Recent News
Oct. 1, 2025: Axcelis announced a definitive all‑stock combination with Veeco Instruments to create a larger semiconductor equipment company and cited pro‑forma scale and R&D synergies. Nov. 4, 2025: Axcelis released third‑quarter fiscal 2025 results reporting $213.6M revenue, GAAP gross margin ~41.6%, GAAP operating margin 11.7% and GAAP diluted EPS $0.83 (non‑GAAP EPS $1.21). Nov. 6, 2025: Axcelis confirmed participation in upcoming investor conferences in November and December 2025.
Technical Analysis
Directional indicators and trend strength: ADX at 16.66 signals no established trend, limiting conviction for large directional moves; however, DI+ recorded a dip‑and‑reversal at 26.44, while DI‑ fell to 21.90, which together indicate renewed bullish directional pressure that supports the view of consolidation with upside bias.
Momentum oscillator (MACD): MACD at 1.10 with the MACD signal at -0.17 shows MACD above its signal line and an increasing MACD trend, a bullish momentum condition that suggests short‑term buying momentum may continue to lift price toward resistance levels.
MRO interpretation: MRO at -3.63 with a dip‑and‑reverse in the MRO trend signals that price sits below target and carries a bullish reversion bias; the negative absolute value implies moderate potential for upward reversion toward fair‑value targets used by momentum models.
RSI and volatility context: RSI at 52.91 and rising denotes neutral‑to‑mild bullish momentum without overbought readings; 42‑day beta of 2.15 and two standard‑deviation upper Bollinger band near $94.66 indicate elevated short‑term volatility, so upward moves may carry larger intraday swings.
Price vs moving averages and support: Last close $91.14 sits above the 12‑day EMA $85.48, 20‑day average $82.58 and 200‑day average $70.94, which aligns price with short‑ and long‑term bullish internals. Price trading above short‑term averages combined with a super‑trend lower support at $83.50 frames a consolidation that favors upside continuation if momentum persists.
Volume and breadth signals: Daily volume of ~535k slightly exceeds the 10‑day average and remains below 50‑ and 200‑day averages, consistent with a consolidation phase where selective buying, not broad participation, underpins moves higher.
Fundamental Analysis
Profitability and margins: EBIT $31,455,000 and EBITDA $35,783,000 translate to an EBIT margin of 14.73%, down 21.20% QoQ and down 33.37% YoY. Gross margin 41.57% declined 7.40% QoQ and 3.01% YoY. Operating margin stands at 11.71%, down 21.33% QoQ and down 46.998% YoY. The EBIT margin sits below the industry peer mean of 34.556% and below the industry peer median of 35.717%, indicating lower operating profitability relative to peer averages despite positive absolute margins.
Revenue and growth: Total revenue $213,611,000 with revenue growth of 9.80% (overall) and sequential revenue growth QoQ of 8.52%; reported YoY revenue growth reads 489.05%. The sequential acceleration and large YoY figure reflect a period of rapid year‑over‑year recovery from a low base, supporting a narrative of revenue reacceleration even as margins compress.
Cash, liquidity and leverage: Cash $187,501,000 and cash plus short‑term investments $449,560,000 support a cash ratio of 2.26 and a current ratio near 4.95, delivering substantial near‑term liquidity. Total debt $42,671,000 produces a debt‑to‑assets ratio of 3.16%, well below the industry peer mean of 16.44%, indicating a conservative capital structure that provides flexibility for M&A and share repurchase activity.
Cash flow and free cash metrics: Operating cash flow $45,350,000 and free cash flow $43,335,000 yield a free cash flow yield around 1.69% and free cash flow growth of 14.82% year‑over‑year with QoQ free cash growth of 77.58%. Free cash to net income sits at 167.76%, showing cash conversion strength versus reported earnings.
Capital allocation and per‑share metrics: EPS actual $1.21 versus estimate $1.00 produced an EPS surprise of 21%. Book value per share $32.91 and price‑to‑book ratio 2.52 sit below the industry peer mean price‑to‑book of 13.84, while trailing P/E 68.45 and forward P/E ~60.22 reflect elevated multiples based on forward estimates; PEG and forward PEG figures run higher, reflecting expectations embedded in growth assumptions.
Operational efficiency and working capital: Asset turnover at 0.15968 and days inventory outstanding at ~270 days produce a cash conversion cycle of 293 days, slightly above the industry peer mean cash conversion cycle. Receivables turnover improved modestly QoQ, but inventory turns declined YoY, pointing to ongoing working capital management opportunities.
Valuation statement: The current valuation as determined by WMDST classifies the stock as under‑valued. Strong liquidity, conservative leverage and accelerating revenue and free cash flow growth underpin that valuation, while margin contraction and high absolute multiples justify the conservative tone on near‑term upside until margin recovery evidences persist.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 181.3 M |
| Operating Cash Flow | $ 45.4 M | |
| Capital Expenditures | $ -2.02 M | |
| Change In Working Capital | $ 2.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 13.8 M | |
| End Period Cash Flow | $ 195.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 213.6 M | |
| Forward Revenue | $ 86.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 124.8 M | |
| Depreciation | $ 4.3 M | |
| Depreciation and Amortization | $ 4.3 M | |
| Research and Development | $ 24.6 M | |
| Total Operating Expenses | $ 188.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 88.8 M | |
| EBITDA | $ 35.8 M | |
| EBIT | $ 31.5 M | |
| Operating Income | $ 25.0 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | $ 1.3 M | |
| Net Interest Income | $ 4.2 M | |
| Income Before Tax | $ 30.1 M | |
| Tax Provision | $ 4.2 M | |
| Tax Rate | 13.8 % | |
| Net Income | $ 26.0 M | |
| Net Income From Continuing Operations | $ 26.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.00 | |
| EPS Actual | $ 1.21 | |
| EPS Difference | $ 0.21 | |
| EPS Surprise | 21.0 % | |
| Forward EPS | $ 1.35 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 984.0 M | |
| Cash and Short-Term Investments | $ 449.6 M | |
| Cash | $ 187.5 M | |
| Net Receivables | $ 147.6 M | |
| Inventory | $ 324.3 M | |
| Long-Term Investments | $ 52.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 52.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 199.0 M | |
| Net Debt | — | |
| Total Debt | $ 42.7 M | |
| Total Liabilities | $ 331.8 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ 488.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.91 | |
| Shares Outstanding | 30.998 M | |
| Revenue Per-Share | $ 6.89 | |
| VALUATION | Market Capitalization | $ 2.6 B |
| Enterprise Value | $ 2.2 B | |
| Enterprise Multiple | 60.381 | |
| Enterprise Multiple QoQ | 36.775 % | |
| Enterprise Multiple YoY | 35.259 % | |
| Enterprise Multiple IPRWA | high: 178.043 mean: 94.09 median: 91.699 ACLS: 60.381 low: -238.397 |
|
| EV/R | 10.115 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.325 | |
| Asset To Liability | 4.075 | |
| Debt To Capital | 0.04 | |
| Debt To Assets | 0.032 | |
| Debt To Assets QoQ | -2.862 % | |
| Debt To Assets YoY | 2905.714 % | |
| Debt To Assets IPRWA | high: 0.464 median: 0.198 mean: 0.164 ACLS: 0.032 low: 0.006 |
|
| Debt To Equity | 0.042 | |
| Debt To Equity QoQ | -0.547 % | |
| Debt To Equity YoY | 2825.175 % | |
| Debt To Equity IPRWA | high: 0.755 mean: 0.252 median: 0.142 ACLS: 0.042 low: -0.599 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.517 | |
| Price To Book QoQ | 11.345 % | |
| Price To Book YoY | -25.219 % | |
| Price To Book IPRWA | high: 17.585 median: 14.913 mean: 13.843 ACLS: 2.517 low: -3.904 |
|
| Price To Earnings (P/E) | 68.453 | |
| Price To Earnings QoQ | 14.619 % | |
| Price To Earnings YoY | 0.969 % | |
| Price To Earnings IPRWA | high: 286.125 mean: 122.277 median: 115.727 ACLS: 68.453 low: -396.798 |
|
| PE/G Ratio | 9.669 | |
| Price To Sales (P/S) | 12.02 | |
| Price To Sales QoQ | 1.184 % | |
| Price To Sales YoY | -6.081 % | |
| Price To Sales IPRWA | high: 64.674 median: 41.776 mean: 35.591 ACLS: 12.02 low: 1.791 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.218 | |
| Forward PE/G | 8.505 | |
| Forward P/S | 29.8 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.374 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.16 | |
| Asset Turnover Ratio QoQ | 9.332 % | |
| Asset Turnover Ratio YoY | -18.264 % | |
| Asset Turnover Ratio IPRWA | high: 0.351 median: 0.198 mean: 0.194 ACLS: 0.16 low: 0.0 |
|
| Receivables Turnover | 1.491 | |
| Receivables Turnover Ratio QoQ | 16.437 % | |
| Receivables Turnover Ratio YoY | 8.004 % | |
| Receivables Turnover Ratio IPRWA | high: 2.339 ACLS: 1.491 median: 1.451 mean: 1.409 low: 0.591 |
|
| Inventory Turnover | 0.393 | |
| Inventory Turnover Ratio QoQ | 11.199 % | |
| Inventory Turnover Ratio YoY | -23.049 % | |
| Inventory Turnover Ratio IPRWA | high: 1.111 mean: 0.461 ACLS: 0.393 median: 0.382 low: 0.169 |
|
| Days Sales Outstanding (DSO) | 61.188 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 293.369 | |
| Cash Conversion Cycle Days QoQ | -3.639 % | |
| Cash Conversion Cycle Days YoY | 35.675 % | |
| Cash Conversion Cycle Days IPRWA | high: 563.683 ACLS: 293.369 median: 276.99 mean: 268.691 low: 49.763 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.272 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.466 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 785.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.259 | |
| Current Ratio | 4.945 | |
| Current Ratio QoQ | -17.723 % | |
| Current Ratio YoY | 11.174 % | |
| Current Ratio IPRWA | high: 9.548 ACLS: 4.945 median: 2.207 mean: 2.135 low: 0.914 |
|
| Quick Ratio | 3.315 | |
| Quick Ratio QoQ | -22.099 % | |
| Quick Ratio YoY | 0.621 % | |
| Quick Ratio IPRWA | high: 7.893 ACLS: 3.315 median: 1.597 mean: 1.448 low: 0.696 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.192 | |
| Cost Of Debt | 2.626 % | |
| Interest Coverage Ratio | 24.103 | |
| Interest Coverage Ratio QoQ | -10.156 % | |
| Interest Coverage Ratio YoY | -43.332 % | |
| Interest Coverage Ratio IPRWA | high: 172.821 median: 39.833 mean: 37.645 ACLS: 24.103 low: -164.857 |
|
| Operating Cash Flow Ratio | 0.117 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 38.124 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.15 % | |
| Revenue Growth | 9.801 % | |
| Revenue Growth QoQ | 852.478 % | |
| Revenue Growth YoY | 48905.0 % | |
| Revenue Growth IPRWA | high: 45.385 % ACLS: 9.801 % median: 1.101 % mean: 0.62 % low: -45.156 % |
|
| Earnings Growth | 7.08 % | |
| Earnings Growth QoQ | -18.188 % | |
| Earnings Growth YoY | -282.898 % | |
| Earnings Growth IPRWA | high: 236.842 % ACLS: 7.08 % mean: -3.368 % median: -6.077 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 41.574 % | |
| Gross Margin QoQ | -7.399 % | |
| Gross Margin YoY | -3.007 % | |
| Gross Margin IPRWA | high: 89.855 % mean: 52.765 % median: 51.627 % ACLS: 41.574 % low: 4.626 % |
|
| EBIT Margin | 14.725 % | |
| EBIT Margin QoQ | -21.198 % | |
| EBIT Margin YoY | -33.368 % | |
| EBIT Margin IPRWA | high: 43.012 % median: 35.717 % mean: 34.556 % ACLS: 14.725 % low: -46.404 % |
|
| Return On Sales (ROS) | 11.713 % | |
| Return On Sales QoQ | -21.331 % | |
| Return On Sales YoY | -46.998 % | |
| Return On Sales IPRWA | high: 41.661 % mean: 33.134 % median: 32.842 % ACLS: 11.713 % low: -50.057 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 43.3 M | |
| Free Cash Flow Yield | 1.688 % | |
| Free Cash Flow Yield QoQ | 3.368 % | |
| Free Cash Flow Yield YoY | 32.392 % | |
| Free Cash Flow Yield IPRWA | high: 3.193 % ACLS: 1.688 % median: 0.795 % mean: 0.641 % low: -2.559 % |
|
| Free Cash Growth | 14.819 % | |
| Free Cash Growth QoQ | 77.579 % | |
| Free Cash Growth YoY | 48.98 % | |
| Free Cash Growth IPRWA | high: 137.837 % ACLS: 14.819 % mean: -4.873 % median: -31.87 % low: -368.087 % |
|
| Free Cash To Net Income | 1.668 | |
| Cash Flow Margin | 10.908 % | |
| Cash Flow To Earnings | 0.897 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.943 % | |
| Return On Assets QoQ | -17.495 % | |
| Return On Assets YoY | -47.472 % | |
| Return On Assets IPRWA | high: 7.255 % mean: 5.467 % median: 5.244 % ACLS: 1.943 % low: -8.379 % |
|
| Return On Capital Employed (ROCE) | 2.728 % | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -17.009 % | |
| Return On Equity YoY | -48.845 % | |
| Return On Equity IPRWA | high: 0.225 mean: 0.129 median: 0.112 ACLS: 0.025 low: -0.18 |
|
| DuPont ROE | 2.544 % | |
| Return On Invested Capital (ROIC) | 2.658 % | |
| Return On Invested Capital QoQ | -16.625 % | |
| Return On Invested Capital YoY | -130.885 % | |
| Return On Invested Capital IPRWA | high: 10.936 % median: 10.871 % mean: 8.931 % ACLS: 2.658 % low: -2.31 % |
|