AXT Inc (AXTI) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, AXTI scores 38 out of 100, grade D-, with the verdict "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars break down as follows:

• Fundamental Cash Engine: 9 / 20 (ROIC -5.4%; FCF yield -0.47%). Per the market data, the company is currently destroying capital on a return basis and generating negative free cash flow yield, which weakens the case that operations self-fund growth.
• Whale 13F Flow: 9 / 20 (institutional accumulation and options positioning). This pillar is below midpoint; the rating does not indicate strong institutional conviction.
• Insider Conviction: 3 / 20 (SEC Form 4 and Congressional PTR cluster flow). This is the weakest pillar, indicating little insider or congressional buying support in the rating inputs.
• Macro Regime Fit: 6 / 20 (beta 1.42; sector sensitivity). A beta above 1 implies the stock tends to move more than the market, amplifying both upside and drawdowns in risk-off or risk-on regimes.
• Forensic Balance Sheet: 11 / 20 (Altman Z 24.42; Piotroski F 3/9; Debt/Equity 0.15). This is the strongest pillar. A very high Altman Z and low Debt/Equity suggest limited near-term solvency stress, while a Piotroski F of 3/9 signals weak fundamental quality trends.

For a prospective investor evaluating the stock today, the combination is notable: the balance sheet looks defensively sound on the forensic metrics, yet operating cash generation, returns on capital, and insider signals are weak. The market has priced a sharp range, with a 52-week span of $7.8 - $143.16 against a current price of 60.88, meaning the stock has experienced extreme volatility. Forward P/E of 33 sits against negative trailing EPS of -0.32, so valuation depends heavily on earnings recovery that the source data does not confirm.

Per the market data, operating margin is -24.9% and net margin is -24.1%, with ROIC at -5.4%. The Altman Z-Score of 24.42 and Piotroski F-Score of 3/9 are reported in the Roarable RQD rating's forensic balance sheet pillar. Debt/Equity of 0.15 and reported cash of $120.3M for FY 2025 indicate a balance sheet posture the rating describes as comparatively sound, though revenue declined from $99.4M to $88.3M across FY 2024 to FY 2025 and losses persisted in each reported period.

• What is the breakdown of FY 2025 revenue by product line and end market, and what drove the year-over-year decline from $99.4M?
• What explains the gap between the FY 2023 debt figure of $513.8M and the FY 2024 and FY 2025 debt figures, and is the cash balance for FY 2023 available?
• What are the trailing P/E and EV/EBITDA, and how does the forward P/E of 33 reconcile with negative trailing EPS?
• What are the institutional and insider ownership figures, given that holders data is absent?
• What drove the 52-week range from $7.8 to $143.16, and what catalysts are scheduled around the Q3 earnings release referenced in the news wire?