Amtech Systems, Inc.

ASYS

TechnologySemiconductorsNASDAQ

$21.49

Market Cap: $309.60M

Amtech Systems, Inc. (ASYS) Valuation Summary

Updated May 11, 2026 09:01

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.03 – $8.96	$0.03	-99.9%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$3.24 – $20.94	$14.63	-31.9%

Valuation History

DCF Analysis

Amtech Systems, Inc. (ASYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$21.49

Upside / Downside

-99.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -35.9% to a target of 10.2% over 5 years, discounted at a WACC of 8.5%, Amtech Systems, Inc. (ASYS) has an intrinsic value of $0.03 per share (range: $0.03 – $8.96).

Key Assumptions

Current Operating Margin

-35.9%

Target Operating Margin

10.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.8%

Tax Rate

31.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	83	5.1%	-26.7%	-22	-22	2	(3)	4	-27	-26
2027	95	13.9%	-17.4%	-17	-17	3	(4)	5	-23	-20
2028	93	-1.8%	-8.2%	-8	-8	3	(4)	-1	-9	-7
2029	92	-1.8%	1.0%	1	1	3	(5)	-1	-1	-1
2030	90	-1.8%	10.2%	9	6	3	(5)	-1	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-51

Terminal Value (Gordon Growth at 3.0%)76

PV of Terminal Value53

Enterprise Value2

(–) Net Debt2

Equity Value0

(÷) Shares Outstanding14

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.5%	$-4	$-1	$3	$6	$9
7.5%	$-4	$-2	$1	$3	$6
8.5%	$-4	$-2	$0	$2	$4
9.5%	$-4	$-2	$-1	$1	$3
10.5%	$-4	$-3	$-1	$0	$2

Current price: $21.49. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 42.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.63

Market Price

$21.49

Upside / Downside

-31.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Amtech Systems, Inc. (ASYS) has a fair value of $14.63 based on 7 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Amtech Systems, Inc.ASYS	307	3.9x	2.8x
QuickLogic CorporationQUIK	311	22.5x	12.8x
inTEST CorporationINTT	216	1.9x	1.9x
Magnachip Semiconductor CorporationMX	165	0.6x	0.5x
Roadzen, Inc.RDZN	149	3.8x	3.2x
Skillz Inc.SKLZ	108	0.4x	0.4x
Genasys Inc.GNSS	93	2.6x	3.0x
Mobix Labs, Inc.MOBX	13	1.7x	—
Industry Median		1.9x	2.5x
(*) Revenue		79	109
= Enterprise Value		151	270
(-) Net Debt		2	2
Equity Value		150	269
(/) Outstanding shares		14	14
Fair Price		$10	$19

Selected Fair Value (avg of trailing + forward)

$14.63

-31.9%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.03 – $8.96

$0.03

-99.9%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$3.24 – $20.94

$14.63

-31.9%

DCF Analysis

Amtech Systems, Inc. (ASYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$21.49

Upside / Downside

-99.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-35.9%

Target Operating Margin

10.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.8%

Tax Rate

31.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	83	5.1%	-26.7%	-22	-22	2	(3)	4	-27	-26
2027	95	13.9%	-17.4%	-17	-17	3	(4)	5	-23	-20
2028	93	-1.8%	-8.2%	-8	-8	3	(4)	-1	-9	-7
2029	92	-1.8%	1.0%	1	1	3	(5)	-1	-1	-1
2030	90	-1.8%	10.2%	9	6	3	(5)	-1	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-51

Terminal Value (Gordon Growth at 3.0%)76

PV of Terminal Value53

Enterprise Value2

(–) Net Debt2

Equity Value0

(÷) Shares Outstanding14

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.5%	$-4	$-1	$3	$6	$9
7.5%	$-4	$-2	$1	$3	$6
8.5%	$-4	$-2	$0	$2	$4
9.5%	$-4	$-2	$-1	$1	$3
10.5%	$-4	$-3	$-1	$0	$2

Current price: $21.49. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 42.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.63

Market Price

$21.49

Upside / Downside

-31.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Amtech Systems, Inc. (ASYS) has a fair value of $14.63 based on 7 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Amtech Systems, Inc.ASYS	307	3.9x	2.8x
QuickLogic CorporationQUIK	311	22.5x	12.8x
inTEST CorporationINTT	216	1.9x	1.9x
Magnachip Semiconductor CorporationMX	165	0.6x	0.5x
Roadzen, Inc.RDZN	149	3.8x	3.2x
Skillz Inc.SKLZ	108	0.4x	0.4x
Genasys Inc.GNSS	93	2.6x	3.0x
Mobix Labs, Inc.MOBX	13	1.7x	—
Industry Median		1.9x	2.5x
(*) Revenue		79	109
= Enterprise Value		151	270
(-) Net Debt		2	2
Equity Value		150	269
(/) Outstanding shares		14	14
Fair Price		$10	$19

Selected Fair Value (avg of trailing + forward)

$14.63

-31.9%