# Axcelis Technologies (ACLS.US)

Canonical: https://gigainvestors.com/s/ACLS

Analysis as of: 2026-10-16T07:26:10.765Z. Financial observations: FY1999–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $115.11 per share; close as of 2026-10-15.

Estimated value: low $73.77 per share, central $82.23 per share, high $93.48 per share. Buy at or below the central value $82.23 per share. Valuation as of 2026-10-16T07:26:10.765Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.14×

- FY2019: 0.07×

- FY2020: 0.12×

- FY2021: 0.19×

- FY2022: 0.23×

- FY2023: 0.24×

- FY2024: 0.21×

- FY2025: 0.14×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.3%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 42.6%

- Recent gross margin (lower of latest and 3-year median): 44.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 25.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 16.6%

- FY2018: 18.1%

- FY2019: 6.0%

- FY2020: 15.9%

- FY2021: 35.8%

- FY2022: 67.4%

- FY2023: 58.2%

- FY2024: 37.9%

- FY2025: 14.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $862M

- Net income, five-year total: $849M

- Return on incremental invested capital: 26.3%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 46.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.02×

- FY2022: 1.01×

- FY2023: 1.00×

- FY2024: 1.02×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.6% vs 37.9%

- Per-share earnings: 0.49 to 6.15 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: $2.0B

- Cumulative retained earnings: $835M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 37.3%

- Per-share value change: $5.66

- Per-share value, starting three-year median: $0.49

- Per-share value, ending three-year median: $6.15

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 2.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $0

- Cumulative net income, 10 years: $1.1B

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 37.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.36

- FY2017: $3.80

- FY2018: $1.35

- FY2019: $0.50

- FY2020: $1.46

- FY2021: $2.88

- FY2022: $5.46

- FY2023: $7.43

- FY2024: $6.15

- FY2025: $3.80

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.6%

- FY2017: 14.5%

- FY2018: -0.2%

- FY2019: 5.6%

- FY2020: -3.2%

- FY2021: -6.8%

- FY2022: -3.2%

- FY2023: 7.0%

- FY2024: 4.5%

- FY2025: 0.1%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 43% since Jul 2023 · sales +3.2%

Story as of 2026-10-16T09:58:13.635Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

- 2025-08-05: Axcelis Technologies gains as Q2 earnings smash estimates ([investing.com](https://www.investing.com/news/earnings/axcelis-technologies-gains-as-q2-earnings-smash-estimates-93CH-4170329))

### Sales · FY2025–2026

sales +3.2%; source https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm; observed 2026-02-26.

- FY2017: $411M 

- FY2018: $443M 

- FY2019: $343M 

- FY2020: $475M 

- FY2021: $662M 

- FY2022: $920M 

- FY2023: $1.1B 

- FY2024: $1.0B 

- FY2025: $839M 

- FY2026: $866M 

### Gross margin · FY2025

gross margin 44.9%; source https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm; observed 2026-02-26.

- FY2016: 37.3% 

- FY2017: 36.6% 

- FY2018: 40.6% 

- FY2019: 42.0% 

- FY2020: 41.8% 

- FY2021: 43.2% 

- FY2022: 43.7% 

- FY2023: 43.5% 

- FY2024: 44.7% 

- FY2025: 44.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 839 million.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 839048000; grossProfit 376848000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACLS.US: 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 the Asia Pacific. The company provides high energy, high current, and medium current implanters for various application requirements. It also offers aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services, and customer training. The company sells its equipment and services to semiconductor chip manufacturers through its direct sales force. Axcelis Technologies, Inc. was founded in 1978 and is headquartered in Beverly, Massachusetts.

### Why customers stay

Margins ranged from 43.5% to 44.9% during 2023–25; it earns 17.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 43.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 44.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 44.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.09129107406904259],[2017,0.16581693660470742],[2018,0.18054050950806808],[2019,0.06006482883334499],[2020,0.15909835344047984],[2021,0.3578895719269016],[2022,0.6740910468628517],[2023,0.5816639350169422],[2024,0.37926436311456324],[2025,0.14766313427603298]]; median 0.17317872305638776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 44% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); Gross margin observations: [[2021,0.43241680605288424],[2022,0.4367292102808919],[2023,0.43454737467760596]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 121.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 2506000; owner earnings 12753000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 2283000; upkeep 5002000; owner earnings 126959000. Growth capex / owner earnings = 0.01798218322450555.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 4715000; owner earnings 46942000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 11969000; owner earnings 12945000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 7434000; owner earnings 52487000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 8718000; owner earnings 100750000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 10683000; owner earnings 184003000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 7587000; upkeep 13069000; owner earnings 246263000. Growth capex / owner earnings = 0.030808525844320908.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 12181000; owner earnings 204620000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 11295000; owner earnings 126556000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,9428000],[2021,4866000],[2022,0],[2023,1],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); FY2025: cash repurchases 121081000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACLS.US SharesStats.PercentInsiders = 0.679 percentage points; cache date 2026-10-16.

### What could break it

We are substantially dependent on sales of our products and services to customers outside the United States.

- Source: https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm (filed 2026-02-26); Axcelis is subject to the risks of operating internationally: we derive a substantial portion of our revenue from outside the United States, especially from Asia. We are substantially dependent on sales of our products and services to customers outside the United States. International sales, including export sales from our U.S. manufacturing facilities to non-U.S. customers and sales by our non-U.S. subsidiaries, accounted for 83.7% of total revenue in 2025.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.06923161167813119. Price 115.11; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5860928247709154 → FY2025 3.9963369963369964. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $13.65 per share

- 2016-11: $13.65 per share

- 2016-12: $14.55 per share

- 2017-01: $15.20 per share

- 2017-02: $15.45 per share

- 2017-03: $18.80 per share

- 2017-04: $19.25 per share

- 2017-05: $21.75 per share

- 2017-06: $20.95 per share

- 2017-07: $22.20 per share

- 2017-08: $20.90 per share

- 2017-09: $27.35 per share

- 2017-10: $32.90 per share

- 2017-11: $32.00 per share

- 2017-12: $28.70 per share

- 2018-01: $25.90 per share

- 2018-02: $24.45 per share

- 2018-03: $24.60 per share

- 2018-04: $22.00 per share

- 2018-05: $21.25 per share

- 2018-06: $19.80 per share

- 2018-07: $22.00 per share

- 2018-08: $20.20 per share

- 2018-09: $19.65 per share

- 2018-10: $17.26 per share

- 2018-11: $19.92 per share

- 2018-12: $17.80 per share

- 2019-01: $20.83 per share

- 2019-02: $21.02 per share

- 2019-03: $20.12 per share

- 2019-04: $21.29 per share

- 2019-05: $14.83 per share

- 2019-06: $15.05 per share

- 2019-07: $16.05 per share

- 2019-08: $15.31 per share

- 2019-09: $17.09 per share

- 2019-10: $19.17 per share

- 2019-11: $21.44 per share

- 2019-12: $24.10 per share

- 2020-01: $24.15 per share

- 2020-02: $23.99 per share

- 2020-03: $18.31 per share

- 2020-04: $23.36 per share

- 2020-05: $26.85 per share

- 2020-06: $27.85 per share

- 2020-07: $29.42 per share

- 2020-08: $23.63 per share

- 2020-09: $22.00 per share

- 2020-10: $22.07 per share

- 2020-11: $26.98 per share

- 2020-12: $29.12 per share

- 2021-01: $34.24 per share

- 2021-02: $36.87 per share

- 2021-03: $41.09 per share

- 2021-04: $41.53 per share

- 2021-05: $41.44 per share

- 2021-06: $40.42 per share

- 2021-07: $38.55 per share

- 2021-08: $49.71 per share

- 2021-09: $47.03 per share

- 2021-10: $54.93 per share

- 2021-11: $61.82 per share

- 2021-12: $74.56 per share

- 2022-01: $62.61 per share

- 2022-02: $69.22 per share

- 2022-03: $75.53 per share

- 2022-04: $54.45 per share

- 2022-05: $62.06 per share

- 2022-06: $54.84 per share

- 2022-07: $70.33 per share

- 2022-08: $66.94 per share

- 2022-09: $60.56 per share

- 2022-10: $58.00 per share

- 2022-11: $79.86 per share

- 2022-12: $79.36 per share

- 2023-01: $109.95 per share

- 2023-02: $128.54 per share

- 2023-03: $133.25 per share

- 2023-04: $118.30 per share

- 2023-05: $157.55 per share

- 2023-06: $183.33 per share

- 2023-07: $200.48 per share

- 2023-08: $192.15 per share

- 2023-09: $163.05 per share

- 2023-10: $127.50 per share

- 2023-11: $124.28 per share

- 2023-12: $129.69 per share

- 2024-01: $130.05 per share

- 2024-02: $112.67 per share

- 2024-03: $111.52 per share

- 2024-04: $103.52 per share

- 2024-05: $112.49 per share

- 2024-06: $142.19 per share

- 2024-07: $126.35 per share

- 2024-08: $109.33 per share

- 2024-09: $104.85 per share

- 2024-10: $85.31 per share

- 2024-11: $74.24 per share

- 2024-12: $69.87 per share

- 2025-01: $68.00 per share

- 2025-02: $54.79 per share

- 2025-03: $49.67 per share

- 2025-04: $48.98 per share

- 2025-05: $56.34 per share

- 2025-06: $69.69 per share

- 2025-07: $67.69 per share

- 2025-08: $80.04 per share

- 2025-09: $97.64 per share

- 2025-10: $79.56 per share

- 2025-11: $82.77 per share

- 2025-12: $80.34 per share

- 2026-01: $88.07 per share

- 2026-02: $82.61 per share

- 2026-03: $93.08 per share

- 2026-04: $139.11 per share

- 2026-05: $150.41 per share

- 2026-06: $189.45 per share

- 2026-07: $130.38 per share

- 2026-08: $115.33 per share

- 2026-09: $131.18 per share

- 2026-10: $115.11 per share

## Annual estimated value (USD per share)

- FY2017: low $10.16 per share, central $11.04 per share, high $12.22 per share

- FY2018: low $13.33 per share, central $14.49 per share, high $16.02 per share

- FY2019: low $11.82 per share, central $14.90 per share, high $16.80 per share

- FY2020: low $23.09 per share, central $27.17 per share, high $30.74 per share

- FY2021: low $35.11 per share, central $43.66 per share, high $49.69 per share

- FY2022: low $53.58 per share, central $71.25 per share, high $81.54 per share

- FY2023: low $85.07 per share, central $115.27 per share, high $132.86 per share

- FY2024: low $101.47 per share, central $137.74 per share, high $158.86 per share

- FY2025: low $69.21 per share, central $77.19 per share, high $87.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1113232/000110465926020461/acls-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.