# Amtech Systems (ASYS.US)

Canonical: https://gigainvestors.com/s/ASYS

Analysis as of: 2026-10-16T07:26:38.633Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.45 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 12.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: -0.01×

- FY2021: 0.04×

- FY2022: 0.16×

- FY2023: -0.13×

- FY2024: -0.07×

- FY2025: -0.36×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: -14.7%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 37.3%

- Recent gross margin (lower of latest and 3-year median): 35.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: -9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.5%

- FY2018: 11.1%

- FY2019: 9.6%

- FY2020: -1.0%

- FY2021: 4.1%

- FY2022: 30.5%

- FY2023: -14.7%

- FY2024: -7.9%

- FY2025: -41.6%

- LTM to Jun 2026: 8.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$30M

- Net income, five-year total: -$33M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 42.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $1.5M

- FY2022: $18M

- FY2023: -$10M

- FY2024: -$10M

- FY2025: -$29M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs -14.7%

- Per-share earnings: -0.53 to -0.89 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: -$43M

- Cumulative retained earnings: -$49M

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.36

- Per-share value, starting three-year median: -$0.53

- Per-share value, ending three-year median: -$0.89

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 3.4%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $27M

- Cumulative net income, 10 years: -$46M

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: -14.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.53

- FY2017: $0.68

- FY2018: $0.35

- FY2019: -$0.36

- FY2020: -$1.11

- FY2021: $0.11

- FY2022: $1.22

- FY2023: -$0.89

- FY2024: -$0.60

- FY2025: -$2.12

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -41.1%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 15.6%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.3%

- FY2017: -1.4%

- FY2018: -1.0%

- FY2019: -4.2%

- FY2020: -13.8%

- FY2021: 6.4%

- FY2022: 9.1%

- FY2023: -3.6%

- FY2024: -15.4%

- FY2025: -41.1%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Jun 2026 · "Weak SiC Demand Hurts Amtech's SFS Business: Can It Recover?" (finance.yahoo.com, Jul 2026) · sales +2.9%

Story as of 2026-10-16T09:58:20.269Z; price observation 2026-10-15.

- 2025-12-11: Amtech Systems Rises 6% After Q4 Earnings and Revenues Beat Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/amtech-systems-rises-6-q4-152500903.html))

- 2026-01-08: Benchmark Maintains Hold on Amtech Systems (ASYS) as AI Revenue Surge ([finance.yahoo.com](https://finance.yahoo.com/news/benchmark-maintains-hold-amtech-systems-190034331.html))

- 2026-02-16: Amtech's Weak SFS Demand Continues: Is Profit Growth at Risk? ([finance.yahoo.com](https://finance.yahoo.com/news/amtechs-weak-sfs-demand-continues-165700248.html))

- 2026-07-21: Weak SiC Demand Hurts Amtech's SFS Business: Can It Recover? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/weak-sic-demand-hurts-amtechs-145100249.html))

### Sales · FY2025–2026

sales +2.9%; source https://www.sec.gov/Archives/edgar/data/720500/000119312525314147/asys-20250930.htm; observed 2025-12-10.

- FY2017: $83M 

- FY2018: $100M 

- FY2019: $85M 

- FY2020: $65M 

- FY2021: $85M 

- FY2022: $106M 

- FY2023: $113M 

- FY2024: $101M 

- FY2025: $79M 

- FY2026: $82M 

### Gross margin · FY2026

gross margin 46.9%; source https://www.sec.gov/Archives/edgar/data/720500/000119312525314147/asys-20250930.htm; observed 2025-12-10.

- FY2017: 37.4% 

- FY2018: 36.9% 

- FY2019: 39.2% 

- FY2020: 37.3% 

- FY2021: 40.5% 

- FY2022: 37.2% 

- FY2023: 31.4% 

- FY2024: 35.8% 

- FY2025: 34.0% 

- FY2026: 46.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 79.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/720500/000119312525314147/asys-20250930.htm (filed 2025-12-10); FY2025: revenue 79364000; grossProfit 26983000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ASYS.US: Amtech Systems, Inc., together with its subsidiaries, manufactures and sells capital equipment and related consumables for use in fabricating and packaging semiconductor devices in the United States, Canada, Mexico, China, Malaysia, Taiwan, Singapore, the Czech Republic, Austria, Hungary, the United Kingdom, Germany, and internationally. It operates through Thermal Processing Solutions and Semiconductor Fabrication Solutions segments. The company offers thermal processing equipment for use in solder reflow operations for advanced semiconductor packaging and electronics assembly; belt furnaces for producing power semiconductor packaging substrates and electronic components; and horizontal diffusion furnaces for use in wafer processing. It also provides double-sided wafer cleaning systems, entegrity head testers, substrate carriers, substrate polishing templates, substrate process chemicals, wafer processing lubricants, and coolants under the Entrepix, PR Hoffman, and Intersurface Dynamics brands. In addition, the company offers, and entegrity head tester, and CMP parts and service. The company sells its products to semiconductor substrate, device, and electronic assembly manufacturers, as well as ceramics and optics industries through sales personnel and a network of independent sales representatives and distributors. Amtech Systems, Inc. was incorporated in 1981 and is headquartered in Tempe, Arizona.

### Why customers stay

Margins ranged from 31.4% to 35.8% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2023: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2024: grossProfit / revenue = 35.8%.

- Source: https://www.sec.gov/Archives/edgar/data/720500/000119312525314147/asys-20250930.htm (filed 2025-12-10); FY2025: grossProfit / revenue = 34%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); 10-year return on capital observations [[2017,0.06492510699001426],[2018,0.11124387402696846],[2019,0.09571077697238363],[2020,-0.009535364093375144],[2021,0.04052301255230126],[2022,0.30454213648357964],[2023,-0.1469251602643741],[2024,-0.07865866650883371],[2025,-0.4161062012350701],[2026,0.08692066700353714]]; median 0.05272405977115776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2017: growth capex 0; upkeep 1256000; owner earnings 10368000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2018: growth capex 0; upkeep 1495000; owner earnings 5664000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2021: growth capex 1614000; upkeep 1398000; owner earnings 1508000. Growth capex / owner earnings = 1.070291777188329.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); FY2022: growth capex 0; upkeep 1135000; owner earnings 17961000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); Dividend observations: [[2016,0],[2017,0],[2018,368000],[2019,0],[2020,877000],[2021,0],[2022,4152000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ASYS.US SharesStats.PercentInsiders = 9.146 percentage points; cache date 2026-10-05.

### What the price says

The price is 2.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-10); Closing price 13.45 USD; reporting-to-trading FX 1; FY2025 annual sales per share 5.549153964480492; price multiple 2.4237929035834886. FY2025 cash earnings/share -1.9951055796392112. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.51 per share

- 2016-11: $4.34 per share

- 2016-12: $4.25 per share

- 2017-01: $5.40 per share

- 2017-02: $6.28 per share

- 2017-03: $5.50 per share

- 2017-04: $7.04 per share

- 2017-05: $8.07 per share

- 2017-06: $8.44 per share

- 2017-07: $8.83 per share

- 2017-08: $11.05 per share

- 2017-09: $11.98 per share

- 2017-10: $14.56 per share

- 2017-11: $9.88 per share

- 2017-12: $10.07 per share

- 2018-01: $10.03 per share

- 2018-02: $7.59 per share

- 2018-03: $7.32 per share

- 2018-04: $6.93 per share

- 2018-05: $9.86 per share

- 2018-06: $6.05 per share

- 2018-07: $5.66 per share

- 2018-08: $5.49 per share

- 2018-09: $5.34 per share

- 2018-10: $4.69 per share

- 2018-11: $5.50 per share

- 2018-12: $4.53 per share

- 2019-01: $5.03 per share

- 2019-02: $4.78 per share

- 2019-03: $5.33 per share

- 2019-04: $6.62 per share

- 2019-05: $5.37 per share

- 2019-06: $5.50 per share

- 2019-07: $5.88 per share

- 2019-08: $5.07 per share

- 2019-09: $5.30 per share

- 2019-10: $5.72 per share

- 2019-11: $5.98 per share

- 2019-12: $7.16 per share

- 2020-01: $5.13 per share

- 2020-02: $4.98 per share

- 2020-03: $4.35 per share

- 2020-04: $4.96 per share

- 2020-05: $5.24 per share

- 2020-06: $4.87 per share

- 2020-07: $5.15 per share

- 2020-08: $5.68 per share

- 2020-09: $4.89 per share

- 2020-10: $5.32 per share

- 2020-11: $6.17 per share

- 2020-12: $6.38 per share

- 2021-01: $6.99 per share

- 2021-02: $9.59 per share

- 2021-03: $11.82 per share

- 2021-04: $10.54 per share

- 2021-05: $10.44 per share

- 2021-06: $9.64 per share

- 2021-07: $10.36 per share

- 2021-08: $10.34 per share

- 2021-09: $11.43 per share

- 2021-10: $15.02 per share

- 2021-11: $9.90 per share

- 2021-12: $9.88 per share

- 2022-01: $8.98 per share

- 2022-02: $10.40 per share

- 2022-03: $10.06 per share

- 2022-04: $9.11 per share

- 2022-05: $9.01 per share

- 2022-06: $7.30 per share

- 2022-07: $7.82 per share

- 2022-08: $11.10 per share

- 2022-09: $8.50 per share

- 2022-10: $9.22 per share

- 2022-11: $10.94 per share

- 2022-12: $7.60 per share

- 2023-01: $10.83 per share

- 2023-02: $9.58 per share

- 2023-03: $9.54 per share

- 2023-04: $8.63 per share

- 2023-05: $8.90 per share

- 2023-06: $9.56 per share

- 2023-07: $10.75 per share

- 2023-08: $8.58 per share

- 2023-09: $7.62 per share

- 2023-10: $7.17 per share

- 2023-11: $7.74 per share

- 2023-12: $4.20 per share

- 2024-01: $4.08 per share

- 2024-02: $4.81 per share

- 2024-03: $5.41 per share

- 2024-04: $4.82 per share

- 2024-05: $6.42 per share

- 2024-06: $5.86 per share

- 2024-07: $5.74 per share

- 2024-08: $6.36 per share

- 2024-09: $5.80 per share

- 2024-10: $5.56 per share

- 2024-11: $5.64 per share

- 2024-12: $5.45 per share

- 2025-01: $5.05 per share

- 2025-02: $4.94 per share

- 2025-03: $4.83 per share

- 2025-04: $3.45 per share

- 2025-05: $4.01 per share

- 2025-06: $4.44 per share

- 2025-07: $4.71 per share

- 2025-08: $6.33 per share

- 2025-09: $9.26 per share

- 2025-10: $7.93 per share

- 2025-11: $7.85 per share

- 2025-12: $12.55 per share

- 2026-01: $16.81 per share

- 2026-02: $13.05 per share

- 2026-03: $11.68 per share

- 2026-04: $17.41 per share

- 2026-05: $21.27 per share

- 2026-06: $23.08 per share

- 2026-07: $15.34 per share

- 2026-08: $14.62 per share

- 2026-09: $16.78 per share

- 2026-10: $13.45 per share

## Annual estimated value (USD per share)

- FY2021: low $3.32 per share, central $3.48 per share, high $3.69 per share

- FY2022: low $4.60 per share, central $4.80 per share, high $5.07 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/720500/000119312525314147/asys-20250930.htm); period 2025-09-30, filed 2025-12-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 848,426 ASYS shares; USD 19,582,000 reported position value; 0.03% of portfolio; add; quarter 2026 Q2.

# ASYS — Amtech Systems Inc.

Held by 1 investor · USD 19,582,000 total · 2026 Q2 · reported price USD 23.08 (split-adjusted).
Page: https://gigainvestors.com/s/ASYS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 19,582,000 | <0.1% | add +1.92% |

## Total held by quarter

- 2021 Q2: USD 68,012 · 1 holder · USD 9.59
- 2021 Q3: USD 187,033 · 1 holder · USD 11.41
- 2021 Q4: USD 117,017 · 1 holder · USD 9.84
- 2022 Q1: USD 477,016 · 1 holder · USD 10.07
- 2022 Q2: USD 1,220,940 · 1 holder · USD 7.30
- 2022 Q3: USD 1,665,295 · 1 holder · USD 8.50
- 2022 Q4: USD 2,255,733 · 1 holder · USD 7.60
- 2023 Q1: USD 3,226,533 · 1 holder · USD 9.54
- 2023 Q2: USD 3,949,035 · 1 holder · USD 9.56
- 2023 Q3: USD 4,376,517 · 1 holder · USD 7.62
- 2023 Q4: USD 2,444,211 · 1 holder · USD 4.20
- 2024 Q1: USD 3,235,423 · 1 holder · USD 5.41
- 2024 Q2: USD 3,960,446 · 1 holder · USD 5.86
- 2024 Q3: USD 4,543,529 · 1 holder · USD 5.80
- 2024 Q4: USD 4,550,325 · 1 holder · USD 5.45
- 2025 Q1: USD 4,066,483 · 1 holder · USD 4.83
- 2025 Q2: USD 3,553,696 · 1 holder · USD 4.44
- 2025 Q3: USD 6,966,724 · 1 holder · USD 9.26
- 2025 Q4: USD 9,216,042 · 1 holder · USD 12.55
- 2026 Q1: USD 9,723,051 · 1 holder · USD 11.68
- 2026 Q2: USD 19,582,000 · 1 holder · USD 23.08