Question 1

What is AXT's P/B ratio?

Accepted Answer

AXT (AXTI) P/B ratio is 9.3× as of July 27, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for AXT?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For AXT specifically, the relevant sector benchmark is the current sector median of 5.8×.

Question 5

Is AXT's P/B ratio high or low?

Accepted Answer

AXT's P/B ratio of 9.3× is above its own 5-year average of 1.6× and above the sector median of 5.8×. That places the current reading at the 93th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is AXT's historical P/B ratio range?

Accepted Answer

In the available daily series, AXT (AXTI) P/B ratio has ranged from a low of 0.1× in 2003 to a high of 27.3× in 2026. The 5-year average is 1.6× and the 5-year median is 0.9×.

Question 7

What was AXT's P/B ratio in 2025?

Accepted Answer

AXT (AXTI) P/B ratio at the end of 2025 was 2.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does AXT's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$731M	$273M	2.7×	+2.2×	Dec 31, 2025
2024	$94.1M	$193M	0.5×	-0.0×	Dec 31, 2024
2023	$103M	$204M	0.5×	-0.3×	Dec 31, 2023
2022	$186M	$222M	0.8×	-0.9×	Dec 31, 2022
2021	$368M	$212M	1.7×	-0.3×	Dec 31, 2021
2020	$389M	$193M	2.0×	+1.1×	Dec 31, 2020
2019	$172M	$188M	0.9×	+0.0×	Dec 31, 2019
2018	$171M	$191M	0.9×	-0.9×	Dec 31, 2018
2017	$337M	$184M	1.8×	+0.7×	Dec 31, 2017
2016	$156M	$136M	1.1×	+0.5×	Dec 31, 2016
2015	$79.2M	$132M	0.6×	-0.1×	Dec 31, 2015
2014	$91.2M	$138M	0.7×	+0.0×	Dec 31, 2014
2013	$85.2M	$140M	0.6×	-0.0×	Dec 31, 2013
2012	$90.5M	$144M	0.6×	-0.3×	Dec 31, 2012
2011	$134M	$139M	1.0×	-1.9×	Dec 31, 2011
2010	$331M	$116M	2.9×	+1.8×	Dec 31, 2010
2009	$99.9M	$94.6M	1.1×	+0.6×	Dec 31, 2009
2008	$41M	$93.7M	0.4×	-1.6×	Dec 31, 2008
2007	$188M	$93.3M	2.0×	+0.3×	Dec 31, 2007
2006	$141M	$81.2M	1.7×	+0.8×	Dec 31, 2006
2005	$49.2M	$55.6M	0.9×	+0.3×	Dec 31, 2005
2004	$36.5M	$68M	0.5×	-0.3×	Dec 31, 2004
2003	$71.4M	$82.3M	0.9×	+0.5×	Dec 31, 2003
2002	$40.3M	$106M	0.4×	—	Dec 31, 2002


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P/B Ratio for AXT (AXTI) 2002-2026

P/B Ratio daily chart for AXT (AXTI)

Historical P/B Ratio for AXT (AXTI) from 2002 to 2025

About P/B Ratio at AXT (AXTI)

AXT P/B Ratio by Year

AXT P/B Ratio 2025: 2.7×

AXT P/B Ratio 2024: 0.5×

AXT P/B Ratio 2023: 0.5×

AXT P/B Ratio 2022: 0.8×

AXT P/B Ratio 2021: 1.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

AXT (AXTI) Key Financials