Aixtron Se (AIXXF) Stock Analysis & Winston Score

Aixtron is a German company that makes specialized machines used to manufacture semiconductors. These machines, called chemical vapor deposition (CVD) systems, deposit ultra-thin layers of materials onto wafers to create chips used in power electronics, LEDs, and laser components. Aixtron's customers include chipmakers and research institutions around the world, and the company is one of the leading suppliers of this niche equipment globally.

Aixtron earns revenue by selling its deposition systems and providing related services and spare parts. It operates primarily out of Germany but sells equipment worldwide, with significant exposure to Asia, particularly China, which has historically been a large customer. The company's moat comes from deep technical expertise and long customer relationships in a highly specialized market. Its main growth driver is rising demand for silicon carbide (SiC) and gallium nitride (GaN) chips used in electric vehicles and energy-efficient power systems, though heavy reliance on Chinese customers creates meaningful geopolitical risk.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-5.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$81M/ year

↓ Declining (-11% vs prior year)

14.6% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$817M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Aixtron Se's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 112.1M (2021) → 112.2M (2025)

Score breakdown

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Quality

Gross Margin

40.7%

Healthy — 40.7% gross margin

Operating Margin

12.8%

Healthy — 12.8% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-24.0%

Shrinking sales (-24.0% YoY)

EPS YoY

-45.8%

Earnings shrinking (-45.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

511%

Turns 511% of profit into real cash

FCF Margin

56.8%

Converts sales into free cash efficiently (56.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.35

Conservative — low debt load (0.35)

Interest Cover

12.24x

Comfortably covers interest (12.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

89.9x

Expensive — P/E 89.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+63.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (89.9 → 26.1)

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Dividends

Dividend Yield

0.40%

Small dividend — 0.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-85.7%

Dividend cut (-85.7% YoY) — warning sign

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