Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
AMTECH SYSTEMS INC (ASYS)
A forensic read on AMTECH SYSTEMS INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.5
Altman Z-score
Clean
Earnings quality
6
Forensic signals
139.6
P / E (ttm)
4.5%
ROE
$285M
Market cap
AMTECH SYSTEMS INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.5, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-41%Return on invested capital.Return on invested capital is -41% and slipping from 25% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
91d DSOReceivables vs revenue.Days sales outstanding moved from 79 to 91 days FY2024→FY2025 (receivables -10% vs revenue -22%). Receivables are creeping up relative to sales — watch the trend.
+0.3%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 18% of free cash flow in FY2025 — about $0.09 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
101% of FCFShareholder returns.Returned $4M to shareholders (buybacks + dividends) in FY2022 — 101% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet.
$27MGoodwill impairments.Took $27M of goodwill writedowns across 2 year(s) (FY2024 ($6M), FY2025 ($20M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-38.2%
Debt / Equity0.01x
Free Cash Flow$6.9M
Latest Revenue$79.4M
Return on Equity-56.8%
Revenue Growth YoY-21.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on AMTECH SYSTEMS INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ASYS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown