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ZYBERNO

Stock Report

Updated Aug 30, 2026

AMTECH SYSTEMS, INC. (ASYS)

Technology • NASDAQ

$15.06

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

28.0/100

POOR BUSINESS

AMTECH SYSTEMS, INC. (ASYS) scores 28/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ASYS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-45.0%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

-0.1%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ASYS valuation analysis · → View full ASYS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-39.4%)

Debt-to-Equity (Solvency Risk):GOOD (0.31x)

Operating Margin (Operational Efficiency):CRITICAL (-30.2%)

Return on Capital (Capital Efficiency):CRITICAL (-35.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

AMTECH SYSTEMS, INC. (ASYS) stock report — Zyberno Score 28/100 (POOR BUSINESS), Margin of Safety -100.0%, -45% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, AMTECH SYSTEMS, INC. (ASYS) trades at $15.06 against an estimated intrinsic value per share of $2.45 — a -100.0% Margin of Safety based on Owner Earnings of $8.48M TTM, projected at -27.3% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -45.0% annually.

Over the trailing twelve months, ASYS generated $8.48M in Owner Earnings. Capital was deployed as follows: $1.08M invested in capital expenditures. Reinvestment rate: 10.0%. Owner Earnings have declined at 27.3% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:15.06

Market Cap:$232.53M

Valuation Multiples (3)

P/B Ratio:2.01x

P/S Ratio:2.85x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$167.07M

Pfcf Ratio:30.65x

Price Action & Momentum (3)

12-1 Momentum:

+211.7% (99th pctile)

📈 Click to view full ASYS Momentum analysis →

Momentum Percentile:99 / 100

% of 52-Week High:58.6%

B. Profitability Assessment

Return Metrics (5)

ROE:

-39.4%

📊 Click to view full ASYS ROE analysis →

ROA:-24.9%

Roic:

-35.8%

📊 Click to view full ASYS ROIC analysis →

Reinvestment Rate:10.0%

Fundamental Growth Rate (g):-3.6%

Margin Analysis (3)

Operating Margin Ttm:-30.2%

Net Margin Ttm:-33.7%

Ebitda Margin:-26.8%

TTM Performance (3)

Gross Margin Ttm:46.9%

Operating Margin Ttm:-30.2%

Net Margin Ttm:-33.7%

Yield Metrics (3)

Earnings Yield:-$12.17

Owner Earnings Yield:$3.45

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.22

📊 Click to view full ASYS Earnings Surprise analysis →

EPS Surprise vs Expected:174.1%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-11.3%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-42.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-22.9%

Operating Cash Flow Growth Rate (Linear):26.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-2.4%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:5.41x

Quick Ratio:4.54x

Cash Ratio:3.52x

Leverage Analysis (3)

Debt To Equity Ttm:0.31x

Debt-to-Equity Ratio:0.31x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-1,095.69x

Times Interest Earned:-1,095.69

Capital Structure (4)

Working Capital:104,017,000.00

Cash And Cash Equivalents:83,109,000.00

Long Term Debt:$15.62M

Net Debt:-$65.46M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $81.67M

Linear Growth: -11.3%

📊 Click to view full ASYS Revenue analysis & methodology →

Cost Of Revenue Ttm:$43.40M

Profitability Breakdown (2)

Gross profit TTM: $38.27M

Linear Growth: 2.9%

📊 Click to view full ASYS Gross Profit analysis & methodology →

Operating income TTM: -$24.63M

Linear Growth: -2.4%

📊 Click to view full ASYS Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$27.50M

Linear Growth: -42.1%

📊 Click to view full ASYS Net Income analysis & methodology →

Income Before Tax:-$24.27M

Ebitda Ttm:-21,895,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:28,432,000.00

Income Tax Expense:$2.52M

Interest Expense:26,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:127.0%

Ebitda Margin:-26.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$156.72M

Current Assets:$127.60M

Ppe Net:8,771,000.00

Goodwill:908,000.00

Intangible Assets:$959.00K

Liability Structure (4)

Total Liabilities:41,114,000.00

Current Liabilities:23,578,000.00

Long Term Debt:$15.62M

Short Term Debt:$2.03M

Equity & Capital (3)

Equity:$115.60M

Retained Earnings:-$72.93M

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:19,712,000.00

Inventory:20,469,000.00

Accounts Payable:10,350,000.00

Special Items (2)

Contract Liabilities:6,491,000.00

Stock Based Compensation:400,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $9.11M

Linear Growth: 26.0%

Free cash flow TTM: $8.03M

Linear Growth: -22.9%

📊 Click to view full ASYS Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$277.00K

Capital Expenditures Ttm:1,084,000.00

Financing Activities (3)

Financing Cash Flow:$131.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:56,531,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$33.00K

Non-Cash Items (1)

Depreciation Amortization Ttm:2,732,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.93

Eps diluted TTM: -$1.94

Linear Growth: -41.0%

📊 Click to view full ASYS EPS analysis & methodology →

Earnings Per Share Ttm:-$1.78

Revenue & Cash Per Share (3)

Sales Per Share Ttm:5.29

Operating Cash Flow Per Share:$0.51

Fcf Per Share Ttm:0.52

Book Value & Capital (2)

Book Value Per Share:$7.49

Cash Per Share:5.38

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.74x

Working Capital Turnover Ttm:0.79x

Receivables Management (2)

Receivables Turnover Ttm:4.14x

Days Sales Outstanding Ttm:88.10

Inventory Management (2)

Inventory Turnover Ttm:2.12x

Days Inventory Outstanding Ttm:172.16

Payables & Cash Cycle (2)

Days Payable Outstanding:87.05

Cash Conversion Cycle:173.21

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:50.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $8.48M

Linear Growth: -27.3%

📊 Click to view full ASYS Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.55

Owner Earnings Yield:$3.45

Growth Assessment (1)

Owner Earnings Growth Rate:-$27.28

Damodaran Growth Analysis (2)

Reinvestment Rate:10.0%

Fundamental Growth Rate (g):-3.6%

Intrinsic Value Models (1)

Intrinsic Value:

$37.83M

📊 Click to view full ASYS DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full ASYS valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

-45.0%

📊 Click to view full ASYS expected return analysis →

Forward Expected Return (Yield + Growth):

-0.1%

📊 Click to view full ASYS expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-11.3%

Net Income Growth Rate (Linear):-42.1%

Operating Income Growth Rate (Linear):-2.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-22.9%

Operating Cash Flow Growth Rate (Linear):26.0%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):2.9%

Book Value Growth Rate (Linear):-12.0%

Owner Earnings Growth Rate:-$27.28

C. Company Profile & Context

Corporate Information (6)

Symbol:ASYS

Company Name:AMTECH SYSTEMS, INC.

Sector:Technology

Industry:Specialized Technology Equipment

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:15.44M

Shares Outstanding Basic:15.44M

Shares Outstanding Diluted:16.04M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 22:47:00 UTC

Data Timestamp:2026-08-18T02:39:31.508066