Axcelis Technologies Inc (ACLS)

Price$113.43Cached quoteAs of 2026-09-12 17:41 UTC

AI: Fair-priced

Price checkAt this price, Axcelis looks neither cheap nor extreme if earnings recover toward prior-cycle levels.

At the observed quote, the shares are about 38 times earnings per share over the latest four quarters and roughly 53 times free cash flow, meaning cash left after operating the business and buying needed equipment. That is expensive on current results. Yet the same price is about 15 times 2023 peak earnings per share, and management now expects 2026 revenue growth plus a stronger third quarter. The valuation therefore needs a real cyclical recovery, but not an unprecedented profit level. MarketBeat+2Google+2 Pasted text

Big pictureProfits fell sharply after the 2023 peak, but demand and revenue are now turning upward.

Revenue peaked near $1.13 billion in 2023, then fell to about $839 million in 2025; net income dropped from $246 million to $120 million. Over the latest four quarters, revenue was about $866 million and net income about $93 million, while free cash flow fell to roughly $66 million. Still, second-quarter 2026 revenue rose 10.6% from a year earlier, and management guided the third quarter to about $230 million. Semiconductor-equipment demand is cyclical, so the key question is whether this rebound persists. Pasted text Axcelis Technologies Inc

Business strengthA net-cash balance sheet and long-running buybacks provide protection, though recent cash generation weakened.

At June 2026, Axcelis had about $155 million of cash and $70 million of debt, leaving roughly $85 million more cash than debt; short-term assets were nearly five times short-term liabilities. Shares outstanding fell from about 33.6 million in 2020 to 30.9 million, helped by $121 million of buybacks in 2025. However, those buybacks exceeded 2025 free cash flow, and stock compensation was about $21 million. The balance sheet is strong, but capital returns should not outrun cash generation for long. Pasted text

What could change the storyA stronger equipment cycle and successful Veeco merger could lift earnings, while delays or weak margins would hurt.

The pending Veeco deal is the biggest swing factor. Veeco holders are set to receive 0.3575 Axcelis shares each, leaving existing Axcelis holders with about 58% of the combined company. Management targets about $35 million of annual cost savings within 24 months, but China remains the final pending regulatory approval. Separately, second-quarter gross margin, the share of sales left after direct product costs, was 42.4% versus 44.9% a year earlier. A sustained demand recovery plus merger savings would strengthen the value case; delays or weak margins would undermine it. Axcelis Technologies Inc+2Axcelis Technologies Inc+2

AI: News

Q2 beat and outlookSecond-quarter results beat expectations and management raised the growth outlook, but the immediate stock reaction was mixed.

On August 6, Axcelis reported second-quarter revenue of $215.2 million, versus roughly $205 million expected, and adjusted earnings of $1.06 per share, versus $0.89 expected. Management guided third-quarter revenue to about $230 million and said 2026 revenue should grow year over year, with momentum continuing into 2027. Shares finished August 6 essentially unchanged and rose 2.6% the next session, so the market response was mixed rather than a clean earnings-driven move. MarketBeat+2Axcelis Technologies Inc+2

China merger approvalThe Veeco merger still targets completion this year, but final Chinese regulatory approval remains outstanding.

Axcelis's August 6 quarterly filing said shareholders had approved the all-stock Veeco deal and China's State Administration for Market Regulation was the final pending regulatory approval. Veeco holders would receive 0.3575 Axcelis shares each, leaving current Axcelis holders with roughly 58% of the combined company. The original outside date is September 30, with regulatory extensions possible. Approval would unlock a larger platform and planned cost savings; delay keeps transaction risk embedded in the shares. Axcelis Technologies Inc+1

Purion XEmax qualificationA leading foundry qualified Axcelis's highest-energy implanter for power-management chip production, strengthening a newer growth avenue.

On July 28, Axcelis said a leading foundry completed evaluation of Purion XEmax for power-management integrated circuits requiring implants up to 15 MeV. Qualification matters because it moves the tool from evaluation toward production use and supports improving demand in power applications. The shares fell 6.3% that day amid a volatile period, so that move cannot reliably be attributed to this announcement. The clearer significance is customer validation of a higher-energy product that could broaden future system demand. Axcelis Technologies Inc+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$839.0M	$1.02B	$1.13B	$920.0M	$662.4M	$474.6M	$343.0M	$442.6M	$410.6M	$267.0M	$267.0M	$203.1M	$195.6M	$203.4M	$319.4M	$275.2M	$133.0M
Gross profit	$376.8M	$454.7M	$491.3M	$401.8M	$286.4M	$198.6M	$144.2M	$179.6M	$150.2M	$99.6M	$101.7M	$70.2M	$67.9M	$58.2M	$114.7M	$85.8M	$28.1M
Gross margin	44.91%	44.67%	43.45%	43.67%	43.24%	41.85%	42.03%	40.59%	36.60%	37.31%	38.09%	34.55%	34.73%	28.60%	35.92%	31.19%	21.10%
Research & development	$109.0M	$105.5M	$96.9M	$78.4M	$65.4M	$61.8M	$53.9M	$51.9M	$43.1M	$34.4M	$32.6M	$33.5M	$34.8M	$40.4M	$47.2M	$39.5M	$32.7M
Operating expenses	$257.5M	$243.9M	$225.5M	$189.4M	$159.1M	$140.5M	$119.9M	$119.7M	$102.4M	$83.0M	$81.0M	$80.8M	$82.6M	$89.1M	$107.6M	$99.2M	$97.5M
Operating income	$119.3M	$210.8M	$265.8M	$212.4M	$127.3M	$58.0M	$24.2M	$60.0M	$47.8M	$16.6M	$20.7M	−$10.7M	−$14.6M	−$30.9M	$7.1M	−$13.4M	−$69.4M
Operating margin	14.22%	20.71%	23.51%	23.08%	19.22%	12.23%	7.06%	13.55%	11.65%	6.23%	7.76%	−5.25%	−7.47%	−15.21%	2.23%	−4.86%	−52.20%
EBITDA	$136.9M	$226.6M	$278.9M	$224.0M	$138.1M	$68.0M	$32.1M	$65.7M	$52.8M	$20.9M	$25.6M	−$6.1M	−$9.5M	−$24.1M	$15.6M	−$6.3M	−$62.0M
EBITDA margin	16.32%	22.26%	24.67%	24.34%	20.85%	14.32%	9.36%	14.85%	12.87%	7.82%	9.58%	−2.99%	−4.88%	−11.83%	4.89%	−2.30%	−46.61%
Net income	$120.2M	$201.0M	$246.3M	$183.1M	$98.7M	$50.0M	$17.0M	$45.9M	$127.0M	$11.0M	$14.7M	—	—	—	—	—	—
Net profit margin	14.33%	19.75%	21.78%	19.90%	14.89%	10.53%	4.97%	10.37%	30.92%	4.12%	5.50%	—	—	—	—	—	—
Basic EPSper basic share	$3.81	$6.17	$7.52	$5.54	$2.94	$1.50	$0.52	$1.42	$4.11	$0.38	$0.51	-$0.40	-$0.64	-$1.28	$0.20	-$0.68	-$3.00
Diluted EPSper diluted share	$3.80	$6.15	$7.43	$5.46	$2.88	$1.46	$0.50	$1.35	$3.80	$0.36	$0.49	-$0.40	-$0.64	-$1.28	$0.20	-$0.68	-$3.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.29%of listed shares

BlackRock, Inc.5.03M shares · Jun 30, 2026

View holders

Top 20 reported holders of ACLS
Holder	% owned
BlackRock, Inc.	16.29%5.03M shares
FMR LLC	13.36%4.13M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	8.03%2.48M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.49%1.39M shares
STATE STREET CORP	3.99%1.23M shares
VICTORY CAPITAL MANAGEMENT INC	3.67%1.13M shares
REINHART PARTNERS, LLC.	3.01%928.66K shares
GEODE CAPITAL MANAGEMENT, LLC	2.70%833.61K shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	2.60%803.15K shares
DIMENSIONAL FUND ADVISORS LP	2.30%709.27K shares
Balyasny Asset Management L.P.	2.00%616.2K shares
PRIMECAP MANAGEMENT CO/CA/	1.98%610.45K shares
Invesco Ltd.	1.71%527.72K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.35%416.23K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.28%394.46K shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC	1.27%392.24K shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	1.24%383.76K shares
NORTHERN TRUST CORP	1.24%382.03K shares
AMERICAN CENTURY COMPANIES INC	1.20%369.88K shares
MORGAN STANLEY	1.19%366.08K shares

Percentages use 30.88M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)25$7.19M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4	Sayiner NecipDirector	SellCommon Stock	1.6K	$157.44	$249.7K	7.1K
Jun 2, 2026Form 4	Mahoney Robert JohnEVP Global Operations	SellCommon Stock	1.2K	$155.24	$179.3K	14.4K
May 27, 2026Form 4	Sutton ToddVP Corporate Controller	SellCommon Stock	2.0K	$159.99	$320.0K	6.4K
May 22, 2026Form 4	St Dennis ThomasDirector	SellCommon Stock	900	$155.37	$139.8K	17.7K
May 22, 2026Form 4	Evans EileenEVP, General Counsel and Sec'y	SellCommon Stock	926	$155.51	$144.0K	31.3K

Review ownership filings at SEC.gov ↗

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Axcelis Technologies Inc (ACLS)

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