AIXTRON (AIXA) AI Stock Analysis

• Market Cap: €2.21B
• Dividend Yield: 0.88%
• Average Volume (3M): 663.70K
• Price to Earnings (P/E): 24.4
• Beta (1Y): 1.11
• Revenue Growth: -3.93%
• EPS Growth: -20.93%
• Country: DE
• Employees: 1,186
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.11
• Shares Outstanding: 113,456,120
• 10 Day Avg. Volume: 842,498
• 30 Day Avg. Volume: 663,699
• PEG Ratio: -0.60
• Price to Book (P/B): 2.03
• Price to Sales (P/S): 2.72
• P/FCF Ratio: -23.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €20.39
• Price Target Upside: 4.99% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: €23.00 ▲(18.43% Upside)

The score is primarily supported by strong financial resilience (especially the near-zero-debt balance sheet) and solid ongoing profitability despite a softer current cycle, plus constructive technical momentum with price above key moving averages. The main offset is valuation, with a relatively high P/E and a low dividend yield.

Positive Factors

Strong Profitability

AIXTRON's strong profitability and low leverage indicate a robust financial position, supporting sustainable growth and operational stability.

Market Position

AIXTRON's leadership in semiconductor deposition equipment positions it well to capitalize on industry growth trends, such as 5G and power electronics.

Healthy Balance Sheet

AIXTRON's strong equity position and low leverage enhance financial stability and provide flexibility for future investments and growth.

Negative Factors

Profitability Decline

Declining profitability and cash flow volatility could impact AIXTRON's ability to sustain operations and invest in growth, requiring strategic adjustments.

Cash Flow Volatility

Volatile and negative free cash flow suggests challenges in cash generation, potentially affecting AIXTRON's operational and strategic flexibility.

Revenue Growth Challenges

Negative revenue growth indicates potential market challenges or competitive pressures, which could hinder AIXTRON's long-term expansion efforts.

AIXTRON Business Overview & Revenue Model

Company Description

AIXTRON SE, together with its subsidiaries, provides deposition equipment to the semiconductor industry in Asia, Europe, and the Americas. It develops, produces, sells, maintains, and installs equipment for the deposition of semiconductor materials; and provides consulting and training, customer support, and peripheral equipment and services, as well as sells spare parts and services. The company supplies deposition equipment for volume production, as well as equipment for research and development, and pre-series production. Its technology solutions are used to build components for electronic and optoelectronic applications that are used in laser, LED, display technologies, optical and wireless data transmission, SiC and GaN power electronics, optical and electronic storage devices, computing, and signaling and lighting technology, as well as other applications. AIXTRON SE was founded in 1983 and is headquartered in Herzogenrath, Germany.

How the Company Makes Money

AIXTRON generates revenue primarily through the sale of its MOCVD systems and related services, including installation, maintenance, and spare parts. The company also earns income from long-term service agreements and upgrades for existing equipment. Additionally, AIXTRON benefits from strategic partnerships with key industry players, which can enhance its market reach and technological capabilities. The demand for high-performance semiconductor devices, driven by trends such as the growth of 5G technology and the increasing use of LEDs and power electronics, significantly contributes to the company's revenue streams.

AIXTRON Financial Statement Overview

Summary

Financial strength is led by an exceptional balance sheet (near-zero debt, strong capitalization; Balance Sheet Score 93). Profitability remains solid (gross margin ~40%, net margin ~15%; Income Statement Score 78) but is cooling versus 2022–2023 with TTM revenue down ~6%. Cash flow has rebounded to positive FCF (Cash Flow Score 64), yet multi-year volatility and prior negative periods temper the score.

Income Statement

TTM (Trailing-Twelve-Months) profitability remains solid with gross margin around 40% and net margin around 15%, indicating good underlying pricing power and cost control. However, performance has cooled versus prior years: revenue is down about 6% in TTM, and margins are below the stronger 2022–2023 levels, suggesting a less favorable demand/industry cycle. Overall, the income statement reflects a profitable business with some cyclical pressure and moderating returns.

Balance Sheet

The balance sheet is a clear strength: debt is effectively zero in TTM and has been minimal historically, keeping financial risk low. Equity is substantial relative to assets and returns on equity remain healthy (roughly 11% in TTM, higher in 2022–2023), indicating a well-capitalized company that can withstand volatility. The main weakness is that returns have come off peak levels as earnings softened, but leverage is not amplifying that downturn.

Cash Flow

Cash generation looks much improved in TTM with strong operating cash flow and positive free cash flow, and free cash flow is sharply higher versus the prior period. That said, cash flow has been volatile across years, including negative free cash flow in 2024 and negative operating cash flow in multiple prior years, which points to working-capital swings and/or investment-cycle effects. In TTM, free cash flow covers a meaningful portion of net income, but consistency remains the key watch item.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	596.24M	633.16M	629.88M	463.17M	428.95M	269.25M
Gross Profit	238.73M	262.47M	279.03M	195.27M	181.48M	108.29M
EBITDA	130.21M	146.85M	169.50M	114.37M	108.23M	45.07M
Net Income	90.72M	106.28M	145.19M	100.44M	95.66M	34.88M
Balance Sheet
Total Assets	1.01B	1.02B	1.03B	902.58M	740.70M	590.43M
Cash, Cash Equivalents and Short-Term Investments	153.36M	64.60M	181.68M	325.16M	352.49M	249.68M
Total Debt	0.00	5.02M	5.44M	7.96M	4.03M	2.98M
Total Liabilities	148.29M	170.34M	252.37M	239.26M	148.53M	94.05M
Stockholders Equity	861.78M	847.87M	777.37M	663.11M	591.99M	495.39M
Cash Flow
Free Cash Flow	95.40M	-72.47M	-109.93M	7.48M	-30.96M	-48.45M
Operating Cash Flow	126.60M	26.23M	-47.29M	37.14M	-13.50M	-39.16M
Investing Cash Flow	-101.98M	-15.04M	78.12M	-48.27M	-17.49M	-41.48M
Financing Cash Flow	-19.37M	-46.47M	-35.88M	-34.59M	-8.59M	-904.00K

AIXTRON Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 19.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AIXA, the sentiment is Neutral. The current price of 19.42 is below the 20-day moving average (MA) of 20.18, above the 50-day MA of 18.45, and above the 200-day MA of 15.02, indicating a neutral trend. The MACD of 0.57 indicates Positive momentum. The RSI at 49.66 is Neutral, neither overbought nor oversold. The STOCH value of 41.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:AIXA.

AIXTRON Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CTNK	80 Outperform	€224.32M	6.49	34.03%	―	94.73%	83.64%
AIXA	78 Outperform	€2.21B	24.44	10.99%	0.88%	-3.93%	-20.93%
ELG	74 Outperform	€1.94B	15.65	22.08%	1.08%	-5.55%	21.30%
SMHN	70 Outperform	€941.63M	17.75	19.94%	0.78%	34.77%	52.20%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
WAF	52 Neutral	€1.68B	-57.35	-1.40%	0.43%	-5.17%	-128.32%