Axcelis Technologies (ACLS)
Market Price (10/5/2026): $151.23 | Market Cap: $4.7 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Axcelis Technologies (ACLS)
Market Price (10/5/2026): $151.23Market Cap: $4.7 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. | Weak multi-year price returns2Y Excs Rtn is -6.9%, 3Y Excs Rtn is -91% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% Key risksACLS key risks include [1] over-reliance on a potentially peaking SiC/EV ion implant supercycle, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -6.9%, 3Y Excs Rtn is -91% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% |
| Key risksACLS key risks include [1] over-reliance on a potentially peaking SiC/EV ion implant supercycle, Show more. |
Qualitative Assessment
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Axcelis Technologies (ACLS) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Margin Compression and Higher Operating Costs in Fiscal Q2 2026. Despite exceeding revenue and earnings per share (EPS) forecasts in fiscal Q2 2026, Axcelis Technologies experienced a year-over-year decline in profitability metrics. The company's GAAP gross margin decreased to 42.4% from 44.9% in fiscal Q2 2025, and non-GAAP operating margin fell to 14.7% from 17.7% in the prior-year quarter. This margin compression was attributed to shifts in business mix and increased operating expenses, including significant transaction and integration costs related to its pending merger with Veeco Instruments. This erosion of margins likely prompted investor concern, contributing to a stock decline of 30.1% over 90 days as of late September 2026.
2. Perceived Overvaluation and Analyst Caution. Heading into and during the specified period, Axcelis Technologies' stock was considered significantly overvalued by certain metrics. As of October 1, 2026, the stock was trading at a 50.5% premium to its intrinsic "GF Value" of $90.81, based on historical trading multiples and future performance estimates. Analyst sentiment reflected this caution, with a consensus "Hold" rating from multiple Wall Street analysts and an average 12-month price target around $148-$169, which suggested limited upside. Short-term forecasts by some analytical models in early October 2026 also projected a decline in the stock over the subsequent 4 to 13 weeks. This widespread view of overvaluation likely pressured the stock as investors recalibrated their expectations.
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Axcelis Technologies (ACLS) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Margin Compression and Higher Operating Costs in Fiscal Q2 2026. Despite exceeding revenue and earnings per share (EPS) forecasts in fiscal Q2 2026, Axcelis Technologies experienced a year-over-year decline in profitability metrics. The company's GAAP gross margin decreased to 42.4% from 44.9% in fiscal Q2 2025, and non-GAAP operating margin fell to 14.7% from 17.7% in the prior-year quarter. This margin compression was attributed to shifts in business mix and increased operating expenses, including significant transaction and integration costs related to its pending merger with Veeco Instruments. This erosion of margins likely prompted investor concern, contributing to a stock decline of 30.1% over 90 days as of late September 2026.
2. Perceived Overvaluation and Analyst Caution. Heading into and during the specified period, Axcelis Technologies' stock was considered significantly overvalued by certain metrics. As of October 1, 2026, the stock was trading at a 50.5% premium to its intrinsic "GF Value" of $90.81, based on historical trading multiples and future performance estimates. Analyst sentiment reflected this caution, with a consensus "Hold" rating from multiple Wall Street analysts and an average 12-month price target around $148-$169, which suggested limited upside. Short-term forecasts by some analytical models in early October 2026 also projected a decline in the stock over the subsequent 4 to 13 weeks. This widespread view of overvaluation likely pressured the stock as investors recalibrated their expectations.
3. Uncertainty Surrounding the Veeco Merger and Long-Term Capital Investment. Axcelis Technologies is proceeding with a pending merger with Veeco Instruments, expected to close in the second half of fiscal 2026. This transaction, while potentially strategic, introduces complexity and "moving parts" to the business, especially as the company also committed to a significant $35 million investment in a new ion implantation equipment factory in Korea, with production slated for late fiscal 2028. This long-dated capital expenditure, coupled with the integration risks of a merger, required patience from investors at a time when the company's GAAP earnings per share and net income experienced a year-over-year decline in fiscal Q2 2026.
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Stock Movement Drivers
Fundamental Drivers
The -22.0% change in ACLS stock from 6/30/2026 to 10/4/2026 was primarily driven by a -15.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 189.45 | 147.77 | -22.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 845 | 866 | 2.4% |
| Net Income Margin (%) | 11.9% | 10.7% | -10.2% |
| P/E Multiple | 57.7 | 49.1 | -15.0% |
| Shares Outstanding (Mil) | 31 | 31 | -0.3% |
| Cumulative Contribution | -22.0% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| ACLS | -22.0% | |
| Market (SPY) | 3.1% | 46.3% |
| Sector (XLK) | 4.9% | 76.8% |
Fundamental Drivers
The 58.8% change in ACLS stock from 3/31/2026 to 10/4/2026 was primarily driven by a 105.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.08 | 147.77 | 58.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 839 | 866 | 3.2% |
| Net Income Margin (%) | 14.3% | 10.7% | -25.2% |
| P/E Multiple | 23.9 | 49.1 | 105.0% |
| Shares Outstanding (Mil) | 31 | 31 | 0.3% |
| Cumulative Contribution | 58.8% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| ACLS | 58.8% | |
| Market (SPY) | 18.6% | 56.0% |
| Sector (XLK) | 50.5% | 69.8% |
Fundamental Drivers
The 51.3% change in ACLS stock from 9/30/2025 to 10/4/2026 was primarily driven by a 150.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.64 | 147.77 | 51.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 896 | 866 | -3.3% |
| Net Income Margin (%) | 17.7% | 10.7% | -39.4% |
| P/E Multiple | 19.6 | 49.1 | 150.0% |
| Shares Outstanding (Mil) | 32 | 31 | 3.4% |
| Cumulative Contribution | 51.3% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| ACLS | 51.3% | |
| Market (SPY) | 16.5% | 50.8% |
| Sector (XLK) | 42.3% | 61.6% |
Fundamental Drivers
The -9.4% change in ACLS stock from 9/30/2023 to 10/4/2026 was primarily driven by a -46.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.05 | 147.77 | -9.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,023 | 866 | -15.4% |
| Net Income Margin (%) | 20.2% | 10.7% | -46.9% |
| P/E Multiple | 25.9 | 49.1 | 89.6% |
| Shares Outstanding (Mil) | 33 | 31 | 6.4% |
| Cumulative Contribution | -9.4% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| ACLS | -9.4% | |
| Market (SPY) | 86.2% | 54.8% |
| Sector (XLK) | 148.1% | 63.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACLS Return | 156% | 6% | 63% | -46% | 15% | 63% | 350% |
| Peers Return | 76% | -31% | 81% | -0% | 59% | 86% | 546% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| ACLS Win Rate | 67% | 42% | 58% | 25% | 42% | 67% | |
| Peers Win Rate | 72% | 35% | 68% | 47% | 60% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ACLS Max Drawdown | -31% | -42% | -39% | -55% | -43% | -46% | |
| Peers Max Drawdown | -19% | -49% | -19% | -37% | -39% | -44% | |
| 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 10/2/2026 (YTD)
How Low Can It Go
| Event | ACLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 50.0% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.8% | -7.8% |
| % Gain to Breakeven | 51.0% | 8.5% |
| Time to Breakeven | 637 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.4% | -9.5% |
| % Gain to Breakeven | 45.8% | 10.5% |
| Time to Breakeven | 919 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.1% | 32.4% |
| Time to Breakeven | 34 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.0% | -33.7% |
| % Gain to Breakeven | 108.5% | 50.9% |
| Time to Breakeven | 91 days | 140 days |
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.
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| Event | ACLS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.3% | -18.8% |
| % Gain to Breakeven | 50.0% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -33.8% | -7.8% |
| % Gain to Breakeven | 51.0% | 8.5% |
| Time to Breakeven | 637 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.4% | -9.5% |
| % Gain to Breakeven | 45.8% | 10.5% |
| Time to Breakeven | 919 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.5% | -24.5% |
| % Gain to Breakeven | 60.1% | 32.4% |
| Time to Breakeven | 34 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.0% | -33.7% |
| % Gain to Breakeven | 108.5% | 50.9% |
| Time to Breakeven | 91 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.1% | -19.2% |
| % Gain to Breakeven | 28.4% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.2% | -12.2% |
| % Gain to Breakeven | 43.3% | 13.9% |
| Time to Breakeven | 2025 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.6% | -17.9% |
| % Gain to Breakeven | 60.2% | 21.8% |
| Time to Breakeven | 107 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.2% | -15.4% |
| % Gain to Breakeven | 76.1% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -96.7% | -53.4% |
| % Gain to Breakeven | 2941.2% | 114.4% |
| Time to Breakeven | 5038 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -27.9% | -8.6% |
| % Gain to Breakeven | 38.7% | 9.5% |
| Time to Breakeven | 5617 days | 47 days |
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 (ACLS) is a crucial supplier to the global semiconductor industry, focusing on equipment vital for manufacturing integrated circuits. The company designs, manufactures, and services advanced ion implantation equipment, which is a fundamental process in semiconductor fabrication. Ion implantation precisely introduces impurities into silicon wafers, altering their electrical characteristics to create the transistors and circuitry that form semiconductor chips.
The company's core product line includes a variety of ion implanters, such as high energy, high current, and medium current models, each designed to meet specific application needs in chip production. Beyond initial equipment sales, Axcelis provides comprehensive aftermarket support and lifecycle services. This includes supplying used tools, offering spare parts, delivering equipment upgrades, performing maintenance services, and providing customer training to ensure the continued efficiency and operational lifespan of its systems.
Axcelis primarily serves semiconductor chip manufacturers worldwide, with a significant market presence across the United States, Europe, and Asia. The company utilizes a direct sales force to market its specialized equipment and services to these manufacturers, thereby playing an essential role in enabling the production of the advanced semiconductor chips that are integral to virtually all modern electronic devices.
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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.
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- 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.
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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.
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- Applied Materials, Inc. (AMAT)
- Brooks Automation, Inc. (BRKS)
- MKS Instruments, Inc. (MKSI)
- Ultra Clean Holdings, Inc. (UCTT)
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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.
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The key risks to Axcelis Technologies (ACLS) include:
- 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.
- 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.
- 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.
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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.
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Here are 3-5 expected drivers of future revenue growth for Axcelis Technologies (ACLS) over the next 2-3 years:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Semiconductor Materials & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ACLS | Axcelis Technologies | -4.7% | 49.1x | 66.6% | -7.0% | 221.6% | — |
| AEHR | Aehr Test Systems | -8.1% | -479.6x | 245.6% | 142.5% | 681.4% | +460pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 72.0% | 194.8% | 342.7% | TTMI 927% · FLEX 789% · SANM 478% |
| Semiconductor Materials & Equipment ← | 27 | 102.0% | 118.1% | 135.4% | AXTI 986% · AEHR 681% · LRCX 558% |
| Technology Distributors | 9 | 44.1% | 98.0% | 108.7% | CLMB 415% · AVT 220% · SNX 177% |
| Electronic Components | 26 | 43.3% | 84.4% | 82.0% | CLS 4156% · BELFA 1424% · COHR 506% |
| Communications Equipment | 36 | 7.5% | 104.3% | 77.4% | AAOI 1583% · LITE 1224% · FEIM 959% |
| Semiconductors | 55 | 28.5% | 65.3% | 39.4% | POET 1813% · MU 1461% · NVDA 1049% |
| Technology Hardware, Storage & Peripherals | 20 | 23.9% | 126.2% | 35.7% | SMCI 1072% · DELL 1060% · STX 1049% |
| Internet Services & Infrastructure | 6 | -6.6% | 47.2% | 22.6% | DOCN 77% · VRSN 42% · GDDY 40% |
| Electronic Equipment & Instruments | 26 | -21.7% | 27.9% | -3.7% | PI 245% · KEYS 136% · VPG 123% |
| IT Consulting & Other Services | 28 | -22.9% | -7.7% | -18.9% | CHRN 505426% · APLD 1054% · TSSI 831% |
| Application Software | 125 | -29.5% | -14.1% | -45.2% | VIDA 132400% · INLX 4812% · PLTR 713% |
| Systems Software | 70 | -19.2% | 17.3% | -51.2% | QNC 555% · PAYS 456% · PANW 409% |
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 268.70 |
| Mkt Cap | 143.6 |
| Rev LTM | 7,350 |
| Op Inc LTM | 2,908 |
| FCF LTM | 2,010 |
| FCF 3Y Avg | 1,870 |
| CFO LTM | 2,205 |
| CFO 3Y Avg | 2,048 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | -6.9% |
| Op Inc Chg 3Y Avg | 3.3% |
| Op Mgn LTM | 22.4% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 24.5% |
| CFO/Rev 3Y Avg | 26.1% |
| FCF/Rev LTM | 19.6% |
| FCF/Rev 3Y Avg | 21.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 143.6 |
| P/S | 14.2 |
| P/Op Inc | 52.6 |
| P/EBIT | 48.9 |
| P/E | 58.0 |
| P/CFO | 61.6 |
| Total Yield | 2.0% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 20.9% |
| 3M Rtn | 0.0% |
| 6M Rtn | 57.1% |
| 12M Rtn | 109.5% |
| 3Y Rtn | 226.0% |
| 1M Excs Rtn | 25.6% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | 39.6% |
| 12M Excs Rtn | 97.4% |
| 3Y Excs Rtn | 154.1% |
Comparison Analyses
Price Behavior
| Market Price | $147.77 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 07/11/2000 | |
| Distance from 52W High | -22.9% | |
| 50 Days | 200 Days | |
| DMA Price | $123.98 | $119.50 |
| DMA Trend | up | down |
| Distance from DMA | 19.2% | 23.7% |
| 3M | 1YR | |
| Volatility | 66.5% | 68.2% |
| Downside Capture | 277.83 | 280.43 |
| Upside Capture | 244.24 | 294.61 |
| Correlation (SPY) | 44.8% | 50.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.33 | 1.93 | 3.06 | 3.50 | 2.64 | 2.04 |
| Up Beta | -0.38 | 2.78 | 5.14 | 4.37 | 2.85 | 1.91 |
| Down Beta | 4.41 | 1.39 | 0.80 | 2.39 | 1.92 | 1.65 |
| Up Capture | 193% | 169% | 208% | 592% | 709% | 1657% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 13 | 23 | 31 | 68 | 128 | 365 |
| Down Capture | -36% | 183% | 341% | 262% | 171% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 9 | 19 | 33 | 58 | 124 | 384 |
[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 | |
|---|---|---|---|---|
| ACLS | 56.2% | 68.1% | 0.93 | - |
| Sector ETF (XLK) | 41.2% | 26.5% | 1.27 | 61.8% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 51.0% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 16.5% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | -11.3% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 9.4% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 19.4% |
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 | |
|---|---|---|---|---|
| ACLS | 25.3% | 57.2% | 0.61 | - |
| Sector ETF (XLK) | 21.5% | 25.9% | 0.73 | 67.4% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 60.3% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 9.6% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 6.2% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 31.8% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 24.9% |
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 | |
|---|---|---|---|---|
| ACLS | 27.5% | 54.9% | 0.67 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 64.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 58.6% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 9.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 14.2% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 35.5% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.0% | 4.0% | -19.2% |
| 5/7/2026 | 2.8% | 1.9% | -2.5% |
| 2/17/2026 | -16.7% | -17.0% | -13.0% |
| 11/4/2025 | -2.7% | 5.7% | 7.7% |
| 8/5/2025 | 10.1% | 10.0% | 11.0% |
| 5/6/2025 | 5.0% | 19.3% | 18.0% |
| 2/10/2025 | -12.3% | -6.1% | -12.1% |
| 11/6/2024 | -1.0% | -9.4% | -15.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 5.0% | 5.7% | 9.1% |
| Median Negative | -4.4% | -8.3% | -12.8% |
| Max Positive | 12.8% | 21.7% | 37.3% |
| Max Negative | -16.7% | -18.7% | -19.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.0% | 4.0% | -19.2% |
| 5/7/2026 | 2.8% | 1.9% | -2.5% |
| 2/17/2026 | -16.7% | -17.0% | -13.0% |
| 11/4/2025 | -2.7% | 5.7% | 7.7% |
| 8/5/2025 | 10.1% | 10.0% | 11.0% |
| 5/6/2025 | 5.0% | 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% |
| 5/1/2024 | 4.9% | 9.6% | 10.6% |
| 2/7/2024 | -7.0% | -8.3% | -14.9% |
| 11/1/2023 | 0.4% | 2.2% | -1.3% |
| 8/2/2023 | -1.3% | -9.1% | 1.7% |
| 5/3/2023 | -7.4% | 3.0% | 32.4% |
| 2/8/2023 | 5.8% | 9.6% | 5.2% |
| 11/2/2022 | 4.3% | 21.7% | 37.3% |
| 8/3/2022 | 8.1% | -2.7% | -12.6% |
| 5/4/2022 | -5.9% | -12.6% | 2.1% |
| 2/7/2022 | 6.4% | 4.3% | 3.9% |
| 11/3/2021 | -1.9% | 2.4% | 4.9% |
| 8/4/2021 | 12.8% | 14.2% | 28.8% |
| 5/4/2021 | -2.1% | -5.6% | -1.8% |
| 2/10/2021 | 0.9% | -0.3% | 3.2% |
| 11/5/2020 | -4.4% | -0.1% | 16.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 14 |
| # Negative | 13 | 11 | 10 |
| Median Positive | 5.0% | 5.7% | 9.1% |
| Median Negative | -4.4% | -8.3% | -12.8% |
| Max Positive | 12.8% | 21.7% | 37.3% |
| Max Negative | -16.7% | -18.7% | -19.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 230.00 Mil | 12.2% | Higher New | Actual: 205.00 Mil for Q2 2026 | |||
| Q3 2026 GAAP Diluted EPS | Reported | 0.76 | 33.3% | Higher New | Actual: 0.57 for Q2 2026 | |||
| Q3 2026 Non-GAAP Diluted EPS | Reported | 1.11 | 23.3% | Higher New | Actual: 0.9 for Q2 2026 | |||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 205.00 Mil | 5.1% | Higher New | Actual: 195.00 Mil for Q1 2026 | |||
| Q2 2026 GAAP EPS | Reported | 0.57 | 50.0% | Higher New | Actual: 0.38 for Q1 2026 | |||
| Q2 2026 Non-GAAP EPS | Reported | 0.9 | 26.8% | Higher New | Actual: 0.71 for Q1 2026 | |||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 195.00 Mil | -9.3% | Lower New | Guidance: 215.00 Mil for Q4 2025 | |||
| Q1 2026 GAAP EPS | Reported | 0.38 | -50.0% | Lower New | Guidance: 0.76 for Q4 2025 | |||
| Q1 2026 Non-GAAP EPS | Reported | 0.71 | -36.6% | Lower New | Guidance: 1.12 for Q4 2025 | |||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 215.00 Mil | 7.5% | Higher New | Guidance: 200.00 Mil for Q3 2025 | |||
| Q4 2025 GAAP EPS | Reported | 0.76 | -12.6% | Lower New | Guidance: 0.87 for Q3 2025 | |||
| Q4 2025 Non-GAAP EPS | Reported | 1.12 | 12.0% | Higher New | Guidance: 1 for Q3 2025 | |||
Insider Activity
Updated 7/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sayiner, Necip | Direct | Sell | 6042026 | 157.44 | 1,586 | 249,703 | 1,119,729 | Form | |
| 2 | Mahoney, Robert John | EVP Global Operations | Direct | Sell | 6032026 | 155.24 | 1,155 | 179,302 | 2,237,008 | Form |
| 3 | Sutton, Todd | VP Corporate Controller | Direct | Sell | 5282026 | 159.99 | 2,000 | 319,980 | 1,017,536 | Form |
| 4 | St, Dennis Thomas | Direct | Sell | 5262026 | 155.37 | 900 | 139,833 | 2,749,272 | Form | |
| 5 | Evans, Eileen | EVP, General Counsel and Sec'y | Direct | Sell | 5222026 | 155.51 | 926 | 143,998 | 4,866,538 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sayiner, Necip | Direct | Sell | 6042026 | 157.44 | 1,586 | 249,703 | 1,119,729 | Form | |
| 2 | Mahoney, Robert John | EVP Global Operations | Direct | Sell | 6032026 | 155.24 | 1,155 | 179,302 | 2,237,008 | Form |
| 3 | Sutton, Todd | VP Corporate Controller | Direct | Sell | 5282026 | 159.99 | 2,000 | 319,980 | 1,017,536 | Form |
| 4 | St, Dennis Thomas | Direct | Sell | 5262026 | 155.37 | 900 | 139,833 | 2,749,272 | Form | |
| 5 | Evans, Eileen | EVP, General Counsel and Sec'y | Direct | Sell | 5222026 | 155.51 | 926 | 143,998 | 4,866,538 | Form |
| 6 | Blumenstock, Gerald M | EVP, Research, Dev. & Eng. | Direct | Sell | 5222026 | 152.70 | 1,161 | 177,285 | 3,129,281 | Form |
| 7 | Graves, Gregory B | Direct | Sell | 5202026 | 141.61 | 3,225 | 456,697 | 775,040 | Form | |
| 8 | Kurtzweil, John T | Direct | Sell | 5202026 | 138.79 | 3,500 | 485,771 | 4,578,738 | Form | |
| 9 | Quirk, Jeanne | Direct | Sell | 5202026 | 140.22 | 1,789 | 250,854 | 1,598,508 | Form | |
| 10 | Sutton, Todd | VP Corporate Controller | Direct | Sell | 5152026 | 163.89 | 2,574 | 421,865 | 1,281,164 | Form |
| 11 | Blumenstock, Gerald M | EVP, Research, Dev. & Eng. | Direct | Sell | 5152026 | 162.31 | 1,015 | 164,750 | 2,806,913 | Form |
| 12 | Mahoney, Robert John | EVP Global Operations | Direct | Sell | 5132026 | 161.00 | 2,258 | 363,538 | 2,054,199 | Form |
| 13 | Low, Russell | PRESIDENT AND CEO | Direct | Sell | 5072026 | 156.75 | 7,468 | 1,170,609 | 19,369,598 | Form |
| 14 | Low, Russell | PRESIDENT AND CEO | Direct | Sell | 5042026 | 138.86 | 1,244 | 172,742 | 18,195,937 | Form |
| 15 | Low, Russell | PRESIDENT AND CEO | Direct | Sell | 4022026 | 94.06 | 1,244 | 117,011 | 12,442,445 | Form |
| 16 | Low, Russell | PRESIDENT AND CEO | Direct | Sell | 3262026 | 90.00 | 1,244 | 111,960 | 12,017,340 | Form |
| 17 | Titinger, Jorge | Direct | Sell | 2232026 | 80.00 | 1,000 | 80,000 | 518,160 | Form | |
| 18 | Titinger, Jorge | Direct | Sell | 12182025 | 86.05 | 2,000 | 172,100 | 643,396 | Form | |
| 19 | Blumenstock, Gerald M | EVP, Research, Dev. & Eng. | Direct | Sell | 12122025 | 89.46 | 3,034 | 271,422 | 1,669,413 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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