Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a cyclical company: P/E comparison and EV/EBITDA comparison.
ACCE opinionAXT Inc Common Stock (AXTI)
Fair value (2 models)
Not available
ACCE price target
$70.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Price used: $52.08 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
47
out of 100
Analysts
80% buy
5 covering
P/E
1302.0x
forward 23.1x
1-year return
+905.4%
Dividend yield
0.00%
AXT Inc Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
AXT Inc makes compound semiconductor substrates, the indium phosphide and gallium arsenide wafers that go into lasers, photonics and RF chips, and it also runs a Chinese joint venture that produces the raw materials for them. Its moat is mostly process know-how and a short list of qualified suppliers, which is why revenue growth of 164.8% is worth a closer look even though it comes off a small base and the trailing P/E of 1447.8 reflects depressed earnings. The forward P/E of 30.8 implies the market expects a sharp earnings recovery, and the 21.9% operating margin shows the business can earn real profit once volumes hold. What is less clear is how durable that growth is, given the 1.0% ROE and the cyclicality of the optical and RF end markets it serves, so the question for the team is whether current demand for indium phosphide substrates, driven by AI data-center optics, is structural or a restocking spike.