AXTI
AXT, Inc.
AXTI has a slight edge over NET overall, supported by stronger fundamentals and stronger modeled upside.
NET
Cloudflare, Inc.
NET has lower modeled downside risk, despite its lower overall score.
AXTI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
AXTI's revenue, profitability, cash flow and balance sheet are all currently strong.
NET Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Strong | |
| Unavailable |
NET's revenue and cash flow are currently strong, but its profitability is weak. There isn't enough data to rate its balance sheet.
AXTI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $5.95 | -86% |
| Forward | 18x | $43.54 | — |
| Fair | 23x | $9.92 | -77% |
| Expensive | 96x | $42.09 | -3.3% |
| Current | 99x | $43.54 | — |
Historical ranges are pointers, not guarantees.
AXTI's PE is in its expensive range at 99x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its fair range.
NET PE Valuation
NET has no meaningful PE right now: it lost money over the past year.
AXTI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for AXTI, with profitability improving.
NET Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for NET, with profitability improving. However, they disagree widely on these estimates.
AXTI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.40 | +445% |
| Q3 2026 | $0.44 | +$0.95 |
| Q2 2026 | $0.01 | +$0.55 |
| Q1 2026 | -$0.32 | +$0.10 |
| Q4 2025 | -$0.49 | -$0.22 |
| Q3 2025 | -$0.51 | -$0.26 |
| Q2 2025 | -$0.54 | -$0.22 |
| Q1 2025 | -$0.42 | -$0.02 |
| Q4 2024 | -$0.27 | +$0.16 |
AXTI has the edge over NET on earnings quality, reporting a profit while its opponent remains loss making.
NET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.75 | — |
| Q3 2026 | -$0.68 | -$0.37 |
| Q2 2026 | -$0.58 | -$0.23 |
| Q1 2026 | -$0.25 | -$0.01 |
| Q4 2025 | -$0.29 | -$0.06 |
| Q3 2025 | -$0.31 | -$0.05 |
| Q2 2025 | -$0.35 | -$0.06 |
| Q1 2025 | -$0.24 | +$0.29 |
| Q4 2024 | -$0.23 | +$0.32 |
NET is still losing money, but less than at its worst: $0.68 per share over the past year, against $0.91 at its worst in mid-2022.
AXTI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $73.4M | +163% |
| Q2 2026 | $47.6M | +165% |
| Q1 2026 | $26.9M | +39% |
| Q4 2025 | $23M | -8.2% |
| Q3 2025 | $28M | +18% |
| Q2 2025 | $18M | -36% |
| Q1 2025 | $19.4M | -15% |
| Q4 2024 | $25.1M | +23% |
AXTI's revenue is growing: $73M last quarter, up 163% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | +43 points |
| Q2 2026 | 22% | +59 points |
| Q1 2026 | -5.9% | +47 points |
| Q4 2025 | -17% | +7.9 points |
| Q3 2025 | -4% | +10 points |
| Q2 2025 | -38% | -31 points |
| Q1 2025 | -53% | -38 points |
| Q4 2024 | -25% | -7.1 points |
AXTI has the edge over NET on profitability, with a higher operating margin.
NET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $782.5M | +39% |
| Q2 2026 | $696.1M | +36% |
| Q1 2026 | $639.8M | +34% |
| Q4 2025 | $614.5M | +34% |
| Q3 2025 | $562M | +31% |
| Q2 2025 | $512.3M | +28% |
| Q1 2025 | $479.1M | +27% |
| Q4 2024 | $459.9M | +27% |
NET has the edge over AXTI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8.7% | -2 points |
| Q2 2026 | -30% | -16 points |
| Q1 2026 | -9.7% | +1.4 points |
| Q4 2025 | -8% | -0.5 points |
| Q3 2025 | -6.7% | +0.5 points |
| Q2 2025 | -13% | -4.5 points |
| Q1 2025 | -11% | +3.3 points |
| Q4 2024 | -7.5% | +4.3 points |
NET's operating margin was −8.7% last quarter, down 2 points from the same quarter a year ago.
AXTI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $87.7M | +$99M |
| Q2 2026 | $3.6M | +$8.4M |
| Q1 2026 | -$13.1M | -$9.2M |
| Q4 2025 | $1.3M | +14% |
| Q3 2025 | -$11.3M | -$5M |
| Q2 2025 | -$4.9M | -949% |
| Q1 2025 | -$3.9M | +$9.3M |
| Q4 2024 | $1.1M | -48% |
AXTI's free cash flow has turned positive after six years mostly in the red: $79M over the past year.
NET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.6M | +13% |
| Q2 2026 | $67.6M | +69% |
| Q1 2026 | $93.1M | +55% |
| Q4 2025 | $105.2M | +94% |
| Q3 2025 | $82.5M | +51% |
| Q2 2025 | $39.9M | -12% |
| Q1 2025 | $59.9M | +44% |
| Q4 2024 | $54.2M | -0.9% |
NET has the edge over AXTI on cash flow, with more consistent year-over-year improvement.
AXTI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.8% | +2.4M shares |
| 1 year | +51% | +22.2M shares |
| 3 years | +55% | +23.3M shares |
| 5 years | +54% | +23.1M shares |
| Available history | +67% | +26.4M shares |
AXTI has 66M diluted shares, up 51% from a year ago.
NET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +2.8M shares |
| 1 year | +2.2% | +7.8M shares |
| 3 years | +6.7% | +22.5M shares |
| 5 years | +14% | +42.6M shares |
| Available history | +144% | +211M shares |
NET has the edge over AXTI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $34,000 |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
AXTI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -9.2x | Net Cash |
| Q2 2026 | -24.4x | Net Cash |
| Q2 2023 | 93.9x | High |
| Q1 2023 | 5.5x | High |
| Q4 2022 | 2.9x | Moderate |
| Q3 2022 | 2.2x | Moderate |
| Q2 2022 | -0.4x | Net Cash |
| Q1 2022 | -0.5x | Net Cash |
AXTI has more cash than debt.
NET Net Leverage
NET's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
AXTI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.5 | Neutral |
| Stochastic | 15.1 | Oversold |
AXTI's weekly RSI is 43 (neutral) and its Stochastic is 15 (oversold).
NET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 37.6 | Neutral |
NET's weekly RSI is 56 (neutral) and its Stochastic is 38 (neutral).
AXTI PE vs Technology Sector
| Metric | AXTI | Sector median | Relative |
|---|---|---|---|
| PE | 99x | 28x | 255% above |
| PE % | 83 | 35 | 48 pts above |
AXTI is trading at 99x earnings, a 255% premium to the Technology sector's median of 28x.
NET PE vs Technology Sector
NET has no meaningful PE right now: it lost money over the past year.
AXTI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.3 | 27% below |
| 20 week MA | $61.9 | 30% below |
| 50 week MA | $58.0 | 25% below |
| 100 week MA | $30.5 | 43% above |
| 200 week MA | $16.8 | 159% above |
AXTI has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 159% above its 200-week average.
NET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $318.6 | 0% below |
| 20 week MA | $299.8 | 6.2% above |
| 50 week MA | $241.0 | 32% above |
| 100 week MA | $204.9 | 55% above |
| 200 week MA | $139.8 | 128% above |
NET has the edge over AXTI on trend strength, trading above more of its moving averages.
AXTI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.04 | $9.64 | +139% |
| 2021 | $9.64 | $8.80 | -8.7% |
| 2022 | $8.80 | $4.40 | -50% |
| 2023 | $4.40 | $2.40 | -45% |
| 2024 | $2.40 | $2.28 | -5% |
| 2025 | $2.28 | $15.4 | +574% |
| 2026 YTD | $15.4 | $43.5 | +183% |
AXTI has the edge over NET on returns for 2026, with the stronger performance.
NET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.7 | $85.0 | +409% |
| 2021 | $85.0 | $137.3 | +62% |
| 2022 | $137.3 | $43.8 | -68% |
| 2023 | $43.8 | $83.3 | +90% |
| 2024 | $83.3 | $110.6 | +33% |
| 2025 | $110.6 | $202.4 | +83% |
| 2026 YTD | $202.4 | $318.5 | +57% |
NET's yearly returns have swung widely, from +409% in 2020 to −68% in 2022. It's up 57% so far in 2026.