Wednesday, June 24, 2026
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The Chain Gazette · ResearchSemiconductorsNASDAQ NMS - GLOBAL MARKETFull writeup
$77.91-15.72%as of 10:57 PM ET

AXTIAXT Inc.

Compound-semiconductor substrate maker. Produces indium phosphide (InP), gallium arsenide (GaAs), and germanium (Ge) wafers. The upstream chokepoint under every 800G optical transceiver.

Coiled

0

52w range compression, breakout-adjusted

Watched

11

7-day news volume + tape quietness

Sound

25

Margins, growth, FCF composite

Critical

100

Supply-chain concentration × demand

Pressure

37

Pricing Power

21.3%

Flat

CHAIN-D scores pending — refresh after next quarterly run.

Numbers on the wire.

Market cap

$5.1B

P/E (TTM)

P/S (TTM)

54.93

EV / EBITDA

Gross margin

21.34%

Op margin

-13.85%

Net margin

-14.68%

FCF margin

Rev growth YoY

-0.14%

EPS growth YoY

ROE

-6.21%

ROA

-3.65%

Debt / Equity

0.28

Current ratio

2.59

Price / Book

11.52

Beta

1.85

Layer Presence.

Four public InP substrate suppliers exist worldwide; AXTI is the only US-listed pure-play. As 800G and 1.6T optical transceivers ramp for AI fabrics, InP wafer demand is set to 2× by 2027. Concentration risk is the entire thesis.

From the EDGAR wire.

From the tape.

Who AXTI touches.