Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 11, 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
Distress distance
Clean
Earnings quality
3
Forensic signals
-44.7%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 -0.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-31.5%
FY2025
Return on invested capital.Return on invested capital is -31.5% in the latest fiscal year, against -12.3% in FY2023, having run between -31.5% and -5.8% across FY2023–FY2025 with no direction held. After-tax operating profit was ($12M) in FY2023 and ($23M) in FY2025, with operating income at -13.2% of revenue in FY2023, -6.6% in FY2024 and -35.9% in FY2025. The capital base behind it came down -26% across FY2023–FY2025, from $96M to $71M, so this return is struck on a smaller base than it started on. FY2025's operating profit carried a $20M goodwill write-off that alone took about 22.5 points off that year's return, so more than the whole 19.2-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. FY2024's operating profit carried a $6M goodwill write-off that alone took about 5.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
91d DSO
FY2024→FY2025
Receivables 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. Across FY2023–FY2025 the day count ran 85 → 79 → 91 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
$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%
Revenue CAGR (2yr)-16.3%
Net Margin-38.2%
Free Cash Flow$6.9M
Return on Equity-44.7%
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?