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Axcelis Technologies
(NASDAQ:ACLS)
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Rating:73Outperform
Price Target:
$205.00
▲(72.66% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality (low leverage and solid profitability) and supportive earnings-call signals (improving Q2 guidance, strong CS&I growth, and a healthy backlog). Technicals remain bullish but look overbought, while the high P/E meaningfully drags the score due to elevated valuation risk.
Positive Factors
Very low leverage / strong balance sheet
Axcelis's extremely low debt-to-equity (~0.04) and growing equity base provide durable financial flexibility. This reduces refinancing risk through semiconductor cycles, supports capital spending, R&D and potential M&A, and allows the firm to fund operations and strategic initiatives without pressuring cash flows.
Negative Factors
Margin compression from prior peaks
Net margin falling from ~22% in 2023 to ~12% TTM signals structural pressure from mix shifts, pricing, or higher operating costs. Persistent margin erosion would reduce free cash flow generation and returns on equity, constraining reinvestment capacity and reducing resilience to future demand downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Axcelis's extremely low debt-to-equity (~0.04) and growing equity base provide durable financial flexibility. This reduces refinancing risk through semiconductor cycles, supports capital spending, R&D and potential M&A, and allows the firm to fund operations and strategic initiatives without pressuring cash flows.
Read all positive factors
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 (ACLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.82B
Dividend YieldN/A
Average Volume (3M)622.29K
Price to Earnings (P/E)58.5
Beta (1Y)1.60
Revenue Growth-11.75%
EPS Growth-41.15%
CountryUS
Employees1,524
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.22
Shares Outstanding30,733,896
10 Day Avg. Volume712,109
30 Day Avg. Volume622,292
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 Cap0.91
Enterprise Value/Revenue6.25
Enterprise Value/Gross Profit14.33
Enterprise Value/Ebitda38.42
Forecast
1Y Price Target
$166.75Price Target Upside40.44% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.81
Revenue Forecast (FY)$841.80M
Axcelis Technologies Business Overview & Revenue Model
Company Description
Axcelis Technologies, Inc. is a company dedicated to the creation, production, and maintenance of specialized ion implantation and other essential processing machinery used in the fabrication of semiconductor chips. Operating internationally, its ...
How the Company Makes Money
Axcelis makes money primarily by selling capital equipment (ion implantation systems) to semiconductor manufacturers. Revenue is also generated from its aftermarket/service business, which includes installation, maintenance and repair services, sp...
Axcelis Technologies Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial strengths — notably >30% YoY CS&I growth, strong memory shipments, a healthy backlog ($453M), solid margins and a robust cash position ($570M) — and provided improved near-term guidance (Q2 revenue ~$205M, EPS ~$0.90, gross margin ~43%). Key challenges include a one-time $5M customer settlement that reduced Q1 results, softness in the general mature market, moderated silicon carbide shipments, flat bookings, and merger timing risk tied to China regulatory approval. On balance the positive performance indicators, strong product momentum, and constructive guidance outweigh the reported headwinds and one-time impacts.Positive Updates
Quarterly Revenue and EPS Beat
Reported Q1 2026 revenue of $199 million and diluted EPS of $0.72, slightly above company expectations. Q1 included a one-time customer settlement that reduced results (see lowlights).
Negative Updates
One-Time Customer Settlement Impact
A $5 million customer settlement in Q1 reduced system revenue by $5 million, pressured gross margin by approximately 70 basis points and lowered EPS by about $0.09 per share; results would have been higher absent this item.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue and EPS Beat
Reported Q1 2026 revenue of $199 million and diluted EPS of $0.72, slightly above company expectations. Q1 included a one-time customer settlement that reduced results (see lowlights).
Read all positive updates
Company Guidance
Axcelis guided second-quarter revenue of approximately $205 million, gross margin near 43%, operating expenses about $59 million, adjusted EBITDA roughly $34 million and diluted EPS of about $0.90; for full-year 2026 the company expects revenue to be roughly flat year-over-year (second-half weighted), full‑year gross margins in the low‑ to mid‑40% range with quarterly mix variability, operating expenses of ~ $60 million per quarter for the balance of the year and an approximate tax rate of 15%, and management continues to expect the Veeco merger to close in H2 2026 pending China approval. Key Q1 metrics: revenue $199 million (systems ≈ $126M, CS&I $73M), EPS $0.72, Q1 gross margin 40.7% (vs outlook 41%), Q1 operating expenses $57.7M, operating margin 11.7%, adjusted EBITDA $27.7M (13.9% margin), other income $2.7M, tax rate 14%, bookings ~$128M, backlog $453M, free cash flow $16M (includes $12M of Veeco transaction cash expenses), cash/cash equivalents/marketable securities $570M (including $203M long‑term securities), a $5M one‑time customer settlement that reduced system revenue by $5M (~70 bps gross margin headwind and ~$0.09 EPS impact), CS&I growth >30% YoY, China revenue 40%, Korea 28%, Europe 16%, U.S. 12%, Taiwan 1%, Japan 1% and RoW 2%.Axcelis Technologies Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 845.44M | 839.05M | 1.02B | 1.13B | 920.00M | 662.43M |
| Gross Profit | 368.66M | 376.85M | 454.65M | 491.30M | 401.79M | 286.44M |
| EBITDA | 137.51M | 161.23M | 251.54M | 297.01M | 222.07M | 136.08M |
| Net Income | 100.87M | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M |
Balance Sheet | ||||||
| Total Assets | 1.37B | 1.36B | 1.35B | 1.28B | 1.01B | 753.24M |
| Cash, Cash Equivalents and Short-Term Investments | 366.60M | 374.25M | 571.34M | 506.15M | 432.17M | 294.92M |
| Total Debt | 41.96M | 42.33M | 43.67M | 45.19M | 46.41M | 47.39M |
| Total Liabilities | 329.90M | 326.67M | 335.99M | 417.08M | 346.38M | 214.28M |
| Stockholders Equity | 1.04B | 1.03B | 1.01B | 864.88M | 667.26M | 538.96M |
Cash Flow | ||||||
| Free Cash Flow | 88.47M | 107.01M | 128.64M | 136.21M | 204.92M | 141.47M |
| Operating Cash Flow | 96.65M | 118.31M | 140.82M | 156.87M | 215.61M | 150.19M |
| Investing Cash Flow | -21.18M | 29.93M | -108.73M | -100.86M | -257.25M | -8.72M |
| Financing Cash Flow | -105.78M | -124.49M | -71.19M | -68.27M | -65.48M | -52.45M |
Axcelis Technologies Technical Analysis
Positive
118.73
Price Trends
155.65
Positive
123.05
Positive
104.97
Positive
Market Momentum
7.22
Positive
53.66
Neutral
37.14
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 118.73 is below the 20-day moving average (MA) of 168.38, below the 50-day MA of 155.65, and above the 200-day MA of 104.97, indicating a bullish trend. The MACD of 7.22 indicates Positive momentum. The RSI at 53.66 is Neutral, neither overbought nor oversold. The STOCH value of 37.14 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 38 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.82B | 58.54 | 9.79% | ― | -11.75% | -41.15% | |
72 Outperform | $4.67B | 279.58 | 2.44% | 2.27% | 3.11% | -54.05% | |
72 Outperform | $11.19B | 16.57 | 20.24% | 2.22% | 36.05% | 80.83% | |
71 Outperform | $12.47B | 181.35 | 6.68% | ― | 9.60% | 25.63% | |
70 Outperform | $5.03B | 58.95 | 4.54% | ― | 15.97% | 234.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $4.98B | 170.43 | 1.37% | ― | 9.29% | ― |
* Technology Sector Average
ACLS
Axcelis Technologies
189.45
117.46
163.16%
DIOD
Diodes
109.44
54.14
97.90%
FORM
Formfactor
159.93
125.00
357.86%
IPGP
IPG Photonics
117.32
46.27
65.12%
POWI
Power Integrations
83.76
27.19
48.07%
SIMO
Silicon Motion
333.33
260.37
356.89%
Axcelis Technologies Corporate Events
Executive/Board ChangesShareholder Meetings
Axcelis Shareholders Approve Board, Auditor and Executive Pay
Positive
May 6, 2026
Axcelis Technologies held its 2026 annual meeting of stockholders at its Beverly, Massachusetts offices on May 5, 2026, with 90.24% of eligible shares represented in person or by proxy. All eight director nominees were elected with strong pluralit...
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.