AMTECH SYSTEMS INC
ASYS · Special Industry Machinery, NEC · 14.5M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $3M (gross $4M, SBC $2M)
Reference price $3.54 · est. market cap ~$51M — last insider purchase, 2025-05-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Semiconductor/thermal-processing equipment micro-cap with deep operating losses and a revenue collapse, cushioned by a net-cash balance sheet.
Strengths
- Net-cash balance sheet and positive FCF — D/E 0.01, FCF $6.9M (60th), current ratio 2.94
- Working-capital-driven cash generation despite losses — qualitative (per 10-K)
Risks
- Deep operating losses — operating margin -35.9% (22nd), net margin -38.2%, interest coverage -1096
- Revenue collapse — -21.6% (8th)
- Micro-cap cyclicality; the +257% earnings figure is a base artifact — qualitative (per 10-K)
Notable findings
- No interest coverageInterest coverage -1095.69 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -38.2%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Revenue declineRevenue -55.5% YoY
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.0%
Operating margin
-35.9%
Net margin
-38.2%
Return on equity
-56.8%
Return on assets
-32.7%
ROIC
-41.9%
Revenue growth (QoQ)
-156.0%
Debt / equity
0.0×
Interest coverage
-1095.7×
Current ratio
2.9×
Free cash flow
$7M
EBITDA
-$26M
Tangible book value
$51M
Cash & investments
$18M
Stock comp / revenue
1.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | Averick Robert M | Option exercise | 6.0K | $7.40 |
| 2026-05-28 | Averick Robert M | Option exercise | 6.0K | $11.51 |
| 2026-05-28 | Averick Robert M | Option exercise | 6.0K | $10.22 |
| 2026-03-05 | LUDWIG MICHAEL M | Option exercise | 8.1K | — |
| 2026-03-05 | Jakwani Asif Y. | Option exercise | 8.1K | — |
| 2026-03-05 | GARNREITER MICHAEL | Option exercise | 8.1K | — |
| 2026-03-05 | Averick Robert M | Option exercise | 8.1K | — |
| 2025-09-02 | Averick Robert M | Option exercise | 6.0K | $5.40 |
| 2025-09-02 | Averick Robert M | Option exercise | 6.0K | $5.75 |
| 2025-09-02 | Averick Robert M | Option exercise | 6.0K | $4.77 |
| 2025-09-02 | Averick Robert M | Option exercise | 6.0K | $4.90 |
| 2025-05-16 | Averick Robert M | Buy | 21K | $3.54 |
| 2025-05-16 | DAIGLE ROBERT C | Buy | 355 | $3.48 |
| 2025-05-15 | DAIGLE ROBERT C | Buy | 2.5K | $3.49 |
| 2025-05-14 | DAIGLE ROBERT C | Buy | 5.0K | $3.48 |
| 2025-05-14 | Averick Robert M | Buy | 46K | $3.46 |
| 2025-03-10 | Averick Robert M | Buy | 10K | $4.86 |
| 2025-03-06 | Averick Robert M | Option exercise | 8.3K | — |
| 2025-03-06 | LUDWIG MICHAEL M | Option exercise | 8.3K | — |
| 2025-03-06 | GARNREITER MICHAEL | Option exercise | 8.3K | — |
| 2025-03-05 | Averick Robert M | Buy | 1.5K | $4.85 |
| 2025-03-03 | Averick Robert M | Buy | 5.0K | $4.89 |
| 2025-02-13 | Averick Robert M | Buy | 22K | $4.85 |
| 2025-02-07 | Averick Robert M | Buy | 55K | $5.02 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Material agreementOtherExhibits | filing ↗ |
| 2026-05-07 | Exec/director changeExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-30 | Exec/director changeExhibits | filing ↗ |
| 2026-03-06 | Shareholder vote | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2025-12-15 | Exec/director change | filing ↗ |
| 2025-12-10 | ResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-01 | 0000720500-26-000008 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211854 ↗ |
| 8-K | 2026-05-07 | 2026-05-05 | 0001193125-26-211962 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211838 ↗ |
| 8-K | 2026-04-30 | 2026-04-24 | 0001193125-26-195969 ↗ |
| 8-K | 2026-03-06 | 2026-03-04 | 0000720500-26-000001 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001193125-26-039351 ↗ |
| 10-Q | 2026-02-05 | 2025-12-31 | 0001193125-26-039360 ↗ |
| 8-K | 2025-12-15 | 2025-12-09 | 0001193125-25-319228 ↗ |
| 10-K | 2025-12-10 | 2025-09-30 | 0001193125-25-314147 ↗ |
| 8-K | 2025-12-10 | 2025-12-10 | 0001193125-25-314185 ↗ |
| 8-K | 2025-12-01 | 2025-11-26 | 0001193125-25-304022 ↗ |