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Axcelis Technologies Inc (ACLS) stock

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NASDAQ: ACLS Nasdaq Semiconductor Materials & Equipment Next results ~November 5, 2026

C Fundamentals grade

Axcelis Technologies Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$64

Cash-flow model

Base case. Range ~$52–$81 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 32% below it.

Price used: $95.15, November 2, 2026

Axcelis Technologies Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 13 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds223 adding, 189 cuttingOf 55 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Axcelis Technologies files

Where Axcelis Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $866m, down 3.3% on a year earlier, a smaller fall than the 11.8% decline a quarter earlier. That puts it 13 of 13 for growth among the semiconductor materials & equipment companies we cover. Free-cash-flow margin fell to 7.6% from 13.7% a year earlier. Operating margin narrowed to 10.3% from 17.8%. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $59.46 a share, against a share price of $114. At that price, our model says the market is pricing in about 15.7% a year of cash-flow growth for five years, faster than the 5.5% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Axcelis Technologies Inc's trailing-twelve-month revenue fell 3.3% year on year, with a free-cash-flow margin of 7.6%. Where it stands out: change in share count of -3.7% ranks 1 of 19 semiconductor materials & equipment companies we cover. Where it lags: revenue growth of -3.3% ranks 19 of 20 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$64 per share in the base case (~$52–$81 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -3.3% (+8.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 8.7% over 90 days.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $95.15 is 32% above our value per share of $64.
  • Revenue shrinking. Revenue fell 3.3% over the last 12 months.
  • Margins narrowing. Operating margin is down 7.5 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 70% and a beta of 2.9 against the S&P 500.
  • Weak cash conversion. Free cash flow was 71% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.06 against an average estimate of $0.89: beat by 18.6%
Revenue
$215m, up 10.6% on a year earlier
Share reaction
+2.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenues $230m (third quarter ending September 30, 2026); GAAP earnings per diluted share $0.76 (third quarter ending September 30, 2026)
Next report
November 5, 2026; average EPS estimate $1.11

Axcelis Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.9%
  • 1 week-12.8%
  • 1 month-35.6%
  • This year+18.4%
  • 1 year+19.6%
  • 5 years+61.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$866M
Operating margin
10.3%
Net margin
10.7%
EPS (TTM, diluted)
$2.98

Growth

Revenue growth
−3.3%
Change in growth rate
+8.4 pts
Share count change
−3.7%

Cash

Free cash flow (TTM)
$65.6M
FCF margin
7.6%
Stock pay % of revenue
2.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 3, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Axcelis Technologies Inc valuation models and calculator

What the price is pricing in

The share price implies about 12.8% a year of cash-flow growth for five years.That is faster than the 5.5% a year revenue growth Axcelis Technologies has delivered.

  • Priced in12.8%
  • Last 12 months-3.3%
  • 3 years a year-5.4%
  • 5 years a year5.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($99.72, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$64
Price used
$99.72close November 3, 2026
Implied change
▼ 35%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Axcelis Technologies Inc's free cash flow after stock-based pay with after-tax interest added back ($87.5M, FY2026 Q2 TTM), growing 6.3% and 4.8% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$52–~$81 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Axcelis Technologies Inc's free cash flow after stock-based pay ( $87.5M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Axcelis Technologies Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$64 ~$52–$81 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$85 ~$73–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$100 ~$76–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$76 ~$68–$85 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$79 ~$64–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Axcelis Technologies Inc with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −19%
  • Revenue growth 5 points higher ▲ +25%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −36%
  • Discount rate 1 point higher ▼ −11%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $54$68$88$113$147$190
8.5% $44$55$69$87$111$141
10% $38$47$57$71$89$113

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.36$14.55$28.70$17.80$24.10$29.12$74.56$79.36$129.69$69.87$80.34$95.15
Market value$313m$450m$960m$605m$815m$994m$2.6bn$2.7bn$4.3bn$2.3bn$2.5bn$3.0bn
+ Net debt (− = net cash)−$79m−$71m−$133m−$178m−$140m−$203m−$295m−$186m−$167m−$124m−$145m−$155m
Enterprise value$234m$379m$826m$427m$675m$790m$2.3bn$2.5bn$4.1bn$2.2bn$2.4bn$2.8bn
Multiples
Price / sales 1.2x1.7x2.3x1.4x2.4x2.1x3.9x2.9x3.8x2.2x3.0x3.4x
Price / earnings 21.3x40.9x7.6x13.2x47.9x19.9x25.9x14.5x17.5x11.4x21.2x31.9x
Price / free cash flow 19.1x—19.6x14.3x—16.0x18.1x13.0x31.6x17.8x23.8x45.2x
EV / EBITDA 9.2x18.2x15.6x6.5x21.0x11.6x16.4x11.1x14.8x9.5x17.5x26.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard Axcelis Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.7% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 42.8%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 13.8%; its worst year was 8.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 10 years, at a median 12.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.4% over five years; stock-based pay has been a median 2.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $230m and EPS of $1.11 (range $1.09 to $1.11) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.11 −16% $884m +5%
Next $5.27 +28% $989m +12%

Next year's EPS estimate has moved +8.7% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.1% on 90 days ago. In the last 30 days, 4 analysts raised Axcelis Technologies Inc's forecast and 0 cut it.

Consensus EPS forecast Axcelis Technologies Inc, last 90 days
$3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.83 Current fiscal year, 60 days ago: $4.11 Current fiscal year, 30 days ago: $4.11 Current fiscal year, 7 days ago: $4.11 Current fiscal year, Now: $4.11 $4.11 Next fiscal year, 90 days ago: $4.85 Next fiscal year, 60 days ago: $5.27 Next fiscal year, 30 days ago: $5.27 Next fiscal year, 7 days ago: $5.27 Next fiscal year, Now: $5.27 $5.27

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.83$4.85
60 days ago $4.11$5.27
30 days ago $4.11$5.27
7 days ago $4.11$5.27
Now $4.11$5.27

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.89 $1.06 +18.6%
Mar 2026 $0.71 $0.72 +1.4%
Dec 2025 $1.12 $1.49 +33.3%
Sept 2025 $1.00 $1.21 +20.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • revenues third quarter ending September 30, 2026 about $230m
    “For the third quarter ending September 30, 2026, Axcelis expects revenues of approximately $230 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.11.” source
  • GAAP earnings per diluted share third quarter ending September 30, 2026 about $0.76 GAAP
    “For the third quarter ending September 30, 2026, Axcelis expects revenues of approximately $230 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.11.” source
  • non-GAAP earnings per share third quarter ending September 30, 2026 about $1.11 Non-GAAP
    “For the third quarter ending September 30, 2026, Axcelis expects revenues of approximately $230 million, GAAP earnings per diluted share of approximately $0.76, and non-GAAP earnings per share of approximately $1.11.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Axcelis Technologies Inc's revenue by +6.3% next year and +4.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.1%, weight 51%) , management guidance (+7.7%, weight 21%) and the company's own record (+2.0%, weight 28%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold360%
Sell120%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315
  4. Jul 20262215

Counts of recommendations published by analysts covering Axcelis Technologies Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.8%
of tradable shares
Days to cover
4.2
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
1,465
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.6%

$79.56 on October 31, 2025 to $95.15

ThenNowEffect
Revenue (last 12 months) $896m $866m −3.3%
Net margin 17.7% 10.7% −39.4%
P/E multiple 16.2x 31.9x +96.7%
Share count 32m 31m +3.8%

Biggest factor: p/e multiple.

Last 3 years −27.4%

$131.11 on November 3, 2023 to $95.15

ThenNowEffect
Revenue (last 12 months) $1.0bn $866m −15.4%
Net margin 20.2% 10.7% −46.9%
P/E multiple 21.1x 31.9x +51.2%
Share count 33m 31m +6.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ACLS+156%+6%+63%−46%+15%+18%
Industry peers (median)+65%−39%+29%+0%+43%+28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ACLS67%42%58%25%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ACLS−31%−42%−39%−55%−43%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 79% from July 31, 2023 to April 4, 2025. Getting back needed a 373% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$74.12 – $191.60
From 52-week high
−50.3%
vs 50-day average
−19.3%
vs 200-day average
−22.7%
Volatility (1 year)
70%
Beta vs S&P 500
2.92

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.9%
After a week
6 up, 6 down
typical move ±8.3%
After a month
4 up, 8 down
typical move ±12.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.6% +0.5% +4.7% −15.8%
May 7, 2026 −4.7% +0.5% −5.5% −9.5%
February 17, 2026 −13.3% +0.7% −13.5% −9.3%
November 4, 2025 +2.1% −0.8% +3.4% +7.7%
August 5, 2025 +6.8% +0.3% +14.7% +11.2%
May 6, 2025 +11.5% −0.4% +20.7% +15.9%
February 10, 2025 −7.2% +0.8% −0.6% −7.0%
November 6, 2024 +1.9% +3.3% −6.7% −13.2%
July 31, 2024 −3.9% +0.2% −12.5% −6.7%
July 9, 2024 +7.9% +1.1% +2.6% −28.5%
May 1, 2024 +3.0% +0.6% +7.7% +8.7%
February 7, 2024 −5.8% +0.9% −7.1% −13.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Axcelis Technologies Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Axcelis Technologies Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Axcelis Technologies Inc
$800M $900M $1B $1.1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.1B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $958.1M Revenue (TTM), FY25 Q2: $896.1M Revenue (TTM), FY25 Q3: $853.1M Revenue (TTM), FY25 Q4: $839M Revenue (TTM), FY26 Q1: $845.4M Revenue (TTM), FY26 Q2: $866.1M $866.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.1B
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1B
FY25 Q1 $958.1M
FY25 Q2 $896.1M
FY25 Q3 $853.1M
FY25 Q4 $839M
FY26 Q1 $845.4M
FY26 Q2 $866.1M
Revenue growth, TTM YoY Axcelis Technologies Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 26.4% Revenue growth, TTM YoY, FY23 Q4: 22.9% Revenue growth, TTM YoY, FY24 Q1: 16.3% Revenue growth, TTM YoY, FY24 Q2: 8.6% Revenue growth, TTM YoY, FY24 Q3: -1.0% Revenue growth, TTM YoY, FY24 Q4: -10.0% Revenue growth, TTM YoY, FY25 Q1: -15.1% Revenue growth, TTM YoY, FY25 Q2: -19.4% Revenue growth, TTM YoY, FY25 Q3: -20.7% Revenue growth, TTM YoY, FY25 Q4: -17.6% Revenue growth, TTM YoY, FY26 Q1: -11.8% Revenue growth, TTM YoY, FY26 Q2: -3.3% -3.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 26.4%
FY23 Q4 22.9%
FY24 Q1 16.3%
FY24 Q2 8.6%
FY24 Q3 -1.0%
FY24 Q4 -10.0%
FY25 Q1 -15.1%
FY25 Q2 -19.4%
FY25 Q3 -20.7%
FY25 Q4 -17.6%
FY26 Q1 -11.8%
FY26 Q2 -3.3%
Operating margin (TTM) Axcelis Technologies Inc
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 22.4% Operating margin (TTM), FY23 Q4: 23.5% Operating margin (TTM), FY24 Q1: 24.0% Operating margin (TTM), FY24 Q2: 23.4% Operating margin (TTM), FY24 Q3: 21.9% Operating margin (TTM), FY24 Q4: 20.7% Operating margin (TTM), FY25 Q1: 19.1% Operating margin (TTM), FY25 Q2: 17.8% Operating margin (TTM), FY25 Q3: 16.1% Operating margin (TTM), FY25 Q4: 14.2% Operating margin (TTM), FY26 Q1: 11.6% Operating margin (TTM), FY26 Q2: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 22.4%
FY23 Q4 23.5%
FY24 Q1 24.0%
FY24 Q2 23.4%
FY24 Q3 21.9%
FY24 Q4 20.7%
FY25 Q1 19.1%
FY25 Q2 17.8%
FY25 Q3 16.1%
FY25 Q4 14.2%
FY26 Q1 11.6%
FY26 Q2 10.3%
FCF margin (TTM) Axcelis Technologies Inc
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 18.4% FCF margin (TTM), FY23 Q4: 12.0% FCF margin (TTM), FY24 Q1: 12.8% FCF margin (TTM), FY24 Q2: 13.7% FCF margin (TTM), FY24 Q3: 16.4% FCF margin (TTM), FY24 Q4: 12.6% FCF margin (TTM), FY25 Q1: 12.8% FCF margin (TTM), FY25 Q2: 13.7% FCF margin (TTM), FY25 Q3: 14.5% FCF margin (TTM), FY25 Q4: 12.8% FCF margin (TTM), FY26 Q1: 10.5% FCF margin (TTM), FY26 Q2: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 18.4%
FY23 Q4 12.0%
FY24 Q1 12.8%
FY24 Q2 13.7%
FY24 Q3 16.4%
FY24 Q4 12.6%
FY25 Q1 12.8%
FY25 Q2 13.7%
FY25 Q3 14.5%
FY25 Q4 12.8%
FY26 Q1 10.5%
FY26 Q2 7.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Axcelis Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $839M
  2. Other income $18.9M · 2.3%
  3. Cost of revenue $462M · 55.1%
  4. Gross profit $377M · 44.9%
  5. Research and development $109M · 13.0%
  6. Selling, general and admin $149M · 17.7%
  7. Operating income $119M · 14.2%
  8. Income tax $18M · 2.1%
  9. Net income $120M · 14.3%

Shares of revenue. Source: Axcelis Technologies's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 133 275 319 203 196 203 267 267 411 443 343 475 662 920 1,131 1,018 839 866
Gross profit 28 86 115 58 68 70 102 100 150 180 144 199 286 402 491 455 377 373
EBITDA −62 −6 16 −24 −10 −6 26 21 53 66 32 68 138 224 279 227 137 107
Operating income −69 −13 7 −31 −15 −11 21 17 48 60 24 58 127 212 266 211 119 89
Net income −77 −18 5 −34 −17 −11 15 11 127 46 17 50 99 183 246 201 120 93
Diluted EPS −$3.00 −$0.68 $0.20 −$1.28 −$0.64 −$0.40 $0.49 $0.36 $3.80 $1.35 $0.50 $1.46 $2.88 $5.46 $7.43 $6.15 $3.80 $2.98
Growth (year on year)
Revenue — +106.9% +16.1% −36.3% −3.8% +3.8% +31.5% 0.0% +53.8% +7.8% −22.5% +38.4% +39.6% +38.9% +22.9% −10.0% −17.6% −3.3%
EBITDA — — — −254.0% — — — −18.4% +153.1% +24.4% −51.2% +111.9% +103.2% +62.1% +24.5% −18.7% −39.6% −39.4%
Operating income — — — −533.8% — — — −19.8% +187.8% +25.3% −59.6% +139.8% +119.4% +66.8% +25.2% −20.7% −43.4% −44.0%
Net income — — — — — — — −25.1% +>999% −63.9% −62.9% +193.4% +97.4% +85.6% +34.5% −18.4% −40.2% −41.5%
Diluted EPS — — — — — — — −26.5% +955.6% −64.5% −63.0% +192.0% +97.3% +89.6% +36.1% −17.2% −38.2% −39.2%
Margins
Gross margin 21.1% 31.2% 35.9% 28.6% 34.7% 34.6% 38.1% 37.3% 36.6% 40.6% 42.0% 41.8% 43.2% 43.7% 43.5% 44.7% 44.9% 43.0%
EBITDA margin −46.6% −2.3% 4.9% −11.8% −4.9% −3.0% 9.6% 7.8% 12.9% 14.9% 9.4% 14.3% 20.9% 24.3% 24.7% 22.3% 16.3% 12.4%
Operating margin −52.2% −4.9% 2.2% −15.2% −7.5% −5.3% 7.8% 6.2% 11.7% 13.5% 7.1% 12.2% 19.2% 23.1% 23.5% 20.7% 14.2% 10.3%
Net margin −58.2% −6.4% 1.6% −16.7% −8.8% −5.5% 5.5% 4.1% 30.9% 10.4% 5.0% 10.5% 14.9% 19.9% 21.8% 19.7% 14.3% 10.7%
Free-cash-flow margin −25.9% −2.7% 0.4% −5.5% −8.1% −8.3% 6.2% −4.2% 11.9% 9.5% −7.5% 13.1% 21.4% 22.3% 12.0% 12.6% 12.8% 7.6%
Cash flow
Cash from operations −34 −6 4 −11 −15 −16 18 −9 56 47 −14 70 150 216 157 141 118 75
Capital spending 0 1 2 1 1 1 2 3 7 5 12 7 9 11 21 12 11 10
Free cash flow −34 −7 1 −11 −16 −17 16 −11 49 42 −26 62 141 205 136 129 107 66
Stock-based pay 5 4 5 4 4 5 6 5 6 8 8 10 12 13 18 21 21 22
Free cash flow after stock pay −39 −11 −3 −15 −20 −22 11 −16 43 34 −34 52 129 191 118 108 86 44
Balance sheet
Cash 45 46 47 45 46 31 79 71 133 178 140 203 295 186 167 124 145 155
Total debt 0 0 0 0 15 28 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −45 −46 −47 −45 −31 −3 −79 −71 −133 −178 −140 −203 −295 −186 −167 −124 −145 −155
Diluted shares 26m 26m 27m 27m 27m 28m 30m 31m 33m 34m 34m 34m 34m 34m 33m 33m 32m 31m
Returned to shareholders
Buybacks — — — — — — — — — — 18 8 50 57 52 60 121 —
Total returned — — — — — — — — — — 18 8 50 57 52 60 121 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $1.4bn
Short-term assets $980mLonger-term assets $407m
What it owes, and who funded it · $1.4bn
Short-term liabilities $200mLonger-term liabilities $121mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $980m of assets due within a year against $200m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $980m short-term assets against $121m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $89m against $5m of interest.

From Axcelis Technologies Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$121M
Returned to shareholders
113%
of free cash flow
Buybacks, last 3 fiscal years
$234M
Diluted share count
−3.7%
year over year
Total shareholder yield
4.1%
dividends 0.0% + buybacks 4.1% of market value
R&D spending
13.0%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated ACLS NVMI KLIC ACMR VECO ONTO Median
Revenue, last 12 months $866m $881m $950m $1.0bn $683m $1.1bn $994m
Revenue growth, last 12 months −3.3% 31.0% 44.4% 27.3% −2.5% 8.1% 15.8%
Revenue growth, 3-year average −5.4% 99.1% 4.8% 31.1% 2.1% 7.7% 7.8%
Revenue growth, latest quarter 10.6% — 122.6% 36.0% 16.5% 35.3% 33.7%
Gross margin 43.0% 57.4% 48.2% 43.8% 37.9% 50.4% 47.7%
Operating margin 10.3% 28.8% 13.2% 13.3% 2.7% 12.0% 13.2%
Operating margin, 3-year average 17.2% 27.3% 0.9% 16.1% 7.6% 15.9% 16.0%
Net margin 10.7% 29.4% 12.2% 14.5% 3.4% 11.8% 10.9%
Cash from operations / revenue 8.7% 27.9% 5.8% −0.6% 14.6% 23.8% 18.6%
Free-cash-flow margin 7.6% 24.7% 4.3% −11.5% 12.5% 22.5% 15.0%
Free-cash-flow margin, 3-year average 11.7% 26.8% 10.0% −8.7% 8.1% 22.0% 11.9%
Stock pay / revenue 2.5% 3.0% 2.9% 2.5% 5.3% 2.8% 2.4%
Change in share count −3.7% 2.1% −1.0% 3.9% 2.3% 0.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth -3.3% 15.8% 19 of 20
Change in growth rate Growth +8.4pp +7.5pp 8 of 20
Gross margin Profitability 43.0% 48.2% 15 of 19
Operating margin Profitability 10.3% 13.2% 12 of 19
Net margin Profitability 10.7% 11.1% 11 of 20
Free-cash-flow margin Cash generation 7.6% 17.5% 15 of 20
Stock pay as % of revenue Cash generation 2.5% 2.5% 11 of 20
Change in share count Balance sheet -3.7% 0.9% 1 of 19
Days sales outstanding Balance sheet 65 days 79 days 6 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Ion Implantation Systems Services and Royalties $824M ▼ 17.7%
Products $792M ▼ 18.9%
New Systems Revenue $571M ▼ 27.0%
After Market $268M ▲ 13.9%
Services $47M ▲ 14.7%
Other Products Systems Services and Royalties $14.9M ▼ 11.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
Asia Pacific $610M ▼ 21.9%
United States $483M ▼ 23.6%
North America $137M ▼ 4.9%
Europe $91.8M ▼ 1.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Axcelis Technologies Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.9B
Institutions reporting
438
Shares held vs prior quarter
▼ 4.6%
Positions opened / closed
104 / 46

Top buyers and sellers, Q2 2026: 223 institutions bought and 189 sold ; the biggest buyer was FMR LLC (+1.7M shares) and the biggest seller Balyasny Asset Management L.P (−748K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $953M 5.0M 16.2% ▲ 1.9%
FMR LLC $782M 4.1M 13.3% ▲ 69.7%
Vanguard Portfolio Management LLC $470M 2.5M 8.0% ▼ 0.4%
Vanguard Capital Management LLC $263M 1.4M 4.5% ▲ 0.3%
State Street Corp $233M 1.2M 4.0% ▲ 3.5%
Victory Capital Management Inc $215M 1.1M 3.7% ▼ 11.3%
Reinhart Partners, Llc. $176M 929K 3.0% ▼ 44.0%
Geode Capital Management, LLC $158M 834K 2.7% ▲ 2.8%
BNP Paribas Asset Management Holding S.A. $152M 803K 2.6% ▼ 20.2%
Dimensional Fund Advisors LP $134M 709K 2.3% ▼ 16.0%
Balyasny Asset Management L.P. $117M 616K 2.0% ▼ 54.8%
Primecap Management Co $116M 610K 2.0% ▼ 7.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Axcelis Technologies Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.4M 23 trades by 13 insiders · 25% under pre-set plans
Net ▼ $6.4M net selling
Insider Date Trade Shares Price Value
Sayiner Necip Director June 3, 2026 Sell 1,586 $157.44 $249,700
Mahoney Robert John EVP Global Operations June 2, 2026 Sell 1,155 $155.24 $179,302
Sutton Todd VP Corporate Controller May 27, 2026 Sell 2,000 $159.99 $319,980
Evans Eileen EVP, General Counsel and Sec'y May 22, 2026 Sell 926 $155.51 $144,002
St Dennis Thomas Director May 22, 2026 Sell 900 $155.37 $139,833
Blumenstock Gerald M EVP, Research, Dev. & Eng. May 21, 2026 Sell 1,161 $152.70 $177,285
Tatnall Christopher EVP Global Customer Operations May 20, 2026 Sell 1,166 $149.75 $174,608
Quirk Jeanne Director May 19, 2026 Sell 1,789 $140.22 $250,854
Kurtzweil John T Director May 19, 2026 Sell 3,500 $138.79 $485,765
Graves Gregory B Director May 19, 2026 Sell 600 $142.51 $85,506
Graves Gregory B Director May 19, 2026 Sell 2,625 $141.41 $371,201
Blumenstock Gerald M EVP, Research, Dev. & Eng. May 14, 2026 Sell 1,015 $162.32 $164,755

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 17, 2026
  • November 4, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Axcelis Technologies Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Axcelis Technologies Inc in brief

What does Axcelis Technologies Inc do?
Axcelis Technologies Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is Axcelis Technologies Inc's stock ticker?
Axcelis Technologies Inc trades under the ticker ACLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Axcelis Technologies Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Axcelis Technologies Inc reported revenue of $866M, 3.3% lower than a year earlier, according to its SEC filings.
What is Axcelis Technologies Inc's free cash flow?
Axcelis Technologies Inc's free-cash-flow margin is 7.6% of revenue over the trailing twelve months, ranking 15 of the 20 semiconductor materials & equipment companies we cover.
What is Axcelis Technologies Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Axcelis Technologies Inc's free cash flow after stock-based pay gives ~$64 per share in the base case, and ~$52–$81 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Axcelis Technologies Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Axcelis Technologies Inc buying back stock, and does it pay a dividend?
Axcelis Technologies Inc spent $121M on share repurchases over the trailing twelve months, and its diluted share count fell 3.7% over the year.
What is Axcelis Technologies Inc's market cap?
On November 2, 2026, Axcelis Technologies Inc's market capitalisation was about $3B, with a price-to-earnings ratio of 31.9 and net debt of -$155M. Market figures come from third-party market data and may be delayed.
Who are Axcelis Technologies Inc's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Axcelis Technologies Inc are Nova LTD., Kulicke & Soffa Industries Inc, ACM Research, Inc., Veeco Instruments Inc and Onto Innovation Inc. The side-by-side comparison below sets their revenue, margins and growth against Axcelis Technologies Inc's.
Are insiders buying or selling Axcelis Technologies Inc stock?
Over the last 12 months, Axcelis Technologies Inc's directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Axcelis Technologies Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Axcelis Technologies Inc announces its own schedule.