Axcelis Technologies (ACLS) AI Stock Analysis

• Market Cap: $2.38B
• Dividend Yield: N/A
• Average Volume (3M): 644.11K
• Price to Earnings (P/E): 18.2
• Beta (1Y): 1.86
• Revenue Growth: -20.69%
• EPS Growth: -37.67%
• Country: US
• Employees: 1,524
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 1.21
• Shares Outstanding: 30,999,132
• 10 Day Avg. Volume: 553,306
• 30 Day Avg. Volume: 644,105
• PEG Ratio: -0.63
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 2.23
• P/FCF Ratio: 17.68
• Enterprise Value/Market Cap: 1.13
• Enterprise Value/Revenue: 3.16
• Enterprise Value/Gross Profit: 7.07
• Enterprise Value/Ebitda: 15.10
• 1Y Price Target: $96.80
• Price Target Upside: 25.91% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 4.13
• Revenue Forecast (FY): $786.93M

• Rating: 66 Neutral
• Price Target: $80.00 ▲(4.06% Upside)

Axcelis Technologies' overall stock score reflects strong financial performance and a solid earnings call, tempered by bearish technical indicators and moderate valuation. The company's resilience in maintaining profitability and effective capital management are significant strengths, while technical analysis suggests caution due to potential downward pressure.

Positive Factors

Merger with Veeco

The merger with Veeco is a strategic move that could enhance Axcelis' market position and capabilities, leveraging cross-sell synergies and expanding its presence in semiconductor materials.

Record CS&I Revenue

Record CS&I revenue indicates strong demand for Axcelis' aftermarket services, providing a stable recurring revenue stream and enhancing customer loyalty.

Silicon Carbide Market Growth

Growth in Silicon Carbide applications suggests Axcelis is well-positioned to capitalize on emerging trends in semiconductor materials, supporting long-term revenue growth.

Negative Factors

Decline in Bookings

A decline in bookings can signal reduced future revenue, impacting Axcelis' ability to maintain growth and indicating potential market softness.

Lower Gross Margin

Lower gross margins can affect profitability, suggesting challenges in cost management or pricing power, which could impact long-term financial performance.

Challenges in Power and General Mature Segments

Softer bookings in key segments may indicate competitive pressures or market saturation, potentially limiting Axcelis' growth opportunities in these areas.

Axcelis Technologies Business Overview & Revenue Model

Company Description

Axcelis Technologies (ACLS) is a leading provider of semiconductor equipment, specializing in ion implantation technology used in the fabrication of advanced semiconductor devices. The company operates primarily in the semiconductor industry, focusing on the development and manufacturing of high-performance equipment designed to enhance the production efficiency and yield of semiconductor manufacturers. Axcelis's core products include a range of ion implantation systems that are essential in the production of integrated circuits, as well as services that support the ongoing maintenance and optimization of these systems.

How the Company Makes Money

Axcelis Technologies generates revenue primarily through the sale of its semiconductor equipment and related services. Key revenue streams include the sale of ion implantation systems, which are sold to semiconductor manufacturers for use in production facilities. Additionally, the company earns revenue from the sale of spare parts and consumables, as well as from service contracts that provide maintenance and support for its equipment. Significant partnerships with major semiconductor manufacturers also contribute to its earnings, as these relationships can lead to long-term contracts and repeat business. Moreover, the growing demand for advanced semiconductor technologies in various sectors, including consumer electronics, automotive, and telecommunications, drives the company's revenue growth.

Axcelis Technologies Financial Statement Overview

Summary

Axcelis Technologies demonstrates strong profitability and a solid balance sheet with low leverage, which positions it well in the semiconductor industry. Despite a recent decline in revenue and free cash flow, the company maintains healthy margins and effective capital management, indicating resilience and potential for future growth.

Income Statement

Axcelis Technologies shows strong profitability with a consistent gross profit margin around 44-45% and a net profit margin above 17% in the TTM. However, the company experienced a revenue decline of 4.79% in the TTM, indicating potential challenges in maintaining growth momentum. EBIT and EBITDA margins remain healthy, reflecting efficient cost management.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.042, indicating minimal leverage and financial risk. Return on equity is strong at 15.7% in the TTM, showcasing effective use of shareholder funds. The equity ratio is solid, reflecting a stable capital structure.

Cash Flow

Cash flow metrics are stable, with a high free cash flow to net income ratio of 0.94, indicating strong cash conversion. However, free cash flow growth is negative at -3.09% in the TTM, suggesting potential cash flow challenges. The operating cash flow to net income ratio is healthy, supporting operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	853.13M	1.02B	1.13B	920.00M	662.43M	474.56M
Gross Profit	381.14M	454.65M	491.30M	401.79M	286.44M	198.58M
EBITDA	178.46M	251.54M	297.01M	222.07M	136.08M	71.04M
Net Income	135.90M	200.99M	246.26M	183.08M	98.65M	49.98M
Balance Sheet
Total Assets	1.35B	1.35B	1.28B	1.01B	753.24M	624.62M
Cash, Cash Equivalents and Short-Term Investments	449.56M	571.34M	506.15M	432.17M	294.92M	203.48M
Total Debt	72.65M	43.67M	45.19M	46.41M	47.39M	48.15M
Total Liabilities	331.80M	335.99M	417.08M	346.38M	214.28M	143.02M
Stockholders Equity	1.02B	1.01B	864.88M	667.26M	538.96M	481.60M
Cash Flow
Free Cash Flow	124.03M	128.64M	136.21M	204.92M	141.47M	62.27M
Operating Cash Flow	137.65M	140.82M	156.87M	215.61M	150.19M	69.70M
Investing Cash Flow	46.35M	-108.73M	-100.86M	-257.25M	-8.72M	-7.27M
Financing Cash Flow	-114.42M	-71.19M	-68.27M	-65.48M	-52.45M	-2.39M

Axcelis Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 76.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACLS, the sentiment is Negative. The current price of 76.88 is below the 20-day moving average (MA) of 81.77, below the 50-day MA of 86.12, and above the 200-day MA of 69.83, indicating a neutral trend. The MACD of -1.97 indicates Positive momentum. The RSI at 40.00 is Neutral, neither overbought nor oversold. The STOCH value of 11.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ACLS.

Axcelis Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIMO	72 Outperform	$2.75B	27.89	11.88%	1.93%	-2.26%	9.74%
FORM	67 Neutral	$3.83B	94.10	4.16%	―	2.29%	-69.81%
ACLS	66 Neutral	$2.38B	18.17	13.62%	―	-20.69%	-37.67%
DIOD	63 Neutral	$2.08B	32.38	3.47%	―	10.45%	4.37%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
POWI	61 Neutral	$1.75B	100.64	2.53%	2.30%	10.50%	-52.00%
IPGP	58 Neutral	$3.16B	124.75	1.22%	―	-7.49%	―

Axcelis Technologies Corporate Events

Axcelis Technologies’ Earnings Call: Mixed Sentiments and Strategic Moves

Axcelis Technologies’ recent earnings call revealed a mixed sentiment, highlighting both achievements and challenges. The company celebrated surpassing revenue expectations and achieving record Customer Support and Innovation (CS&I) revenue. However, these positive notes were counterbalanced by a decline in bookings, lower gross margins, and reduced revenue from China.

Axcelis Technologies Announces Merger with Veeco Instruments

On September 30, 2025, Axcelis Technologies entered into a merger agreement with Veeco Instruments, aiming to create a leading semiconductor equipment company. This merger is expected to impact the companies’ market positioning and operations, with potential benefits including synergies and growth opportunities, although it is subject to regulatory approvals and other conditions.

The most recent analyst rating on (ACLS) stock is a Buy with a $92.00 price target. To see the full list of analyst forecasts on Axcelis Technologies stock, see the ACLS Stock Forecast page.

Axcelis Technologies Announces Merger with Veeco Instruments

On September 30, 2025, Axcelis Technologies and Veeco Instruments entered into a merger agreement, with Axcelis acquiring Veeco to form a leading semiconductor equipment company. The merger, expected to close in 2026, aims to diversify the technology portfolio, expand market opportunities, and achieve cost synergies, with Axcelis shareholders owning approximately 58% of the combined entity. The merger is anticipated to enhance R&D capabilities and be accretive to non-GAAP earnings per share within the first year post-closing, benefiting stakeholders with a stronger market position and growth potential.

The most recent analyst rating on (ACLS) stock is a Buy with a $92.00 price target. To see the full list of analyst forecasts on Axcelis Technologies stock, see the ACLS Stock Forecast page.

Axcelis Leadership’s Inactivity on Securities Plans Raises Investor Concerns

During the quarter ending June 30, 2025, Axcelis did not see any of its directors or officers engage in adopting or terminating contracts or plans related to the purchase or sale of its securities under Rule 10b5-1(c) of the Exchange Act. This lack of activity could be perceived as a risk factor, as it might indicate a cautious or uncertain stance from the company’s leadership regarding the future performance of Axcelis securities. Investors may interpret this as a sign of potential instability or lack of confidence in the company’s strategic direction. Such perceptions could influence market sentiment and impact Axcelis’s stock performance adversely.

Axcelis Technologies Q2 2025 Earnings Call Highlights

The recent earnings call for Axcelis Technologies presented a mixed outlook for the company. While the firm exceeded revenue and earnings expectations, challenges in the memory and general mature segments, along with a decline in bookings, tempered the overall sentiment. However, the company’s strong cash flow and share repurchases provided a positive note, indicating a balanced perspective on future growth.

Axcelis Technologies Reports Strong Q2 2025 Results

Axcelis Technologies, Inc., based in Beverly, Massachusetts, is a prominent player in the semiconductor industry, specializing in the design and manufacture of ion implantation systems, a critical component in integrated circuit manufacturing.