Axcelis Technologies Inc (ACLS) stock analysis
Close on Nov 11, 2026Market cap $3.43BP/E 33.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
Axcelis Technologies passes 6 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 3/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 14.2%, above the 10% that usually covers the cost of capital.
Interest well covered
Operating income covers interest expense 15.7 times.
Low bankruptcy risk
The Altman Z-score is 7.70; above 3 is the safe zone and below 1.8 the distress zone.
Return on equity above the industry
Axcelis Technologies's return on equity of 9.8% is above the Special Industry Machinery, except Metalworking median of 4.6%.
What to watch
Margin of safety under 20%
The price is 46.6% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $111.17 is above our fair value estimate of $75.82.
Revenue growing under 10% a year
Revenue grew -3.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -11.4% a year over the last three fiscal years.
Valuation0/6
P/E above its 5-year median
Axcelis Technologies's P/E of 33.1 is above its own 5-year median of 18.9.
P/E above the industry
Axcelis Technologies's P/E of 33.1 is above the Special Industry Machinery, except Metalworking median of 32.8.
EV/EBITDA above its 5-year median
Axcelis Technologies's EV/EBITDA of 27.0 is above its 5-year median of 13.6.
P/B above the industry
Axcelis Technologies's price-to-book of 3.08 is above the Special Industry Machinery, except Metalworking median of 2.10.
Trading above fair value
The share price of $111.17 is above our fair value estimate of $75.82.
Margin of safety under 20%
The price is 46.6% above fair value, so there is no margin of safety.
Growth0/6
Revenue growing under 10% a year
Revenue grew -3.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -11.4% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 4.3% over the last twelve months; the Special Industry Machinery, except Metalworking median is 5.7%.
Guidance issued
The latest outlook (third quarter ending September 30, 2026 revenues, Aug 6, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin slipping
Gross margin was 42.8% over the last twelve months, against 44.7% a year earlier.
Past performance3/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 14.2%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Axcelis Technologies's return on equity of 9.8% is above the Special Industry Machinery, except Metalworking median of 4.6%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin above the industry
Axcelis Technologies's net margin of 11.7% is above the Special Industry Machinery, except Metalworking median of 5.1%.
Financial health3/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 15.7 times.
Short-term assets cover short-term debts
Current assets are 4.43 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 7.70; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Axcelis Technologies has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$75.82
The share price is 47% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 25.8× | 18.9× | 32.8× | $86.71 | 40% |
| EV/EBITDA | 16.4× | 13.6× | 19.3× | $73.59 | 35% |
| P/B | 3.0× | 3.9× | 2.1× | $108.60 | 10% |
| Earnings power | 13.6% cost of equity | – | – | $30.12 | 15% |
| Fair value | $75.82 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 18.9
- Special Industry Machinery, except Metalworking median 32.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $43.91M
- Value traded per 1% price move
- $12.30M
Downside
High risk
- Typical loss in a bad month
- 31.6%
- Volatility (annualized)
- 71%
- Sharpe ratio, 1 year
- 0.32
- Beta to the S&P 500 (5Y)
- 1.74
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -17.6% | -3.0% | +12.1% | +12.1% | |
| Gross profit | -17.1% | -2.1% | +13.7% | +14.0% | |
| Operating income | -43.4% | -17.5% | +15.5% | +19.1% | |
| Net income | -40.2% | – | – | – | |
| EPS, diluted | -38.2% | -11.4% | +21.1% | +22.7% | |
| Free cash flow | -16.8% | -19.5% | +11.4% | +20.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 11.7% | |
| Return on assets | – | – | 8.9% | |
| Current ratio | 5.04 | 5.58 | 4.77 | |
| Interest coverage | 3.3× | 11.1× | 22.2× | |
| Inventory turnover | 1.5× | 1.8× | 1.5× | |
| Capex to revenue | 0.9% | 1.6% | 1.3% | |
| Diluted shares | 31M | 34M | 32M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Axcelis Technologies generated $781.79M from operations and spent $405.09M on capital expenditure, dividends and share buybacks. 16% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.3% | 0.62× | 1.32× | 11.7% |
| FY2024 | 19.7% | 0.77× | 1.40× | 21.4% |
| FY2023 | 21.8% | 0.99× | 1.50× | 32.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$120.24M
- Cash generatingOperating cash flow above zero$118.31M
- Return on assets improvedROA up on the prior year15.7% → 8.9%
- Earnings backed by cashOperating cash flow above net income$118.31M vs $120.24M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.41 → 4.77
- No dilutionShare count did not rise33M → 32M
- Gross margin improvedGross margin up on the prior year44.67% → 44.91%
- More efficientAsset turnover rose0.79 → 0.62
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