Amtech Systems, Inc.

AI-generated fair value estimate for this company.

Method: 3-stage DCF. FCF0 (current run-rate) = $8.0M, derived from Q3 FY2026 revenue of $22.4M annualized (~$89.6M) at a 15% adjusted EBITDA margin (~$13.4M EBITDA), less ~$3M capex and ~$2.4M cash taxes. Growth: Yrs 1-3 = 20%/yr, Yrs 4-6 = 12%/yr, Yrs 7-10 = 6%/yr, terminal growth = 3%. Discount rate = 11%. Sum of discounted FCFs (yrs 1-10) approx $96.0M; terminal value approx $315.7M discounted to approx $111.2M. Enterprise value approx $207.3M. Add net cash of approx $80M -> equity value approx $287.3M / 17.51M shares approx $16.40/share.

Reasoning: Amtech is a real, profitable semiconductor capital-equipment maker (thermal processing & fab solutions) riding an AI-infrastructure demand recovery after a cyclical FY2025 decline; a multi-stage DCF anchored to the recovering run-rate, tapering to mature semi-cycle growth, fits its capital-light, cyclical nature and large net cash cushion.