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Axcelis Technologies (ACLS)

Market Price (5/18/2026): $157.07 | Market Cap: $4.8 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Axcelis Technologies (ACLS)

Market Price (5/18/2026): $157.07
Market Cap: $4.8 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.

Weak multi-year price returns
2Y Excs Rtn is -5.5%, 3Y Excs Rtn is -56%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x

Stock price has recently run up significantly
12M Rtn12 month market price return is 152%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 91%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%

Key risks
ACLS key risks include [1] over-reliance on a potentially peaking SiC/EV ion implant supercycle, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -5.5%, 3Y Excs Rtn is -56%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 49x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 152%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 91%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%
8 Key risks
ACLS key risks include [1] over-reliance on a potentially peaking SiC/EV ion implant supercycle, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Axcelis Technologies (ACLS) stock has gained about 75% since 1/31/2026 because of the following key factors:

1. Surging Demand in Memory Markets Driven by AI Investment.

Axcelis Technologies experienced significant tailwinds from robust demand in the memory sector, particularly in DRAM and High-Bandwidth Memory (HBM), largely fueled by investments in Artificial Intelligence (AI) infrastructure. In Q1 2026, Axcelis reported a "meaningful acceleration in Memory," with strong sequential growth in demand for DRAM and HBM as customers invested in AI-related capacity. This trend aligns with a sharp 79.2% year-on-year increase in the global semiconductor market in Q1 2026, where MOS memory sales surged by 236.4%. The Commodity IQ Demand Index for semiconductors also showed a 13.1% sequential surge in Q1 2026, with Memory demand specifically up 62.3% quarter-over-quarter and 66.8% year-over-year. This strong demand translated into significant pricing increases, with conventional DRAM contract prices climbing approximately 45% to 50% quarter-over-quarter, and blended pricing, including HBM, rising by as much as 55% entering 2026.

2. Upgrades and Raised Price Targets from Analysts.

Positive revisions from financial analysts contributed to the stock's upward momentum. On April 20, 2026, B. Riley Financial upgraded Axcelis Technologies from a "neutral" to a "buy" rating and significantly raised its price target to $150.00. Following this upgrade, Axcelis's shares climbed approximately 8%. Additionally, Zacks Research upgraded the stock from a "strong sell" to a "hold" rating on the same date. Earlier in the period, on January 13, 2026, Bank of America had increased its price objective from $90.00 to $100.00, and later further raised its price target to $130.00 from $90.00 on May 8, 2026, citing the memory outlook. The overall analyst consensus as of May 15, 2026, reflected a "Buy" rating with a median price target of $173.00.

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Stock Movement Drivers

Fundamental Drivers

The 76.2% change in ACLS stock from 1/31/2026 to 5/17/2026 was primarily driven by a 133.1% change in the company's P/E Multiple.
(LTM values as of)13120265172026Change
Stock Price ($)88.07155.1876.2%
Change Contribution By: 
Total Revenues ($ Mil)853845-0.9%
Net Income Margin (%)15.9%11.9%-25.1%
P/E Multiple20.347.3133.1%
Shares Outstanding (Mil)31311.8%
Cumulative Contribution76.2%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/17/2026
ReturnCorrelation
ACLS76.2% 
Market (SPY)7.1%39.1%
Sector (XLK)22.7%39.9%

Fundamental Drivers

The 95.0% change in ACLS stock from 10/31/2025 to 5/17/2026 was primarily driven by a 195.6% change in the company's P/E Multiple.
(LTM values as of)103120255172026Change
Stock Price ($)79.56155.1895.0%
Change Contribution By: 
Total Revenues ($ Mil)896845-5.7%
Net Income Margin (%)17.7%11.9%-32.5%
P/E Multiple16.047.3195.6%
Shares Outstanding (Mil)32313.7%
Cumulative Contribution95.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/17/2026
ReturnCorrelation
ACLS95.0% 
Market (SPY)9.0%47.5%
Sector (XLK)17.6%47.2%

Fundamental Drivers

The 216.8% change in ACLS stock from 4/30/2025 to 5/17/2026 was primarily driven by a 498.2% change in the company's P/E Multiple.
(LTM values as of)43020255172026Change
Stock Price ($)48.98155.18216.8%
Change Contribution By: 
Total Revenues ($ Mil)1,018845-16.9%
Net Income Margin (%)19.7%11.9%-39.6%
P/E Multiple7.947.3498.2%
Shares Outstanding (Mil)32315.5%
Cumulative Contribution216.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/17/2026
ReturnCorrelation
ACLS216.8% 
Market (SPY)34.8%47.3%
Sector (XLK)68.8%48.1%

Fundamental Drivers

The 31.2% change in ACLS stock from 4/30/2023 to 5/17/2026 was primarily driven by a 122.8% change in the company's P/E Multiple.
(LTM values as of)43020235172026Change
Stock Price ($)118.30155.1831.2%
Change Contribution By: 
Total Revenues ($ Mil)920845-8.1%
Net Income Margin (%)19.9%11.9%-40.0%
P/E Multiple21.247.3122.8%
Shares Outstanding (Mil)33316.8%
Cumulative Contribution31.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/17/2026
ReturnCorrelation
ACLS31.2% 
Market (SPY)84.7%56.7%
Sector (XLK)138.6%61.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ACLS Return156%6%63%-46%15%101%455%
Peers Return76%-31%81%-0%59%77%516%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
ACLS Win Rate67%42%58%25%42%80% 
Peers Win Rate72%35%68%47%60%76% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
ACLS Max Drawdown-31%-42%-39%-55%-43%-20% 
Peers Max Drawdown-19%-49%-19%-37%-39%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMAT, LRCX, KLAC, VECO, ONTO. See ACLS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

How Low Can It Go

EventACLSS&P 500
2025 US Tariff Shock
  % Loss-33.3%-18.8%
  % Gain to Breakeven50.0%23.1%
  Time to Breakeven66 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.8%-7.8%
  % Gain to Breakeven51.0%8.5%
  Time to Breakeven637 days18 days
2023 SVB Regional Banking Crisis
  % Loss-11.5%-6.7%
  % Gain to Breakeven13.0%7.1%
  Time to Breakeven12 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-37.5%-24.5%
  % Gain to Breakeven60.1%32.4%
  Time to Breakeven34 days427 days
2020 COVID-19 Crash
  % Loss-52.0%-33.7%
  % Gain to Breakeven108.5%50.9%
  Time to Breakeven91 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.1%-19.2%
  % Gain to Breakeven28.4%23.8%
  Time to Breakeven32 days105 days

Compare to AMAT, LRCX, KLAC, VECO, ONTO

In The Past

Axcelis Technologies's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 50.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventACLSS&P 500
2025 US Tariff Shock
  % Loss-33.3%-18.8%
  % Gain to Breakeven50.0%23.1%
  Time to Breakeven66 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.8%-7.8%
  % Gain to Breakeven51.0%8.5%
  Time to Breakeven637 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-37.5%-24.5%
  % Gain to Breakeven60.1%32.4%
  Time to Breakeven34 days427 days
2020 COVID-19 Crash
  % Loss-52.0%-33.7%
  % Gain to Breakeven108.5%50.9%
  Time to Breakeven91 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.1%-19.2%
  % Gain to Breakeven28.4%23.8%
  Time to Breakeven32 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-30.2%-12.2%
  % Gain to Breakeven43.3%13.9%
  Time to Breakeven2025 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-37.6%-17.9%
  % Gain to Breakeven60.2%21.8%
  Time to Breakeven107 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-43.2%-15.4%
  % Gain to Breakeven76.1%18.2%
  Time to Breakeven121 days125 days
2008-2009 Global Financial Crisis
  % Loss-96.7%-53.4%
  % Gain to Breakeven2941.2%114.4%
  Time to Breakeven5038 days1085 days
Summer 2007 Credit Crunch
  % Loss-27.9%-8.6%
  % Gain to Breakeven38.7%9.5%
  Time to Breakeven5617 days47 days

Compare to AMAT, LRCX, KLAC, VECO, ONTO

In The Past

Axcelis Technologies's stock fell -33.3% during the 2025 US Tariff Shock. Such a loss loss requires a 50.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Axcelis Technologies (ACLS)

Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia. The company offers high energy, high current, and medium current implanters for various application requirements. It also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services, and customer training. It sells its equipment and services to semiconductor chip manufacturers through its direct sales force. The company was founded in 1978 and is headquartered in Beverly, Massachusetts.

AI Analysis | Feedback

Here are 1-3 brief analogies for Axcelis Technologies (ACLS):

  • Like ASML, but focused on the crucial ion implantation equipment for semiconductor manufacturing.
  • A specialized Applied Materials, concentrating exclusively on ion implantation tools for chip fabrication.

AI Analysis | Feedback

  • Ion Implantation Equipment: Axcelis designs and manufactures high energy, high current, and medium current implanters used in the fabrication of semiconductor chips.
  • Aftermarket Lifecycle Products and Services: The company offers comprehensive support for its equipment, including used tools, spare parts, equipment upgrades, maintenance services, and customer training.

AI Analysis | Feedback

Axcelis Technologies (ACLS) Major Customers

Axcelis Technologies (ACLS) primarily sells its specialized ion implantation and other processing equipment, as well as aftermarket services, to other companies. These customers are global semiconductor chip manufacturers who utilize Axcelis's equipment in the fabrication of various types of semiconductor chips.

Based on Axcelis Technologies' public filings, including its annual reports (10-K), the company's sales are concentrated with a limited number of customers, which are described as several of the largest semiconductor chip manufacturers in the world. However, Axcelis has reported that no single customer accounted for 10% or more of its total revenue in the last three fiscal years (2021, 2022, or 2023). As a result of this, Axcelis Technologies is not required by regulatory bodies to publicly disclose the specific names of individual major customers in its regulatory filings, and therefore, specific customer names are not available.

While specific names cannot be listed, Axcelis's major customers are broadly identified as leading global semiconductor chip manufacturers, encompassing both integrated device manufacturers (IDMs) and pure-play foundries, across regions such as the United States, Europe, and Asia.

AI Analysis | Feedback

  • Applied Materials, Inc. (AMAT)
  • Brooks Automation, Inc. (BRKS)
  • MKS Instruments, Inc. (MKSI)
  • Ultra Clean Holdings, Inc. (UCTT)

AI Analysis | Feedback

Dr. Russell Low, President and Chief Executive Officer

Dr. Low assumed the role of President and Chief Executive Officer of Axcelis Technologies in May 2023. He joined Axcelis in October 2016, initially serving as Executive Vice President of Engineering, and later as Executive Vice President of Global Customer and Engineering Operations starting in January 2021. Prior to his tenure at Axcelis, Dr. Low was Vice President of Engineering, MOCVD Business Unit at Veeco Instruments from 2013, and Senior Director of Engineering, Molecular Beam Epitaxy Business Unit at Veeco from 2012. From 2003 to 2012, he held various positions at Varian Semiconductor Equipment Associates, including Director of Technology. Earlier in his career, he held engineering roles in the thermal processing and ion implant divisions of Applied Materials, Inc. Dr. Low earned his Ph.D. in Physical Chemistry from Oxford University, an Executive MBA from the Massachusetts Institute of Technology, and a BS degree from Southampton University, and was a Visiting Fellow at Stanford University. He holds 44 granted U.S. patents and has authored over 20 refereed papers. He joined the North American Advisory Board (NAAB) of SEMI International in 2023 and the Massachusetts High Tech Council Board in 2024.

David Ryzhik, Interim Chief Financial Officer

Mr. Ryzhik was appointed Interim Chief Financial Officer of Axcelis Technologies, effective March 12, 2026. He has served as Senior Vice President of Investor Relations and Corporate Strategy at Axcelis since July 2024. Before joining Axcelis, he was Vice President of Investor Relations at MKS Instruments. His prior experience also includes roles as a Senior Equity Research Analyst at Susquehanna International Group and a Senior Research Associate at Brean Capital. He also held financial roles in public administration at the NYC Mayor's Office of Management & Budget and the NYC Fire Department. Mr. Ryzhik holds a Master of Business Administration in Financial Management and a Bachelor of Business Administration in Finance and Accounting from Pace University's Lubin School of Business.

Douglas A. Lawson, Executive Vice President, Corporate Marketing and Strategy

Mr. Lawson oversees all corporate marketing operations and strategy development for Axcelis Technologies. He joined the company in 2009. Prior to his current role, he held the position of Senior Vice President of Strategic Initiatives at Axcelis. Before joining Axcelis, he was the General Manager of Luminus Devices. With over 25 years of experience in the technology industry, Mr. Lawson has held numerous executive and technical positions at companies such as BTU International, PRI Automation, Digital Equipment, and Intel. He holds a BS degree in Chemical Engineering from the University of Lowell, as well as an MS degree in Manufacturing Engineering and an MBA from Boston University.

Lynnette C. Fallon, Senior Advisor

Ms. Fallon currently serves as Senior Advisor for Axcelis Technologies. She previously held the position of Executive Vice President of Human Resources & Legal, General Counsel and Corporate Secretary, a role she had held since May 2005. She joined Axcelis as its first General Counsel. Before joining Axcelis, Ms. Fallon practiced corporate and securities law for 14 years at a major Boston firm, having started her legal career at a boutique Wall Street firm.

Dr. Greg Redinbo, Executive Vice President, Marketing and Applications

Dr. Redinbo is responsible for leading Axcelis' efforts in developing products and marketing strategies. He joined Axcelis in 2021 as Senior Vice President of Strategic Marketing and Business Development. Dr. Redinbo brings over 25 years of experience in the semiconductor capital equipment industry. Prior to Axcelis, he served as Vice President, Global Strategic Accounts at ASML, where he focused on business and relationship growth with a leading logic manufacturer. Before his time at ASML, he was the Global Vice President of Sales, Service and Applications at FEI, a microscopy solutions company.

AI Analysis | Feedback

The key risks to Axcelis Technologies (ACLS) include:

  1. Geopolitical Risks and Export Controls: Axcelis Technologies faces significant exposure to geopolitical risks, particularly concerning its substantial sales in China. The evolving landscape of U.S. export controls and trade tensions with China creates considerable uncertainty, potentially disrupting the company's business operations and revenue streams from this critical market.
  2. Cyclicality of the Semiconductor Industry: The company's financial performance is highly sensitive to the cyclical nature of the semiconductor equipment market. Axcelis's revenue and profitability are directly tied to the capital expenditure decisions of semiconductor chip manufacturers, making it vulnerable to industry downturns and fluctuations in demand for new equipment.
  3. Intense Competition: Axcelis operates in a highly competitive industry, facing pressure from both larger established players, such as Applied Materials, and smaller, innovative firms. The company must continuously innovate and differentiate its ion implantation technology to maintain its market position and avoid losing market share.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable markets for Axcelis Technologies' main products and services are primarily within the global ion implanter market and the broader semiconductor manufacturing equipment sector.

For its core product, ion implanters, the global market size has various estimates:

  • The global ion implanter market was valued at USD 1.64 billion in 2024 and is projected to reach USD 2.38 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.21% during 2025-2033.
  • Another estimate indicates the global ion implanter market size was valued at USD 2.88 billion in 2025 and is projected to grow from USD 3.10 billion in 2026 to USD 6.97 billion by 2034, exhibiting a CAGR of 12.27% during the forecast period.
  • Other projections show the ion implanter market reaching US$ 2.1 billion in 2025 and climbing to US$ 3.7 billion by 2036, expanding at a CAGR of 5.0% from 2026 to 2036.
  • One source suggests the ion implantation market could grow to USD 3.5 billion by 2030.

Axcelis Technologies also specializes in the Silicon Carbide (SiC) power applications segment within ion implantation, where it holds a significant market share, estimated between 70-80%.

Regarding aftermarket lifecycle products and services, while a specific addressable market size solely for ion implanter aftermarket services is not explicitly available, these services fall under the broader semiconductor manufacturing equipment aftermarket. This market encompasses services that support and enhance the performance of semiconductor manufacturing equipment, aiming to improve efficiency, extend lifespan, and upgrade existing equipment.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Axcelis Technologies (ACLS) over the next 2-3 years:

  1. Growth in the Memory Market (DRAM and HBM): Axcelis Technologies anticipates significant growth in the memory market, specifically in DRAM and High Bandwidth Memory (HBM) applications. This growth is primarily driven by increasing demand for AI-related applications, with momentum expected to extend into 2026 and 2027 as customers expand their manufacturing capacity to meet these demands.
  2. Continued Strength in Aftermarket Lifecycle Products and Services (CS&I): The company expects sustained strong performance and growth in its Customer Support and Spares & Services (CS&I) business. This segment has demonstrated robust performance due to strong demand for equipment upgrades and maintenance services, which are key strategic initiatives for Axcelis.
  3. Expanded Market Opportunities from the Veeco Instruments Merger: The pending merger with Veeco Instruments, slated to close in the second half of 2026, is a significant driver. This strategic combination is projected to expand the combined entity's addressable market to over $5 billion, driven by demand from AI and power semiconductors, and is expected to generate revenue synergies through cross-selling and complementary technology portfolios.
  4. New Product Introductions: The launch of new, advanced ion implantation products, such as the Purion H6 high-current implanter, is expected to drive revenue. These new tools are designed to support critical high-current applications across various technology nodes, addressing evolving customer needs and expanding Axcelis' market reach.
  5. Long-term Demand in Power and General Mature Markets, particularly Silicon Carbide: Despite some near-term moderation, Axcelis foresees strong long-term demand driven by secular trends in power semiconductors, especially the growing adoption of silicon carbide in electric vehicles and other electrification applications. This includes opportunities arising from the ongoing transition to larger 200-millimeter silicon carbide wafers.

AI Analysis | Feedback

Capital Allocation Decisions for Axcelis Technologies (ACLS) (Last 3-5 Years)

Share Repurchases

  • In March 2025, Axcelis Technologies increased its share repurchase authorization by $100 million, raising the total available authorization to $215 million.
  • A new $100 million share repurchase program was authorized in March 2022.
  • The company completed a $232.94 million share repurchase program by August 2025.

Share Issuance

  • Axcelis Technologies' shares outstanding generally decreased over the period, from 33.29 million in 2021 to 31.287 million at the end of 2025, indicating net share reductions rather than significant issuances.
  • An all-stock merger with Veeco Instruments Inc., announced in October 2025 and expected to close in the second half of 2026, will result in Axcelis shareholders owning approximately 58% of the combined company, implying new share issuance to Veeco shareholders.

Outbound Investments

  • Axcelis Technologies announced an all-stock merger with Veeco Instruments Inc. in October 2025, aiming to create a diversified semiconductor equipment company with an approximate enterprise value of $4.4 billion.
  • This merger is intended to broaden product offerings, diversify end markets, and strengthen Axcelis's presence outside China.

Capital Expenditures

  • Capital expenditures were reported as -$11.30 million for the last 12 months (as of a February 2026 report).
  • In Q4 2025, purchases of property, plant, and equipment were -$2.3 million.
  • The company strategically allocates capital expenditures and research and development towards new platforms, such as the Purion Power Series+ Ion Implant Platform, crucial for the high-growth silicon carbide (SiC) power device market.

Better Bets vs. Axcelis Technologies (ACLS)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Axcelis Technologies Earnings Notes12/29/2026
2Can Axcelis Technologies Stock Hold Up When Markets Turn?10/17/2025
3Better Bet Than ACLS Stock: Pay Less Than Axcelis Technologies To Get More From ACMR 08/15/2025
4ACLS Dip Buy Analysis07/10/2025
5Axcelis Technologies Total Shareholder Return (TSR): -46.1% in 2024 and -2.1% 3-yr compounded annual returns (below peer average)03/07/2025
6Axcelis Technologies (ACLS) Operating Cash Flow Comparison02/17/2025
7Axcelis Technologies (ACLS) Net Income Comparison02/15/2025
8Axcelis Technologies (ACLS) Operating Income Comparison02/14/2025
9Axcelis Technologies (ACLS) Revenue Comparison02/13/2025
10ARTICLES 
11Axcelis Tech (+10%): B. Riley Upgrade to ‘Buy’ Sparks Rally04/21/2026
12Small Cap Stocks Trading At 52-Week High03/26/2026
13Axcelis Tech +10%: SEMICON China Product Showcase Spurs Investor Optimism03/25/2026
14Better Bet Than Axcelis Technologies Stock: Pay Less To Get More From ACMR08/15/2025
Title
0DASHBOARDS
1Axcelis Technologies Earnings Notes
2Can Axcelis Technologies Stock Hold Up When Markets Turn?
3Better Bet Than ACLS Stock: Pay Less Than Axcelis Technologies To Get More From ACMR 
4ACLS Dip Buy Analysis
5Axcelis Technologies Total Shareholder Return (TSR): -46.1% in 2024 and -2.1% 3-yr compounded annual returns (below peer average)
6Axcelis Technologies (ACLS) Operating Cash Flow Comparison
7Axcelis Technologies (ACLS) Net Income Comparison
8Axcelis Technologies (ACLS) Operating Income Comparison
9Axcelis Technologies (ACLS) Revenue Comparison
10ARTICLES
11Axcelis Tech (+10%): B. Riley Upgrade to ‘Buy’ Sparks Rally
12Small Cap Stocks Trading At 52-Week High
13Axcelis Tech +10%: SEMICON China Product Showcase Spurs Investor Optimism
14Better Bet Than Axcelis Technologies Stock: Pay Less To Get More From ACMR

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Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
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Financials

ACLSAMATLRCXKLACVECOONTOMedian
NameAxcelis .Applied .Lam Rese.KLA Veeco In.Onto Inn. 
Mkt Price155.18436.62284.721,804.3258.64271.77278.25
Mkt Cap4.8346.2355.8236.23.513.5124.9
Rev LTM84528,21421,68213,0976551,0317,064
Op Inc LTM988,3917,4275,459301262,792
FCF LTM886,1946,0054,010432392,124
FCF 3Y Avg1196,6124,7793,534432141,874
CFO LTM978,7196,9554,402572632,332
CFO 3Y Avg1338,2505,4503,862632412,051

Growth & Margins

ACLSAMATLRCXKLACVECOONTOMedian
NameAxcelis .Applied .Lam Rese.KLA Veeco In.Onto Inn. 
Rev Chg LTM-11.8%2.1%26.5%13.4%-7.7%0.5%1.3%
Rev Chg 3Y Avg-3.5%2.4%7.5%8.0%0.8%3.2%2.8%
Rev Chg Q3.3%-2.1%23.8%11.5%-5.4%9.5%6.4%
QoQ Delta Rev Chg LTM0.8%-0.5%5.5%2.8%-1.3%2.5%1.6%
Op Inc Chg LTM-46.5%3.9%40.5%17.6%-65.8%-42.1%-19.1%
Op Inc Chg 3Y Avg-17.6%2.6%13.7%11.6%-2.1%-4.9%0.2%
Op Mgn LTM11.6%29.7%34.3%41.7%4.6%12.2%21.0%
Op Mgn 3Y Avg18.3%29.3%31.1%39.4%9.6%16.4%23.8%
QoQ Delta Op Mgn LTM-2.6%-0.1%0.5%-0.3%-2.2%-2.8%-1.2%
CFO/Rev LTM11.4%30.9%32.1%33.6%8.8%25.5%28.2%
CFO/Rev 3Y Avg13.5%30.1%30.9%33.9%9.2%24.7%27.4%
FCF/Rev LTM10.5%22.0%27.7%30.6%6.5%23.2%22.6%
FCF/Rev 3Y Avg12.0%24.2%27.2%31.0%6.3%22.0%23.1%

Valuation

ACLSAMATLRCXKLACVECOONTOMedian
NameAxcelis .Applied .Lam Rese.KLA Veeco In.Onto Inn. 
Mkt Cap4.8346.2355.8236.23.513.5124.9
P/S5.612.316.418.05.413.112.7
P/Op Inc48.641.347.943.3118.8107.448.3
P/EBIT39.435.546.541.7111.9107.444.1
P/E47.344.253.050.6153.2127.051.8
P/CFO49.339.751.253.761.751.551.3
Total Yield2.1%2.7%2.2%2.4%0.7%0.8%2.2%
Dividend Yield0.0%0.4%0.3%0.4%0.0%0.0%0.2%
FCF Yield 3Y Avg4.9%4.4%3.3%3.1%2.8%2.8%3.2%
D/E0.00.00.00.00.10.00.0
Net D/E-0.1-0.0-0.00.0-0.0-0.0-0.0

Returns

ACLSAMATLRCXKLACVECOONTOMedian
NameAxcelis .Applied .Lam Rese.KLA Veeco In.Onto Inn. 
1M Rtn30.7%10.0%6.4%0.7%36.5%-6.5%8.2%
3M Rtn64.1%23.2%21.0%23.4%74.5%25.1%24.3%
6M Rtn90.3%93.8%92.6%59.5%101.0%112.5%93.2%
12M Rtn152.0%166.1%239.7%129.8%185.4%173.4%169.7%
3Y Rtn7.4%244.9%389.5%331.3%156.1%173.2%209.0%
1M Excs Rtn25.5%6.8%3.9%-1.2%31.5%-3.5%5.3%
3M Excs Rtn55.8%14.8%12.7%15.0%66.1%16.7%15.9%
6M Excs Rtn73.5%81.7%68.7%42.8%85.1%92.4%77.6%
12M Excs Rtn121.6%127.2%211.8%100.1%148.8%135.4%131.3%
3Y Excs Rtn-56.1%209.2%376.8%300.9%102.7%128.4%168.8%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Ion implantation systems and services1,0011,111898646457
Other systems and services1719221718
Total1,0181,131920662475


Price Behavior

Price Behavior
Market Price$155.18 
Market Cap ($ Bil)4.8 
First Trading Date07/11/2000 
Distance from 52W High-9.3% 
   50 Days200 Days
DMA Price$116.65$93.08
DMA Trendupup
Distance from DMA33.0%66.7%
 3M1YR
Volatility77.6%56.7%
Downside Capture60.55185.49
Upside Capture226.49246.70
Correlation (SPY)35.5%46.0%
ACLS Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.151.551.491.971.961.93
Up Beta2.051.561.821.561.781.75
Down Beta6.613.082.732.322.091.70
Up Capture225%299%200%360%478%1398%
Bmk +ve Days15223166141428
Stock +ve Days15273666131364
Down Capture-1099%-33%13%136%138%113%
Bmk -ve Days4183056108321
Stock -ve Days7162859119386

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ACLS
ACLS155.2%56.5%1.87-
Sector ETF (XLK)51.7%20.5%1.9347.0%
Equity (SPY)27.4%12.1%1.7146.0%
Gold (GLD)42.5%26.8%1.3010.3%
Commodities (DBC)45.4%18.5%1.88-14.7%
Real Estate (VNQ)11.5%13.5%0.5631.5%
Bitcoin (BTCUSD)-23.7%41.8%-0.5426.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ACLS
ACLS32.8%54.5%0.73-
Sector ETF (XLK)22.0%24.8%0.7865.6%
Equity (SPY)13.6%17.1%0.6361.4%
Gold (GLD)19.4%17.9%0.887.5%
Commodities (DBC)10.9%19.4%0.459.4%
Real Estate (VNQ)2.9%18.8%0.0636.5%
Bitcoin (BTCUSD)7.2%55.9%0.3426.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with ACLS
ACLS14.8%58.2%0.54-
Sector ETF (XLK)25.0%24.4%0.9257.2%
Equity (SPY)15.5%17.9%0.7453.1%
Gold (GLD)13.0%16.0%0.676.3%
Commodities (DBC)8.3%17.9%0.3815.1%
Real Estate (VNQ)5.0%20.7%0.2133.9%
Bitcoin (BTCUSD)67.4%66.9%1.0615.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity3.0 Mil
Short Interest: % Change Since 4152026-14.6%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest3.8 days
Basic Shares Quantity30.7 Mil
Short % of Basic Shares9.7%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/20262.8%1.9% 
2/17/2026-16.7%-17.0%-13.0%
11/4/2025-2.7%5.7%7.7%
8/5/202510.1%10.0%11.0%
5/6/20255.0%19.3%18.0%
2/10/2025-12.3%-6.1%-12.1%
11/6/2024-1.0%-9.4%-15.6%
7/31/2024-10.7%-18.7%-13.4%
...
SUMMARY STATS   
# Positive121315
# Negative13129
Median Positive5.4%9.6%10.6%
Median Negative-5.9%-8.7%-13.0%
Max Positive12.8%21.7%37.3%
Max Negative-16.7%-18.7%-16.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/28/202510-K
09/30/202411/07/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/23/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue 205.00 Mil 5.1% Higher NewGuidance: 195.00 Mil for Q1 2026
Q2 2026 GAAP EPS 0.57 50.0% Higher NewGuidance: 0.38 for Q1 2026
Q2 2026 Non-GAAP EPS 0.9 26.8% Higher NewGuidance: 0.71 for Q1 2026

Prior: Q4 2025 Earnings Reported 2/17/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue 195.00 Mil -9.3% LoweredGuidance: 215.00 Mil for Q4 2025
Q1 2026 GAAP EPS 0.38 -50.0% LoweredGuidance: 0.76 for Q4 2025
Q1 2026 Non-GAAP EPS 0.71 -36.6% LoweredGuidance: 1.12 for Q4 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Sutton, ToddVP Corporate ControllerDirectSell5152026163.892,574421,8651,281,164Form
2Blumenstock, Gerald MEVP, Research, Dev. & Eng.DirectSell5152026162.311,015164,7502,806,913Form
3Mahoney, Robert JohnEVP Global OperationsDirectSell5132026161.002,258363,5382,054,199Form
4Low, RussellPRESIDENT AND CEODirectSell5072026156.757,4681,170,60919,369,598Form
5Low, RussellPRESIDENT AND CEODirectSell5042026138.861,244172,74218,195,937Form

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