding it at the latest quarter-end.

2.82×
Moves with the market
Over the last year, a 1% move in the S&P 500 came with about a 2.8% move in ASYS.
1.70×
Moves with its sector (Industrials)
The same measure against the XLI sector fund over the last year.

Safer than 67% of the stocks we cover

Failure risk
Safe
●●●●●
Rank 33 of 100
Went bankrupt within a year
<0.1%
●●●●●
Average company: 0.6%
What this rating means, and what it does not

What this rank is — Safe. Safer than 67% of the companies we cover. Out of every 100 companies ranked here, about <0.1% went bankrupt within the year, against 0.6% for the average company we cover. The rank comes from a model trained on every US filing since 2012, including 823 companies that really did fail, and scored each year by a version that had not seen that year.

What it is not — Not a trade. We tested shorting these names and buying puts, spreads, straddles and condors on them at real option prices, 2010-2025. Every version lost money: the market already prices the distress and the survivors squeeze. A high rank is a reason to read the filings and to size for a total loss, not a reason to bet against the company. A low rank says the balance sheet is calm, not that the price is sensible.

▾ The numbers, the logic, and why not to trade on it

The logic. A model trained on every US filing since 2012 — including 823 companies that went bankrupt or stopped trading under a dollar — ranks each covered stock by its chance of failing in the next year, from its latest filing, price history and credit conditions. The rank is a position among peers; the table is a count of what happened to stocks in each position, scored each year by a model that had not seen that year.

Rank band went bankrupt within 12 monthsfell 80% or more (or failed) within 12 monthsfell 50% or more (or failed) within 6 months
All covered stocks (average) 0.59% 4.21% 8.51%
Manufacturing (sector average) 0.36% 2.56% 5.85%
riskiest 1% 16.4% 33.0% 45.5%
next 2% (97-99) 5.9% 24.9% 38.2%
next 2% (95-97) 3.4% 21.2% 33.8%
next 5% (90-95) 1.6% 15.1% 27.3%
next 15% (75-90) 0.8% 8.5% 17.8%
next 25% (50-75) 0.2% 2.7% 6.2%
safest half ← this stock <0.1% 0.5% 2.1%

Why not to trade on it. We tested shorting these names and buying puts, spreads, straddles and condors on them at real option prices, 2010–2025: every version lost money. The market already prices the distress, and the survivors squeeze. Use a high rank to read the filings and to size for a total loss — not to bet against the company. A low rank says the balance sheet is calm, not that the price is sensible.

Scored from the filing of 2026-05-08; table generated 2026-09-18. Within Manufacturing: rank 43 of 100. Rough one-year odds for this stock alone: bankruptcy 0.1%, an 80% fall 1.4% (the model overstates the middle of the range).

Takeover odds: higher than 20% of the stocks we cover. Companies ranked here were acquired within a year 3.0% of the time (average 4.6%).
▾ The logic, and why not to buy on it

The logic. Trained on 2,900 acquisitions since 2012, the model leans on size (small), age, retained earnings, asset growth, volatility and how many deals the sector has just seen. Announcement = the day the stock jumped, not the day the paperwork was filed.

top 1% 15.4% acquired within a year
next 2% (97-99) 10.3% acquired within a year
next 2% (95-97) 9.0% acquired within a year
next 5% (90-95) 7.3% acquired within a year
next 15% (75-90) 6.4% acquired within a year
next 25% (50-75) 4.8% acquired within a year
bottom half ← this stock 3.0% acquired within a year

Why not to buy on it. A takeover paid a median +22% on the day — but even in the top band about 6 in 7 companies are not bought, and those lag. Buying the whole top list returned what the S&P 500 did (2012–2023), and adding "cheap" or "beaten-down" filters did not change that. Read it as context for a thesis you already have, never as the thesis.

Checking filings for failure warnings…

⚠ We found only 1 genuine same-industry (Special Industry Machinery) comparable — fewer than the 4 we require for a reliable median. The 8 names in the table below therefore include 7 broader Industrials names marked fallback, whose business models and margins differ — which is why any median below is computed over that wider set, not over true comparables. So we do not derive a peer-implied share value here. Read the multiples as rough context only.

How does ASYS stack up against its closest peers?

Ideally we compare ASYS only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →
1.1x / 2.7x / 3.2x
EV / Gross Profit?EV / Gross Profit — Enterprise value divided by gross profit — the multiple paid for what each dollar of sales contributes after direct costs.
Why it matters: More refined than EV/Sales for high-margin businesses (software, marketplaces) where gross margin is the real economic engine.
Reference: 8–15x for SaaS · 15–25x for hypergrowth software · >30x demanding
Full explanation →
2.5x / 7.2x / 11.1x
EV / EBIT?EV / EBITDA — Enterprise value divided by earnings before interest, tax, depreciation, and amortization.
Why it matters: A classic "what would a private buyer pay" multiple — used in M&A. Strips out tax and capital-structure noise.
Reference: 8–12x for mature businesses · 15–25x for growth · Below 5x often signals distress
Full explanation →
14.8x / 17.6x / 18.7x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 peers (broad — see caveat); implausible multiples excluded.

Peer-implied value check
We're not showing a peer-implied price for ASYS: with only 1 genuine same-industry comparable, a median built partly from broader-sector names would be misleading. Lean on the DCF above; use the multiples table only as loose context.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
TRT TRIO-TECH INTERNATIONAL Special Industry Machinery $129M 3.5x 14.1x508.7x 6.7%
ERII Energy Recovery, Inc. Special Industry Machinery ·fallback $421M 3.1x 4.8x17.6x 2.6%
TSSI TSS, Inc. Consulting ·fallback $262M 1.1x 8.6x44.3x 4.4%
VATE INNOVATE Corp. Fabricated Metal ·fallback $208M 0.2x 1.0x7.2x 71.2%
EFTY ETOILES CAPITAL GROUP CO., LTD Consulting ·fallback $287M 89.2x —— 1.0%
ZJK ZJK Industrial Co., Ltd. Bolts, Nuts, Screws, Rivet ·fallback $177M 3.2x 7.2x18.7x 2.6%
YDDL One & one Green Technologies. INC Misc Durable Goods ·fallback $176M 2.7x 11.1x14.8x 14.2%
SPWR SunPower Inc. Specialty Construction ·fallback $155M 1.1x 2.5x— 17.0%

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Business quality
Weak
●●●●●
Passes 3 of 9 checks
What these health ratings mean, in numbers

Business quality — Weak. Passes 3 of the 9 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".

The workings
Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
3 / 9
Weak
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✗ Positive net income
    Net income -$30.3M in FY2025.
    Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
  • ✓ Positive operating cash flow
    Operating cash flow $7.9M (was $9.8M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $7.9M vs net income -$30.3M.
  • ✗ Return on assets improving
    Return on assets -32.7% vs -7.1% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✗ Debt load (vs assets)
    Long-term debt is 0.2% of assets vs 0.2% a year ago ($0.2M of $92.9M assets).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • ✗ Short-term liquidity (current ratio)
    Current ratio 2.94x vs 3.20x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✗ Share count (dilution)
    Share count rose 0.7% (14.2M → 14.3M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • ✗ Pricing power (gross margin)
    Gross margin 34.0% vs 35.8% a year ago.
    Why this matters: Rising gross margin means stronger pricing power or lower input costs — a sign of competitive strength. Falling margin signals pressure.
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.85x vs 0.85x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation →
(the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for ASYS. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for ASYS because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think ASYS can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$16.45
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →
    (DCF) valuation is not meaningful for Amtech Systems Inc. due to its negative net income of -$30.3 million in the latest fiscal year and compressing gross margins. Investors are likely focused on potential future revenue growth and a turnaround to profitability, rather than current cash generation. The biggest risk to our assumptions is that the revenue decline of -1.8% per year over the last four years continues, making a return to sustainable profitability challenging.

    ⚠️ Revenue declining (+1 more flags below)

    As of 7 days ago

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    ASYS Amtech Systems Inc stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    −38.2%
    loss
    Where each $1 of revenue goes
    For every $1 of revenue, ASYS currently loses 38.2¢ — costs exceed sales. A money-losing business can still be a good investment if losses are shrinking toward profitability; check the trend, not just the snapshot.
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $16) represents $5.55 of revenue per share per year, $2.12 lost per share per year, and $0.40 of free cash flow per share from the latest fiscal year. Each share carries $0.02 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The bull case hinges on Amtech Systems Inc. successfully reversing its revenue decline and expanding its gross margins from the current 34% to achieve consistent profitability, thereby generating sustainable free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →
    .
    🐻 The Bear Case
    The bear case is that the revenue decline of -1.8% per year continues, and gross margins remain compressed or further deteriorate, preventing the company from achieving consistent positive net income and free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →
    .
    📌 Signposts to watch — update your view as these print
    • Quarterly revenue growth rates
    • Gross margin trends
    • New product announcements or significant customer wins

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Free cash flow rose to $5.7M.
    ⚠ Worsening
    • Revenue fell -22% to $79.4M.
    • Gross margin shrank to 34% (-2 pts).
    • Still unprofitable at -$30.3M — loss widening.

    Management & Leadership

    Robert C Daigle serves as the Chairman and CEO, leading Amtech Systems Inc. Thomas B Sabol is the Chief Financial Officer. The company's leadership focuses on its specialized machinery offerings.

    Robert C Daigle
    Chairman & CEO — Chief Executive Officer (per SEC Form 4, 2026-08-05)

    Chairman & CEO

    Thomas B Sabol
    Chief Financial Officer (per SEC Form 4, 2026-09-16)

    Chief Financial Officer

    Guy Shechter
    President & CEO — title as filed then; not the current certifying officer (per SEC Form 4, 2026-08-25)
    Mark Weaver
    Interim CFO — title as filed then; not the current certifying officer (per SEC Form 3, 2026-05-14)
    Wade Michael Jenke
    Chief Financial Officer — title as filed then; not the current certifying officer (per SEC Form 3, 2024-08-09)
    Robert M Averick
    Director (per SEC Form 4, 2026-06-01)

    What They Make

    Amtech Systems Inc. designs, manufactures, and markets capital equipment and related consumables for use in fabricating semiconductor devices, silicon carbide (SiC) and other advanced materials. Their paying customers are primarily manufacturers in the semiconductor and advanced materials industries.

    End Markets

    Semiconductor manufacturingSilicon carbide productionAdvanced materials processing

    Revenue Drivers

    Semiconductor equipment sales
    Advanced material equipment sales
    Consumables and spare parts
    Market Cap: 235.3MBeta: 2.02

    Why Is It Priced Like This?

    Why Customers Pay

    Specialized equipment for critical processes
    Enabling advanced material production
    Improving manufacturing efficiency
    No discounted-cash-flow value for this filer Our own data-quality checks flagged this company's figures as inconsistent enough that a discounted-cash-flow value would be misleading, so we hold it. This is our judgement about model reliability, not a gap in the company's reporting.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing Amtech Systems based on expectations for a future turnaround and potential growth in its specialized markets, rather than its current cash flow. The company has negative net income and compressing gross margins, making a traditional cash flow valuation difficult. Investors may be betting on the company's product pipeline or optionality in emerging technologies, despite the revenue declining by -1.8% per year over the last four years.

    Business Model & Valuation

    How They Make Money

    Hydrogen fuel-cell system sales
    Fuel/services subscriptions
    Electrolyzer & infrastructure

    The company has reduced its long-term debt from $4M to $0M and funds itself through operating cash flow, which was positive at $7.9 million in the latest fiscal year, and its cash reserves of $17.9 million.

    Free Cash Flow DCF

    Owner-earnings FCF DCF: positive free cash flow (operating cash flow − capex − stock-based comp) in a sector suited for cash-flow-based valuation. FCF negative in 2/5 years. High P/FCF (53x) - market pricing significant growth.

    Show advanced inputs
    Revenue Growth-1.8%
    Sector Default6.0%
    Sector Default SourceIndustrials sector default
    Best Estimate3.7%
    Methodblend(30% revenue_cagr, 70% sector)
    Growth Basistotal

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    Maturity & Competitive Position

    Mature cash-generating business

    Moat Signals

    Specialized technology and expertise
    Established customer relationships
    Proprietary manufacturing processes

    Revenue has been declining at -1.8% per year over the last four years, from $85M to $79.4 million.

    Geography & Markets

    Geographic Risks

    Concentration risk in semiconductor and advanced materials industries
    Technological obsolescence risk

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape neutral - aligned.
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →
    (14)
    67.4NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →
    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$15.27Price above (+7.7%)Price above its 50-day average = near-term uptrend.
    200-Day Average$15.91Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    Data Quality & Risk Flags (8 notes — click to expand/collapse)

    HIGH Revenue declining
    MEDIUM Operating CF declining
    Guardrail Notes (6)
    • Terminal growth set to 2.9% — the lowest of the applicable caps (binding: 80% of near-term growth (3.7%)). We use one effective terminal rate everywhere on the page.
    • Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
    • Extreme valuation: the price is far above the model output for a non-cyclical — likely dominated by a data issue. The model value is suppressed.
    • VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
    • Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.

    Financial Statements (5-year tables — click to expand)

    From Amtech Systems Inc's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    202579.4M-30.3M$-2.12
    2024101.2M-8.5M$-0.60
    2023113.3M-12.6M$-0.89
    2022106.3M17.4M$1.22
    202185.2M1.5M$0.11

    Cash Flow (5yr)

    YearOperating CFCapEx− SBCFree Cash Flow
    2025 7.9M 950,000 1.2M 5.7M
    2024 9.8M 4.9M 1.5M 3.4M
    2023 -7.7M 2.9M 1.3M -11.9M
    2022 5.2M 1.1M 543,000 3.5M
    2021 -6.0M 3.0M 401,000 -9.4M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 7.9M − 950,000 − 1.2M (stock-based comp) = 5.7M. This is the same owner-earnings FCF definition the valuation model uses.

    Balance Sheet

    Total Assets92.9M
    Total Liabilities39.5M
    Equity53.4M
    Total Debt294,000

    Similar companies worth a look

    Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.

    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →

    The questions people ask about ASYS

    Is Amtech Systems Inc (ASYS) a good stock to buy?

    We do not publish a single fair value for Amtech Systems Inc, because one number would not be reliable for this business (the page explains why). Judge it on what today's price assumes, its financial-health checks and what insiders are doing, all shown here from SEC filings. This is educational research from SEC filings, not investment advice.

    Is Amtech Systems Inc (ASYS) overvalued?

    A single fair-value number is not reliable for Amtech Systems Inc, so we do not call it overvalued or undervalued. The page shows what growth today's price assumes and how the company's finances look instead. This is educational research from SEC filings, not investment advice.

    What growth is priced into ASYS?

    Working backwards from today's price, the market is counting on roughly 17.6% a year growth in ASYS's cash flow over the next decade. Compare that with the company's actual record on this page.

    Where do these numbers come from?

    From Amtech Systems Inc's own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.

    ⚠️ Not investment advice. Automated model outputs, last refreshed 7 days ago (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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