Aixtron
ConvictionContext
Capital-equipment sales of MOCVD (metal-organic chemical vapor deposition) systems to compound-semiconductor device makers, plus spares/service/upgrades on the installed base; highly cyclical, tied to customer fab capex across optoelectronics, LED, GaN and SiC power end-markets.
Revenue
EUR 556.6M FY2025~$640M); TTM ~EUR 503M as of Q1'26 (revenue is back-half loaded in 2026Rev growth
-12.1% FY2025 YoYFY2026 guided to ~EUR 560M (+/- EUR 30M), roughly flat-to-up vs 2025 after being raised in Apr 2026 from ~EUR 520MGross margin
40% FY202541% FY2024); guided ~42% FY2026; fell to 18% in Q1'26 on low utilizationOp margin
18% EBIT margin FY2025EBIT EUR 100.3M, vs 21%/EUR 131.2M FY2024); FY2026 guided 17-20%; Q1'26 EBIT negative at EUR -22.3M (-38% marginCapex intensity
Low-to-moderatecapex-light relative to its device-maker customers after the prior heavy build of the Herzogenrath innovation center (completed); Malaysia site expansion underway. Precise FY2025 net capex not separately disclosed hereMarket cap
~$6.5BEUR 5.64B; ~112.79M shares x EUR 50.02, Xetra AIXA, 2026-07-06The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Aixtron
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence