Strong ProfitabilitySustained high gross and improved net margins with a mid-teens ROE indicate durable pricing power and operational efficiency. These margins support internal funding for R&D, product upgrades and service expansion across cycles, improving long-term competitiveness in capital equipment markets.
Improving LeverageA material reduction in debt-to-equity strengthens the balance sheet and financial flexibility. Lower leverage reduces interest burden and refinancing risk, enabling the company to better fund capex and R&D for new plasma systems while sustaining operations through semiconductor cycle fluctuations.
Better Cash ConversionHigh FCF-to-net-income shows the business converts earnings into cash efficiently, supporting reinvestment, maintenance capex and potential shareholder returns. Reliable cash conversion is a durable strength for capital-intensive equipment makers facing cyclical demand.