Amtech Systems, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Amtech Systems' turnaround is gaining traction, with four consecutive profitable quarters through the quarter ended 30 Jun, revenue of $22.4M up 14.5% YoY, and actual EPS of $0.14 beating the $0.10 consensus — following a 100% EPS surprise the prior quarter.
Insider accumulation is a meaningful signal: the CFO purchased 2,000 shares at $14.14 in September 2026 and the CEO bought 3,450 shares at $14.34 in August 2026, part of a 24-month pattern of 15 acquisitions and zero dispositions. With bookings up 33% on AI-driven thermal processing demand and the stock at $16.01 sitting above its 50-day MA of $15.53, the improving quarterly trajectory and aligned insider behavior support a buy despite the rich 58.6x PE multiple reflecting a still-early turnaround.
What could go wrong
- Valuation stretched for a turnaround. PE of 58.6x and EV/EBITDA of 25.1x price in significant improvement; any quarterly stumble could trigger a sharp de-rating given the small-cap profile.
- Full-year FY2025 losses still fresh. FY2025 (ended 30 Sep 2025) showed a -35.9% operating margin on $79.4M revenue with a net loss of $30.3M; the annual picture remains deeply negative even as quarterly results improve.
- Revenue growth uneven. Q1 FY2026 revenue fell 22.2% YoY before Q2 and Q3 rebounded at 31.4% and 14.5% respectively, indicating demand is lumpy and not yet reliably accelerating.
- Institutional conviction thin. Smart money score is near zero at -0.00 with 27 funds as of Q2 2026; institutional ownership is growing but lacks strong directional conviction.
What would change my mind
Where this comes from: results, quarter to 30 Jun · earnings vs estimates, 4 Aug · insider trades, 14 Sep · insider trades. Orin's read on ASYS; not advice.
How has the share price moved?
Up 65.2% over twelve months, from $8.14 on 27 Oct 2025 to $13.45 at the Tue 27 Oct 2026 close. Its highest close in that time was $23.99 on 12 Jun 2026; the last close is 43.9% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 2.0M, on 26 Jun 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All ASYS filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $17.6M | 0.0% |
| AWM Investment Company | $15.9M | 1.4% |
| Vanguard Capital Management | $13.4M | 0.0% |
| Geode Capital Management | $6.6M | 0.0% |
| Two Sigma Investments | $5.9M | 0.0% |
| State Street | $3.6M | 0.0% |
| Trexquant Investment | $2.8M | 0.0% |
| Citadel Advisors | $2.5M | 0.0% |
| Northern Trust | $2.1M | 0.0% |
| Millennium Management | $2.1M | 0.0% |
31 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 58 Form 4 filings; open-market trades net $985K. Of the 50 on hand, 8 were open-market purchases and 0 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about ASYS
Orin answers questions about ASYS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 49.2× its last 12 months of profit (Tue 27 Oct close); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 49.2× | — | 46.1× |
| P/S | 2.88×above usual | 1.12× | — |
| EV/EBITDA | 19.9× | — | — |
| P/B | 1.8×above usual | 1.2× | — |
- P/E: no usual level — it ran from 6.9× to 104× over its last 5 fiscal years, so a middle value says little.
- EV/EBITDA: no usual level — it ran from 4.1× to 29.1× over its last 5 fiscal years, so a middle value says little.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
Few analysts publish on it: 9 firms have ever rated it. Every 12-month price target on file is $22 (the low and the high are the same, so it may be a single analyst's) — 64% above the Tue 27 Oct close price. With so few, it is not a consensus; it is their published opinion, not Orin's.
$22
$22 – $22 · +64% against the last close
- 5 buy or overweight
- 3 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 49.2× its last 12 months of profit. Only 1 of the 3 companies it is compared to made a profit (INTT 96.4×), so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| ASYSAmtech Systems, Inc. | $235M | 49.2× | 19.9× | 46.9% | 4.2% | 5% |
| ATOMAtomera Incorporated | $114M | lost money | n/m | −78.7% | below −1,000% | −78% |
| INTTinTEST Corporation | $158M | 96.4× | 17.8× | 42.7% | 1.2% | 2% |
| QUIKQuickLogic Corporation | $173M | lost money | n/m | 27.3% | −80.2% | −51% |
- ATOM, QUIK: lost money over the last 12 months, so no P/E.
- ATOM, QUIK: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- ATOM: net margin below −1,000% — it lost about $97 for each $1 of sales.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 49.2× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now49.2×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
Neither version of the cash-flow model gives a usable value.
- Standard: comes out below zero, so it is not shown.
- Levered: comes out below zero, so it is not shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.