Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 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
Safe
Financial health
5.3
Distress distance
Clean
Earnings quality
5
Forensic signals
120.3
P / E (ttm)
-56.8%
ROE
$270M
Market cap
-21.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Amtech Systems Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-41.2%
FY2025
Return on invested capital.Return on invested capital is -41.2% in the latest fiscal year and slipping from 24% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
96d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 87 to 96 days FY2024→FY2025 (receivables -10% vs revenue -22%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 72 → 82 → 83 → 87 → 96 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.
+0.3%/yr
FY2022–FY2025
Share count.Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
101% of FCF
FY2022
Shareholder 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. That ratio has been CLIMBING toward the limit — 0% of free cash flow a few years back — not just sitting there.
$27M
FY2024–FY2025
Goodwill impairments.Took $27M of goodwill writedowns across 2 years (FY2024 ($6M), FY2025 ($20M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$79.4M
Revenue Growth YoY-21.6%
Net Margin-38.2%
Free Cash Flow$6.9M
Return on Equity-56.8%
Debt / Equity0.01x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Amtech Systems Inc's actual 10-K/10-Q/8-K filings?