AXTAXTI +3.42%57 Net Current Asset Value is $1.45 as of Mar. 2026, which is 74% below its 10-year median of 5.58. GuruFocus rates AXTI with a GF Score™ of 57/100 and a GF Value™ of $2.55 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 719 Semiconductors companies, AXT ranks worse than 86.51% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
AXT's net current asset value per share for the quarter that ended in Mar. 2026 was $1.45.
The historical rank and industry rank for AXT's Net Current Asset Value or its related term are showing as below:
AXTI'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.37 Med: 5.58 Max: 41.47
Current: 41.47
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of AXT was 41.47. The lowest was 1.37. And the median was 5.58.
AXTI's Price-to-Net-Current-Asset-Value is ranked worse than 86.51% of 719
companies
in the Semiconductors industry
Industry Median: 8.57
vs AXTI: 41.47
AXT (NAS:AXTI) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
AXT Net Current Asset Value Related Terms
AXT Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for AXT's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
AXTI vs IPGP, VECO, ACLS: Net Current Asset Value Comparison
For the Semiconductor Equipment & Materials subindustry, AXT's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
AXT Price-to-Net-Current-Asset-Value vs Semiconductors Industry
For the Semiconductors industry and Technology sector, AXT's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where AXT's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $1.45 mean?
AXT (AXTI) has a Net Current Asset Value of $1.45 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on AXT and its competitors. This is 74% below median its historical median of 5.58. Over the past decade, AXT's Net Current Asset Value has ranged from 1.37 to 41.47. According to the industry distribution chart, AXT ranks #622 out of 719 companies in the Semiconductors industry, placing it in the top 86.5%.
Is AXT's Net Current Asset Value too high?
AXT's current Net Current Asset Value of $1.45 is 74% below median its 10-year median of 5.58. Over the past 10 years, this metric has ranged from a low of 1.37 to a high of 41.47. The Semiconductors industry median Net Current Asset Value is 8.57. AXT's value of $1.45 is 83.1% below this industry median. Based on the distribution chart, AXT ranks #622 out of 719 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, AXT has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AXT's Net Current Asset Value compare to IPGP and VECO?
According to the Semiconductors industry distribution chart, AXT ranks #622 out of 719 companies for Net Current Asset Value. This places AXT in the lower half of its industry. The industry median Net Current Asset Value is 8.57. AXT's value of $1.45 is 83.1% below this benchmark. Historically, AXT's own Net Current Asset Value has ranged from 1.37 to 41.47 over the past decade. While the company's 10-year median is 5.58 vs. the industry median of 8.57, AXT has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Semiconductors company?
The median Net Current Asset Value among Semiconductors companies is 8.57, based on 719 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. AXT's current Net Current Asset Value of $1.45 is 83.1% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on AXT and its competitors. For the Semiconductors industry, the median Net Current Asset Value is 8.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AXT's current Net Current Asset Value is $1.45, which is 74% below median its own 10-year median of 5.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AXT stock overvalued right now?
Based on GuruFocus' analysis, AXT (AXTI) is currently considered Significantly Overvalued. The stock's GF Value™ is $2.55, compared to a current price of $60.13 — trading 2258% above its estimated fair value. The current Net Current Asset Value is $1.45, which is 74% below median its 10-year median of 5.58 and 83.1% below the Semiconductors industry median of 8.57. AXT's overall GF Score™ is 57/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For AXT (AXTI), the current Net Current Asset Value is $1.45 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is AXT (AXTI) Overvalued in 2026?
Based on GuruFocus' analysis, AXT stock appears to be overvalued.
The current stock price of $60.13 is trading 2258% above its estimated GF Value™ of $2.55.
GuruFocus considers AXT to be Significantly Overvalued.
Key valuation signals for AXTI:
Net Current Asset Value: $1.45 (74% below median its 10-year median of 5.58)
GF Value™: $2.55 vs. price of $60.13 (2258% above fair value)
Industry Position: 83.1% below the Semiconductors median (#622 of 719)
No single metric tells the full story. See the AXTI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AXT Inc is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. It is engaged in the design, development, manufacture, and distribution of high-performance compound semiconductor substrates and the sale of materials. The company provides alternative or specialty materials in the form of substrates or wafers, including compound and single-element substrates. Its compound substrates combine indium with phosphorous or gallium with arsenic. Geographically firm has its business presence across the region of Europe, Japan, Taiwan, China, North America, and the Asia Pacific from which China derives its maximum revenue to the company.
57GF Score
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