olivLaw · US equity research
Amtech Systems, Inc. ASYS
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
Amtech Systems supplies equipment, consumables and services for semiconductor device packaging and wafer fabrication, with strong demand tied to AI infrastructure. Recent results show revenue recovering in its thermal processing segment while the silicon carbide-related fabrication segment remains weak. Quarterly net revenue of [22.4] million USD in the third quarter of fiscal 2026 and cash of [83.1] million USD at June 30, 2026 frame the current picture.
At the close of 04 Nov 2026, Amtech Systems, Inc. (ASYS) stock was 12.35 USD (−3.52% on the day), with market capitalisation 216.2 m USD, P/E 46.7 on diluted EPS of 0.26 USD over the last 12 months, beta 1.49, 52-week range 7.05–23.99 USD. Latest reported quarter (Q3 2026): revenue of 22.4 m USD (+14.5% YoY), net income of 1.7 m USD (+1,464.2% YoY), diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.7
- weak (30–45)
- Bollinger (20, 2)
- 11.08 – 16.26
- in the lower half of the band · %B 0.24 · band width 37.9%
- SMA 50 / 200
- 14.74 / 16.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.76 / -0.68
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −30.7% | −2.0% | −28.7 pp | — |
| 3 months | −22.9% | −2.2% | −20.7 pp | — |
| 6 months | −32.1% | +4.3% | −36.4 pp | — |
| Year to date | −1.6% | +10.6% | −12.2 pp | — |
| 1 year | +71.5% | +10.5% | +61.1 pp | +19.4% |
| 3 years | +66.7% | +73.7% | −7.0 pp | +8.3% |
| 5 years | −17.8% | +61.7% | −79.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.1 m | 24.4 m | 15.6 m | 19.6 m | 19.8 m | 19.0 m | 20.5 m | 22.4 m |
| Cost of revenue | 14.3 m | 15.0 m | 15.9 m | 10.4 m | 11.0 m | 10.5 m | 10.7 m | 11.2 m |
| Gross profit | 9.8 m | 9.4 m | -325.0 k | 9.1 m | 8.8 m | 8.5 m | 9.8 m | 11.2 m |
| SG&A | 8.8 m | 8.1 m | 7.1 m | 7.4 m | 6.4 m | 6.9 m | 7.2 m | 8.0 m |
| Operating income | 26.0 k | 339.0 k | -31.6 m | 915.0 k | 1.8 m | 775.0 k | 1.8 m | 2.2 m |
| Depreciation & amortisation | 719.0 k | 752.0 k | 821.0 k | 594.0 k | 575.0 k | 614.0 k | 627.0 k | 620.0 k |
| Interest expense | 59.0 k | 7.0 k | 6.0 k | 5.0 k | 7.0 k | 7.0 k | 9.0 k | 2.0 k |
| Pre-tax income | -299.0 k | 757.0 k | -31.5 m | 905.0 k | 1.9 m | 689.0 k | 1.7 m | 2.3 m |
| Income tax | 237.0 k | 445.0 k | 272.0 k | 799.0 k | 818.0 k | 581.0 k | 502.0 k | 616.0 k |
| Net income | -536.0 k | 312.0 k | -31.8 m | 106.0 k | 1.1 m | 108.0 k | 1.2 m | 1.7 m |
| Diluted EPS | -0.04 ≈ | 0.02 | -2.23 | 0.01 | 0.07 ≈ | 0.01 | 0.08 | 0.10 |
| Operating cash flow | 879.0 k | 2.9 m | 210.0 k ≈ | 2.5 m ≈ | 2.3 m | 4.1 m | 2.1 m ≈ | 1.1 m ≈ |
| Capex | -432.0 k | 143.0 k | 9.0 k ≈ | 552.0 k ≈ | 246.0 k | 277.0 k | 198.0 k ≈ | 126.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 72 percentile of its own 18-quarter history (min 4.2, median 20.2, max 107.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 100.1 m | 85.0 m | 65.5 m | 85.2 m | 106.3 m | 113.3 m | 101.2 m | 79.4 m |
| Revenue YoY | +20.4% | −15.0% | −23.0% | +30.2% | +24.8% | +6.6% | −10.7% | −21.6% |
| Net income | 5.3 m | -5.2 m | -15.7 m | 1.5 m | 17.4 m | -12.6 m | -8.5 m | -30.3 m |
| Net income YoY | −41.9% | −197.3% | unavailable | unavailable | +1,051.7% | −172.4% | unavailable | unavailable |
| Diluted EPS | 0.35 | -0.36 | -1.11 | 0.11 | 1.22 | -0.89 | -0.60 | -2.12 |
| Diluted EPS YoY | −48.5% | −202.9% | unavailable | unavailable | +1,009.1% | −173.0% | unavailable | unavailable |
| net % | 5.3% | -6.1% | -24.0% | 1.8% | 16.3% | -11.1% | -8.4% | -38.2% |
| Free cash flow | -15.3 m | -541.0 k | -4.3 m | -9.0 m | 4.1 m | -10.6 m | 5.0 m | 6.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 17.9 m USD
- Financial debt
- 420.0 k USD
- Net debt
- -17.5 m USD
- Equity
- 53.4 m USD
- Total assets
- 92.9 m USD
- Debt / equity
- 0.01x
- Current ratio
- 2.94x
- ROE
- -44.7%
- ROA
- -28.6%
- FCF margin
- 8.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 65.5 m | 85.2 m | 106.3 m | 113.3 m | 101.2 m | 79.4 m | SEC (XBRL)· 10 Dec 2025verified |
| Cost of revenue | 41.0 m | 50.7 m | 66.8 m | 73.1 m | 64.1 m | 52.4 m | SEC (XBRL)· 10 Dec 2025verified |
| Gross profit | 24.4 m | 34.5 m | 39.5 m | 35.6 m | 36.2 m | 27.0 m | SEC (XBRL)· 10 Dec 2025verified |
| Research & development | 3.7 m | 6.0 m | 6.4 m | — | — | — | SEC (XBRL)· 30 Nov 2022verified |
| SG&A | 21.4 m | 24.7 m | 28.3 m | 42.0 m | 33.8 m | 29.0 m | SEC (XBRL)· 10 Dec 2025verified |
| Operating income | -485.0 k | 3.7 m | 17.3 m | -15.0 m | -6.7 m | -28.5 m | SEC (XBRL)· 10 Dec 2025verified |
| Depreciation & amortisation | 1.3 m | 1.4 m | 1.7 m | 5.0 m | 3.0 m | 2.7 m | SEC (XBRL)· 10 Dec 2025verified |
| EBITDA | 773.0 k ≈ | 5.1 m ≈ | 19.0 m ≈ | -10.0 m ≈ | -3.7 m ≈ | -25.7 m ≈ | SEC (XBRL)· 10 Dec 2025derived |
| Interest expense | — | 239.0 k | 164.0 k | 520.0 k | 557.0 k | 26.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Pre-tax income | -3.1 m | 3.4 m | 18.8 m | -15.2 m | -7.5 m | -28.0 m | SEC (XBRL)· 10 Dec 2025verified |
| Income tax | 791.0 k | 1.9 m | 1.4 m | -2.6 m | 975.0 k | 2.3 m | SEC (XBRL)· 10 Dec 2025verified |
| Net income | -15.7 m | 1.5 m | 17.4 m | -12.6 m | -8.5 m | -30.3 m | SEC (XBRL)· 10 Dec 2025verified |
| Diluted EPS | -1.11 | 0.11 | 1.22 | -0.89 | -0.60 | -2.12 | SEC (XBRL)· 10 Dec 2025verified |
| Weighted average diluted shares | 14.2 m | 14.3 m | 14.2 m | 14.1 m | 14.2 m | 14.3 m | SEC (XBRL)· 10 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 45.1 m | 32.8 m | 46.9 m | 13.1 m | 11.1 m | 17.9 m | SEC (XBRL)· 10 Dec 2025verified |
| Receivables | 11.2 m | 22.5 m | 25.0 m | 26.5 m | 22.0 m | 19.9 m | SEC (XBRL)· 10 Dec 2025verified |
| Inventories | 17.3 m | 22.1 m | 25.5 m | 34.8 m | 26.9 m | 18.7 m | SEC (XBRL)· 10 Dec 2025verified |
| Current assets | 76.6 m | 80.9 m | 102.9 m | 81.2 m | 64.7 m | 60.2 m | SEC (XBRL)· 10 Dec 2025verified |
| Property, plant & equipment, net | 12.0 m | 14.1 m | 6.6 m | 9.7 m | 11.6 m | 10.2 m | SEC (XBRL)· 10 Dec 2025verified |
| Goodwill | 6.6 m | 11.2 m | 11.2 m | 27.6 m | 21.3 m | 908.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Intangibles (excl. goodwill) | 609.0 k | 858.0 k | 758.0 k | 6.1 m | 4.0 m | 1.1 m | SEC (XBRL)· 10 Dec 2025verified |
| Total assets | 102.1 m | 116.9 m | 133.5 m | 137.0 m | 119.3 m | 92.9 m | SEC (XBRL)· 10 Dec 2025verified |
| Accounts payable | 2.7 m | 8.2 m | 7.3 m | 10.8 m | 5.4 m | 7.7 m | SEC (XBRL)· 10 Dec 2025verified |
| Short-term debt | 380.0 k | 396.0 k | 107.0 k | 2.3 m | 101.0 k | 126.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Long-term debt | 4.8 m | 4.4 m | 180.0 k | 10.7 m | 290.0 k | 294.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Current liabilities | 7.5 m | 15.1 m | 22.6 m | 29.7 m | 20.2 m | 20.5 m | SEC (XBRL)· 10 Dec 2025verified |
| Total liabilities | 20.6 m | 31.3 m | 35.2 m | 48.7 m | 37.0 m | 39.5 m | SEC (XBRL)· 10 Dec 2025verified |
| Equity | 81.5 m | 85.6 m | 98.4 m | 88.4 m | 82.4 m | 53.4 m | SEC (XBRL)· 10 Dec 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.7 m | -6.0 m | 5.2 m | -7.7 m | 9.8 m | 7.9 m | SEC (XBRL)· 10 Dec 2025verified |
| Capex | 2.7 m | 3.0 m | 1.1 m | 2.9 m | 4.9 m | 950.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Free cash flow | -4.3 m ≈ | -9.0 m ≈ | 4.1 m ≈ | -10.6 m ≈ | 5.0 m ≈ | 6.9 m ≈ | SEC (XBRL)· 10 Dec 2025derived |
| Investing cash flow | -12.6 m | -8.1 m | 18.8 m | -37.8 m | -2.2 m | -912.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Financing cash flow | -1.5 m | 1.2 m | -8.3 m | 11.7 m | -10.6 m | 270.0 k | SEC (XBRL)· 10 Dec 2025verified |
| Share repurchases | 2.0 m | — | 4.1 m | — | — | — | SEC (XBRL)· 30 Nov 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 216.2 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.90 – 8.86 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.90 – 8.86 (Mid 7.53)6 companies used · median multiple 28.5x · quartiles 22.3x – 33.5xACLS, ACMR, CRCT, ERII, LRCX, SOTK
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.9% | 33 (vs peers) | 13% |
| FCF conversion · Quality | 218.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -9.3% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 264.6x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 46.7x | 13 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.0% | 51 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation29/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMTECH SYSTEMS, INC. (ASYS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 79.4 m USD in 2025; YoY growth -21.6%; net margin 4.9%; ROE 4.8%.
The estimated value range is 5.90–8.86 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.53 USD, the price of 12.35 USD leaves a potential of -39.0% (value / price − 1) and a margin of safety of -64.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 218.4%
- Interest coverage: 264.6x
- Current ratio: 5.4x
What contradicts it
- Revenue CAGR 3Y: -9.3%
- P/E (TTM): 46.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 288.2 bn | 34.4 | 70.1% | 32.3% | +26.0% | +48% / +222% |
| ACLSAxcelis Technologies Inc | 2.8 bn | 30.9 | 8.9% | 10.7% | −17.6% | +11% / −26% |
| VECOVeeco Instruments Inc | 2.2 bn | 100.5 | 2.6% | 3.4% | −7.4% | +23% / +26% |
| CRCTCricut, Inc. | 1.9 bn | 20.9 | 25.9% | 12.7% | −0.5% | +87% / +29% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +10% / −31% |
| ACMRACM Research, Inc. | 629.9 m | 21.0 | 10.6% | 14.5% | +15.2% | +33% / +167% |
| ERIIEnergy Recovery, Inc. | 366.0 m | 26.0 | 8.6% | 12.7% | −6.9% | −50% / −62% |
| ASYSAmtech Systems, Inc. | 216.2 m | 46.7 | 4.8% | 4.9% | −21.6% | +72% / +67% |
| VELOVelo3D, Inc. | 181.5 m | — | -61.5% | -89.6% | +12.1% | +6% / −99% |
| SOTKSono Tek Corp | 71.0 m | 36.0 | 10.1% | 9.3% | +2.0% | +24% / −10% |
| TRTTrio-Tech International | 51.5 m | — | -0.1% | -0.1% | +71.6% | +16% / +103% |
| CVVCvd Equipment Corporation | 26.8 m | 2.7 | 32.7% | 62.0% | −4.1% | +10% / −19% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +41% / +119% |
1- and 3-year price returns: for ASYS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.70 Total return -54% · Per year -54% | 10.13 Total return -18% · Per year -18% | 15.33 Total return 24% · Per year 24% |
| 3 years | 4.53 Total return -63% · Per year -28% | 9.14 Total return -26% · Per year -10% | 15.33 Total return 24% · Per year 7% |
| 5 years | 3.60 Total return -71% · Per year -22% | 8.25 Total return -33% · Per year -8% | 15.33 Total return 24% · Per year 4% |
- Exit P/E± 2.29
- Net margin± 1.60
- Annual revenue growth± 1.45
- Annual dilution± 0.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Amtech Systems supplies equipment, consumables and services for semiconductor device packaging and wafer fabrication, with strong demand tied to AI infrastructure. Recent results show revenue recovering in its thermal processing segment while the silicon carbide-related fabrication segment remains weak 123. Quarterly net revenue of [22.4] million USD in the third quarter of fiscal 2026 3 and cash of [83.1] million USD at June 30, 2026 3 frame the current picture.
SWOT
Strengths
- The company claims a leading position in reflow ovens for packaging AI chips and a portfolio covering several stages of semiconductor production 12.
- The semi-fabless model and the rise in gross margin in the third quarter show an ability to earn operating revenue on a more flexible cost base 13.
- Significant proceeds from the public offering in June 2026 strengthen the company's financing capacity 3.
Weaknesses
- Revenue depends on a few customers, and losing a major one would have a significant impact on results 12.
- The SFS segment has been declining, and demand for silicon carbide-related products remains weak 13.
- Quarterly results depend on the timing of large system shipments, making revenue and profitability volatile 1.
Opportunities
- AI-driven demand could continue to support advanced packaging orders, and investment in this area could expand the addressable market 13.
- Growth in spare parts and services could provide steadier revenue and better margins 13.
- If new factories in Southeast Asia and Mexico develop, additional demand for equipment and services could emerge 1.
Threats
- The sharp cyclicality of the semiconductor industry could reduce demand and hurt profitability in downturns 1.
- Competition from large groups and Chinese local manufacturers could pressure prices and market share 1.
- Tariffs, trade restrictions and geopolitical tensions could disrupt supply chains and market access 1.
Risks
- Demand cyclicalityhigh
Demand for semiconductor equipment fluctuates sharply, and delays in adjusting costs could affect results 1.
- Dependence on large customershigh
A small number of customers account for a large share of sales and orders, and losing one could significantly reduce revenue 12.
- Access to financingmedium
The company may need additional financing, and new funding terms could dilute shareholders or impose restrictions 1.
- Contract partner risksmedium
Reliance on outside manufacturers could affect deliveries if a partner fails to meet commitments or runs into financial difficulty 1.
- Acquisitions and integrationlow
The acquisition-based growth strategy could falter if integration fails or unforeseen liabilities emerge 12.
Investment thesis
What would need to be true (bull case)
- If AI-related demand for advanced packaging continues, the TPS segment could sustain revenue growth, and a book-to-bill ratio above 1 suggests orders are building 3.
- Rising gross margin and a more flexible cost base could improve profitability if volumes grow 13.
- Cash raised in the public offering provides a financial buffer that could support investment in new products 3.
What would break the thesis
- The SFS segment is weakening, and demand for silicon carbide products does not appear to recover quickly, which could limit overall growth 13.
- Dependence on a few customers and large orders makes revenue hard to predict from quarter to quarter 12.
- Competition from larger groups and Chinese manufacturers could reduce prices and margins over the long term 1.
What to watch
- Delivery against the fourth-quarter revenue outlookQ4 2026
- Development of orders and the book-to-bill ratio in the TPS segmentQ4 2026
- Stabilization of SFS segment revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Amtech designs, manufactures and sells reflow equipment for advanced semiconductor packaging, conveyor furnaces and diffusion furnaces, plus consumables, cleaning equipment and process chemicals for silicon and silicon carbide wafers 1. The company operates through two reportable segments, Thermal Processing Solutions and Semiconductor Fabrication Solutions, each made up of subsidiaries acquired or founded at different times 1. Its semi-fabless model, in which contract partners manufacture most capital equipment, aims to reduce fixed costs and sensitivity to demand swings 1.
Customers are semiconductor device and module makers, outsourced assembly and test providers and electronics assemblers worldwide 13. Sales are concentrated among a relatively small number of customers, and a few individual customers account for a significant share of backlog 12. Dependence on a few large accounts makes quarterly results sensitive to the timing of large system shipments 1.
The company is therefore in a transition: the advanced packaging business tied to AI is growing while the silicon carbide-related fabrication business declines, and management is seeking to offset this with parts and services 23.
Segments
Thermal Processing Solutions
This segment, which accounted for 73% of fiscal 2025 revenue 1, includes reflow ovens for advanced packaging and electronics assembly, high-temperature belt furnaces and diffusion furnaces for wafers 1. In the third quarter of fiscal 2026, TPS revenue rose 24.9% year over year, supported by AI-related demand 3.
Semiconductor Fabrication Solutions
The SFS segment, which accounted for 27% of fiscal 2025 revenue 1, supplies CMP polishing consumables, templates, carriers, wafer cleaning equipment and process chemicals through PR Hoffman, Entrepix and Intersurface Dynamics 1. Revenue fell in the third quarter of fiscal 2026 due to weak demand for products serving silicon carbide wafer production 3.
Market context
The semiconductor market is historically cyclical, and equipment demand depends on capacity utilization and manufacturers' capital budgets 1. Demand for AI infrastructure, advanced packaging and the relocation of factories outside mainland China supports reflow equipment 13.
Weakness in mature-node and silicon carbide segments remains a pressure, and the current contraction is longer than the historical average 13. Geopolitical tensions and tariffs could change market access and supply chains 1.
Trends
- Demand for AI advanced packagingtailwind
The company says its reflow systems are the favored choice of outsourced assembly providers packaging AI chips, and AI-related orders have grown strongly 23. If AI infrastructure investment continues, the TPS segment could remain the main growth driver.
- Factory relocation outside Chinatailwind
The trend toward more resilient supply chains, with operations moving to Southeast Asia and Mexico, could create new demand for equipment and services 12.
- Decline in mature nodes and silicon carbideheadwind
Weak demand for silicon carbide wafers and mature nodes has reduced SFS revenue and pressured prices and inventories 13. If this weakness persists, margin pressure in the segment could continue.
- Cyclicality of capital investmentmixed
Equipment orders can swing sharply from quarter to quarter due to industry cycles and the timing of large shipments, making results hard to anticipate 12. This creates a constant risk of volatility.
- Production through contract partnersmixed
Moving production to outside partners could lower fixed costs and add flexibility, but it introduces dependence on partners and execution risk 1.
Competitive position
The industry includes large, diversified manufacturers with greater financial and research resources, as well as emerging companies offering lower-priced products for specialized markets 1. Chinese equipment makers, supported locally by customers and government agencies, are also direct competitors with more favorable prices and payment terms 1.
The company stresses that it is relatively small compared with rivals, which could limit its ability to compete across all segments 1. Its differentiation rests on temperature uniformity and flatness technology in reflow products, according to company communications 3.
- Large diversified semiconductor equipment makers
The sources describe competitors with greater research, engineering and service resources that can bundle products into commercial packages 1.
- Emerging specialized equipment makers
New companies offering some products at lower prices and with innovative technology for niche markets 1.
- Chinese equipment manufacturers
Local suppliers that may receive more support from customers and authorities and offer more flexible payment terms 1.
- Process chemicals and consumables suppliers
Companies offering similar polishing and cleaning consumables, not named individually in the sources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Material agreement · Other events · Financial statements and exhibits
- Current report07 May 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report06 Mar 2026Shareholder vote
- Quarterly report05 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Amtech Systems, Inc. · 10 Dec 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Amtech Systems, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Amtech Systems, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.