Azenta AZTA

Nasdaq · Special Industry Machinery, Nec · $1.7B

$37.38−4.50%Nov 5 close · Databento

Every report since 2023 →

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AZTA Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $37.381D −4.50%3M +12.15%SMA20 $37.37SMA50 $35.21RSI(14) 51.1

37.38

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 51.1

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$1.7B

EV / True FCF85.1x

Revenue$593.8M +3.6%

True FCF (ex-SBC)$17.4M +210.3%

Rule of 4010.1%

ROIC-1.4%

True FCF Yield1.0%

EPS, diluted$-1.22 +60.6%

Modern Valuation (EOD)

Market Cap$1.7B

Enterprise Value$1.5B

EV / True FCF85.13

EV / FCF38.75

EV / Gross Profit5.49

EV / EBIT—

EV / Sales2.50

P / E (GAAP)—

P / FCF44.74

P / Oper. CF23.76

P / Book0.99

Owner & Cash Yields

True FCF Yield1.0%

FCF Yield2.2%

Owner Earn. Yield-2.9%

Earnings Yield-3.3%

Shareholder Yield−1.2%

Buyback Yield0.0%

Dividend Yield0.27%

Dividend / sh$0.10

Payout Ratio0%

FCF / sh$0.87

EPS (diluted)$-1.22

Compounder & Returns

Rule of 4010.1%

ROIC-1.4%

Cash ROIC (CROIC)2.6%

GP / Assets13.1%

ROE-3.2%

ROA-2.7%

Gross Margin45.5%

Oper. Margin-4.5%

Net Margin-9.4%

FCF Margin6.5%

True FCF Margin2.9%

Quality & Dilution

Cash Conversion—

Accrual Ratio−6.2%

SBC % of FCF54.5%

SBC % of Rev3.5%

Reinvest. Rate89%

Sales Growth Y/Y+3.6%

Sales 3Y CAGR+2.2%

EPS Growth Y/Y+60.6%

FCF Growth Y/Y+210.3%

FCF 3Y CAGR—

Share Change Y/Y−13.7%

Balance Sheet & Scale

Revenue (FY)$593.8M

Gross Profit (FY)$270.3M

Oper. Income (FY)$-26.8M

GAAP Net Income$-55.8M

True FCF (ex-SBC)$17.4M

Cash & Equiv$279.8M

Total Debt$50.1M

Net Cash (Debt)$229.7M

Net Cash % MCap+13.4%

Debt / FCF (yrs)1.3y

Current Ratio2.9843.81M sh

Price & Technicals (EOD)

Perf Week−9.43%

Perf Month+4.15%

Perf Quarter+16.67%

Perf Half Y+101.29%

Perf YTD+41.59%

SMA 20 Dist+0.03%$37.37

SMA 50 Dist+6.16%$35.21

SMA 100 Dist+17.40%$31.84

Window High−12.52%$42.73

Window Low+133.33%$16.02

RSI (14) · Vol51.166%v

Income Distribution & Cash Flow ConversionHow every dollar of AZTA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$323.5M ($54.5 / $100)

R&D Reinvestment$30.4M ($5.1 / $100)

SG&A & Other OpEx$266.7M ($44.9 / $100)

Tax & Non-Operating$28.9M ($4.9 / $100)

Net Profit Kept$-55.8M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-55.8M (-9.4% margin)

Operating Cash Flow (OCF)$72.2M(12.2% of rev)

Less: Capital Expenditures−$33.9M(5.7% of rev)

Standard Free Cash Flow (FCF)$38.3M(6.5% margin)

Less: Stock-Based Comp (SBC)−$20.9M(54.5% of FCF)

True FCF (Owner Cash ex-SBC)$17.4M(2.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$513.7M	$555.5M	$551.5M	$573.4M	$593.8M	+3.6%	+3.7%
Cost of Revenue (COGS)	$269.9M	$299.9M	$312.3M	$318.8M	$323.5M	+1.5%	+4.6%
Gross Profit	$243.8M	$255.6M	$239.2M	$254.6M	$270.3M	+6.1%	+2.6%
Research & Development (R&D)	$22.4M	$27.5M	$32.1M	$31.5M	$30.4M	−3.6%	+7.9%
Selling, General & Admin (SG&A)	$252.1M	$251.5M	$263.7M	$263.0M	$261.6M	−0.5%	+0.9%
Total Operating Expenses	$274.9M	$280.3M	$300.5M	$305.9M	$297.1M	−2.9%	+2.0%
Operating Income (EBIT)	$-31.1M	$-24.7M	$-61.2M	$-51.3M	$-26.8M	+47.7%	—
Interest Expense	$2.0M	$4.6M	—	—	$4.6M	—	+22.5%
Income Tax Expense	$-20.1M	$1.4M	$-12.0M	$5.2M	$-31.6M	−703.0%	—
GAAP Net Income	$110.7M	$2.1B	$-14.6M	$-164.9M	$-55.8M	+66.2%	—
Diluted EPS	$1.49	$28.48	$-0.22	$-3.10	$-1.22	+60.6%	—
Diluted Shares	74.5M	74.9M	66.3M	53.2M	45.9M	−13.7%	−11.4%
Balance Sheet
Cash & Equivalents	$227.4M	$658.3M	$649.5M	$280.0M	$279.8M	−0.1%	+5.3%
Inventory	$60.4M	$85.5M	$128.2M	$71.3M	$75.0M	+5.1%	+5.5%
Total Current Assets	$777.4M	$2.5B	$1.4B	$833.0M	$708.3M	−15.0%	−2.3%
Total Assets	$1.8B	$3.7B	$2.9B	$2.1B	$2.1B	−1.9%	+3.1%
Total Current Liabilities	$345.1M	$230.5M	$210.9M	$206.1M	$237.7M	+15.3%	−8.9%
Total Debt (Short + Long Term)	$50.1M	$50.1M	$50.1M	$50.1M	$50.1M	+0.0%	+0.0%
Total Liabilities	$494.2M	$352.7M	$351.2M	$332.4M	$332.6M	+0.1%	−9.4%
Stockholders' Equity	$1.3B	$3.4B	$2.5B	$1.8B	$1.7B	−2.3%	+6.8%
Net Cash / (Net Debt)	$177.3M	$608.2M	$599.4M	$229.9M	$229.7M	−0.1%	+6.7%
Invested Capital	$1.1B	$2.8B	$1.9B	$1.5B	$1.5B	−2.6%	+6.9%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$149.9M	$-466.0M	$5.8M	$49.7M	$72.2M	+45.1%	−16.7%
Depreciation & Amortization (D&A)	$65.3M	$53.7M	$85.6M	$90.7M	$61.2M	−32.5%	−1.6%
Stock-Based Compensation (SBC)	$27.5M	$10.7M	$9.4M	$14.5M	$20.9M	+44.3%	−6.6%
Capital Expenditures (CapEx)	$52.8M	$73.4M	$39.4M	$37.4M	$33.9M	−9.5%	−10.5%
Free Cash Flow (FCF)	$97.1M	$-539.5M	$-33.6M	$12.4M	$38.3M	+210.3%	−20.7%
True FCF (ex-SBC Owner Cash)	$69.6M	$-550.1M	$-43.0M	$-2.1M	$17.4M	+924.3%	−29.2%
Share Repurchases (Buybacks)	—	$0	$838.5M	$661.7M	$0	−100.0%	—
Dividends Paid	$29.7M	$7.5M	$0	$0	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what AZTA did at the next close after each story

No Wire story has named AZTA yet.

What happened · big days

21 big days in a year, and what we hold on each

A big day is a close more than 5.89% from the one before, three times AZTA’s median day (1.96%). On 2 of the 21, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.89%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayAZTAWhat we hold that dayGroup (median of 4) · each

1 Nov 21, 2025+16.30%
Resultsgroup +3.0%, did not move with it
1Nov 21, 2025+16.30%
ResultsFirst close after the Nov 21 results filing
+3.0% did not move with itVECO +3.8 · ACLS +3.7 · LRCX +2.2 · ACMR +1.2
2 Jan 5, 2026+7.07%
Before our storiesgroup +2.6%, did not move with it
2Jan 5, 2026+7.07%
Before our stories
+2.6% did not move with itLRCX +5.2 · ACLS +3.4 · VECO +1.7 · ACMR +0.3
3 Feb 4, 2026−22.81%
Resultsgroup −4.8%, did not move with it
3Feb 4, 2026−22.81%
ResultsFirst close after the Feb 4 results filing
−4.8% did not move with itLRCX −8.8 · ACMR −7.7 · ACLS −1.9 · VECO −1.9
4 Feb 12, 2026−7.65%
Before our storiesgroup −1.5%, did not move with it
4Feb 12, 2026−7.65%
Before our stories
−1.5% did not move with itACMR −9.3 · LRCX −1.6 · ACLS −1.4 · VECO −1.3
5 Mar 12, 2026−6.56%
Before our storiesgroup −2.8%, did not move with it
5Mar 12, 2026−6.56%
Before our stories
−2.8% did not move with itACMR −5.5 · LRCX −4.3 · ACLS −1.2 · VECO −0.6
6 Mar 27, 2026−6.62%
Before our storiesgroup −1.6%, did not move with it
6Mar 27, 2026−6.62%
Before our stories
−1.6% did not move with itACMR −2.7 · VECO −2.1 · ACLS −1.0 · LRCX −0.1
7 Apr 2, 2026+6.85%
Before our storiesgroup −0.7%, did not move with it
7Apr 2, 2026+6.85%
Before our stories
−0.7% did not move with itACMR +0.2 · ACLS −0.4 · VECO −0.9 · LRCX −1.6
8 Apr 30, 2026+6.23%
Before our storiesgroup +4.2%, moved with AZTA
8Apr 30, 2026+6.23%
Before our stories
+4.2% moved with AZTAACMR +6.3 · VECO +4.2 · ACLS +4.1 · LRCX +3.7
9 May 6, 2026−25.31%
Resultsgroup +15.1%, did not move with it
9May 6, 2026−25.31%
ResultsFirst close after the May 5 results filing
+15.1% did not move with itACMR +4.9 · LRCX +7.8 · ACLS +22.4 · VECO +25.2
10 May 11, 2026−6.61%
Before our storiesgroup +2.1%, did not move with it
10May 11, 2026−6.61%
Before our stories
+2.1% did not move with itLRCX +0.7 · ACLS +1.3 · VECO +3.0 · ACMR +8.1
11 May 19, 2026+8.68%
Before our storiesgroup −1.7%, did not move with it
11May 19, 2026+8.68%
Before our stories
−1.7% did not move with itACMR +5.1 · LRCX −1.6 · VECO −1.7 · ACLS −2.1
12 Jun 24, 2026+7.48%
Nothing on AZTAgroup −0.2%, did not move with it
12Jun 24, 2026+7.48%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−0.2% did not move with itACMR +2.5 · LRCX +0.9 · ACLS −1.3 · VECO −4.9
13 Aug 3, 2026+6.22%
Nothing on AZTAgroup +0.6%, did not move with it
13Aug 3, 2026+6.22%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
+0.6% did not move with itVECO +1.9 · ACLS +0.6 · LRCX +0.5 · ACMR +0.2
14 Aug 19, 2026+8.00%
Nothing on AZTAgroup −6.7%, did not move with it
14Aug 19, 2026+8.00%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−6.7% did not move with itLRCX −6.3 · ACLS −6.6 · VECO −6.9 · ACMR −8.0
15 Aug 24, 2026−12.09%
Nothing on AZTAgroup −2.5%, did not move with it
15Aug 24, 2026−12.09%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−2.5% did not move with itACLS −2.8 · ACMR −2.6 · VECO −2.3 · LRCX −1.2
16 Oct 2, 2026+12.38%
Nothing on AZTAgroup +5.0%, did not move with it
16Oct 2, 2026+12.38%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
+5.0% did not move with itACLS +8.1 · VECO +7.9 · LRCX +2.2 · ACMR −0.2
17 Oct 5, 2026+10.27%
Nothing on AZTAgroup −2.8%, did not move with it
17Oct 5, 2026+10.27%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−2.8% did not move with itLRCX −0.5 · VECO −1.9 · ACLS −3.7 · ACMR −8.7
18 Oct 6, 2026−7.91%
Nothing on AZTAgroup −1.1%, did not move with it
18Oct 6, 2026−7.91%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−1.1% did not move with itLRCX −3.4 · VECO −1.1 · ACMR −1.1 · ACLS −0.8
19 Oct 7, 2026−8.79%
Nothing on AZTAgroup −2.7%, did not move with it
19Oct 7, 2026−8.79%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−2.7% did not move with itVECO −3.8 · ACMR −3.4 · ACLS −1.9 · LRCX −1.3
20 Oct 16, 2026−6.65%
Nothing on AZTAgroup −5.6%, moved with AZTA
20Oct 16, 2026−6.65%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−5.6% moved with AZTAACMR −8.6 · ACLS −5.9 · VECO −5.3 · LRCX −4.9
21 Nov 2, 2026−8.99%
Nothing on AZTAgroup −4.5%, did not move with it
21Nov 2, 2026−8.99%
Nothing on AZTANo AZTA story, brief or results filing in our record that day
−4.5% did not move with itACLS −4.9 · LRCX −4.8 · VECO −4.1 · ACMR −2.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of LRCX, ACMR, ACLS and VECO that day, the largest companies in AZTA’s SEC industry; “moved with AZTA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. Each time, day 6 ended on the same side as day 1.

Reported Nov 21, 2025

day 1+16.30%day 6+16.20%

Reported Feb 4, 2026

day 1−22.81%day 6−17.50%

Reported May 5, 2026

day 1−25.31%day 6−30.80%

Reported Aug 4, 2026

day 1+5.61%day 6+11.28%

Next report: expected early-to-late NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 4 report: +24.06%. Four reports is a small sample.

Every report since 2023 →

Each line is AZTA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

AZTA against four same-industry peers, a year at 100

AZTA is up 27.3% in a year. All four did less: ACM Research (+26.4%), Lam Research (+16.2%), Veeco Instruments (+9.3%) and Axcelis Technologies (+5.0%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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AZTA +27.3%. ACM Research +26.4%, Lam Research +16.2%, Veeco Instruments +9.3%, Axcelis Technologies +5.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in AZTA’s SEC industry (Special Industry Machinery, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

LRCX	Lam Research	$277.1B	−16.36%
ACMR	ACM Research	$3.0B	−11.52%
ACLS	Axcelis Technologies	$2.8B	−2.32%
VECO	Veeco Instruments	$2.2B	−7.64%
CRCT	Cricut	$1.9B	+4.17%
ERII	Energy Recovery	$366M	−6.42%
ASYS	Amtech Systems	$216M	−10.24%
VELO	Velo3D	$181M	−14.26%