Axcelis Technologies (ACLS)
NASDAQ:ACLS
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Axcelis Technologies
(NASDAQ:ACLS)
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Rating:74Outperform
Price Target:
$107.00
▲(12.52% Upside)
Action:UpgradedDate:02/18/26
The score is driven mainly by solid financial quality (notably a very strong, low-leverage balance sheet and positive free cash flow) and supportive technical trend (price above major moving averages). Offsetting factors include a valuation that looks less compelling versus cooling TTM growth/margins and earnings-call guidance indicating a weaker near-term quarter and some margin pressure.
Positive Factors
Balance Sheet Strength
Axcelis' very low leverage and substantial equity provide durable financial flexibility to fund R&D, capital expenditure, and absorb semiconductor cyclicality. Strong capitalization supports continued investment, targeted buybacks, and weathering 2–6 month demand troughs without forcing distress sales.
Negative Factors
Revenue and Margin Roll‑Off
Reported rolling revenue declines and margin compression reduce earnings durability and limit the runway for reinvestment. Lower top‑line and compressed margins also make free cash flow and returns more sensitive to cycle timing, extending recovery risk over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Axcelis' very low leverage and substantial equity provide durable financial flexibility to fund R&D, capital expenditure, and absorb semiconductor cyclicality. Strong capitalization supports continued investment, targeted buybacks, and weathering 2–6 month demand troughs without forcing distress sales.
Read all positive factors
Axcelis Technologies (ACLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.92B
Dividend YieldN/A
Average Volume (3M)768.13K
Price to Earnings (P/E)21.1
Beta (1Y)1.53
Revenue Growth-20.69%
EPS Growth-37.67%
CountryUS
Employees1,524
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.49
Shares Outstanding30,718,815
10 Day Avg. Volume785,864
30 Day Avg. Volume768,129
Financial Highlights & Ratios
PEG Ratio-0.55
Price to Book (P/B)2.45
Price to Sales (P/S)3.02
P/FCF Ratio23.70
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue3.45
Enterprise Value/Gross Profit7.67
Enterprise Value/Ebitda18.08
Forecast
1Y Price Target
$92.00Price Target Upside-3.25% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)4.42
Revenue Forecast (FY)$868.19M
Axcelis Technologies Business Overview & Revenue Model
Company Description
Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia. The company offers high energy, high current, and...
How the Company Makes Money
Axcelis makes money primarily by selling capital equipment and by generating recurring aftermarket revenue from the installed base of its ion implantation tools.
1) Capital equipment (systems sales): The largest revenue driver is typically the sa...
Axcelis Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAxcelis Technologies Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented multiple operational and financial positives: Q4 results and EPS materially beat expectations, CS&I aftermarket growth (14% YoY) and product launches (Purion H6) strengthened the company's positioning, margins expanded year-over-year and the company generated strong full-year free cash flow ($107M) while returning capital via ~$121M in buybacks. Near-term headwinds include an anticipated sequential revenue decline in Q1 (~18% QoQ), margin pressure from mix and tariffs, digestion of SiC and NAND demand, and China revenue normalization after heavy prior investments. Management expects 2026 revenue to be roughly flat versus 2025 with memory growth offsetting softness in power/general mature and anticipates stronger memory-driven recovery into 2027. Overall, the positive financial execution, margin expansion, cash generation, backlog and product momentum outweigh the near-term cyclical and mix challenges.Positive Updates
Q4 Revenue and EPS Beat
Reported Q4 revenue of $238 million and non-GAAP diluted EPS of $1.49 (GAAP EPS $1.10), both above company outlooks (non-GAAP EPS beat vs $1.12 outlook; GAAP EPS beat vs $0.76).
Negative Updates
Overall Revenue Decline in 2025
Company acknowledged overall revenue declined in 2025 (no percent disclosed) despite margin expansion and cash generation; systems revenue declined year-over-year while CS&I grew.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue and EPS Beat
Reported Q4 revenue of $238 million and non-GAAP diluted EPS of $1.49 (GAAP EPS $1.10), both above company outlooks (non-GAAP EPS beat vs $1.12 outlook; GAAP EPS beat vs $0.76).
Read all positive updates
Company Guidance
Axcelis guided Q1 2026 revenue of approximately $195 million, non‑GAAP gross margin of ~41%, non‑GAAP operating expenses of about $59 million, adjusted EBITDA of roughly $26 million and non‑GAAP diluted EPS of about $0.71 (noting the sequential revenue decline reflects lower systems and CS&I volumes from seasonality, some pushouts and a Q4 pull‑in); management expects full‑year 2026 revenue to be roughly flat versus 2025 and second‑half weighted, full‑year non‑GAAP gross margins in the low‑to‑mid‑40% range (with tariffs estimated to reduce margins by <100 basis points year‑over‑year), a full‑year tax rate of ~15%, and quarterly operating expenses for the balance of the year similar to Q1 levels—while memory (DRAM/HBM) growth is expected to offset slight year‑over‑year declines in power and general mature markets (company exited Q4 with bookings of $128M and a backlog of $457M).Axcelis Technologies Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 839.05M | 1.02B | 1.13B | 920.00M | 662.43M |
| Gross Profit | 376.85M | 454.65M | 491.30M | 401.79M | 286.44M |
| EBITDA | 161.23M | 251.54M | 297.01M | 222.07M | 136.08M |
| Net Income | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M |
Balance Sheet | |||||
| Total Assets | 1.36B | 1.35B | 1.28B | 1.01B | 753.24M |
| Cash, Cash Equivalents and Short-Term Investments | 374.25M | 571.34M | 506.15M | 432.17M | 294.92M |
| Total Debt | 42.33M | 43.67M | 45.19M | 46.41M | 47.39M |
| Total Liabilities | 326.67M | 335.99M | 417.08M | 346.38M | 214.28M |
| Stockholders Equity | 1.03B | 1.01B | 864.88M | 667.26M | 538.96M |
Cash Flow | |||||
| Free Cash Flow | 107.01M | 128.64M | 136.21M | 204.92M | 141.47M |
| Operating Cash Flow | 118.31M | 140.82M | 156.87M | 215.61M | 150.19M |
| Investing Cash Flow | 29.93M | -108.73M | -100.86M | -257.25M | -8.72M |
| Financing Cash Flow | -124.49M | -71.19M | -68.27M | -65.48M | -52.45M |
Axcelis Technologies Technical Analysis
Positive
95.09
Price Trends
87.81
Positive
86.87
Positive
83.62
Positive
Market Momentum
2.55
Negative
57.49
Neutral
61.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACLS, the sentiment is Positive. The current price of 95.09 is above the 20-day moving average (MA) of 89.23, above the 50-day MA of 87.81, and above the 200-day MA of 83.62, indicating a bullish trend. The MACD of 2.55 indicates Negative momentum. The RSI at 57.49 is Neutral, neither overbought nor oversold. The STOCH value of 61.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACLS.
Axcelis Technologies Risk Analysis
Axcelis Technologies disclosed 34 risk factors in its most recent earnings report. Axcelis Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Axcelis Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.92B | 21.10 | 11.72% | ― | -20.69% | -37.67% | |
73 Outperform | $3.15B | 34.57 | 3.55% | ― | 10.45% | 4.37% | |
73 Outperform | $8.04B | 82.61 | 5.43% | ― | 2.29% | -69.81% | |
73 Outperform | $3.87B | 4.07 | 15.21% | 2.22% | -2.26% | 9.74% | |
64 Neutral | $2.91B | 90.19 | 3.17% | 2.27% | 10.50% | -52.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $4.81B | 98.08 | 1.48% | ― | -7.49% | ― |
* Technology Sector Average
ACLS
Axcelis Technologies
95.09
50.24
112.02%
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31.90
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103.16
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113.94
61.90
118.95%
POWI
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52.37
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23.37%
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113.90
73.16
179.58%
Axcelis Technologies Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Axcelis Technologies Announces CFO Transition and Interim Appointment
Neutral
Mar 12, 2026
Axcelis Technologies announced a chief financial officer transition on March 12, 2026, as long-time finance leader James Coogan prepares to depart the company on April 24, 2026, to take a CFO role in another industry. The company emphasized that h...
M&A TransactionsShareholder Meetings
Axcelis Shareholders Approve Merger-Related Stock Issuance
Positive
Feb 6, 2026
On February 6, 2026, Axcelis Technologies reported that its stockholders had approved all proposals related to the company’s pending merger with Veeco Instruments at a special meeting convened to consider the transaction. Shareholders backed...
Business Operations and StrategyM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Axcelis, Veeco advance merger ahead of shareholder votes
Positive
Feb 2, 2026
Axcelis Technologies and Veeco Instruments, which entered into a merger agreement on September 30, 2025, reported a series of regulatory milestones and procedural steps toward closing their deal. On January 22, 2026, the United Kingdom’s Inv...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Axcelis Supplements Proxy Disclosures Amid Veeco Merger Challenges
Negative
Jan 28, 2026
On September 30, 2025, Axcelis Technologies and Veeco Instruments signed a merger agreement under which Veeco would be merged into a wholly owned Axcelis subsidiary in an all-stock transaction, ahead of an Axcelis special shareholder meeting set f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.